InsurTech newcomer Korint has raised 5 million euros in a fresh funding round intended to move the focus further toward the insurance industry’s digitalization. Aiming to change the uncharted waters of the traditional insurance industry, Korint employs a revolutionary approach with AI (artificial intelligence) and data analytics to make processes more efficient, improve customer relations, and transform the business of insurance companies for the better. This latest investment indicates increasing confidence regarding Korint’s vision and wider acceptance of the digital transformation angle of the insurance business.
The Need for Digital Transformation in Insurance
As a business sector characterized by labour-intensive efforts and utilises a lot of paperwork, the insurance industry is overdue for a cut-off. Insurers tend to have specific problems like these:
Workflows that are not replete with modern approaches: Insurance processes that start from policy underwriting and finalize with claims management take a defined period, and since they incorporate human actions, mistakes are always inevitable.
Customers never seem to be satisfied: Customers wherever they are now and more so in the retail or banking industry, expect bookings to be seamless and simply on-the-go, mobile-based applications. Important services come slow while out of date commutations lead to boredom.
Data management: Instead of safeguarding lots of data, most insurers have the data but no tools needed to analyze the data and tools that can generate business intelligence from the data.
Korint’s Innovative Approach
Korint offers a unique insurance platform that integrates state-of-the-art technologies including AI, machine learning and big data to the operations of insurance companies as well as for their efficiency. The platform offers insurers with:
Underwriting solutions: AI-based risk evaluation solutions and risk decision-making services that leads to faster and more accurate actions.
Customer experience management solutions: Their clients can obtain insurance, make claims and interact with the insured through integrated mobile applications and websites.
Operational reporting solutions: Korint assists insurers in deriving and using their internal data effectively by exploiting information and analytics in real time.
One major advantage of the system Korint offers is self-service claim resolution. Claims processing is quickened as human workers are removed from the approval and payout of claims. In turn, this leads to a quicker resolution of claims for the clients and considerable cost savings on the part of the insurers.
How the €5M Investment Will Be Used
This time, Korint intends to use the investment of €5M to grow in the following primary areas:
Product development: The proceeds will improve Korint’s technology platform, especially its AI and machine learning capabilities.
Customer acquisition: The corporation aims to acquire more insurance companies worldwide, especially in Europe and North America.
Expansion of partnerships: The firm is similarly seeking to partner with large insurers and other financial institutions to gain further platform penetration.
Korint’s founders have stated that this investment will afford us the capacity “to grow faster and sharpen the solutions we offer to insurers who want to adopt digital capabilities”.
The Future of InsurTech
Why buy Korint if it is not going to be at work? The case for Korint is quite apparent. The insurance business is changing, and digital offerings are gradually taking over this market more and more. As countless InsurTech companies receive investments and undergo growth phases, insurance providers are beginning to understand that if they don’t transform, they will become obsolete.
This last funding round for Korint is only the first step. Thanks to this focus on innovation and customer-oriented solutions, the company will be one of the leaders in the insurance industry digitalization evolution.
Conclusion
Much has been achieved, with Korint raising €5 million, which is significant in advancing the development of InsurTech and encouraging further digitization in the insurance industry. Korint intends to assist insurers in enhancing their operational efficiency, improving customer satisfaction, and transforming their internal processes into the 21st century by leveraging technology and data. Considering the paradigm shift towards these solutions, Korint’s novel approach will be helpful in the future.
