ADOPTING A CUSTOMER -CENTRIC
APPROACH IN INSURTECH
New technologies like AI and machine learning are revolutionising insurtech . How can we utilise them to ensure we put customers at the heart of what we do ?
WRITTEN BY : ALEX CLERE
C urrently , nobody ever wants insurance – at least , not until they really need it . And so , for insurtech innovators , providing a compelling proposition for customers is a critical business challenge . With technological advancements and the march of digital transformation , customers expect insurance to be more compelling and more convenient than ever .
That makes it increasingly important for insurtech firms to place customers squarely at the centre of their processes and offerings . Here , we examine how insurtech companies are putting customers first and how the industry is likely to evolve in the future .
How are insurtech companies putting customers first ? According to PwC , the revenue opportunity from disruption in the insurance industry could be worth as much as £ 50 billion . The biggest potential comes from greater utilisation of data – currently , insurers only collect some data on consumer behaviour and the level of risk against which they are insuring . New technologies , like artificial intelligence ( AI ) and machine learning , could help insurtechs to make smarter decisions by providing greater access to information about customers and their behaviour .
42 May 2022