What’s Important in Hiring InsurTech Developers

What is InsurTech?

‘Insurance’ and ‘Technology’ merged into one word and formed ‘InsurTech’ which refers to the new innovated designed with the help of technology to merge out the savings and efficiency from the current insurance model. It is inspired by its family members FinTech and RegTech which refers to Finance Technology and Regulatory Technology in over simplified words.

By means of the new technologies like smartphone apps, wearables to track the consumer activity, SaaS platforms to manage insurance coverage, In-car monitoring device etc. InsurTech is disrupting the insurance model.

We are living in the era of technology where it is breaking tough barriers one by one, more and more products and services are adopting technology. Technology has already made a giant impact on the insurance business companies to meet their goals. Let’s have a look at the statistics of InsurTech industries:

According to latest Accenture Report investment in InsurTech industries increased from $800 million to more than $2.6 billion in 2015. In the first quarter of 2016 more than $650 million in funding to InsurTech was on the motion. According to Venture Scanner total $18.8 billion of dollars in fund was raised with 14 categories in 61 countries by a number of 1316 companies in total.

InsurTech Sectors

InsurTech startups are creating new business in different categories. According to Venture Scanner these can be classified as:

Auto Insurance

Consumer Insurance Management Platforms

Employee Benefits Platforms

Enterprise/Commercial Insurance

Health/Travel Insurance

Insurance Comparison/Marketplace

Insurance Data/Intelligence

Insurance Education/Resources

Insurance Infrastructure/Backend

Insurance User Acquisition

Life, Home, Property & Casualty Insurance

P2P Insurance

Product Insurance

Reinsurance

InsurTech & Technology

The insurance industry is moving into the digital age by embracing InsurTech. Again, InsurTech is attracting top notch developers who use top technologies in both mobile application, web application, data mining and research etc.

Coping up with the availability and popularity of handheld devices like smartphones and tabs, more and more InsurTech startups concentrates on smartphone apps. Suppose, you just take a picture of your car and input the registration number, the app will collect the data from licensing agencies and show you the current claims, automated exchange information etc. Some of the recent technologies are also integrating Amazon Prime, Apple for better reliability of the customer. Also, Facebook & Google integration is immensely popular as these offers hassle free authentication system.

Artificial Intelligence (AI) is also a popular and growing technologies added to the InsurTech. It can be used to suggest the customer with any coverage they can offer, advising, automated surveying etc.

InsurTech Jobs

Technical career in InsurTech startups includes:

Data Scientists

Software Engineers

Full-Stack Engineers

Back-End Developers

API Developers

However, some key points which would a nice skill to have to become a InsurTech Developer would be:

Knowledge on Payment and Claims System

Knowledge on API

Web Crawling Infrastructure

Risk Modelling

Asset Management

Deep Learning

Pattern Recognition

SQL, MongoDB

React/ReduX front-end

Java middleware etc

Hiring Developers

The main theme about being a good developer to keep up to date about recent technologies and playing with it. Hiring a InsurTech developer and finding a right person for the job is a little tougher than finding usual web application or mobile apps developer as InsurTech requires specific skill sets. However, mobilunity is a reliable source for hiring a team or get the job done. They have dedicated and experienced developers for specific needs. Some of their recent projects includes InsurTech development.

Like what you read? Give Ahnaf Shahriar a round of applause.

From a quick cheer to a standing ovation, clap to show how much you enjoyed this story.