FinTech and InsurTech exploded in recent years. Companies realized these technologies offered creative solutions for many needs. These include better customer satisfaction and compliance, as well as expanding into once inaccessible markets.
However, both industries need to ramp up innovation. Change is happening now and unless business stays ahead of the game, they can’t possibly create a competitive edge.
Need for FinTech and InsurTech Innovation Stronger Than Ever
FinTech is the underlying technology that makes the flow of capital between individuals, governments, and businesses possible. Ledgers gave way to technology, but technology isn’t static. What was once cutting-edge innovations is now commonplace.
The need to continually innovate has never been stronger if organisations are to gain a competitive edge.
Breaking Down Old Barriers
Fortunately, software and hardware advancements now make it possible to implement change, even when faced with considerable challenges.
As an example, TRM Labs monitors millions of assets and dozens of blockchains so financial institutions and government agencies can investigate and reduce financial crime and fraud. Once, the scope of this work was too daunting and financially impractical.
Tapping into New Markets
Disruptive innovations have also opened up new markets, especially in developing economies. For instance, Chipper Cash tapped into the market of five African countries and the U.S. and U.K, allowing users to pay bills, transfer money across borders, and buy bitcoin. Cash cultures gave way to the conveniences of digital banking.
These and many other new companies made it onto Forbes’ Fintech 50 for the first time in 2022. Crypto and blockchain companies as well as business-to-business banks aimed at small business dominated the list. However, personal finance, insurance, investing, real estate, and other innovations also flourished.
Clearly, innovation isn’t optional if organisations are to remain relevant. Cutting-edge technologies remain critical in a highly-competitive market.
Both FinTech and Insurtech Must Address Growing Challenges
Companies collect plenty of data, but don’t always maximize usage. Fortunately, technological innovations can make the best possible use of this data, creating countless benefits.
Reducing Risk
Understandably, anticipating risks is a major focus, especially in the insurance industry. With the help of disruptive technologies such as artificial intelligence and machine learning, companies can reduce fraud, human error, and risk.
Anticipating Trends
Fortunately, predictive analytics can help companies react to dynamic business and market conditions and risk patterns. Historical claims, costs, and risks can be projected into the future and insurers can adjust quoted premiums accordingly.
Meeting Customer Needs
Additionally, FinTech and Insurtech can help companies meet growing customer needs. For instance, artificial intelligence and other technologies can deliver streamlined service and a simplified insurance claims process.
Disruptive technologies can also provide very specific policies for customer needs. As an example, Next Insurance tailors small business policies and artificial intelligence processes applications in 10 minutes.
Managing Regulatory Compliance
Furthermore, FinTech and InsurTech can help organisations capture, track, analyse, and report data for improved regulatory compliance. Low-code/no-code platforms are available to accelerate system modernisation, increase productivity, and improve compliance timeliness and efficiency.
Connecting Organisations to FinTech and Insurtech Innovation
Many companies already realize they need to increase their investment in innovation and disruptive technologies. However, they may be bogged down by complexity or haven’t plotted a clear path towards actionable innovation.
This is regrettable, as financial institutions and insurers can’t afford to wait. They need to accelerate their efforts or they won’t keep pace with their markets, never mind create a competitive edge.
Luckily, EarlyBirds can help your business tap into the latest innovations in the Fintech and Insurtech realms. As a seasoned business leader, we can provide you with direction and resources. Our self-service and assisted services are specifically designed to support the acceleration of actionable innovation.
EarlyBirds Innovation Ecosystem
The EarlyBirds Innovation Ecosystem is a Business-to-Business portal connecting Innovators, Early Adopters, and Subject Matter Experts. Early Adopters are leaders or influencers in an organisation eager to identify new and disruptive technologies. They want to seize opportunities, solve business challenges, or create new products and services.
The Ecosystem has a data pool of over 4 million global innovations that may already address your organization’s challenges. Alternatively, organisations can list their challenges and request solutions from innovators.
EarlyBirds Explorer Program
The Explorer Program is tailored towards those who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required.
EarlyBirds Challenger Program
The Challenger Program focuses on a single organisational or technical challenge. It looks for the most relevant innovators that meet your organisational, technical, and risk requirements.
The program is run by an EarlyBirds Subject Matter Expert who collects your organisational requirements. The SME then searches the data pool to identify and curate options for further evaluation. The most suitable option is chosen and the SME drafts a roadmap of next steps, POC, trial, or implementation.
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EarlyBirds can provide direction and expertise if your organisation needs to create a competitive edge. We help you find innovative solutions, connect your organisation to appropriate disruptive technology, and transform your business.
Let us help you find direction and accelerate innovation, either within your silo or through external collaboration. Our expertise extends to many sectors including Insurance, Finance, Operations & Maintenance, Energy, Education, Healthcare, the Public Sector, and more.
Register at https://earlybirds.io/, or contact us to discuss your needs.