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A Step-by-Step Guide to Choosing the Right Insurtech Insurance

Insurance is one of the oldest financial businesses on the planet. But nowadays, instead of having your livestock insurance policy chiseled onto a stone tablet, we enjoy more advanced insurance options such as healthcare, life insurance, home insurance, etc. Yes, the insurance industry has come a long way, and we as women leaders in the business world should change with the times as well.

Enter, insurtech insurance. What is it, why is it better than traditional insurance, and why should you even care? Let’s take an in-depth look at why this new form of coverage is better than its predecessor and how you can choose the best policy for your needs and the needs of your family.

What is insurtech?

It might not be a name you’d associate your own business with, but insurtech actually stands for something. It’s the happy marriage of modern technology and the insurance industry. The simple premise states that insurtech uses innovations in technology such as AI and machine learning to craft better, tailor-made policies for clients.

The up-and-coming insurtech brands aim to deliver better service than their bigger counterparts that use traditional methods by offering customized plans, social insurance, and dynamic pricing based on your habits, goals, aspirations, and of course, day-to-day behavior. In a nutshell, with insurtech, you should get a bigger bang for your buck. This is why every career woman balancing her personal life with her professional sphere should take note.

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Compare individual vs. employment insurance

Some women obtain health insurance through their employers, but others choose to pay for theirs individually. Oftentimes, individual health coverage will cost more due to the fact that the employer pays a significant portion of the premium and is thus able to offer some of the lowest rates.

In case you’re looking for an alternative to employee insurance or your job doesn’t offer one, then you will need to research different marketplaces in order to find the lowest rates yourself. You can do this by spending some time online and focusing on reputable insurtech companies rather than their traditional counterparts. These will be able to offer you a tailored premium as opposed to giving you a set quote.

Find the right insurance plan

Insurance plans are different around the world, at least when it comes to insurtech businesses. Global insurance enterprises usually offer a set of template policies you cannot change or can modify only a tiny bit. This is exactly why people across the globe are starting to reach out to innovative insurers, with Singapore leading the innovation trend.

For instance, using universal life insurance in Singapore is becoming increasingly popular with women entrepreneurs looking to optimize their finances and secure their legacy. With a tailored plan such as this, you can rest assured that your children and family members will be taken care of in the worst of scenarios.

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Compare insurance costs and out-of-pocket expenditures

Almost every insurer out there will offer you a unique monthly or annual fee, and it’s imperative that you don’t just settle for the first offer you get. Reach out to all relevant actors in the marketplace in order to gather different quotes. Oftentimes, you will find that a smaller insurer utilizing technology to craft their policies will be able to tailor the quote to your needs and lifestyle.

Likewise, it’s also important to consider the out-of-pocket costs associated with every insurance policy you’re offered. Some insurance companies will be able to offer you complete coverage for all of your needs, and others will have special clauses that limit the extent of the policy. Be wary of hidden fees, coverage limits in unique scenarios, and special out-of-pocket clauses.

Assess the benefits of your plan

Last but not least, just because insurtech companies will be able to offer you a tailored policy does not mean you should take it. You need to do your research first and find out what the exact benefits of each policy are as well as what you should expect from a reputable insurer.

Some might try to sell you a policy that doesn’t quite cover everything you need. Others will be able to offer you favorable conditions you shouldn’t miss out on. So, don’t settle on a plan before you do your research.

 

Obtaining health, car, and life insurance is the basic and most essential task of any career-oriented woman with a family and a clear vision of the future. In order to make your dreams a reality, you need proper coverage in your life. It’s about time we said goodbye to the outdated system and embraced innovative concepts that will deliver more for less.

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