Insurance, as you know it, is on the way out. The elixir everyone’s talking about? Embedded Insurance. It’s (past) time to put the customer first
Every day retailers sell things to people – washing machines, jewellery, lounge suites, smartphones, travel packages, loans, funeral policies and more. For many of their purchases customers would like – or are required by law – to have some level of insurance, or an extended warranty. Yet their options until now have been drawn out and frustrating.
In the next few years the insurance industry is set to undergo a radical transformation unprecedented in its several centuries of existence, thanks to insurance software and its core investors: reinsurers. We have the inside perspective.
Insurance was created to help people guard against the unexpected – but no one could have foreseen how 2020 would change society so fundamentally. In a disrupted world, what major trends do consulting firms see for the insurance industry, post-pandemic?
Customers want a digital, and personalised experience, the same they have come to expect from their preferred retailers, banks, and other online services. Customers are dissatisfied with the service and interaction they receive from their insurance providers.
The debate between a SaaS and on-prem solution is ongoing for many businesses.
Learn to derive value from your own data
Problem to solve: Transparent, accurate data giving 24/7 visibility to the insurer
Problem: create embedded device insurance product
Problem: distribution through sales agents too expensive, and planning the visits to stores labour intensive