Fintech has been one of the most rapidly growing industries in the last ten years. Digital technologies, including artificial intelligence, cloud computing, machine learning, and blockchain, have led to the emergence of several fintech startups in the last decade.
By the end of 2021, global fintech investment was $210b from $9b in 2010. Such numbers clearly show how much confidence investors and consumers have in the fintech eco system industry. Some of the sectors that have benefited the most from fintech include real estate, insurance, and banking. Most of the fintech innovations we have seen in the last couple of years have been dominated by these sectors.
Some of the primary beneficiaries of fintech have been insurance agents. These agents can now sell more because of the ability to scale their connection with prospects by using digital tools. One doesn’t have to physically hunt for prospects to sign-up to their policies. These activities can now be done online using platforms such as Gefen’s that have been created to act as the middleman between prospects and insurance agents.
Gefen International Digital Solutions
As insurance agents continue to adopt new technologies to serve their clients, Gefen is one of the fintech companies positioning itself to take advantage of this opportunity. A recent study in the United States showed that insurance agents are now relying more on digital tools to reach and create deeper connections with their clients.
After a successful IPO in July 2021, where Gefen international generated $25 million from investors, the company is now using this money to innovate and better their services. Gefen has already begun disrupting the insurance industry by offering insurance agents cutting-edge tools that they use to digitize and significantly boost their sales.
In an interview with StockHead, Gefen co-founder and CEO Orni Daniel said, “The entire world is going digital. [In] every service in every sector in every geography, the digital revolution is happening, and the pandemic has accelerated it dramatically.” The question is, how could this digital evolution be adopted in a regulated environment where everything needs to be compliant — all while working with a minimal budget.
The CEO also highlighted the fact that the company is providing agents with a data-driven platform that is enabling them to not only digitize their sales processes, but the entire insurance service ecosystem. Insurance agents can also easily track their progress within a specific period, which gives them an idea of whether they are moving forward or not.
Personalization of Services
Gefen as a platform is designed to help agents create a personalized experience for all customers; that’s how they will be able to drive more sales digitally. The company is putting more emphasis on creating personalized experiences for insurance agents’ customers because of how personalization has changed the user experience on several web platforms in other industries.
Personalization of services is already being done in several other sectors, including eCommerce and social media. Social platforms like Instagram or online shopping sites like Amazon are already offering personalized experiences for their users. Once users create an account, these platforms personalize all the information and features based on the user’s interests, using the sophisticated algorithms powered by AI and ML.
Bringing this kind of experience to the insurance sector is a win-win for both insurance agents and prospective customers. Personalization makes it easier for consumers to get policies that suit their needs. And when prospects have a better experience while choosing policies, their chances of signing up are higher, leading to more sales for the insurance agents.
