{"id":2330573,"date":"2021-03-22T10:55:32","date_gmt":"2021-03-22T14:55:32","guid":{"rendered":"https:\/\/www.valuewalk.com\/?p=2330573"},"modified":"2021-03-22T10:55:32","modified_gmt":"2021-03-22T14:55:32","slug":"insurtech-startups-use-ai-create-massive-shift","status":"publish","type":"post","link":"https:\/\/www.valuewalk.com\/insurtech-startups-use-ai-create-massive-shift\/","title":{"rendered":"Insurtech Startups Use AI To Create Massive Shift In Industry"},"content":{"rendered":"<p><em>Insurtech is leaving legacy <a href=\"https:\/\/www.valuewalk.com\/oscar-health-deeply-unprofitable-company\/\">insurance<\/a> companies in the dust.<\/em><\/p>\n\n\t<div id=\"MG-placeholder\">\n\t<style>.first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important}\n\n\tform.ebook-styles .error,\n\tform.ebook-styles #error {\n\t\tcolor:#d00;\n\t}\n\tform.ebook-styles .formfields h1,\n\tform.ebook-styles .formfields #mg-logo,\n\tform.ebook-styles .formfields #mg-footer {\n\t\tdisplay: none;\n\t}\n\tform.ebook-styles .formfields {\n\t\tfont-size: 12px;\n\t}\n\tform.ebook-styles .formfields p {\n\t\tmargin: 4px 0;\n\t}\n\t<\/style>\n<div style=\"background:#eee;display:block;overflow:hidden;margin-bottom:24px;padding:40px;\">\n<div class=\"two-thirds first\">\n<p style=\"font-size:22px;margin:0 0 10px;\">Get The Full Ray Dalio Series in PDF<\/p>\n\t<p style=\"line-height:1.4;margin-bottom:0;\">Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues<\/p>\n\t<form action=\"https:\/\/valuewalk.us4.list-manage.com\/subscribe\/post?u=c3eb7a1d092fc854772c834e0&amp;id=f6f5bdb8b5\" method=\"post\" id=\"mc-embedded-subscribe-form\" name=\"mc-embedded-subscribe-form\" class=\"validate\" target=\"_blank\" novalidate>\n <div id=\"mc_embed_signup_scroll\">\n \n\t\t\t\t<div class=\"af-element mc-field-group \">\n\t\t\t\t\t<div class=\"af-textWrap c1\"><input type=\"email\" value=\"\" placeholder='Email Address' name=\"EMAIL\" class=\"required af-element email\" id=\"mce-EMAIL\"><\/div>\n\t\t\t\t\t<div class=\"af-clear\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"af-element buttonContainer\">\n\t\t\t\t\t<input type=\"submit\" value=\"Subscribe\" name=\"subscribe\" id=\"mc-embedded-subscribe\" class=\"button\">\n\t\t\t\t<\/div>\n \n \n\t<div id=\"mce-responses\" class=\"clear\">\n\t\t<div class=\"response\" id=\"mce-error-response\" style=\"display:none\"><\/div>\n\t\t<div class=\"response\" id=\"mce-success-response\" style=\"display:none\"><\/div>\n\t<\/div>    <!-- real people should not fill this in and expect good things - do not remove this or risk form bot signups-->\n    <div style=\"position: absolute; left: -5000px;\" aria-hidden=\"true\"><input type=\"text\" name=\"b_c3eb7a1d092fc854772c834e0_f6f5bdb8b5\" tabindex=\"-1\" value=\"\"><\/div>\n    \n    <\/div>\n\t<\/form>\n\t<script type='text\/javascript' src='\/\/s3.amazonaws.com\/downloads.mailchimp.com\/js\/mc-validate.js'><\/script><script type='text\/javascript'>(function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true);<\/script>\n<\/div>\n<div class=\"one-third\">\n<img decoding=\"async\" src=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/10\/Ray-Dalio-1.jpg\" alt=\"Ray Dalio eBook\" style=\"width:100%; height:auto\">\n<\/div><\/div><\/div><!-- End Mailigen Signup Form -->\n<p style=\"text-align: center;\"><a href=\"https:\/\/valuewalkpremium.com\/2021\/01\/q4-2020-hedge-fund-letters\/\" target=\"_blank\"><em><strong>Q4 2020 hedge fund letters, conferences and more<\/strong><\/em><\/a><\/p>\n<h2>Digital Adoption Is On The Rise<\/h2>\n<p>Over the past 12 months, technology has entered people\u2019s lives in new and unexpected ways with some <strong>experts saying the <a href=\"https:\/\/www.valuewalk.com\/gary-gensler-testimony-digital-asset-regulation\/\">digital adoption<\/a> we\u2019ve experienced since March 2020 is equal to 5 years of digital gains<\/strong>.<\/p>\n<p><strong>The continued reliance on outdated actuarial tables and obsolete information<\/strong> <strong>will cost these companies millions <\/strong>of dollars in missed opportunities.<\/p>\n<p><strong>Most life insurance companies take seven factors into account when determining a person\u2019s policy<\/strong> and people with conditions such as diabetes may not be able to get life insurance at all, that is 60% of the U.S. population.<\/p>\n<p><strong>When insurers use more data to develop policies and combine that with machine learning, they can create a range to develop new policy spectrums <\/strong>so that if someone has a pre-existing condition, they are not rejected but put into a different class which will help companies profitably reach new audiences.<\/p>\n<p><strong>Legacy insurance companies that refuse\u00a0to adapt to the new parameters established by <a href=\"https:\/\/www.valuewalk.com\/china-coronavirus\/\">COVID-19<\/a> and advances in technology<\/strong> <strong>will fall prey to newer startups<\/strong> who have embraced the 21<sup>st<\/sup> century.<\/p>\n<h2>Incorporating Insurtech Into The Insurance Process<\/h2>\n<p><strong>New\u00a0startups have based their model on incorporating insurtech<\/strong> into the insurance process from the very beginning and have been able to <strong>transform the process of buying insurance, thus making it easy and transparent<\/strong> for consumers.<\/p>\n<p>For years, <strong>the lack of digital-know-how has harmed the insurance industry<\/strong> and as a result,\u00a0its agents and consumers with outdated policies, but the <strong>COVID-19 pandemic has highlighted other ways<\/strong> <strong>the lack of digital adoption is hurting the industry:<\/strong><\/p>\n<ul>\n<li><strong>Consumers were not able to get required medical exams<\/strong> during lockdown resulting in a <strong>backlog waiting to get life insurance - in some cases up to 3 months.<\/strong><\/li>\n<li>Deferred preventative healthcare could lead to a <strong>flood of claims later this year, <\/strong>with many companies lacking the <a href=\"https:\/\/www.valuewalk.com\/powder-coating-underappreciated-technology-maturity\/\">technology<\/a> to process the claims in a timely manner.<\/li>\n<li><strong>Unknown factors to the mortuary tables will result in even more outdated policy offers<\/strong> that consumers don\u2019t want or need.<\/li>\n<li>Agents can\u2019t sell the way the used to and this impacts their earnings and livelihood.\u00a0<strong>Face-to-face meetings and social distancing means selling insurance products online<\/strong> via zoom, apps, and through <a href=\"https:\/\/www.valuewalk.com\/best-investing-twitter-accounts\/\">social networks<\/a> are requisite for agents to survive and thrive.<\/li>\n<\/ul>\n<p><em>\u201cFor many years, the major players in the insurance industry have not had a lot of competition and so they did not think there was any need to change the way they were doing business. But now the established players are becoming bogged down with paperwork and outdated models while digitally advanced insurance start-ups are having success.\u201d<\/em> <strong>\u2014<\/strong><a href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=4tNED-2FM8iDZJQyQ53jATUZfM4xxFJeXRyLYuXgLsacc-3DkDxq_XP-2BA83vKFC3vSZZmzdfh80Uwi0-2B-2FSeP0Z49IScB-2By9AOOn-2BbJ8S8sWQRZJqO2CECzwmXTqRghXh28R4QdB-2B-2BYqLF82j5xQwyo17d2U27CSIUNJpisxYNlklXMmn1Z0fklxtDsYeqbFJbgpQFSfZfP1EeAMBXtxvOiyl6XujX3Hg1I2AUmixb0T1LDtmrnv1qMT0ItUZAgf8BO0qkQspujiHpEOR2NySxRQK1HLHKt-2BqEXdI1uytvEW2ngrwAMyW7jFNutTi-2F8AoCGd0kjBXRGl1bZ6Y6lCLXRuWzWM73PS1e-2B8gqdtm6gvKz6QUiNm9PCaCXJvmAWUYbtHYeEy5cCqDORJczU0pAiGqAeQsOX9I-3D\" rel=\"nofollow\" target=\"_blank\">Paul Ford, Co-Founder and CEO of Traffk<\/a><\/p>\n<hr \/>\n<p><strong>About Traffk<\/strong><\/p>\n<p>Traffk is an innovative insurance underwriting and distribution platform designed to build and launch modern insurance products and brands that scale.\u00a0 Visit <a href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=4tNED-2FM8iDZJQyQ53jATUZfM4xxFJeXRyLYuXgLsacc-3DuHGr_XP-2BA83vKFC3vSZZmzdfh80Uwi0-2B-2FSeP0Z49IScB-2By9AOOn-2BbJ8S8sWQRZJqO2CECzwmXTqRghXh28R4QdB-2B-2BYqLF82j5xQwyo17d2U27CSIUNJpisxYNlklXMmn1Z0fklxtDsYeqbFJbgpQFSfZfP1EeAMBXtxvOiyl6XujX3Hg1I2AUmixb0T1LDtmrnv1q-2B2uJAXn3giDa1BQxm7b0Aw5Gd3siiVECbc9WYCBX-2FFGrN0w6Iz1XwJfNuORi-2B4Z87EouPnP4WLxd0XT3wbB9-2BVzKESl0GShMuMbqeWmzhrfOViDW7tB9emNae5QFq8Q4wtqwcon6g4th3Fa8Yq39aymm4dyzRFUbs5MiA2LzIMM-3D\" rel=\"nofollow\" target=\"_blank\">https:\/\/www.traffk.com\/<\/a><\/p>\n ","protected":false},"excerpt":{"rendered":"<p>Insurtech is leaving legacy insurance companies in the dust. Q4 2020 hedge fund letters, conferences and more Digital Adoption Is &#8230; <a title=\"Insurtech Startups Use AI To Create Massive Shift In Industry\" class=\"read-more\" href=\"https:\/\/www.valuewalk.com\/insurtech-startups-use-ai-create-massive-shift\/\" aria-label=\"More on Insurtech Startups Use AI To Create Massive Shift In Industry\">Read more<\/a><\/p>\n","protected":false},"author":19164,"featured_media":2330574,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6641],"tags":[645498],"states":[],"acf":[],"modified_by":"Jacob Wolinsky","_links":{"self":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts\/2330573"}],"collection":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/users\/19164"}],"replies":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/comments?post=2330573"}],"version-history":[{"count":0,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts\/2330573\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/media\/2330574"}],"wp:attachment":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/media?parent=2330573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/categories?post=2330573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/tags?post=2330573"},{"taxonomy":"states","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/states?post=2330573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}