Insurers’ long journey to meet consumer expectations
Insurers have a long way to go in terms of innovation before they reach customers’ ever-growing expectations, informed by the age of technology, Dylan Bourguignon, CEO of insurtech startup so-sure, told Monte Carlo Today.
“If you consider the pace of innovation in the industry, the question is: is it fast enough for whom? It’s probably fast enough for the industry, as the incumbents haven’t experienced much innovation throughout the preceding decades,” Bourguignon said.
“However, from a consumer perspective, I believe the answer is a resounding no. Nowadays, technology allows consumers to have items delivered to their front doors the same day they ordered them. But it can take weeks for an insurance claim to be processed and settled.
“Insurance has some way to go before it matches up to consumer expectations, when the bar is being set very high by other industries. Insurance must adapt and catch up fast.”
He said the key to the industry making its products more accessible could simply be talking about insurance in a clear and simple way.
“It all starts with the policy wording, which should no longer be pages of complex legal speak, and continues with the industry being clear about price, service and what is covered and not covered at the point of purchase or renewal. Finally, we need a simple and easy claims process,” Bourguignon said.
“Once the industry does the above, consumers will start to trust it again. This is what we are implementing at so-sure.”
