AiME: Breaking Down Insurtech
When it comes to the insurance industry, a term you may have heard is “Insurtech”. Insurtech refers to the use of technology that is designed to find savings in efficient ways within the insurance world and streamline operations.
Companies like Ask AiME, use technology such as Robotic Process Automation (RPA) to allow products or services to be priced more competitively within the insurance industry. Insurtech has been growing globally, especially since 2020, as the need for technology increased to identify and fill gaps within the insurance industry. Insurtech solutions stepped up to solve customer needs in a world that moved towards working more remotely. The insurance industry is highly regulated, with many layers of jurisdictional legal considerations, which has made many companies hesitant to embrace the innovations insurtech provides, especially when insurtech was just getting started. However, with applications constantly evolving, and an increased need for claims process management, and remote work, market growth of the global Insurtech
industry has risen.
AiME has capitalized on this industry by focusing on those in the disaster restoration industry who rely heavily on accurate detailed estimates for insurance companies, saving the carriers, contractors and adjusters involved time and money, while improving the accuracy and quality of estimates delivered.
Ultimately, insurtech has become a powerful driver for change in the insurance industry. As technology continues to evolve, more companies like AiME can help others streamline their operations, using a deep knowledge of the insurance sector with technology that saves time and money as well as offering training and education for the industry!
Further Reading:
• https://www.thebalancesmb.com/what-is-insurtech-4584490 • https://www.globenewswire.com/news-release/2021/05/26/2236101/28124/en/Global-Insurtech-MarketAnalysis-Forecast-Report-2021-2028-Rising-Use-of-Social-Media-to-Identify-Gaps-and-Offer-ImprovedCustomer-Services-Provide-Numerous-Growth-Opportunities.html • https://www.investopedia.com/terms/i/insurtech.asp