I have just the one query about innovation and that is do customers actually want innovation?
When it comes to customers, buying insurance is mainly a grudge purchase, as much as we like to kid ourselves that we are providing a whole host of benefits and value, it will never be a purchase we are excited to make be it on a cool distribution platform or not.
Work on utilising the data you receive and use that to help enhance the rewards customers receive and in turn their opinion of insurance will begin to change. A free coffee here and there in this world seems to go a long way....
Insurtech represents a unique opportunity for insurers to evolve their business model. Insurtech is not necessarily about disruption, but more an opportunity to take advantage of technology and data to create innovative solutions, reduce costs and capture greater value for customers, brokers and intermediaries, underwriters and service providers. At one level, active participation is required just to meet the basic requirements of playing in the new market. For those committed to a strategic approach, insurtech can help drive true competitive differentiation, while enabling measured bets for the future.