The new and emerging sector of Insurtech is promising potential impacts on the insurance industries of the world brought about through innovative technologies. As of yet, Insurtech in Malta has not been much talked about, yet with the likes of Fintech gaining rapid local popularity and growth over the last few years, it will be of no surprise if insurance companies were to adopt the fruits of digital innovation in their strategies and operations.
With AI, IoT and Big Data technology at the forefront of the development of the Insurtech sector, professionals in technology continue to pave the platforms upon which professionals in finance will operate, and the merging of finance and technology is once again proving to form new sectors and further career opportunities in Malta.
With Big Data and cloud computing proving the ultimate infrastructure to collect and process data intelligently, insurance companies can follow the transition which banks had experienced in the way they manage their customer data. What is more is that now, AI does not only obtain insight at high accuracy and speeds, but also acquires new data too, and paired with IoT connectivity, such technology can revolutionise the insurance industry, offering a number of benefits as well as concerns to insurers and customers alike, which will in turn generate more employment opportunities in this sector.
Fraud Detection & Prevention
With a proper technological framework to work from, technologies of analytics and automation can generate more secure ways of dealing with fraud from customers. Data analytics through AI and IoT technology in Fintech can assist insurers with valid and reliable data on customers' health, belongings and property, as mentioned above. This would help insurers better identify customer habits and behaviours, allowing them to understand and segment customers more suitably and enhance risk management. Now, through the use of electronic signatures, customer accounts can be set up without any risk of false identities, hence preventing fraud. What is more is that through the introduction of Blockchain technology, the ability to complete online financial transactions within a transparent and speedy manner is optimised - issues on trust and credibility are disregarded, since every user’s transactional affairs are stored and can be viewed by all parties involved, and with transaction data being secured through encryption, the system becomes highly unlikely to be infiltrated. With such a digital infrastructure, many job opportunities for software developers and individuals working within the technology sphere will have the chance to step up the ladder in Fintech.
Therefore, as such digital innovation continues to grow, more opportunities in technology-related fields begin to present themselves - Software Developers specialising in the AI and IoT, as well as Data Scientists & Analysts, Technical Architects and System Engineers with expertise in Big Data and Cloud Computing technology will have greater career opportunities to work in the Fintech sectors.
Further to this, the implementation of Blockchain ledger technology and the options for cryptocurrency payments brings forward more jobs in these sectors for talented individuals in the tech scene to put showcase their skills in maintaining an efficient method for providing customers with intelligent online banking and payment solutions within a Blockchain transaction environment.
Similar to other Fintech companies, cybersecurity is a growing concern and should be addressed in the strictest confidence. Now, as Insurtech companies propose to connect multiple user devices to their serves through AI and IoT technologies, more cyber vulnerabilities will become present. With a vast network of devices and appliances recording and sharing various user data to company servers, threat of data breach and privacy begins to grow more steadily. Cybercriminals can hack into the interfaces of such devices and gain access to user accounts and data, resulting in potential financial theft or data leakage. With this in mind, insurance companies shifting towards the digital must take into consideration the importance of recruiting talent - by recruiting professionals in technology who operate within the fields of cybersecurity of AI and IoT frameworks, these companies would be able to function more smoothly. In addition, Fintech companies who do not work to ensure a safe online platform for their customers are putting their customers’ trust on the line - the safeguarding of user data is of utmost importance when looking to grow into a digital future.
At the moment, careers in software development in Malta are presenting more opportunities in Fintech as this sector continues to grow, and now with Insurtech emerging into the scene, more career opportunities in technology are being anticipated. In relation to this, Insurtech companies must always be up to date with the latest regulations on data privacy, therefore, individuals seeking careers in legal practices will be presented job opportunities within this sector to ensure that the company complies and operates within a safe and legal online environment.
Automation and machine learning technology is allowing Insurance companies to provide their customers with customised insurance plans based on their current situation and the data they provide - by analysing large volumes of underwriting clauses and evaluating their data, this technology can present customers with suitable plans in a matter of seconds, right at their fingertips. This will also undoubtedly enhance user engagement and contribute towards improved customer relationship management, as by reaching out to customers in a quick and easy way, reducing the commitment to spend more time going through a tedious process will ultimately increase commitment to the company’s services. This customer-centric approach brings more value to the end user and by doing so gives leverage to an insurance company.
That being said, the integration of technology in the insurance industry demands individuals who can understand and act effectively on the data which is gathered. Banking and Finance employment opportunities will become more competitive based on whether candidates are well informed on the technologies being implemented by their industry, meaning that the importance for professionals in Finance to be aware and updated on the Tech trends in the Finance industries continues to grow. With ample technology providing a more seamless and data-driven approach to a company’s operations, individuals with finance-based roles in Fintech will be able to work more productively in the long run.
The era we are living in is proposing truly exciting times for professionals in Finance and Technology, with employment opportunities in Malta in these fields becoming more in demand, providing attractive financial rewards and employee benefits in return for high quality skills and industry knowledge.
Expertise in the emerging tech fields of AI, IoT, Big Data as well as Blockchain technologies will be of high importance in this new sector of Fintech, as Insurtech is becoming more and more relevant and invested in through the efficient service offerings promised which are to provide simpler yet more effective insurance solutions to customers.
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