Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22
Best Metaverse Tech Stocks Investing for 2022 and Beyond - 14th Jan 22
Gold Price Lagging Inflation - 14th Jan 22
Get Your Startup Idea Up And Running With These 7 Tips - 14th Jan 22
What Happens When Your Flight Gets Cancelled in the UK? - 14th Jan 22
How to Profit from 2022’s Biggest Trend Reversal - 11th Jan 22
Stock Market Sentiment Speaks: Are We Ready To Drop To 4400SPX? - 11th Jan 22
What's the Role of an Affiliate Marketer? - 11th Jan 22
Essential Things To Know Before You Set Up A Limited Liability Company - 11th Jan 22
NVIDIA THE KING OF THE METAVERSE! - 10th Jan 22
Fiscal and Monetary Cliffs Have Arrived - 10th Jan 22
The Meteoric Rise of Investing in Trading Cards - 10th Jan 22
IBM The REAL Quantum Metaverse STOCK! - 9th Jan 22
WARNING Failing NVME2 M2 SSD Drives Can Prevent Systems From Booting - Corsair MP600 - 9th Jan 22
The Fed’s inflated cake and a ‘quant’ of history - 9th Jan 22
NVME M2 SSD FAILURE WARNING Signs - Corsair MP600 1tb Drive - 9th Jan 22
Meadowhall Sheffield Christmas Lights 2021 Shopping - Before the Switch on - 9th Jan 22
How Does Insurance Work In Europe? Find Out Here - 9th Jan 22
MATTERPORT (MTTR) - DIGITIZING THE REAL WORLD - METAVERSE INVESTING 2022 - 7th Jan 22
Effect of Deflation On The Gold Price - 7th Jan 22
Stock Market 2022 Requires Different Strategies For Traders/Investors - 7th Jan 22
Old Man Winter Will Stimulate Natural Gas and Heating Oil Demand - 7th Jan 22
Is The Lazy Stock Market Bull Strategy Worth Considering? - 7th Jan 22
METAVERSE - NEW LIFE FOR SONY AGEING GAMING GIANT? - 6th Jan 2022
What Elliott Waves Show for Asia Pacific Stock and Financial Markets 2022 - 6th Jan 2022
Why You Should Register Your Company - 6th Jan 2022
4 Ways to Invest in Silver for 2022 - 6th Jan 2022
UNITY (U) - Metaverse Stock Analysis Investing for 2022 and Beyond - 5th Jan 2022
Stock Market Staving Off Risk-Off - 5th Jan 2022
Gold and Silver Still Hungover After New Year’s Eve - 5th Jan 2022
S&P 500 In an Uncharted Territory, But Is Sky the Limit? - 5th Jan 2022

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

How Does Insurance Work In Europe? Find Out Here

Personal_Finance / Insurance Jan 09, 2022 - 11:25 AM GMT

By: Steve_Barker

Personal_Finance

The basic principles of insurance remain the same wherever you are in the world. One takes insurance out to provide financial insurance for one’s belongings or life. Legislation and implementation, however, differ depending on the country that one is in.

In Europe, insurance legislation and implementation are fairly uniform. This is because Europe acts as a borderless, single body. Across Europe at the moment, companies are incorporating new technologies into their operations, which is known as insurtech.




This article will explain how insurance works in Europe, particularly with relation to insurtech:

What Is Insurance?

Taking out an insurance policy against an asset is essentially securing it financially so that if it is damaged or becomes lost, you are financially compensated. There is no limit to what one can insure. It is even possible for a person to insure their own life or their pet’s life. Insurance is a very important part of many people’s lives, ensuring total financial security if the worst were to happen. Without insurance, if one’s house were to burn down, the homeowner would have to come up with the money themselves to pay for their home’s restoration. With insurance, however, the insurance provider pays for the property’s renovation, and the homeowner isn’t left out of pocket. 

European Insurtech

Europe is at the forefront of insurtech development, research, and integration. As the world becomes more and more technologically developed, insurance companies are able to become more efficient. This integration and incorporation of new technologies is insurtech. Insurtech allows for greater efficiency, control, and accuracy. Insurtech in many respects powers the European insurance industry.

Insurance companies in all areas of the insurance niche are able to use insurtech to their advantage, from car insurance to home insurance. One of Greece’s most respected insurance companies, Asfaleies24.gr, utilises insurtech in order to offer its customer’s car insurance compare. Throughout the continent, there are many other companies offering the same thing.

How Does Insurtech Work?

When discussing how insurance works in Europe in today’s world, it’s more of a case of discussing how insurtech works. There are very few if any, insurance companies left on the continent that doesn’t incorporate insurtech into their daily operations to some degree. Insurtech involves the use of smartphone applications, wearable devices, processing tools, online policy handling, and automated processing. Insurtech is also used for collecting analysing customer data. Insurtech allows customers to get insurance policies immediately through smartphone applications, instead of having to attend meetings, fill out various forms, and speak to customer service reps on the phone. This saves insurance companies and customers a lot of time.

Benefits to Insurtech

There are many advantages to insurtech, including:

  • Accessibility is perhaps the biggest advantage of insurtech. Users are able to instantly receive coverage, without having to trawl through multiple online forms and documents. The ability to instantly receive coverage makes the process much easier for both customers and insurance companies. Customer satisfaction is crucial if a business wants to survive. With most insurance companies offering insurtech nowadays, companies that do not will be unable to compete, and will not be able to satisfy their customers. Insurtech allows customers from anywhere in the world to instantly access and attain policies with the use of simple, straightforward applications.
  • Lowered costs is another benefit for policyholders and insurers. Insurance companies no longer have to employ huge call centre’s worth of staff in order to answer their customer’s queries. Instead, they can automate a lot of processes, implement live chat, and streamline processes so that customers don’t have to call in. Because insurance companies are able to reduce their outgoings, they are able to offer more affordable policies to their customers. In addition, with the use of technology customers are able to get more accurate policies. An example of this is the use of wearables and fit bits. They allow customers to assess their health more accurately and provide accurate readings, allowing them to get more affordable policies.

  • Fraud prevention is another key element of insurtech. Insurance technologies are designed with fraud prevention in mind. This allows insurance companies to operate more securely, keeping their customer’s data, and their own, safer.

Insurtech Integration

Throughout the European Union, countries are integrating insurtech. There are boards, committees, and teams created exclusively to help facilitate this. In addition, there are annual conferences that take place, where European insurance companies convene to discuss insurtech. As mentioned earlier, more or less all insurance companies at this point have incorporated insurtech into their business’s operations. Those that haven’t soon will, or they will go bankrupt. A lot of money is going into insurtech development in the EU, so it should come as no surprise that they are at the forefront of global insurtech integration and development.

Insurance in Europe, like in all continents and countries, is an absolute necessity. There are thousands of insurance companies, some better than others. It’s important that you educate yourself about insurance before you take out a policy.

By Steve Barker

© 2021 Copyright Steve Barker - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in