“Technology, and its applications, are poised to affect every aspect of what we call humanity and the conditions in which humans must live.” – Gartner Inc.

We cannot agree more as we are already a subset of the hyperconnected world and reach out to each other via devices with gigabytes of data. Digitisation and digital transformation bleed into every sector, changing the way companies view or do things, so does the insurance industry. Today, such an emerging business model can be observed in what is known as digital insurance.

Let’s take a closer look at the pros and cons of the Insurance Technology (InsurTech) hype.

Pros

Refine Customer Strategy Once and for All

It is inevitable that insurers or insurance agents are bombarded by a massive pool of customer data every single day. Digitisation is a one-off setup process that enables seamless access to unlimited information, agile artificial intelligence (AI) predictive data analysis, and above all, the implementation of practical strategies.

Once you sign up as a Betadia member, you can easily grasp the number of bonus claims that are likely to be filed under specific circumstances in a few taps.

An Epic Cost Slasher

According to a McKinsey report on 2017, automation can reduce claims cost by over 30%. Additionally, InsurTech allows the personalisation of insurance products and thus insurers can price and underwrite policies more accurately for individual customers, thereby cutting costs and propelling long-term growth.

Led by a team of fintech experts that comprehend consumer behaviours, Betadia aspires to be the most feasible platform for online gamers to attain capital preservation via our comprehensive insurance coverage.

Unlock Customer Loyalty

It always takes more costs and time to acquire a new customer than convert an existing one in the insurance industry. Chiefly, the advent of digital insurance opens doors of meaningful customer engagement. Customers can enjoy personalised experiences and even withdraw claims within minutes.

In Betadia, we promise swift digital policy application and renewal. Our 24/7 support services can handle your queries accordingly in real time without any delay.

Cons

The Surging Need of Better Security

Data and payment security are the key concerns of whether to digitise insurance. Unscrupulous activities with the likes of identity thefts and hacking might double with more digital interventions.

Betadia is fully-equipped with various levels of encrypted security software that have been integrated into the digital insurance system for advance protection. Hence, members can receive bonus rewards without worrying about the problem of data breach .

Challenging and Time-Consuming Transition

Rome was not built in a day. This is especially true for the insurance industry that handles loads of sensitive paperwork to go through digitisation. Nevertheless, companies and staff take time to get used to the digitised business, let alone the end-users or customers who might use the online insurance platform or app on a regular basis.

Betadia totally understands the dynamic landscape of digital insurance. To accommodate the ever-evolving nature of InsurTech, we always work on improvising our app from time to time to enhance the user experience.

Final Thoughts

In the 2016 PricewaterhouseCooper (PwC) Global Financial Technology (FinTech) Survey, 74% of insurers revealed that FinTech innovations are a challenge for the insurance industry. Whether or not the figures have declined, if you are ready to join the disruptive invention, Betadia is your go-to platform.

We envision to be the pioneer of digital insurance in the FinTech sector, providing the most flexible insurance plans in the industry. Our transparent and safe insurance ecosystem offers exceptional capital protection for long-term investments in the ever-changing online gaming space.