The Australian insurtech sector is poised to become a “mainstream” collaboration partner with insurers within three years, according to a new report by Ernst & Young (EY) and Insurtech Australia.
According to the report, 70% of the industry agrees insurtechs will play a “major role” in helping incumbent insurers become more digital, with 67% of incumbent insurers believing partnerships with insurtechs will become mainstream, and 58% expecting to see a large volume of insurtech acquisition activity over the next three years, as insurers seek to expand their capabilities.
But Andrew Parton EY Oceania Insurtech Leader, admits this uptake in interest on insurtechs from insurers is leaving brokers feeling threatened and left out of the picture.
There is an innovation light at the end of the digital tunnel however.
It is one thing for simple P&C insurance to be bought directly from insurers or via aggregators websites. In commercial insurance most customers buy insurance via brokers as it is a complicated matter to find the right coverage and best insurance provider. Brokers understand their customer’s business and it is their job to present the customer in the best way so that underwriters offer the best terms
Yet broking and re-broking is a painfully manual, time consuming and inefficient process. This is where an insurtech can provide technology as much in the broker’s interest as the insurer’s. And deliver communications, orchestration and collaboration platforms to delight customers, collapse costs and energise staff.
360SiteView, the digital claims management platform ,tackles this issue by letting insurers and brokers collaborate in gaining the information required to write risk. Even when lock-downs restrict site visits to evaluate risk 360Globalnet came up with a virtual alternative- D.A.V.E.
In the current world, if you CAN'T deal face-to-face when you ideally need to, it pays to have a robust alternative that works seamlessly for both parties.
360Globalnet has built on its award-winning no-code technology to create D.A.V.E.: an enterprise-strength online system that replicates - and often improves on - the benefits of site visits without the associated costs or dangers.
In situations where an insurer – or any company that relies on-site visits or interviews - would usually send an agent or loss adjuster to collect information, assess damage or loss, or simply gather evidence, they can now do this entirely virtually.
D.A.V.E. allows customers and others to follow a detailed online guided process to provide the exact information and evidence that would otherwise have been obtained face-to-face; moreover, it allows real-time collaboration between claim handlers/adjusters and the customer and the invoking of live streaming video.
Brokers will, of course, also want to leverage technology for their own needs
360Globalnet launched BrokerLink in Australia in May this year.
BrokerLink’s tools empower brokers to create digital records of policy information and give their clients the sort of digital experience associated with leading consumer retail brands when providing claim evidence. Handling times are reduced while client satisfaction is boosted by real time updating through pushed links that avoid the hassle of passwords and logins.
The result is faster claim life-cycles saving brokers time and hassle.
The BrokerLink process, designed by award-winning claims experts, offers the simplest, easiest way for clients to use digital video and imagery to explain losses and to capture all the information required, including receipts and evidence, to process their claim.
360Globalnet’s claims management platform 360SiteView has been customised to help brokers and transform broker-insurer partnership .
As Andrew Parton says.
“If I were a broker, I would be just as much thinking about what my strategy is, and how I can differentiate myself. How do I deliver customer value propositions? And where am I lacking capability to help me do that? And I would be looking at what insurtechs are out there that can plug in some of those gaps.”
Why not contact 360Globalnet’s APAC leader Danny Lukich to plan how best to digitally transform.
I think some brokers are worried about being disintermediated,” he conceded. “Brokers are intermediators in the process, as has always been the case, and those intermediaries have to be clear about the role they’re playing and the value they’re adding. Technology is often a disintermediator and by adding technology, you can often eliminate steps that traditional intermediators are making. “I think brokers may feel that they’re under threat, but if you think about what a broker value proposition is, it’s about knowing the customer and making it easier for them to do business with insurers.”