“You need to learn to unlearn the traditional way of doing business,” says Bert Opdebeeck, Founder of Microinsurance Master. “Look at things with fresh eyes. There is no truth inside the office. You need to get outside.”

Proposals for the 16th International Conference on Inclusive Insurance (16th ICII) to be held in Kingston, Jamaica from 10-12 November 2020, and to be hosted by the Insurance Association of Jamaica (IAJ), in cooperation with the Munich Re Foundation and the Microinsurance Network, are now being accepted!

InsurTech can address some big challenges: lack of consumer knowledge, lack of access to consumers, differing consumer needs, low trust, inexperienced customers and high-cost structures. However, InsurTechs tend to focus mainly on increasing access and lowering costs, and many are still stuck at the digitisation stage. There has been some movement away from MNOs, although there’s been a rise in partnerships with e-commerce and e-hailing platforms. Greater use of data and analytics includes machine learning and AI, chatbots, telematics and smart contracts.