Insurance must make technology engaging for customers
Mike Brockman, CEO of ThingCo, outlines how attitudes to technology need to change in insurance if it is to remain relevant in customers' lives.
Although technology has changed massively over the last 10 years and the quality of telematics devices has developed. Telematics technology has not been leveraged nearly as far as it could be.
At Insure The Box, we pioneered crash notification services: we saw how telematics can transform the claims process for the customer and the insurance provider. I wanted to take that further at ThingCo, utilising Voice and AI to develop next-generation telematics services.
Fundamentally, telematics needs to deliver in lower claims loss ratios. To achieve this, customers need to be incentivised to drive safely and, equally importantly, telematics data needs to drive the FNOL (first notification of loss) process. Using data from the collision through to claim resolution can cut fraud, speed up claims handling and deliver a better customer journey. That way, the market derives the best value from the device.
The challenge for insurance providers has always been the cost of getting data from the car to deliver behaviour based insurance, as well as getting customers interested in the proposition. However, I firmly believe that if the device looks good, does what it says on the tin (collision detection, voice support, smartFNOL) to make driving safer and claims less difficult, the insurer should offer more and bring costs down.
Leading the change in insurance
Motor insurance is changing fast and insurtech businesses like ThingCo are leading that march. Consider the incredible power and fast pace of technology and its influence on risk, pricing, data availability and customer engagement; with tools such as AI, voice, machine learning and the Ccoud all in an IoT world, how could insurance not change?
For the industry to meet the demands of consumer expectation in a digital world, they need to up their game or run the risk of being left behind and becoming irrelevant.
AI, voice, machine learning and the cloud are creating a great opportunity for the insurance industry to make a real positive connection with their customers, and make the world a better place in an increasingly complex environment. This can be achieved in many ways: saving lives on our roads by using connected car technology, improving healthcare by positive use of AI in early diagnosis, and real-time control of connected in-home risk giving us all peace of mind and help when it’s most needed.
The effect of COVID-19
The pandemic has revealed a weakness in conventional motor policy design. This has led to increasing interest in 'pay as you drive' policies. The popularity of ThingCo's next-generation telematics device among insurers and brokers demonstrates the growing appetite within the market to utilise the latest technology.
Technology has moved on leaps and bounds since telematics insurance was first introduced in the UK. The key is to make it simple, transparent and engaging.
Machine learning, AI, video, intelligent voice, and even solar power offer greater efficiencies and a better customer experience based on real-time driving data.
This article was contributed by Mike Brockman, CEO, ThingCo
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)