Insurance is fundamental to our lives, offering protection and security when the unexpected strikes. This article will explore the different types of insurance and their vital roles. We will also delve into insurance history, including the Great Fire of London and the influential figure often credited as the father of insurance, Elizur Wright. Additionally, we will highlight the importance of insurance for individuals and businesses.
The roots of insurance trace back to ancient civilisations, but modern insurance emerged in the 17th century. In this era, ships carried valuable cargo across dangerous seas, creating the first insurance contracts. However, the Great Fire of London in 1666 ignited the need for fire insurance as property owners sought to protect their assets from unexpected disasters.
Elizur Wright played a pivotal role in the evolution of insurance. In the mid-19th century, he introduced actuarial tables and mathematical calculations to determine life insurance premiums. This innovation laid the foundation for insurance as we know it today.
Insurance serves as a crucial safety net for both individuals and businesses. Here is why it is essential:
Let us explore critical types of insurance and their significance:
1. Life Insurance:
Life insurance provides financial support to beneficiaries upon the policyholder’s death. It covers the risk of premature death and secures the economic future of loved ones. Life insurance costs vary based on age, health, and coverage amount.
2. Property/Home Insurance:
Property insurance protects your property from damage caused by fire, theft, or natural disasters, offering financial protection for repair costs and liability coverage in case of injury. The price depends on property location, value, and desired coverage levels.
3. Vehicle Insurance:
Vehicle insurance, often mandatory, covers accidents, theft, and damage to your vehicle. It ensures financial protection in case of unexpected road mishaps. Prices depend on vehicle type, driving history, and coverage options.
4. Liability Insurance:
Liability insurance protects individuals and businesses from legal claims and financial liabilities arising from injuries or property damage to others. Costs vary based on coverage limits and the nature of activities.
Insurance is a cornerstone of modern life, offering protection, security, and financial peace of mind. Whether it is life, property, vehicle, or liability, insurance addresses various aspects of our lives. Insurers should not wait for customers to buy insurance but digitally distribute, onboard, and sell insurance products to their customers when they need it the most. Targeted strategies are the key to reaching customers at a time when they are most likely to buy it. Briisk’s software is compatible with any insurance product, streamlining the insurer’s process for a smoother and more efficient customer experience by creating online digital products that are more easily distributed to customers when they seek them.
At face value, it seems like a fair question. You’re likely just starting your career, still exploring your independence, and not exactly at the stage of life where you’re planning for worst-case scenarios. But this question isn’t just a conversation starter — it’s a reflection of a deeper issue in the insurance industry: a lack […]
It’s a foundational question, often asked, rarely answered well. For many, insurance remains complex, inaccessible, or something to “worry about later.” Yet in today’s unpredictable world, insurance is more relevant than ever. The problem isn’t a lack of need—it’s a lack of understanding. This is precisely where EduTech and InsurTech intersect to drive change. Enter […]
In the digital age, customer expectations are changing fast and the insurance industry needs to keep up. Consumers now expect the same seamless, fast, and intuitive experiences they get from tech platforms in other sectors. As insurers and brokers, this means rethinking how we engage, advise, and distribute. Enter: Digital broking, digital advice, robo advice, […]
Unlocking payment flexibility, operational ease, and customer satisfaction The insurance industry is undergoing a digital evolution, with customer expectations pushing companies to rethink how they handle payments. Traditional methods like debit orders and direct debits have served their purpose, but in today’s fast-paced, tech-forward world, they often fall short – especially when flexibility, retention, and […]
The insurance industry is changing rapidly. With online platforms, instant quotes, and digital policies, it’s never been easier for customers to purchase insurance products. But amid all this convenience, one crucial element is being left behind: professional, personalised insurance advice. At Briisk, we believe that no matter how seamless or digital the insurance journey becomes, […]
In a world where digital convenience is paramount, embedded insurance is quickly becoming a must-have feature for businesses looking to enhance value and customer satisfaction. But what exactly is embedded insurance, and why is partnering with an insurtech like Briisk the most effective way to implement it? Let’s explore. What is embedded insurance? Embedded insurance […]
The pace of technological change is accelerating—and so is the consolidation of the industry. As we enter the second quarter of 2025, mergers and acquisitions (M&A) continue to reshape the global tech landscape, including the fast-evolving insurtech space. For insurtech companies, M&A trends aren’t just background noise—they’re critical signals. Whether you’re preparing for growth, seeking […]
The insurance industry is on the cusp of a transformative revolution, driven by advancements in artificial intelligence (AI). At the heart of this change are generative AI and agentic commerce, two concepts set to redefine customer journeys and the buying process. Understanding generative AI and agentic commerce in insurance Generative AI refers to AI systems […]
The future of business technology is rapidly evolving, with concepts such as AI agents and automation sparking significant interest across industries. The potential move away from traditional models, like SaaS (Software as a Service), isn’t just a topic for the tech industry—it’s set to reshape how businesses, including insurers, operate and innovate. AI agents: Redefining […]
The insurance industry is rapidly evolving, and customer expectations for fast, seamless service are higher than ever. Chatbots have become an essential tool for insurers to improve efficiency, enhance customer experience, and reduce costs. However, not all chatbots are the same. Businesses can leverage three distinct types—scripted chatbots, generative AI chatbots, and agentic AI chatbots—each […]