For this episode of FRISS Lab we interviewed Diego Figueroa, CTO at Osigu. He explains us what he sees as the 3 biggest Insurtech trends.
Artificial Intelligence (AI)
I will say probably the biggest one right now is AI. There are a lot of opportunities to leverage. There are a lot of technics like machine learning, deep learning that kind of stuff. Technology companies can do a lot of work and add a lot of value to the insurance companies in this area. Since traditional insurance companies don’t have a lot of expertise in technology, but in the past years I’ve seen a lot of investment in the research.
Probably the other biggest trend right know is Blockchain. From what I have seen Asia has been leading the space in this area. In America it is still more in a research phase. There are many companies trying to build products based on blockchain. But if you talk to regular people, business oriented people or people working in insurance companies for instance, they still don’t really have a way of understanding exactly what blockchain is and how they can take advantage of it.
On Demand insurance
I think On Demand / Usage Based insurance is also a really interesting trend, because it can help customers to get access more easily, faster and also to cheaper insurance products. So its also mounted on this idea of getting more data from our customers. So for instance if we talk about car insurance, we have these kind of dongle devices that you attach to your car and this gets a lot of telematics from it. Having all this data helps a lot to insurance companies to reduce the risk and therefore they are able to provide more tailored and cheaper products to their customers.
I think we are going to start seeing more Insurtech products based on this kind of approach, which are the things that the customers really want and are waiting for to be available in the market instead of these old classical insurance products that we mostly have today.