Will InsurTech eradicate traditional insurers?
Jonathan Davey, Chief Executive Officer at HUGHUB
The emergence of InsurTech and its innovative digital propositions has had existing businesses worried about the possibility of being replaced by more agile start-ups targeting the digital generation of insurance customers.
In today’s digital world, consumers expect and demand an Amazon-like customer experience; an easy, intuitive buying journey is now a standard regardless of product or sector.
It is now critical that businesses invest in keeping pace with rising customer expectations or risk losing out on new market opportunities.
The insurance sector has been notoriously slow to adopt emerging technologies in the face of ever-changing regulatory requirements, complex IT infrastructures, significant consolidation and fundamental changes to the distribution model.
This makes it difficult for traditional retailers to meet the core needs of their customers, provide a personalised service and deliver a customer experience where their relationship is both recognised and valued.
InsurTech has the solution
Instead of replacing traditional insurance retailers, InsurTech can enable businesses to better service their customers by improving the availability of information and providing additional capability that many brokers and insurers don’t have.
In 2017 the InsurTech sector received $2.3 billion in funding, up 36% from the previous year. 2018 is predicted to be the year in which InsurTech moves from proof of concept to production as technologies are scaled for launch.
We believe that those who don’t react to and take advantage of the opportunity presented will find themselves increasingly marginalised, restricted and ultimately vulnerable to those that do.
It’s all about embracing the new era of technology, and HUGHUB works alongside insurance retailers to digitally transform businesses and exceed the expectations of today’s digital customer.
Find out more about InsurTech and HUGHUB’s digital solutions