Insurance companies ‘should be more relevant’, claims panel
Changes in the way people use technology mean that insurers need to stress the relevance of their products to clients, according to a panel of experts at the Intelligent Automation in Insurance: unlocking the artificial intelligence revolution conference, taking place in London today.
The title of the session was: “The always connected customer: using intelligent automation to maximise acquisition and engagement.”
The chair of the panel, David Clamp, founder and managing director of Merlin Digital Consulting, pointed out that customers are increasingly connected using technology, that the customer interface was changing with the use of devices such as Amazon’s Alexa to renew insurance, and that insurers were attempting to discern what clients want.
Dan Mines, head of digital transformation, Admiral Group, stressed the importance of the relevance of insurance products to clients. The consumption of services has changed, he said, and it is now possible to build new approaches, such as taking products and placing them where customers are going—Google platforms, LinkedIn, etc—to make products relevant.
Mike Downing, chief technology officer, WPA, said that tech companies are looking to a wider range of ways of interacting with people and that it is important to have a back end that understands the consumer.
Elan Nyer, director business development, Nexar, said his company stays away from telematics. He pointed out that incidents such as car collisions are stressful and that it is important to be there when a client needs insurance the most. He added that during the recent California fires, in some cases people grabbed insurance forms first of all before fleeing.
The panel also stressed the need to be relevant in messaging, targeting the individual. Clients expect more personalised service so insurers need to place insurance in areas where people will notice it. Preventive measures are important—with behavioural change, such as driving more safely—but products must be relevant.
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