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Insurance, News

Navigating the Digital Decade

Vitesse listed one of the top InsurTech Impact 25 businesses helping insurers succeed  

This week saw the launch of the fourth Oxbow Partners InsurTech Impact 25. Along with their Advisory Board, Oxbow Partners spent six months reviewing over 150 companies to select this year’s Members. Members span the value chain and cover non-life, health and life insurance, personal lines and commercial.

Since 2015 there has been a proliferation of insurance technology startups and broad experimentation by insurers. The market is now maturing, winning themes are emerging, and corporates are able to be more strategic in their investment choices.

In last year’s InsurTech Impact 25 it was predicted that the 2020s would be the “digital decade” and the winners in 2030 would be “those companies who were able to build digital propositions that attracted the millions of millennials who became first-time insurance buyers in the 2020s, who innovated their use of data and applications, and who built the scalable infrastructure that enabled the next wave of consolidation.”

One could be forgiven for thinking that the digital decade is off to a flying start. COVID-19 has transformed companies into virtual enterprises overnight, invisible digital webs connecting people through technology.

But has the change focused on the current business model or challenged it?

Is the ‘digital decade’ we are in actually just the tip of the iceberg in the ‘digital transformation’ future?

There’s no doubt that operational efficiency, transparency and controls are a big focus in the industry; with driving returns, reduced risk and business growth the desired outcomes for insurers.

But customer expectations on service, attention and experience remains the golden end state.

They expect a service suited to their needs, given that hyper-personalization is a normal across the majority of industries they interact with, and insurers need to deliver that now more than ever to remain competitive, adopting technologies that enable a customer-first mindset.

Vitesse has been recognised as one of the ‘digital decade’ leaders in combining that need for transparency, risk reduction and business growth whilst enabling insurers to give excellent customer service at the time they most need it, without overextending their resources.

Oxbow Partners said,

Vitesse’s proposition shows how many niche but material inefficiencies remain to be solved in the insurance industry.

 “We like the Vitesse proposition because it provides a solution to a real problem that can drive material value for insurers.”

The Alternative Banking Model solution for the insurance market provides more visibility, greater control of loss funds, improves claims settlement and provides significant cost savings for the insurer to put back into their business.

To read the full InsurTech Impact 25 report, visit
https://oxbowpartners.com/impact25-report/insurtech-impact-25-2021/

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