Early on insurers helped customers prevent damage, loss of life and other perils. With the advent of the connected home, appliance, auto, pet and person insurers can move away from just settling claims to being a partner for life.
Not just for one product and peril, but for the interconnected lives and possessions of people.
Todays online platforms are a means to that end but do not take away from the need for the cultural and organisational changes required to be a true partner.
Insurtech is about far more than technology; look for the insurtech partner that combines digital platforms for all perils with the services to help you partner your customers
For many insurance companies the main focus has been on paying claims. However, as times have changed, the people who buy insurance have changed with them. Comparison sites may have put the focus on buying cover cheaply and quickly in the past 20 years but what customers expect from insurers is starting to evolve. Innovative disruptors both from inside and outside the industry have raised the bar and have proven that providing the best possible customer service is the way forward. As well as appropriate cover, customers want their loyalty rewarded and they expect companies to be transparent and easy to deal with.