With technology improving all the time, Covered talks to Simon Macray, Director of Insurer Relations at Open GI, to understand more about the emergence of insurer tech and why it should be central to your distribution approach.
With consumer preferences evolving and the demand for more product choice continuing to rise, adopting the right distribution approach may feel like a constant juggle. Technology is constantly on the move and today, technology solutions are hugely important in shaping the way forward for the general insurance market.
In fact, over the last 12 months the adoption of technology within the insurance industry has been so fast, that the market is now using more and more technology to help it continue its rapid growth journey. So how exactly has technology evolved for insurers?
Connectivity and distribution are now both big agenda items for today’s general insurance operations.
“Connectivity is key here,” explains Simon. “There is so much more data available out there, so being connected to partners and valuable sources that have this data is really important.”
Data isn’t the only aspect that holds the key for forming a strong footprint in the market. The ability to be flexible is also a must. As is the establishment of a number of integrations that can flex and connect easily at the right point in the quote journey. Better known as ‘flexible enrichment’, this clever piece of tech helps insurers validate specific risk profiles to produce key data that will help decide whether a policy should proceed and if so, what that premium should be.
“A rich ecosystem should be at the heart of any insurer distribution strategy. It helps you stand out from the crowd and with competition constantly fierce, it’s a priority,” says Simon. “By being savvy and putting technology at the forefront of your distribution strategy, it can really optimise your businesses performance. It allows you to be scalable, proactive, and responsive all in one fell swoop.”