Is it possible for insurers, brokers and insureds in the specialty insurance market to be connected seamlessly, share data and insights in real time, and eliminate the administration burden that gets in our way – reducing costs and delivering a better experience? Technology is the connecting tissue that makes this possible, and it will improve outcomes for the whole market.
A connected insurance experience
So how exactly can technology help? To take a practical example, if a consignment of COVID-19 vaccines were produced in Belgium and shipped to the Gambia, all of the parties involved in insuring that journey would be connected via an online platform, with asset and policy information shared centrally, providing auditable transparency.
The administration of risk transfer and risk management would be eliminated. If, for example, the value of vaccines changes, the contract and premium would be automatically updated. Any documents needed would be automatically generated.
Underwriters would be connected to a live data feed of asset, exposure and policy information and insights – such as what type of transport the vaccines were on and any significant temperature changes – enabling them to form a deep understanding of the evolving risk.
All of this would mean that administration was drastically reduced, costs were lowered, and insurers and brokers were freed up to spend more time on services that really add value. The end client would receive services and products better suited to their needs and would receive what we all now expect: a great customer experience.
What could this look like for you?
A connected insurance experience creates opportunity for everyone. For example:
- If you eliminated manual admin, (how) would you reinvest the time?
- How would a seamless, connected insurance experience impact your relationship with your clients and distribution partners?
- As your understanding of clients’ risks and exposures becomes more fine grain, would your products and services evolve to match?
Perhaps the toughest question is how to start. Whatever your vision for the market, technology is finally the execution vehicle – and strategic enabler – we always needed it to be.
Find out more about a connected insurance experience HERE.
