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What is Insurtech?

What is Insurtech?
  • Updated on 16 Aug 2023
  • Redaksi Liveaman
  • 3 Mins

In the increasingly digital era, the insurance industry is experiencing rapid development with the emergence of Insurtech. Insurtech is short for “Insurance Technology,” which refers to the utilization of information technology and digital innovation in the insurance sector. With the use of advanced technology, Insurtech brings fundamental changes in how insurance companies operate and provide services to customers.

The Advantages of Insurtech VS Conventional Insurance

  1. Easy and Fast Processes: Insurtech enables faster and easier claim processes and policy purchases through smartphone-based applications or online platforms. Customers no longer need to fill out physical forms or visit physical offices to obtain services.
  2. Better Personalization: With data analysis and artificial intelligence, Insurtech can assess risks more accurately and create insurance policies tailored to individual or specific company needs.
  3. Transparency and Accountability: Insurtech provides higher visibility into information about policies, claims, and other insurance statuses. This helps avoid ambiguity and increases customer trust.
  4. More Cost-Efficient: The digital business model allows Insurtech to reduce administrative and bureaucratic costs associated with conventional insurance. As a result, premiums that customers have to pay can become more affordable.

Also read 3 Types of Insurance Payments

Current Insurtech Development in Indonesia

Indonesia, being one of the largest insurance markets in Southeast Asia, is experiencing rapid growth in the Insurtech sector. Traditional industry players and technology startups are competing to capitalize on the vast market potential and the need for innovation, among others.

List of Insurtech Companies in Indonesia

Some of the Insurtech companies operating in Indonesia include:

  1. Qoala
  2. PasarPolis
  3. Raja Premi
  4. Aman
  5. Futuready

Benefits of Insurtech for Companies/HR

For companies, implementing Insurtech in employee insurance management has many benefits:

  1. Administrative Efficiency: The digital process reduces HR administrative burdens related to employee insurance management, such as registration, data changes, and claims.
  2. Diversified Policy Options: Insurtech enables companies to offer a variety of policy choices that suit employees’ needs, including health insurance, life insurance, or others.
  3. Data Reporting and Analysis: Insurtech provides more comprehensive and detailed data on employee insurance claims and usage, helping companies make data-driven decisions.

Benefits of Insurtech for Employees

Employees also benefit from the adoption of Insurtech in company insurance, including:

  1. Easy Access: Employees can easily access information about policies, claims, and insurance benefits through applications or digital platforms.
  2. Quick Claim Processes: With simplified and automated claim processes, employees can quickly receive the insurance benefits they need.
  3. Improved Well-being: Insurtech helps employees feel safer and protected, thereby enhancing their well-being and productivity.

Benefits of Employee and Group Health Insurance with Insurtech

By adopting Insurtech in employee and group health insurance, employees will experience several benefits, including:

  1. More Flexible Health Programs:
    Insurtech allows employees to choose from various health programs that align with their personal needs.
  2. Access to Convenient Health Services:
    Some Insurtech platforms provide easy access to health services, such as telemedicine, allowing employees to receive care without leaving the workplace.
  3. Health Promotion and Disease Prevention:
    Some Insurtech platforms also offer health programs and disease prevention support, helping employees maintain a healthy lifestyle.

With the growing development of Insurtech in Indonesia, it is expected that the insurance industry will become more innovative and capable of providing better and more efficient services to customers. Companies and employees can together benefit from this technology to improve their well-being and financial protection.

Also read Let’s Do an Eye Check!

Aman is a company that offers various health protection products for employees. By having reliable employee insurance like Aman, the company can provide essential benefits to its employees. In the long run, this can improve employee satisfaction, productivity, and retention.

When it comes to employee health benefits, Aman is the right choice to assist companies and employees in meeting their health protection needs, register now!

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