< Back to all news

The Types of Insurance and Why We Need Them


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.

History of Insurance

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.

Why insurance is necessary:

Insurance serves as a crucial safety net for both individuals and businesses. Here is why it is essential:

  • Financial Protection: Insurance shields against financial losses resulting from accidents, illnesses, or unforeseen events. It acts as a safety net, preventing individuals and businesses from crippling financial setbacks.
  • Risk Mitigation: Insurance spreads risk among a wider pool of policyholders, reducing the impact on any single entity. This risk-sharing mechanism ensures that no one bears the full brunt of unexpected events.
  • Peace of Mind: Knowing you have insurance provides peace of mind. It allows individuals and businesses to focus on their goals without worrying about financial hardship.

Types of insurance:

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.

Simply digitise & distribute Insurance with Briisk

Automate the complete insurance value chain, at a lower cost and higher speed than legacy systems with the Briisk ITP.
Get demo

Related Articles

Embedded Insurance: A Game Changer for the Insurance Industry 

In an ever-evolving digital landscape, industries constantly seek innovative ways to enhance their services, and the insurance sector is no exception. Embedded insurance is emerging as a potential game-changer, offering significant benefits to customers and companies. It is not just a trend but a transformation that has already begun to reshape the insurance landscape. What […]

Enhancing Underwriting Management with Data Analytics: Opportunities, Challenges, and Tools 

In today’s fast-paced world, data analytics has become an invaluable tool for businesses across various industries. Underwriting management plays a pivotal role in the insurance sector, and data analytics is transforming how insurers make informed decisions and streamline their operations.  Opportunities in Data Analytics for Underwriting Management:  Challenges in Data Analytics for Underwriting Management:  Data […]

Transforming Insurance Claims Processing Through Technology

In an era of digital innovation, the insurance industry is undergoing a profound transformation because of the introduction of innovative technology. Exploring the impact of technology on insurance claims processing, highlighting the evolution of an industry, and adapting to the demands of the digital age. The Traditional Insurance Claims Process: A time-consuming challenge Historically, insurance […]

The Types of Insurance and Why We Need Them

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 […]

How the Insurance Industry is adapting

The insurance industry, often referred to as the backbone of financial security, serves as a safeguard against uncertainties and risks that life throws our way. As we examine the current state of the insurance industry, it becomes evident how important insurance really is. The industry is undergoing a transformative period due to emerging technologies and […]

The benefits of a cloud-based insurance solution

Insurance companies face the challenging task of effectively managing massive amounts of data while striving to enhance operational efficiency and provide exceptional customer experiences in today’s fast-paced and data-driven world. An effective response to this problem is a cloud-based platform. Interestingly, the insurance sector has seen a notable shift in perception as insurers and their […]

Insurance Technology: Empowering Intermediaries

Insurance intermediaries connect customers with the right products in the rapidly evolving business landscape. However, intermediaries face numerous challenges, including time-consuming administrative tasks and the need to stay productive in a highly competitive market. Fortunately, introducing insurance technology has started a paradigm shift, empowering intermediaries to automate processes, increase productivity, and ultimately boost business revenue. […]

How Technology is Disrupting the Underwriting Management Industry in South Africa

The insurance industry has traditionally been known for its slow, manual processes. But with the advent of new technologies, there is a growing trend towards digitisation and automation in the industry. In South Africa, underwriting management is undergoing a digital transformation, and new technology in the market disrupts the way things are done. Automated Underwriting […]

How payment technology is changing insurance distribution in 2023

What is payment technology?  Payment technology is a system that digitally coordinates financial transactions between two parties using APIs. This is referred to as an electronic payment which can be facilitated via Payment Service Providers (PSPs).  What is a PSP?  “Payment service providers are an important part of the payment ecosystem. For any business that […]

Allianz and Sanlam join forces to form an African insurance powerhouse

Allianz, one of the world’s largest insurers with a century-long foothold in Africa, has joined forces with Sanlam, the continent’s largest non-bank financial services company. The alliance will enable Allianz and Sanlam to combine their existing and future operations in 29 African countries, becoming the continent’s largest non-bank financial services provider. By merging Sanlam’s expertise […]

Get demo

Let us give you an overview of the Briisk ITP and how it can improve your business processes.
+44 1923 750310
Briisk Limited, 27 Old Gloucester Street, London WC1N 3AX, United Kingdom
+91 8008 360077
Briisk Limited, 23, Gokul Brindavanam, Bachupally, Hyderabad, India-500043
+27 83 321 9369
Briisk Limited, 2 Fir Street, Observatory 1st Floor, Block B, North Park, Black River Park, Cape Town, 7925, South Africa
(C) Briisk 2022. All Rights Reserved. 
Sitemap // Privacy Policy // T&Cs 
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram