Embracing InsurTech promises insurers not only the opportunity to stabilize from the global health crisis, but also reimagine their insurance offerings for a post-pandemic world.
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Just as the world is grappling with how to deal with coronavirus, providers need to rethink the role of insurance and shift from reaction to prevention. Today, the business model for insurance revolves around retention — and fairer, tech-powered pricing models are the new retention strategy. That means using broad data capabilities, telematics, technology partners, and more to provide more preventive safety resources along with peace of mind for policyholders.
By doing so, insurers can reframe the conversation and create a new category for insurance that not only provides safe harbor but actually helps make the world a safer place.