Introduction to the Industry
The insurance industry is growing in parallel with technologies. Each time the industry presents new approaches, products, distribution methods, and new ways of risk evaluation. Fifty years ago, insurance companies were one of the first users of mainframe computers. Nowadays, smartphones are thousands of times more powerful than those early machines, and cloud technologies are used to store customer data. Such transformative technologies have their impact on the business and operating models, organizational structures and market strategies.
InsurTech industry is relatively new, the term that first was used in 2016. InsurTech offerings have grown exponentially. It can now be defined as an ecosystem that brings together adjacent industries to provide an improved service of greater value to insurers and their customers. Insurers always want to acquire data that can help them assess and mitigate risks. Adopting wearable technologies such as devices that monitor physical activity via apps linked to mobile applications makes it easier and begins its own revolution within healthcare.
Customers around the world are seeking insurance services that are affordable, available, convenient and understandable. In 2019, 14.5% of Canadians aged 12 and older (about 4.6 million people) reported that they did not have a regular health care provider. That happened mostly because of the expensive premiums, complicated and time-consuming insurance procedures. InsurTech industry includes technology guides to keep coverage up-to-date, providing clients with seamless insurance services. We believe that access to a regular health care provider is necessary and helps to manage ongoing medical conditions and as a tool for preventive healthcare. HUGGY offers personalized insurance products when coverage adapts depending on consumer interests and behaviors. Our services are simple, fair, flexible, affordable, and transparent.