Insurtechs - Enabling the Insurance Industry
What are Insurtechs?
Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is a combination of "insurance" and "technology" that was inspired by the term Fintech - which comes from combining "Finance" and "Technology".
Don't Insurtechs just want to disrupt Insurance?
Insurtechs can be seen to be a disruptive force in the Insurance industry. For any startup it can be relatively easy to make big bold statements about how the incumbent industry, in this case, insurance, needs to "keep up", "evolve" and "get with the times." However, complete disruption is not always that easy to achieve, nor is it always desirable for the end customer. The promises can be shortlived and in a complex and important industry like insurance, simply too risky. Insurance is a complex industry, that is highly regulated and forms a very important part of the wider business and social ecosystem. That isn't to say that new thinking is bad or that challenger startups should cease. On the contrary, we're focused on being an enabler in the insurance industry and utilising the strengths we have, by being a startup focused on attracting and informing customers, to enable insurance brokers to benefit.
Advisr enables the insurance industry
At Advisr we believe a few key things:
- Customer Centricity - Insurance should be simpler for customers to understand.
- Independent Expertise - Good independent advice will always be valuable to customers.
- Digitisation - Digital channels should make a consumers life easier.
Our strategy is to enable the industry to connect with customers and grow their business. Insurance brokers are a vital part of the insurance ecosystem. Good independent advice will always be valuable to customers.
Advisr works with and for Insurance Brokers
Intermediated insurance products are those insurance products that are advised and sold via an insurance broker. Increasingly, the big insurers are looking for ways to move into intermediated insurance category. Insurance brokers also need to improve their performance and service delivery to ensure that they can retain and grow their customers. For an insurance broker to simply keep doing what they have always done, won't be enough to ensure their viability into the future.
We believe Insurance Brokers need to own their reputation online:
Insurance brokers know the value of a good reputation and the power of word of mouth or referral business on driving their own businesses performance and their individual performance. Today, a good reputation is more valuable than ever. Especially a good digital reputation. It is widely understood that the first thing a prospective customer does when they are looking for a new insurance broker is to type their names into Google. We all do it. Google and the ability to reach vast quantities of the specific information super fast has changed our world. Advisr enables insurance brokers to build their online reputation. On Advisr you can post content about your areas of expertise, highlight the service areas where you excel and cultivate client feedback and promote it publicly. An Advisr Profile pages rank incredibly well in Google and when prospective customers are searching for you, by name, your Advisr profile will come up.
We believe public customer feedback makes the insurance industry stronger:
Independent ratings and reviews on our performance can feel confronting. Yet as customers, in nearly every area of life, we look to independent ratings and reviews to help us make decisions regarding holidays, schools, restaurants, cars, sunglasses, books, handymen and many many many more. Customer feedback is coming to service industries and will become a highly valued differentiator. Advisr enables your customers to leave feedback, and for you to manage and engage directly with their feedback. We're working hard to be a trusted enabler across the industry. We believe that good insurance brokers will enhance their reputation through transparent feedback and that ratings and reviews will make the insurance industry stronger. Want help generating online review? Here are 7 ways insurance brokers can generate excellent online reviews.
We love sending new business to Insurance Brokers:
With thousands and thousands of customers coming to Advisr every month looking for an insurance broker, we're connecting more and more customers with brokers every day. Are you interested in growing your insurance broking business through generating new inbound enquires? Then, learn more about why insurance brokers are partnering with Advisr We're enabling the insurance industry. We're working with more and more insurance brokers every day and would love you to be part of Advisr.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Andy Jamieson.