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Insurtech might sound like a scary new sci-fi character from Netflix but it’s actually the new name given to the combination of the insurance and IT sector.
Like fintech – finance and technology – insurtech translates as applying technology to help with issues in the insurance industry.
It’s arriving at a time when the generation who have grown up with technology are now at an age where they need insurance – and insurance companies have realised the best way to interact with their new millennial customers is digitally.
So what exactly is Insurtech and what kind of IT jobs can we expect to find on s1jobs?
Providing new and affordable products
Insurtech companies are exploring innovative paths that large insurance firms can’t always offer, such as providing people with super-personalised policies. They will even offer products like social insurance.
In the past groups of people have found themselves getting charged more than they should, whereas Insurtech is striving to find ways to develop better pricing that’s tailored to each individual.
Some start-up companies are hoping to develop on-demand insurance for instances such as borrowing your friend’s car, which will all be done more easily through mobile apps.
Personalising the industry
As Insurtech revitalises the tired insurance sector, we may see new methods being utilised to help make it more personalised.
For car insurance, companies might start installing more sophisticated in-car monitoring devices so your insurance is tailored to you and you’re not grouped under an umbrella that’s charging you too much.
Making closer connections
Customer-facing apps are being developed so you feel more connected to the insurance company, which people don’t feel currently.
An estimated 61% of 18-34 year olds said they would change their insurers in order to have a more connected, customised experience.
Opening up jobs for those in IT
With all these potential changes to the industry, there’s going to be an increasing demand for those with valuable tech skills.
Last year Insurtech vacancies in the UK grew by an average of 22% per month. The majority of these vacancies were for web developers and analysts, followed closely by programmers.
Software engineers are also going to be in demand in order to help develop the new customer-facing mobile apps, as well as people trained in Artificial Intelligence.
So if you’re a software engineer, analyst or web developer – or simply have a strong desire to get into IT – a career in Insurtech might be the one for you.
Discover a range of IT/Telecommunications roles currently with s1jobs.
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