The summit brings together thought leaders, InsurTech startups and global giants from across the industry to share their insights.
What we found was that the InsurTech industry has experienced significant growth in the past few years as startups aimed to disrupt the traditional insurance market with innovative technology solutions. However, in 2022 there has seen a notable drop in investment activity in the InsurTech space from £11.9 Billion down to £6.5 Billion.
Despite this challenging environment, the event provided some valuable insights for insurance companies to remain competitive and thrive in the evolving landscape.
Here are some key takeaways:
Increase trust and honesty with customers
In an industry that has long been associated with mistrust, InsurTech companies can differentiate themselves by being transparent and honest with customers. This can be achieved by providing clear and concise information about products and services, pricing, and claims processes.
Be more human and authentic
Companies need to adopt a more human-centric approach to customer engagement. This involves understanding customers' needs and preferences, providing the RIGHT* personalised experiences, and using language that resonates with customers. Authenticity is also crucial in building trust with customers.
*Taking personalisation to the extreme; a customer is using your app to monitor their fitness, and on a day when they didn’t go running, their premiums increased. This would lead to a negative over personalised experience for that customer.
Prevent people from needing insurance in the first place
The traditional insurance model has focused on risk transfer, where customers transfer the risk of loss to the insurer in exchange for a premium. However, this is being disrupted by helping customers avoid or reduce risks altogether. This can be achieved through the use of data and analytics to identify potential risks, but also being proactive in providing on hand health and wellbeing advice.
Have a moral compass
This topic came up multiple times during the event. What it means is that companies need to take more responsibility to serve their customers in a fair and ethical manner. This involves treating customers with respect, ensuring that products and services are designed to meet customers' needs. It also explores how companies should be mindful of the social impact of their services and how this reflects in creating positive change in society.
In conclusion; the Insurance industry may have experienced a drop in investment activity in 2022, but what this event highlighted is that as long as companies continue to evolve, remain customer-centric and leverage emerging technologies to provide innovative and personalised solutions we will begin to see an increase of demand and need for investing in technology.
If you’re interested in exploring the potential behind how you can create more user centric digital experiences for your customers, get in touch to tell us more about it! Or go behind the scenes on how we worked with WPA Health Insurance on their mobile app.
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