Insurers have invested significantly in a revamped online presence over the past few years, but one fintech founder says that the best ideas for improved efficiency, practicality, and ease of use often come from the customers themselves.
Justin Lim, co-founder of Quashed, said that his platform’s idea of ‘insurance all in one place’ came from a customer describing some of the difficulties they had in organising their insurance, and making sure their partner and family knew which policies they had and what they were covered for.
He said that Quashed now does regular customer testing and feedback, as this gives the clearest picture of pain points and potential improvements.
“I think every insurer we’ve been speaking to has really been doing their best to upgrade their systems, and to prioritise what their customers want,” Lim said. “But having gone through that process of dealing with customers, sometimes they really do have the best ideas.”
“We came up with a ‘shared policies’ or ‘shared dashboard’ platform, and what that essentially means is that if one person in a family gets insurance, they can put everything they have on to that dashboard,” he explained.
“They can then share it with their husband, wife or partner, or anyone else they want, and that person will have secure access to all their policies.
“I didn’t actually come up with that idea, a customer did. A customer was telling us that every time they buy a policy, they had to go and send it to their partner so that they would know all the cover they had, and would have access to it if something happened. Through that, I thought the idea of a shared dashboard would be great - so now we actually make it a habit to test our customers all the time.”
Lim said that the past 18 months had been a huge driver of innovation within the sector, and customers’ expectations had also changed as a result.
“COVID has definitely accelerated expectations,” he said.
“We find that people no longer look at insurance as “that’s just insurance and we’ve got a settlement.” They’re actually looking for different experiences, and being able to offer that is definitely an advantage.”
