The global insurtech market is projected to grow substantially given the increased demand for insurance service digitisation, projected market expansion, and developments in technology that have made it easier to buy and process claims. Insurtech helps create new avenues that large insurance companies have less incentive to pursue, such as offering social insurance and customised policies for clients.
In January 2021, Shift Technology introduced the Shift Insurance Suite to help the insurance industry apply AI-based decision automation and optimisation technology solutions. This addresses critical processes across the insurance policy lifecycle, as well as helps insurers to achieve faster, more accurate claims and policy resolutions.
Shift Technology is focusing on continuous deployment in the UK and the US, whilst exploring opportunities in Singapore, as it attempts to become an international player in the market. However, it must stave off a number of major competitors to do so, including Quantemplate, Slice and Neos.
Kirsty
Company Specialist at Welcome to the Jungle