How Do Insurtechs Use Insurance-Infrastructure-as-a-Service?

Insurance Infrastructure-as-a-Service (IIAAS) is an increasingly popular option for modern insurtechs looking to expand their product offerings, or create innovative products to address new market needs. In this article, we’ll explore what IIAAS is and how insurtechs can leverage it to successfully scale their business.

What is Insurance Infrastructure-as-a-Service?

Insurance Infrastructure-as-a-Service (IIAAS) is a comprehensive solution that provides all the necessary components for a company to offer insurance to its customers. It goes beyond simply providing insurance products and encompasses the entire infrastructure needed to support an insurance program. This includes things like:

  • Technology needed to offer embedded insurance and digitally manage insured customers’ policy lifecycles

  • Risk capital needed to provide capacity for the insurance products

  • Resources and expertise to manage ongoing compliance requirements

  • Claims administration management and other operational needs

What IIAAS is not:

  • A “starter kit” insurance program

  • An intermediary between insurtechs and their customers

  • A replacement for in-house insurance expertise and business leadership

Kimberly Won