Page 19 - Turkinsurance Digital Magazine

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In recent years, as digital transformation in the insurance sector has rapidly advanced,
interest in insurtech (insurance technology) has also been steadily increasing. Insurtech
is defined as an approach that combines technology and innovation to enhance the
operational processes and customer experience of insurance companies.

The necessity for digitalization and remote service delivery, espe- formation will accelerate and lead to better service for customers.
cially during the pandemic, has encouraged insurance companies These collaborations will contribute to the widespread adoption of
to turn towards technology. Globally, insurtech ventures are mak- innovative solutions in the insurance sector and make the industry
ing waves with their innovative products and services, prompting more competitive.
traditional insurance companies to seek digital solutions to remain
competitive. Most Supported Insurtech Ventures

In Turkey, interest in insurtech has recently shown a significant in-
crease. Local ventures have begun to carve out an important place As the insurance sector advances rapidly on the path of digital
in the insurance sector with mobile applications and AI-supported transformation, insurtech ventures, which focus on insurance tech-
solutions. Platforms offering particularly user-friendly interfaces nology, play a significant role in the industry. However, the sector's
and personalized services are ranking high among consumer pref- support for these innovative firms tends to focus on specific priority
erences. areas:
• Artificial Intelligence and Data Analytics: Insurance companies
Globally, insurtech ventures continue to have an impact in major
markets. Investors, especially in the US, Europe, and Asia, are are concentrating on insurtech ventures that enhance operational
showing significant interest in these innovative companies and eval- efficiency through technologies such as artificial intelligence and
uating the growth potential in the sector. data analytics. Companies offering advanced analytical models and
data-driven solutions are attracting the industry's attention.
However, the growth and widespread acceptance of insurtech face
several challenges. Factors such as regulatory issues, data privacy • Digital Customer Experience Solutions: To enhance customer
concerns, and integration with existing infrastructure have the po- satisfaction and provide better service, insurance companies are
tential to limit progress in the sector. supporting insurtech ventures that offer digital customer experi-
ence solutions. User-friendly interfaces, online services, and quick
Insurtech Ventures Are Receiving Significant communication channels are among the prominent solutions in this
field.
Attention from the Turkish Insurance Sector
• Blockchain Technology: Blockchain technology, which offers po-
Insurance companies are turning to innovative solutions offered by tential in data security and fraud prevention, is also gaining in-
insurtech firms to enhance customer experience, increase opera- terest in the insurance sector. Insurance companies are supporting
tional efficiency, and provide more flexible services. These solu- insurtech ventures that develop or integrate blockchain-based solu-
tions include areas such as AI-powered customer service, data tions.
analytics-based risk assessment, and secure data sharing using
blockchain technology. • IoT (Internet of Things) and Insurance: IoT devices such as smart
home gadgets, vehicle telematics systems, and health monitoring
Leading insurance companies in the sector are adopting various ap- devices offer significant potential for risk assessment and service
proaches to support insurtech ventures. These approaches include quality in the insurance sector. As a result, IoT-focused insurtech
investing in insurtech firms, establishing collaborations, and sup- ventures are attracting the industry's attention.
porting entrepreneurs through innovation centers or acceleration
programs. This approach demonstrates that traditional insurance • Sustainability and Green Insurance: Insurance solutions that
companies are open to external ideas to encourage innovation and focus on environmental, social, and corporate governance (ESG)
gain a competitive advantage. principles are becoming increasingly important in the sector. Sus-
tainability-oriented insurtech ventures are noteworthy for their
Industry experts indicate that with the support traditional insur- solutions that reduce environmental impacts and address social re-
ance companies are providing to insurtech ventures, digital trans- sponsibilities.