Insure Apps managing director Stephen Marshall urges brokers to be innovative and embrace InsurTech.
How do you think InsurTech will affect broking in the next five years?
Only in positive ways! We’d like to think that technology enhances the customer experience rather than detracts from it.
With reference to our own offering it certainly allows clients to report claims in a simpler, faster manner that guides them through the process.
In addition it helps claims handlers get the information they want as soon as possible. We’d like to think this will be the same for all InsurTech companies.
Brokers will gain more tools to deal with their clients and the consequence should be better service in the market place.
The big thing about technology is often the ‘when’ question not the ‘if’ - it’s about judging when the time is right not if it’s going to happen.
Should brokers be worried about how InsurTech could disrupt the market?
No, technology shouldn’t worry anyone.
However, a broker needs to be aware of what’s possible and look to capitalise on it.
Look at the trends in the way people use their phones socially.
Many people are more likely to message on their phone than actually speak – we see the impact of this with traditional reporting methods on claims e.g. telephone reporting can have a day one reporting time of 18% according to one major insurer.
How can brokers take advantage of InsurTech?
By embracing it and viewing it as a way not only to improve their business but a way to improve the client experience.
It’s an exciting time in the industry and brokers who are first to adopt new technology and offer it in the marketplace will certainly have a “first foot” advantage.
Being innovative in your solutions to both industry and client problems by using technology surely sets up the business to succeed in the future.
Make sure you take control of technology and not the other way round but be careful not to use broad sweeping generalisations to dictate your strategy.
Technology won’t be used by everyone but it will be used by many – our world is shades of grey not black and white, strategies need to reflect this.
So what is your company doing in the InsurTech space?
We’re developing technology solutions for insurance brokers by offering them a claims app service for their clients.
Brokers can either sub brand on to Claims Made Easy or develop their own dedicated app.
We’re not just working in the claims space, the app is flexible and can be used as a bordereau system for brokers.
We’re seeking to solve the FNOL issue in the insurance industry. With average reporting times of 23 days for commercial drivers there is a lot of work to be done. Early figures suggest our system has a 65% day one reporting success rate.
Not satisfied with just providing an app for motor claims, we’re also using the technology to allow brokers’ clients to report property and liability claims. And there is much more to come.
