InsurTech is changing the game

Why InsurTech?

InsurTech has been on the rise for the last 2 to 3 years. More and more companies are starting to see the benefit or opportunities with InsurTech.

How does B-Hive notice the change in the portmanteau of “insurance” and “technology”? 

What are ultra-customised policies, social insurance and dynamically priced premiums based on data-driven behavioural analytics contributing to society?

The Landscape

Before jumping the gun and trying to change the insurance world we need to be aware of the current landscape. Who are the big players and who is already implementing innovative technologies. What are some trending ideas, know your market. We’ve visualised the landscape as how we see it in February 2019.


The big corporations are noticing the new technologies and see the demand for innovation in the insurance sector. They are looking for new companies who can offer them insights on the new trends.

The Big Four

There are multiple trends we have seen developing within the business. Connecting through social media, chat-bots and cellular applications have become a new way to communicate with the younger generation. The convenience of the service is a top priority.

Next to that more and more young people look everything up on the internet. They compare all possibilities before buying a certain product or service. This is no different for the insurance business, the comparison platforms are becoming more and more important! Just look at the recently launched example by the FSMA to compare bank accounts in Belgium.

Next to these innovations we know and love, are four big trends:

1. Automation or Simplification. Tedious tasks that have to be repeated very often is not something people want or need to do! A computer can be your personal assistant for this. 

2. Hyper-personalisation. No more paying that “one package fits all” bundle! It’s time to create personalised solutions for every user! This can go from paying less for your car insurance (mile-based) to paying pro rata for your travel insurance (depending on destination, amount of travel / year, ...) 

3. Cyber-security. Still one of the big issues in the 21st century! Protecting legacy IT systems is difficult, implementing new technologies is even harder in some cases. More and more startups can provide the protection big corporates (and their clients!) need in an easy to integrate solution! 

4. Peer-to-peer. In P2P insurance, multiple people pool their premiums together to insure against a risk. P2P came to be mainly to reduce the inherent conflict between insurance carriers and their policy holders at the time of a claim.