Through the partnership, Bunq Easy Green customers will automatically be covered with an extended warranty and purchase protection on certain purchases they make with their Bunq card.

Read more: PYMNTS

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One area of technology that is growing particularly swiftly is that of InsurTech (Insurance Technology).

But what exactly is InsurTech, and how can it be applied to improve the operations of real estate companies? In this article, Property Solvers explore the fundamentals of resources of this kind and explain their potential benefits.

What is InsurTech?

As we’ve already mentioned, InsurTech stands for “Insurance Technology”. 

Tools that fall into this category make use of Artificial Intelligence, data analytics, machine learning and other methods of automation to help property professionals – such as landlords – to find precisely the right insurance product for their needs.

InsurTech systems stockpile and analyze key data on the specific properties for which insurance is needed, as well as the buyers and renters who may acquire or utilize them.

This data is then applied to thousands of insurance products to match the landlord or investor attached to the property to their perfect type of cover – for the best possible price. If you’re in the market for a small business loan, you may want to read HRRE’s guide on amortized loan vs simple interest.

How Does InsurTech Benefit Real Estate Companies?

Technology of this kind offers opportunities for busy real estate professionals to save time and effort in their search for the right insurance. What’s more, it may well prevent them from spending needless amounts of money

This is not only due to the fact that the user’s time itself has significant value, but also because many InsurTech tools will compare the costs and premiums associated with various types of cover to find a product that represents the best possible value.

With InsurTech, there is rarely any need to book an appointment with an insurance broker. This saves further money that would otherwise have been spent on service fees and administrative costs.

InsurTech products may even reduce the complexities of arranging inspections. Many include tools that will help to weed out fraudulent organizations and prevent security risks, too.

The entire process of finding the perfect insurance cover can be achieved remotely using a laptop or smartphone. Most InsurTech providers have their own apps or software to enable their users to streamline the process still further.

Should I Invest in InsurTech?

The decision of whether or not to use technology of this kind will depend on the nature of your business and its activities, as well as your own personal preference.

While InsurTech products are likely to be highly convenient to yourself as a real estate professional, it is worth noting that many of your competitors will also be likely to employ automated tools of this kind to save time and money. 

However, the usefulness of technology of this kind will depend on the complexities of your requirements.

You should consider the cost of subscribing to an InsurTech service balanced against your perceived value of the time and effort you would otherwise put into seeking out insurance cover (on top of the associated real-world “material” expenses).

Whatever your own decision, it should be noted that InsurTech is just one part of a much wider arsenal of resources that are being rolled out to streamline the operations of real estate companies – and that this trend will continue to grow as time goes on.

The post InsurTech in Real Estate appeared first on FinTech Ranking.

Local users are able to access the new travel insurance on YouTrip’s multicurrency app. Through the app, travelers will be able to buy a single-trip policy with up to 65% savings on their plan.

Read more: The in Asia

The post Singapore neobank launches in-app travel insurance appeared first on FinTech Ranking.

Called ‘Bill Protection’ and created in partnership with insurtech Qover, the policy covers the payment of regular bills and outgoings up to £600 (with higher limits for Monese’s Classic and Premium plans) if you have an accident, are sick or lose your job.

Read more: AltFi

The post Monese launches a new plan with ‘Bill Protection’ insurance appeared first on FinTech Ranking.

But the startup doesn’t plan to stop there. N26 says it is also working on private liability insurance, home insurance, life insurance, pet insurance and coverage for bikes, electronics and large purchases.

Read more: TechCrunch

The post Challenger bank N26 to offer insurance products appeared first on FinTech Ranking.

Firms have operated in a traditional way for a long time, eschewing advancements, being slow to adapt to new technology. It is now finding it difficult to ignore though. The financial industry has caused that. Developments by fintech businesses – in response to the market and as a result of their own innovations – have raised customer expectations and standards. Here’re some examples.

Customer Service

Insurance has always demanded a personalised experience, by default. There is nothing more personal than the things you own, the things you want to protect. Naturally, the traditional models of all businesses have been one-on-one, that is, employees and customers have met face-to-face or spoken on the phone, and insurance has been no different. The difference is that insurance firms have held onto this model for a while longer than others – practices haven’t changed.

The goal hasn’t changed either – of a personalised experience – but ways of achieving them have. The demand, now, is for a different type of personalisation. It is less about being catered to by a firm’s employees, having them make things easy for you by guiding you through it themselves – they don’t want a service, per se. Rather, they want convenience. They want to be able to do things when they want, in a way that’s better for them.

What they now want is mobile solutions, which fintech has helped push. It’s a different kind of customer service. Insurtech businesses are not avoiding customer service, but it’s achieving in a different way: by using apps. Firstly, this approach liberates insurtech businesses from using the traditional models of customer service. They can go in fresh, meet the new demands head-on. Also, more and more financial transactions occur via smartphones. It’s quick and it’s simple.

As importantly, the consumer can adapt using these solutions. If they need X-Y-Z, they can download it or find it and they can get X-Y-Z. The worry for financial institutions and insurtech businesses is that the consumer will find what best suits them, which means that attaining loyalty might prove somewhat difficult. However, with the younger generations opting for mobile solutions, there is the chance to develop long-term business, provided there is still value there for the customer.

AI

Another technological advancement, which has been touted in sci-fi stories for decades, is AI. Its automation is being utilised in many industries, on many scales. Insurtech businesses are AI in three ways.

Number one is for quotes. Often, now, customers have access to various smart devices which track their health, travel habits, and property. While many insurance firms leave it in the hands of their customer to work use a homeowners insurance calculator, for instance, which is an important variable for quotes, the data, processed effectively by AI, can be used to specifically design a policies for a customer, meaning they pay no more or less than what they need to.

Number two is for chatbots. Customers can have more immediate contact with a chatbot than they can have with the business via email or telephone. The worry with chatbots is that they don’t have the capability and the nuance to be effective. This is no longer the case, with AI producing very, if not surreally, convincing text. Most businesses still have other channels available, should customers want to use them, but relying on chatbots is now far less risky.

The second use is in the processing of the claims themselves. The AI is trained with historical data – pictorial, textual, and numerical – to understand what the claim is, what the evidence suggests, and how to conclude. They complete all these tasks accurately, often without any checking by human eyes. Some cases may require it, depending on the pay-out, but the AI is trusted to do the job. The process is almost instantaneous, meaning customers get paid just as fast. They can also work on multiple claims simultaneously. The only limit is the hardware and software itself. These turn-around times are hard to compete with if a business has employees performing these roles: there are more delays, more hands to pass the claim through. It is always better for customers, in this day and age, for things to be done quickly. If the customer can have their money quicker then they’d prefer it that way.

The post How Has Fintech Influenced Insurance appeared first on FinTech Ranking.

As part of a complete overhaul of its paid plans, Revolut now offers its customers an innovative embedded insurance solution provided by Qover all over Europe, supporting them in their daily lives.

On track to building the world’ first truly global financial super-app, Revolut was looking to integrate a range of innovative digital insurance products that deliver added value to the daily life of their customers. In light of the common vision and resilience of the two tech players on the European market, the association between Revolut and Qover was an obvious move.

Read more: Qover

The post Revolut chooses InsurTech Qover to redesign its insurance offering across Europe appeared first on FinTech Ranking.

The Nubank life insurance offer is fully customized to allow the customer to enjoy a seamless experience where quotes, bill payment and account management are all transacted digitally. Basic coverage includes natural or accidental death and funeral assistance, as well as living benefits covering hospitalization for accident, disability for accident and funeral assistance for family members.

Read more: PRNewswire

The post Chubb and Nubank Launch Fully Digital Life Insurance Offering in Brazil appeared first on FinTech Ranking.

French startup Shine is adding a new option today. If you think there’s a chance that a client is not going to pay your next invoice, you can insure that invoice to avoid any bad surprise.

Shine  is building a challenger bank for freelancers and small companies. It lets you send and receive money in a separate business account, pay with a MasterCard, create invoices and stay on top of administrative tasks.

It also helps you get started as the startup can fill out all administrative paperwork to register yourself as a freelancer. You also get notifications to remind you that you should pay your taxes and more. Starting accepting freelancing jobs can be confusing and Shine can help you with that.

Shine has a built-in invoicing tool. It lets you add a client and generate an invoice directly in the mobile app. After that, you can send a link to your client. You get a notification when your client opens the invoice. They can download a PDF and get your bank details to pay you.

And yet, many clients often wait until the last minute to pay an invoice. It can be a month or two after finishing a job, which means that they also forget about outstanding invoices.

In a few weeks, Shine users will be able to create an invoice and insure it before sending it. It costs you 2% of your total amount on your invoice. There’s no subscription fee, it’s a one-off process.

If your client hasn’t paid you after the due date, Shine will reach out to your client again to try to get the payment. If that doesn’t work, you can file a claim with the partner insurance company.

In that case, if the company is still operating, you get paid 100% of your invoice. If the company has collapsed, you get 90% back. (Of course, that’s without taking into account the 2% fees you already paid.)

The post Shine adds invoice insurance to its freelancer bank account appeared first on FinTech Ranking.

ING and AXA have unveiled an exclusive, long term, multi-country bancassurance partnership to provide insurance products and related services through a central digital insurance platform.

Ralph Hamers, CEO of ING, says: “Adding personalised protection products that are life-stage driven, will ensure we keep our customers ahead in life, empowering them to stay in control, in line with their widening demands. The initiative will also contribute to diversify our income.”Under the partnership, ING will offer its digital banking, while AXA brings its modular insurance products and services. These include property and casualty (P&C), health and protection insurance solutions to ING customers in six of its “challenger markets”: Germany, Australia, Italy, France, Czech Republic and Austria.

ING and AXA teams will together develop personalised insurance products and relevant services, accessible via the ING mobile application.

An open mind

ING has been a busy bunny recently.

Last week, ING was keen to maximise the possibilities of open banking and revealed it is working with Yolt and Funding Options on bringing new features to customers across Europe.

While last month, ING opened a developer portal for API innovation and to work more closely with external developers.

In addition, HSBC and ING executed the “first” scalable trade finance transaction using blockchain for Cargill, an international food and agriculture conglomerate.

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