In a new report published in London’s Times newspaper as well as online, the Raconteur media and publishing group discusses the future of insurance. It’s a download file, well worth taking a few minutes to read over a cup of coffee.
Respected writer Ian Fraser notes in his section of the report, The Death of Tradition, that there are some aspects of insurance that need to change, targeting specifically human and economic factors as being detrimental to the industry as a whole. His piece stands alone as the only one not to discuss emerging technologies as the biggest disruptor. Traditionally, he may have been correct about his subject, but has he picked the wrong suspect in the line-up? We think so.
It is axiomatic that insurance is staid, hidebound, and tied to a business model that belongs in the last century, if not the one before, but what if that tradition itself could be consigned to history? What might change?
Often tradition itself is the reason the insurance industry seems incapable of change, because it’s always looking over its shoulder to progress. All questions leading up to the important one – ’will we make a profit?’ - are backward-looking, relying on examining the past to predict the future. What insurance industry leaders really need to do to progress is, metaphorically, to throw their ball as far as they can and run after it. To do this the business model has to embrace the digital revolution, with all the benefits this brings. The question for the future is less ‘can we make a profit?’ and more ‘how can our customers make a profit for us?’ This is a paradigm shift for our industry.
Insurtech businesses understand that data needs to be nimble; forward-thinking decisions need to be based on accurate data. At InsuredHQ we believe our PAS is the best way to access and use customer data, and with single input it cuts double-handling, saving time and money. Automation of back end processing might not be the sexy side of Insurtech, but it’s what we understand best, and our digital solution probably has the greatest potential for immediate gains to the bottom line.
To find out more about how InsuredHQ’s software can help you turn tradition into history contact us for a chat. We’d love to tell you more about how we can help your digital transformation.
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