The insurtech market will likely grow at a tremendous rate of 48.8% until 2028. The insurance claim process is riddled with complexities, and the main driver behind the growth of insurtech is the simplification of the claim process. Artificial intelligence (AI) plays a significant role in this process.
Kanopi is an emerging player in the insurtech industry. They offer insurance solutions across sectors, and the property sector is one of their major clients. If you are in the property market and have been using the traditional method to purchase and renew insurance, you need to rethink your strategy.
Insurtech platforms provide the best quotes on your properties with a few simple clicks. Want to know more? The following are the five reasons to opt for property tech solutions from an Insurtech platform.
One Place to Store Property Information
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Using a property tech solution allows you to store all your property information in one place. You can get a macro-level view such as physical information, media files, tasks, financial information, and rent rolls.
You can also zoom in to get a micro view of a single property. The convenience of having all information in one place will help you grow your customer base quickly.
Smart Insurance Quotes
Based on your property information, the insurtech platform will provide the best quotes for your properties with a simple click of a button. Over 92% of owners will renew their insurance policies no matter the quote. A lower rate is likely to gain customer confidence faster with such odds.
Higher Savings
An article in Forbes magazine stated that investors saved as much as $120,000 on insurance payments, while another owner saved about 15% on renewals. The average savings rate is about 18%, and overall the annual savings of over $2 million across the platform. With such huge savings, you can improve your portfolio’s internal rate of return and generate more cash for your investors.
Easy To Manage Policy
By choosing a platform that integrates your property management and insurance, you get AI working for you round the clock. You can manage your insurance policy for each property or get a high-level view of the entire portfolio. The platform offers guidelines in simple language that can help you navigate the insurance maze to choose the right policy.
Simple Claims Process
The union of insurtech and proptech ensures that you are protected from the unexpected moments that life throws at you. It not only protects owners but also protects landlords and tenants. These platforms aim to simplify the perplexing world of insurance claims so that claiming damage is manageable.
Kanopi sits at the intersection of two dinosaur sectors, real estate and insurance. While proptech and insurtech have revolutionized the industries, opting for proptech through an insurtech platform is a niche market.
Covering two sectors through a single platform makes insurance processes hassle-free and straightforward. These platforms usually partner with the leading insurance providers to give you the best of both worlds. They offer scalability so that you can add or remove properties as your portfolio grows.