Category : June 2016
Insurance Age has reported that insurers are worried about losing out business to InsurTech start-ups with innovation and creativity needed to be injected into organisations to progress, rather than miss out on an opportunity. Although the industry has acknowledge that the ‘customer is king’, is the industry putting their needs before their own?
Over the past year, a hot topic at conferences and within insurance specific publications has been the impact of Price Comparison Websites (PCW) on businesses. However, unbeknown to the customer this isn’t a fair representation of what are the best deals due to most organisations featured paying for where they are ranked. Another issue to come out of PCW is customers paying for cheap insurance but missing the small print leaving them to be under insured and not covered. If brokers are able to be clear on what customers are purchasing, this will eliminate such issues and also reduce the likelihood of customers switching to an alternative provider.
At TRS, we believe in being transparent with our supply chain, enabling us to create clarity of the claims process and build trust with our customers. This way we benefit from more loyal customers, which is reflected in our lifelong relationships with suppliers, insurers, brokers and loss adjusters. Over a 10 year period our complaints ratio has been less than 1%.
The next big disruption to the industry will be start-ups and those that embrace InsurTech. Stephen O’Hearn, global insurance leader at PwC said:
Insurers have unrivalled access to consumer data and using cutting edge technology to thoroughly analyse it could result in significant benefits for both the company and the man on the street.
We now have an opportunity to work closely with customers to develop a tailored product that is relevant to their needs.