3. Agenda
• Overview of InsurTech
• Importance of InsurTech
• Technologies Used in InsurTech
• InsurTech Platforms
• Factors Impacting InsurTech Platforms
• InsurTech and Microinsurance
• Role of Insurtech
• InsurTech in Premium Collection
• InsurTech in Claim Settlement
• The Reason for Which InsurTech Needs to be
Formalized
• Benefits of InsurTech
• Risks of InsurTech in Microinsurance
• Findings
• Recommendations
• Conclusion
4. Overview of InsurTech
Designed to find
cost savings and
efficiency.
Combination of
the words
insurance and
technology.
Used to more
effectively process
claims, evaluate
risk, process
contracts, or
underwrite policies.
Leverages
modern
solutions.
Allows products
to be priced more
more
competitively.
5. In Bangladesh,
• Technology is growing
• Subscriptions to mobile telephone have
increased
• Total number of mobile phone subscribers has
reached 180.87 million
• Falling prices of mobile broadband and the
increasing availability of 4G networks
7. Technologies used in
InsurTech
• Acquire risk information
and evaluate loss.
• Offer considerably more
specific and granular
information concerning
risk or loss.
• Used to offer customized
products.
• Automate or improve claims
handling or customer
service.
• Enable automated or more
granular underwriting.
• Include product offerings,
risk selection, pricing,
• As a tool for information
coordination among
numerous participants.
• Allows automated
transactions and are
especially well-suited for
parametric covers.
• Offers the fundamental
digitization.
• Designed to be used by
insurance consumers directly
or
• As support for the back- or
front-end operations of an
insurance provider.
Digital/Mo
bile
Platforms
Distribute
d Ledger
Technolog
y/
Blockchai
n
Satellites
and
Remote
Sensing
Artificial
Intelligen
ce/Big
Data
9. 9
Factors Impacting Insurtech
Platforms
Customer
Experience Security and Privacy
It enhance the
customer
experience and
promote client
interaction
Insurance companies must
conduct background
checks and guarantee that
claims are legitimate
Digital Solution
The combination of various technologies in
digital solutions is driving the growth of digital
insurance platforms for deployment and
management.
10. 10
Platforms
Next Insurance
•Supplier of insurance for small companies
•Headquarters in Palo Alto, California
•Applications in 10 minutes and provide 24/7
access
Policy Bazaar
•Online insurance broker in India
•Employs 14 digital tools and services
•Receives a commission from insurers for
each policy
Bimafy
•First insurtech platform in
Bangladesh
•Website and Mobile app
12. 12
Role of Insurtech
Insurer incur high transaction costs
in servicing low income people
Innovative technology (Mobile
network, M-Health) can mitigate
the obstacles
Also provide greater
understanding about
customer behaviors and risk
Make it quick, convenient,
relatively low cost payment of
premium and claim payment
13. 13
1. Go to the MetLife Bangladesh website-
www.metlife.com.bd.
2. From the pay premium button, select payment channel
and submit
3. Provide the policy number and date of birth and click
submit
4. Choose the Payment Type
5. Go through the “Terms and Conditions”
6. A copy of which will automatically be sent to insured’s e-
InsurTech in Premium
Collection
14. 14
InsurTech in Claim
Settlement
1. Go to the Metlife website and select individual
online claim submission
2. Select own role (policy owner/
beneficiary/financial associate or other)
3. OTP has been sent to the insured phone
number
4. Have to give the policy number and date of
birth
5. Choose between individual death and individual
living and upload the necessary documents
6. Data and documents have been forwarded to
15. The reasons for which InsurTech needs to
be formalized
To bring about a
paradigm shift in
the insurance
sectors
Higher market
penetration with
different products
To work together for
developing and
modifying the
products
17. Risk of InsurTech in
Microinsurance
17
— Focus risk
— Digital assets
— Cyber risk
— Investment risk
— Lack of proper knowledge
— Climate and environment risk
18. Findings
18
— Quick claim settlement
— Frequent use of same data
— Reduce documentation
— Helping on reducing fraud
— Low data security
— Unorganized law
— High cost
19. Recommendations
19
— Knowledge sharing criteria
— Part of digitalization
— Proper training
— Specific and structured law
— Part time responsibility sharing with tech
based company
20. Conclusion
Microinsuran
ce
Emerging sector and
part of financial
inclusion
Problems
Cyber risk,
Investment risk, lack
of knowledge, high
cost
Solutions
Training, proper
education, part time
responsibility sharing,
structured law
