InsurTech: hands-on

What is so stimulating about managing our project program is how mercurially a project can lead you to a place that neither you nor the client had imagined.
We have been lucky to work with a creative and innovative insurance company. Just 10 years ago, this would have been an oxymoron. Today the industry is in transformation. The collaboration has pushed us both beyond the conventional client-developer relationship. It’s meant we have had to break new ground and quite frankly deliver “out of scope”. But the process has taken us into the epi-center of a creative upheaval –  InsurTech – the mash-up between Insurance and technology. I will just share some of my experiences.
As we have experienced it, the InsurTech area is being driven by 4 powerful trends.
Continual connectivity
The mobile phone is allowing Insurance companies to break free of the two pain points which have previously characterized the customer experience in insurance – paying premiums and negotiating reimbursement. The mobile phone is going to allow insurance companies to extend, maintain and deepen contact with their customer. It will enable selling “on-demand” policies and perhaps settling claims “on-site”.
Addressing prevention
Prevention is the best medicine….and by far the most cost effective. Relevant and current information and proactive advisories can be directed to customers to help avoid threats, prevent injury, mitigate consequences and contain costs e.g. before and during travel.
Leverage geo-positioning
Knowing exactly where the customer is will allow companies to target and tailor information specifically for where the customer currently is e.g. in the case of natural disaster or political unrest. In the event it becomes necessary, it will simplify evacuation or extraction and allow keeping family, friends or employers informed.
Of course big data and analytics
Analysis of location, movement, times and frequency of travel can not only be used to fine tune offerings and create new, innovative insurance products. It can also help to find and identify patterns and help spot fraud and misuse.
/Richard Tanimura
Picture: thinkpublic