Innovations In Insurance

The fact that technology and innovations have created a new world of opportunity for individuals, business and society is obvious. Only slightly less obvious is that the future will be shaped by only those who are innovating today. For insurance sector this is not just a fact, it is an imperative.

The reality is that customers and investors demand innovation. Indeed they expect it, not only from technology providers and manufacturers, but also from insurance organizations. Insurance providers can no longer do ‘more of the same’ and expect to grow. Striking the path for innovations needn’t mean starting from scratch. Instead, It is like leveraging wins and experiences, including the ideas of others, to create new propositions and approaches to delight customers and create values. It is about learning from both traditional competitors and new destructors. And this innovation imperative is not a simple equation. This is no ‘’silver bullets’’ to create a more innovative organism, no ‘’of the shelf’’ package that drives new ideas. Instead, insurers and intermediaries will need to navigate their own path through this new world of opportunities, developing new products in order to out-compete and out-innovate their peers

Hence, innovation is the need of the day of insurance industry and customers are expecting that these insurance should reach the untouched area of risk indemnity. In our present study we will see what are the recent innovations in the field of insurance like burial insurance, dog bite insurance, bottom line insurance, flood insurance, Hoosier daddy policy and the like. And also give an over view of a number of such new insurance products