What being Insurtech really means and the value it can deliver to intermediaries when done the right way
Paul Thompson, CEO Cavere Group, writes a regular column in Mortgage Introducer Magazine.
It’s impossible to ignore the rise of Insurtech. Much has been written and speculated about how it will disrupt insurance delivery, and what policyholders will have to pay for insurance in the future, thanks to its ability to help insurers and brokers streamline their operations and reduce their operating costs.
The InsurTech wave doesn’t only stand for technological advance in traditional insurance business, it also brings forth completely new business models, such as that championed by Cavere in the GI provider space. However, in recent months we’ve seen many GI providers repackage their offerings and claim themselves to be Insurtech. But what does being a technology-driven GI provider really mean, and what does it mean in terms of the benefits for intermediaries?
I’m going to set the record straight here, being ‘Insurtech’ is about a lot more that having a web front-end or a quick and easy quote and buy solution. I recently read an interesting article about the race to be “cool” in the insurance market, and it reaffirmed my belief that despite the hype if you look a little deeper not much has really evolved in the GI space.
An insurtech approach means building and owning your own technology, and developing your own systems and products using that technology.
A truly technology-driven GI provider will place the use of technology at the very a core of their business, embracing the latest advances in technology to not only allow intermediaries to access quotes quickly, but truly realise opportunities to improve flexibility, capability and efficiency and embrace the vast potential offered by GI. True Insurtech innovation of course means faster, smoother transactions, streamlined quotations and simplified slick policy administration, but more than this it means embracing the power of data to enable intermediaries to realise the benefits of responsive engagement, faster decision making and improved customer experiences.
Insurtech isn’t a buzz word that should be banded around lightly, because in doing so we risk undermining the real advancements that are being made, and the real value that investment in technology can deliver in terms of value to both intermediaries and customers alike.