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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Jul 23, 2021

The Ultimate FinTech & InsurTech LIVE Event

Fintech
Insurtech
live
event
3 min
Where innovation meets implementation, coming to you live from London

Whether you attend virtually or in person, it will give you the chance to network with C-Level executives, share ideas with industry pioneers, and walk away with actionable, unique insights to bolster your business and career. 

By the end of the three-day event, you will have seen the latest innovations in both FinTech and InsurTech. You will be able to see how companies like yours are tackling the problems that keep you up at night, engage in a community that many struggle to access, and share your ideas with people who care as much as you do. 

Order your tickets now to take advantage of our limited-time Early Bird offer. 

 

How can you attend?

 

In the post-Covid era, not everybody wants to travel for events. So FinTech and InsurTech Live will be completely hybrid. That means you can attend the event in person or virtually - with no disadvantages to people who don’t make the trip to the Tobacco Dock. 

 

In-person

 

FinTech and InsurTech Live is happening in the Tobacco Dock in London, a ten-minute walk from Tower Bridge. For more information on the location, click here

 

Virtually

There’s no need to worry about missing out if you choose not to attend in person. You can still absorb all the information, interact with other attendees and enjoy the conference experience on our virtual platform. 

There will be live feeds from all of the stages (also available on-demand after the event) as well as virtual networking areas. So not being able to travel is no reason to miss your chance to gather with the industry.

 

What’s on the agenda? 

 

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. 

Across the three-day event, a number of relevant topics and trends surrounding fintech and insurtech will be discussed. 

 

  • Tuesday 14 October - Diversity and Inclusion
  • Racial equality (11:30 am)
  • Supplier diversity (12:00 pm)
  • Sustainability (12:30 pm)
  • Women in fintech (14:30 pm) 
  • Wednesday 15 October - Challenger and neobanks 
  • Cashless society (14:00 pm) 
  • SMEs (14:30 pm) 
  • Thursday 16 October - Adopting new-age digital solutions in the insurance industry (06:00 am)


Influential executives from around the world will give their insights and professional experiences surrounding these topics, allowing you and your company to leave with valuable information. 

The topics surrounding digital transformation should certainly be on the mind of every executive after the events of 2020 and how we all had to adapt to meet customer’s needs. Creating a digital roadmap is key, and making changes to the traditional ways of working. Customers now have new needs, and keeping up to speed with the digital changes, whilst also doing so safely, are important. 

If you want to get leading perspectives on the future of fintech and insurtech, you can purchase your tickets here.

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