Insurers and the wider insurance industry should look to utilise the data that they have within their businesses to help clients in their various decision making processes, a leader has said.
Mark Hoppe, managing director for ANZ at
Atradius, said that sharing data to help clients is becoming a “necessity” as customer expectations continue to shift.
“I think in all avenues, whether it is finance or advertising or anything, people have an expectation that there is more information available and, not only that, they actually get to see information around what is informing decisions,” Hoppe told Insurance Business. “To compete now it is not just about providing insurance but they want to know why.
“Clients want more than just their insurance; everyone wants to know a little bit more.”
Hoppe said that by helping clients through their decision making process with the wealth of data that many insurers possess, the industry can benefit by becoming closer to clients and helping to reduce risks.
“I don’t think it is just in insurance, it is like that in every avenue of their business life where they [clients] are given more information,” Hoppe continued. “Everything is right there and if you aren’t right there as well then clients really wonder what you are making decisions on. We are asking them to spend money with us based on our expertise and sometimes it is good to actually hold up what we are basing our decisions on.”
For brokers, Hoppe said that by pairing insurers and clients on a discussion around data and forward planning, intermediaries can offer another value added service.
“Brokers always want to show an understanding of not just their client’s business but their client’s industry,” Hoppe continued. “If they can have access to information and go through this with clients, they might have more than one client in a certain industry and they build up expertise in it, so we are not just value adding but the broker value increases as well.”
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