Search for insurance help
5 Future Insights for Advisers from InsurTech Connect Asia 2022
You may know of Advisr as Australia’s fastest-growing platform for businesses to connect with an insurance broker. But did you know that Advisr is also a tech company?
AdvisrME is the technology behind advisr.com.au, lifted out and ready to deploy for any broker or agent network to come to life online. Powering your Find a Broker, leveraging the social networks of your adviser network and equipping your advisers with the marketing tools they need.
As one of the 8 best and brightest InsurTech’s chosen by Austrade to represent Australia, Advisr has been embedded in the Singaporean InsurTech community over the last week.
Over several days there have been some great moments, including an incumbent describing their innovation challenge as “The size of an elephant and the speed of the cheetah becoming one” and even the suggestion that in future “agents will be part of the gig economy” – not sure what you think of that one!
Cyber Liability Insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack.
Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.
A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.
Here are 5 things we learnt:
1. We need to go where the customers go and meet them in the moment
This was most easily captured in the many examples of embedded insurance generating new markets and being a critical approach to reach the under-served. With products as cheap as 1c being the launchpad for at least one InsurTech Unicorn.
The underlying premise was that insurance is currently “sold to, not bought by customers” (Kalai Natarajan, General Manager, DX and Innovation, Dai-Ichi Life Insurance Asia Pacific). It is pushed when it should be pulled. Meeting the customer with the right proposition, in the right place, at the right time is powerful for both the customer and the insurer.
2. The customer experience should be seamless, technology can do that
How can we reduce the data points from 10 to 3? How can we allow free data flow so that the same information does not need to be communicated multiple times by the customer?
Technology is the only answer with countless examples at ITC Asia. Seamless data flows, with minimal data loss through the smart deployment of critical APIs, that stitch together multiple apps into a journey. The vision was cast to make it seamless for the customer, from prospecting to policy. This is not a distant reality, it is all possible already, at Advisr our APIs are critical to our data flows and connect us directly into other platforms.
3. Tech needs to enable smart human touchpoints
How should we be using tech? Tanya Godbeer (Head of Partnerships, Direct Asia) gave this generic but helpful summary: Find digital tools, gather data and monitor, optimize the tech and redeploy.
One key area to work out how we use tech better is increasing the power of touchpoints along the customer journey. “Why are we not having dialogue in between?” asked Roopa Malhotra, (Head of Customer and Digital, Asia Pacific, Zurich Insurance). More touch points means lower anxiety at claim, and if we can use tech to understand the best time to reach out to our customers, then we are using tech well.
4. Insurance advisers need to move up the value chain
Christina Cai (COO and Co-Founder, Lydia.ai) described an insurance adviser as “someone relevant to a person’s life”. As long as an explanation is needed an adviser will be required to bring the financial literacy that we can’t expect our clients to have. Insurance policies are complex financial documents after all.
We have seen the trend in Australia from brokers being policy experts to moving more into the risk advice space. This was mirrored in the comment “There is still a place for people. Not as product pushers but… as trusted advisers. Push them up the value chain.” Abhishek Bhatia (CEO, Aseana Insurance)
5. The adviser of the future will need to be a hybrid model of digital and human
There was passionate discussion on this topic in a session titled “Agent of the Future”, ranging from agents becoming part of the gig economy (met with a mostly stunned silence) to the more accepted idea of human agents and AI-enabled bots working together.
The summary statement would be that we need “Collaboration between traditional distribution and new-age distribution.”. There is no doubt a changing relationship with customers, in light of increased digitization, but we can’t leave people behind either. Ultimately, human or digital – the customer will choose.
One thought-provoking question: are advisers only required because insurers have made their products too complex? Is it with the insurer to simplify?
So many insights for how insurance advisers will evolve in response to the changing technological landscape of insurance. The biggest take out for Advisr (apart from the product roadmap inspiration)? The importance of advisers continually bringing their expertise to the table, while engaging with, deploying and leveraging to their advantage as much relevant technology as they can. Let’s get smart!
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
All information above has been provided by the author.
ADVISR, ABN 17 613 588 266
Log in with Google
