Phoebe Hugh, CEO & Co-founder of Brolly, for The Fintech Times.
How do insurers need to re-invent the existing business models to follow customer needs?
The biggest problem traditional insurers are facing so far it is themselves. Insurers need to start by focusing on what people need rather than what is best for them as a company. Insurance is a key part of people’s lives, but is overly complex and based on a model that overcharges, penalising loyalty and taking advantage of the fact that people are disengaged. In the UK we’re seeing the impact of tech on the insurance industry with a new wave of companies and approaches coming through; and this year we’ll see the start of that shift – with consumers actually switching from incumbents to new startup models like Brolly.