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2021 IN REVIEW | InsurTech Trends In association with Noria
Time to get serious with InsurTech Ronny Reppe, chief executive officer of Norway-based insurance platform provider Noria argues that as we approach the end of the globe’s second year of the pandemic, businesses are starting the journey to recovery but must realise they are one failed project away from disaster. Insurers have to take InsurTech very seriously right now
As the global community slowly shifts into the next phase of post-pandemic recovery, there are three key trends in InsurTech to keep abreast of ahead of 2022. At the same time, there are risks that could cause insurers to fall behind their competitors if they are left unmanaged.
INSIGHT ANALYTICS In my experience, there’s a vast difference between blind trust and the emerging concept of “digital trust”. Blind trust involves a customer placing complete faith in an insurer’s ability to manage their affairs and act in their best interest. It is blind because typically, customers in the past had no idea what data the insurer was working with or how they reached decisions. On the other hand, digital trust is earned by providing radical transparency; sharing data rather than hoarding it. Today, stakeholders including customers, underwriters and claims handlers increasingly expect insurers to provide them with complete and constant access to useful information to boost their ability to make better decisions. As PWC writes (‘Digital Trust: Protecting and realising the value of digital assets’) digital trust is about protecting The Marine Insurer | January 2022
and realising the value of digital assets, including data. The trend I have observed as we move towards 2022 is that customers are increasingly impatient with insurers that, first, make them wait for information, and then provide information in a non-user-friendly format. Customers want 24/7 access to useful information, which is why a self-service approach is usually best. Customers don’t want to arrange a meeting with an insurer to have their questions answered. They don’t want data dumps or spreadsheets. They want to be provided with valuable and actionable information in an easy-to-comprehend format, based on advanced analytics of real-time data. Through advanced data analytics, insurers can access better information about an expected claim to help them not only provide a more exact price, but help prevent future claims by providing customers with advice on risk minimisation.
The digital customer journey If insurers intend to improve the digital customer journey at
