Agenda topics for the next Board Meeting
- From Compensation to Protection & Prevention
- Actuarial role modelling to Measuring & Modelling for one
- Corporate, Disinterested self-serving Insurers to Customer-centric Peer Lead, Socially engaged models
- Distress purchase yielding Value only in Crisis to Through-life value models
- Fixed-term Static Cover & Pricing to Just-in-Time Cover and Dynamic Pricing
Worth thinking through
hese changes present challenges to the industry, but opportunities to those who are nimble enough to adapt and embrace this change - possibly start-ups, but incumbents too - the common factors being access to investment to support customer base growth and scaling. InsurTech startups characteristically aim to offer more transparent, efficient, cost-effective and engaging propositions than traditional insurers. They are raising the customer experience bar, using a mix of technology and data, new business models, design and low-cost customer service channels. All reflect a fundamental repositioning in what it is to have insurance cover. And all present a real challenge to the industry to work out how to get these changes defined and packaged in a way that gives value to customers and makes money.