InsurTech Magazine November 2021 | Page 87

STRATEGY

MEERI REBANE CEO AND CO-FOUNDER , INZMO

“ Combined with the proliferation of online services this is re-shaping expectations . Consumers are less inclined to want to seek out insurance , and do the groundwork ,” says Rebane . “ They want it embedded in products and services at the point of purchase .”

UBI and flexibility The demand for UBI ( usage-based insurance ) particularly in the motor insurance industry , has risen markedly . This has mainly been caused by a drop in consumer drivers as the work from home directive kept people away from their daily commutes . Demand for policies has stayed stable - but preference for more flexible products has increased .

“ COVID has forced insurers to move towards customer centricity and has emphasised the need to adopt technological innovation , to change how the insurance process is managed and simplify the customer experience , '' says Rebane .

And companies are recognising the trend and diversifying into insurtech services from other industries , says Fried , because they see the benefits of adding digital services to their portfolios .

“ What we did see , as a result of online commerce booming during lockdown ,” he explains , “ was a lot of interest and investment in insurtech products that could be easily incorporated into a company ’ s

TITLE : MANAGING DIRECTOR COMPANY : BSURANCE LOCATION : AUSTRIA

He says : “ We are facing major changes in the insurance industry ,” stresses Hermann Fried . “ Digital applications have already massively increased the demands of customers in many industries in terms of speed and service quality . They also place these expectations on their insurance companies .”

TITLE : CEO AND CO-FOUNDER COMPANY : INZMO LOCATION : GERMANY

She says : “ It ’ s naive to believe that whatever you create will need only minor adjustments in the future . Be prepared , that the whole experience might have to be changed .” insurtechdigital . com 87