Nov 12, 2020

Insurers must become customer focused in modern ecosystems

Insurance
DeadHappy
customer focus
McKinsey
William Girling
2 min
Digital technology is enabling an unprecedented level of scalability for insurance globally, with the market now able to form ‘borderless’ alliances
Digital technology is enabling an unprecedented level of scalability for insurance globally, with the market now able to form ‘borderless’ alliances...

Digital technology is enabling an unprecedented level of scalability for insurance globally, with the market now able to form ‘borderless’ alliances.

By 2025, McKinsey & Co predicts, ecosystems will account for 30% of global revenues, with perhaps 12 distinct examples generating US$60trn.

Yet there is a substantial danger that, as modern ecosystems become more advanced, insurance companies risk being disrupted and relegated to minor components in the value chain.

Phil Zeidler, CEO of DeadHappy, offered his comments to InsurTech Digital and summarised his opinion on why this might be.

“Fundamentally, general insurers are product focused and not customer focused,” he explains. “They think about risk and loss ratios, not customer experience aspects such as ease of access. 

“Often they’re removed from the distribution of their product: they outsource to brokers, aggregators, etc, and so they don’t understand their customer or where they’re being marginalised. If you don’t understand your customers, you don’t understand the market.”

The importance of data

The challenges of modern insurance ecosystems are, in many ways, similar to those of other digitally inflected industries - i.e. they pertain to customer data utilisation. 

Gathering information in an inherently data rich environment such as insurance shouldn’t be difficult, however possessing the innovative mindset necessary to properly unlock the value within appears to be more taxing.

“Insurers have got to understand their customer and commit to understanding both the data they have and how they can enhance it through additional sources. They also have to understand consumers’ buying preferences and how they should redesign products to enable them,” states Zeidler.

Innovation is on a timer

As we found in our November 2020 edition, one of the primary criticisms of insurance from thought leaders is its long-standing resistance to change and slow reflexes.

Asked if there is a ‘ticking clock’ for insurers to reassert their value in evolving ecosystems, Zeidler says, “Yes, it’s happening right now, all around, and insurers have been very slow to react. They’re continuing to drive their businesses ‘through the rear view mirror’ rather than looking forward.”

Overcoming a deep cultural aversion to risk and innovation will be crucial in this climate, he adds, if insurers wish to avoid facing irrelevancy. Instead, customers need to feel connected to their providers and not simply regard insurance as a passive and product-centric industry.

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Jun 18, 2021

The Ultimate FinTech & InsurTech LIVE Event

Insurtech
Fintech
live
event
3 min
We release three new speaker names for the FinTech and InsurTech virtual conference that can’t be missed, streaming live from London

From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future. 

With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach. 

Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.

The event will include:

 

  • Keynote addresses from respected industry leaders
  • Dynamic live roundtables (inc. Q&A)
  • Fireside discussions
  • Inspirational Speakers & Presentations
  • Extensive networking opportunities

 

 

Meet the Speakers

Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees. 

Our second batch consists of:

 

Scott Abraham

Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.” 

Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.

In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.

 

Alistair Fraser-Hawkins

Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.

Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:

"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."

 

Mike Massaro

Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.

An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.

His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.

 

This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.

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