With the start of the new financial year, we have been looking into what is happening in the market for our broker partners and some of the challenges they are facing.
Over the next year, we expect the reaction to the long-term impact of the pandemic to continue. The pandemic has changed the landscape for the internal operations of brokers and significantly altered the behaviours of customers.
We expect these impacts to lead to exciting changes in how brokers and the industry operate.
Continuing digitisation and innovation
For some time, the insurance market has been undergoing digital transformation – the pandemic landed in the middle of this but has not slowed down investment and the speed of change. Indeed interest in digital transformation and Insurtech post-pandemic remains exceptionally high, as the packed-out Insurtech Insights conference in March showed.
Insurers and brokers need to restore belief in the market to clients post-pandemic. A combination of higher premiums, high-profile claim rejections, and customer service in the transition to working from home, has eroded faith. Innovative new products to better suit clients' needs, improved customer service, and experience with greater transparency will help restore this faith.
Innovative product offerings for convenience
In 2022 we expect the trend towards customer convenience over loyalty to continue. Everyday life for everyone is becoming increasingly digitised, and people will expect to get their insurance in the same manner.
To meet the needs of clientclients' needs, brokers will have to design products and distribution to tap into the behaviours of today's users. This requires a detailed understanding of what users want and a focus on convenience. Innovative combined insurance packages will allow clients to simplify their insurance matters and increase the value of risks for brokers and insurers.
Data-driven form filling and automating manual processes such as renewals will increase sales and retention, whilst data-driven marketing will assist brokers in offering personalised ads to better reach their target audiencereach their target audience better.
Remote working
Working from home has given staff greater flexibility than ever and is here to stay for many businesses. The morale boost for employees is an undeniable benefit, but it is not without its challenges.
Many teams used to get by with manual processes that worked when everybody was in the office but are a much more significant challenge when the workforce is fragmented. Spreadsheet management of rating and risk data presents an even greater data governance risk. Action must be taken to tackle the dangers present on this front.
How we help
By using Insureflow, our clients can stay ahead of these trends and changes:
• The removal and automation of manual tasks speed up customer service, enabling online self-servicing enables insureds to directly manage their polices, changes, and notifications of loss.
• Our clients can try out innovative new products without unreasonable capital expense and market to new audiences.
• Add convenience for their insureds in multiple ways, including auto-renewal quotes and policies, simplify settlement and documentation processes and speed up quote generation by integrating with data providers for automatic form filling.
• By removing the governance risk of having insurance policy and client data held on spreadsheets.
Author:
Adam Foot, CEO & Co-founder of Insureflow. Adam has over 19 years of experience as a technology and change leader in insurance. He is highly experienced in delivering to a global set of stakeholders and customers. In addition, Adam has a wealth of experience setting and delivering technology strategies for some of the largest and most rapidly evolving London market insurance businesses.
