7 WaysInsuranceBrokersShouldApproachInsurTech

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What is InsurTech?InsurTech encompasses companies that provide insurance, butengage technology in a user-centric way.

It includes the following:

- Customer service and account tracking software- Risk analysis software- Personalized insurance products- Software allowing a customer to view all their insurance products in one place- Devices and appliances that collects data

of insurers expect this technology to disrupt theirindustry.

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1. Identify which part ofyour business wouldbenefit mostBeing active in InsurTech can help you to discover coverage needs and risks that

need new insurance products and services. You will be able to get a clear outlook

and even redefine your product portfolio and service strategy accordingly.

PolicyGenius is a good example of a company that has done well in identifying a

need by providing a tailored insurance check-up platform. Users can discover their

coverage gaps and review solutions for their exact needs.

Take a look at the technologies available to define a promising product strategy.

Then determine required capabilities and create a plan to seize opportunities

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2. Partnering – do yourhomeworkYour exploration should lead to the development of potential use cases. And should

address specific business challenges. Here are a few aspects of where InsurTech is

changing the industry. It’s for you to decide which aspect is worth developing with

the right partner:

– Updating your claims process (Example: Embroker)

– Updating your client user interface (Example: SurelyGroup)

– Appealing to new markets (Example: SurelyGroup)

– Policy flexibility (Example: Sureify Labs)

– Policies linked to longer life expectancy (Example: Human Condition Safety)

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3. Customers come firstMake sure that the technology you want to introduce is in line with your customer

base and target market.

For example, if 90% of your customers are older than 65 years of age, an online

customer service platform is not going to appeal to them. But, if you are hoping to

appeal to a new younger market, it may work for that strategy. There are ways of

identifying what your customer’s priorities are. You can get to know this by:

- Cleaning up your existing data, gathering proper statistics of your customer base

- Conduct surveys with your customer base to see what type of innovation would

most appeal to them

- Conduct market research to get to know any new markets you want to appeal to.

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4. EngagementNew technology and new business models which engage with customers – this is

where insurance is going. Customers are being made to feel that they are getting

value. Make sure that this is a minimum standard for whatever type of InsurTech

you wish to introduce to your business.

For example, think of the application of social data (permission-based public data

available through social platform). It will simplify the underwriting and on-boarding

process of your new customers. Or the ability to log-in to certain information to

simplify the customer experience.

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5. Stay AbreastVentures poured huge investments into InsurTech and have funded insurance start-

ups. In an $8 million funding round for QuanTemplate, an insurance reporting and

analytics software. Allianz Digital Corporate Ventures and Transamerica Ventures

came together. AXA Strategic Ventures, Transamerica Ventures as well as

MassMutual Ventures also helped PolicyGenius. PolicyGenius is an online insurance

policy comparison platform, raise over $15 million in funds.

There are also a number of InsurTech trends which was predicted for 2016, by Rick

Huckstep. Stay abreast of these trends and predictions and consider these before

buying into any new technology for your agency. Tools like the advanced search on

Twitter and LinkedIn as well as BuzzSumo can be a great source of information.

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6. Appeal to newer markets?The needs of today’s millennial client will demand a digital-first offering. Think

social on mobile screens to self-service, premium payments, document storage and

downloads, and connection to licensed brokers. Fitsense is a great example.

The life insurance journey must be a social, multi-channel experience for them.

People ask people whom they like and trust when it comes to making important life

event-based decisions. Ladder is reportedly starting with a mobile value proposition

built around easier and faster access to term life insurance.

An ongoing relationship should be beyond the annual policy renewal, or a claim, is

the exception. You need to consider the potential of prevention services, as a way

of boosting lifetime value and client loyalty.

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7. Make sure everything isabove boardSome firms have already learned the hard way. A three-year-old business called

Zenefits in the U.S faced major legal challenges to its business tactics. They

provided businesses with free human resources software as a lure to become their

insurance broker. Due to many of their internal processes, controls, and actions

around compliance being inadequate they have been hit with major penalties.

These included a temporary prohibition from operating in the state of Utah.

Make sure you have your ducks in a row, especially when you decide to partner

with an InsurTech provider.

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