We at Bowery Capital released the 2016 edition of Opportunities In Vertical Software two weeks ago which laid out our point of view on ten specific verticals and the potential for various software solutions to dominate each of these ten verticals in the coming years. For ten weeks, we are releasing content focused around the impact of software on these ten industries. We covered the Construction vertical last week. For our second week, we feature the Insurance vertical. In our third post for the Insurance Software Deep Dive we follow up with an analysis of Insurance market themes, players, & investors.
Insurance Market Themes:
Insurance Is Becoming More Customer-Centric – Another of the interesting insurance market themes is that Insurance companies will focus more on building stronger customer relations. This can be achieved by smarter insurance-specific CRM’s that provides single view of the costumers across channels/interactions. For instance, Zipari is such a solution that helps insurers maximize their customer acquisition, retention and satisfaction. Moreover, on-demand insurance, built specifically to cater to the needs of every individual customer, will be on the rise. Enabled by smartphones, on-demand insurance will meet the growing demand for diversified and customized insurance products. Its unique feature, allowing customers to insure a specific product for a specific amount of time, will attract millennials, and software startups will have the opportunities to drive profits from this new type of insurance.