InsureTech companies are exploring avenues that large insurance firms have less incentive to exploit such as offering ultra-customized policies, social insurance and using new data streams from internet enabled devices to dynamically price premiums according to observed behavior.
Whilst broad actuarial tables are used to assign policy seekers to a risk category, InsureTech is looking to tackle this data and analysis using inputs from all manner of devices, including GPS tracking of cars and wrist trackers and these companies are building more defined risk categories thus allowing products to be more competitively priced.
Eclectics International has focused on blending insurance and technology by designing InsureTech-products that will help emerging consumers based on five areas of InsureTech innovation which are Artificial Intelligence (AI) and Machine Learning, Chatbots, Peer-to-Peer (P2P), On-Demand Protection and Internet of Things (IoT).
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Eclectics is a duly authorized Payments Aggregator in the Republic of Kenya and provides payment aggregation services.
+254 709 646 000
talktous@eclectics.io
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