When browsing for Insurtech companies to invest in, it can be challenging to identify which offer adds real value. These are just good news stories created by overzealous entrepreneurs eager to push their products.

One of the main advantages of insurance software providers is their ability to offer an easy-to-use platform that can help users gain more control over their insurance purchases while also providing immense savings potential. Therefore, it is considered the most exciting sector among investors and entrepreneurs.

What is an Insurtech Software Firm?

According to reports, the global Fintech market size will reach $460 billion by 2025.

Good Insurtech platform firms offer a complete service to insurance customers. That usually includes at least one of the following:

  • Tools for analyzing and comparing different options available on the market.
  • Content (usually templates, but some companies offer more complex design services) that helps users create their custom-tailored plan.
  • A platform enabling insurers to sell their services to customers.

If you want to know about the features offered by good insurtech platform firms, here is the information.

Personalizable Design Tools

It is perhaps one of the most valuable features of modern insurtech software providers. Some firms offer complete personalization services, meaning users can choose between different plan templates and modify them to suit their needs better. The other option is to let the company do all the hard work for you (with no opportunity for further customization). Usually, these platforms provide a list of ready-to-use templates that can be launched with the push of a button.

The design tools are helpful for insurance buyers who are not very familiar with the ins and outs of this type of product. These platforms enable you to see risk coverage simply while keeping premiums transparent.

Claims Management Software

One of the main tasks handled by insurtech software providers is claim management. It means all the documents are managed, users have full transparency over their policies, and some firms even offer smartphone apps for this purpose.

The feature is handy for insurance customers who want to keep track of their claims and understand how each coverage works.

Multi-level Comparisons

Insurance comparisons are not as easy as they seem, even though some might think that browsing through a few websites or consulting with an insurance broker would be enough to find the perfect policy.

Good insurtech platform companies offer several layers of comparison criteria, making it easier for users to identify the policies that best fit their needs. Instead of wasting hours browsing through hundreds of options, multiple solutions can be compared in a matter of minutes.

Data Analysis Tools

The way insurance data is used today is considerably different from how it was handled ten years ago. With the advent of big data, companies can now overcome some of the limitations of this industry by offering more precise insights into clients’ needs.

Companies that offer insurtech software enable their customers to access every information they need to build better insurance policies and increase customer satisfaction rates. That can include market data, company information, and other types of knowledge that might prove to be helpful.

Social Proofing

Insurtech software firms provide a platform where users can read about the experiences of people who have purchased insurance plans previously. Those are often presented as case studies, but some companies also offer solutions for soliciting direct customer feedback.

Social proofing tools are handy for those who might not be as familiar with the ins and outs of this industry. They give you a better idea about how insurance companies work, what they offer, and their most significant advantages/drawbacks.

Standard social proofing tools include:

  • Insurance reviews of companies
  • Testimonials from past clients
  • Direct social media posts of people currently using the services offered by insurance companies

It allows users to compare several different types of coverage and understand all of their advantages/drawbacks. Many of the most popular insurtech platform providers also offer risk management solutions on top of their main products, making it easier for companies to handle their business better.

Conclusion

Insurtech platforms are beneficial for both modern insurance clients and companies providing coverage. They offer a simple way to see all the relevant data and understand what each plan provides while enabling insurance buyers to select projects that best suit their needs.

The most significant advantage of these solutions is that they give you access to market data, company information, and insights into what other people are saying about specific plans. All of these benefits allow you to make better decisions when purchasing an insurance plan while saving time and money in the process.