March at The Fintech Times is all about insurtech and its many facets. With the industry making leaps and bounds over the past few years, insurtechs are providing the much-needed disruption of the traditionally viewed, and sometimes outdated insurance industry. From innovations in technology and applications to key industries like property, auto and energy, this month we’ll be taking a look at some of the key topics in the sector and how insurance really is the one to watch.
With this in mind, we have spoken to some of the leading players in the industry to uncover how Insurtech is evolving into an experience-based industry, and learn more about the rise of tailored insurance solutions.
Adapt to needs
Julio Pernía Aznar is the Co-Founder and CEO of Bdeo, said: “Insurance companies are aware that in order to reach policyholders, especially younger ones, it is important to adapt processes and operations to their needs.
“Faster, more agile, and simpler processes that transmit greater confidence are required, and incorporating more technology is fundamental. For instance, we are seeing a rise in artificial intelligence solutions that help automate many of the manual tasks insurance companies have to do. For example, optimising underwriting and claims management processes and reducing both resolution times and costs. As a result, insurance companies are able to offer a better experience to policyholders at a time when there is no great loyalty to one company or another.
“Thus, the fact that they focus on providing a better experience to policyholders, helping them in complex moments, such as filing a claim, gives an enormous value to the company. It showcases that the satisfaction of their policyholders and the overall experience are top priorities for them.”
Jonathan Selby, General Manager at FounderShield, said that insurers have stepped up to meet businesses at their needs.
“We’ve watched insurtechs transform from outliers, per se, to a go-to source for insurance solutions,” he said.
“As COVID-19 shaped the world around us, the “human experience” was crushed. Insurtechs stepped up to meet businesses on their level of need, providing solutions that help clients feel safe and secure — two sentiments desperately needed post-pandemic.
“For starters, using AI and machine learning in the underwriting process makes the insurance buying experience more streamlined than ever before. So, clients can get their hands on risk management solutions quicker. And insurers can spend more time creating customised policies for clients with unique risks. It’s no surprise that this digital approach attracts B2B and B2C clients because it offers the security of smooth omnichannel interaction and lightning-fast quotes, not to mention ongoing support at their fingertips.”
“Over here at Founder Shield, we’re actually working now to take it even to the next level. We have already digitalised the insurance application process —simplifying it for non-insurance professionals to complete seamlessly — but now we want to create a more dynamic experience. Again, using customised algorithms and machine learning, there will be prompts to specify based on industry type, funding amounts, and other risk profile items. This approach directs business owners to a more specific subset of questions for more customised protection.”
Pollyanna Ma, Vice President at eHealth, advised that Meeting customers where they are is vital for insurtech.
“As society moves toward a “work anywhere” culture, customers are in more places than ever, moving throughout their day on a much more fluid and dynamic schedule. Customers have thus come to expect that nearly any technology or service they use meets them where they are. Insurtech is no different, its technology must be able to transition across communications channels throughout the entire enrollment process, from initial research and questions to plan inquiry and actual enrollment. Gone are the days of one-size-fits-all options and here to stay are the days of hyper-personalised experiences.”
David Goate, Chief Technology Officer, Marshmallow said: “The insurance industry is adjusting, like many other industries, into a consumer-led industry.”
He continued: “Customers have more access to choice, information and are more value-driven than they ever have been.
“Insurtech entered at the turning point of these changes and utilised technology to its advantage to deliver a better experience to the customer. They use data to make fairer pricing decisions on products, their agility to give customers changes to the traditional offerings fast and use their technology-first approach to offer the customer a better way to interact with their policies. These advantages provide a better and future-proofed experience for the customer, which is a significant factor in determining value in their provider.
“We are at a time of instant communication, and customer service has had to adjust to consumers’ expectations. As a result, the development of 24/7 assistance and automated support is something that the insurance industry will need to meet these service levels expectations.
“All of these factors are vital in retaining customers, especially now, with the recent FCA changes where insurers need to focus on the longevity of their customers”