In a fast-paced business and technological landscape clients increasingly want a convenient experience, and those in the insurance industry – particularly in the commercial sector – face a complex balancing act as a result.
While there has been significant change in the personal lines space over the past decade, the nature of commercial insurance has been subject to less change, Richard Coleman, former managing director of
Zurich’s commercial broking business in the UK, told Insurance Business.
“We’ve seen a number of changes around the customer interface side… a lot of customers do want increasingly digital experiences, and obviously the best example of that was the rise of the aggregators in the personal lines space,” Coleman,
who takes on two new roles at the Collinson Group and Cytora in September, explained in an interview.
Personal lines trading has undergone radical change, but with much of commercial insurance still revolving around protecting people’s livelihoods, there is a continued focus on personal interaction.
“I don’t think we should lose that as a commercial insurance sector,” he commented. “I think there’s an interesting balance being struck around how you create the digital experience and the convenience for customers, while still keeping some of that advice space, and I think that’s a challenge for the sector to manage.”
There is also a lack of differentiation when it comes to talking about the commercial space, with the vast range of insurance types within it often being lumped together: “We talk about commercial insurance like it’s one sector, but of course you’ve got people insuring a van and a set of tools on one end, large multinationals on the other, and everything in between,” Coleman noted.
Though there is still a way to go, particularly at the top end, there has been some notable change particularly in the SME side of commercial lines.
“I think you’ve seen a lot of the pace of that digital change happen in personal lines and in that small commercial end, but how you blend that and how you give some of the best experiences.. is a really interesting, continually evolving piece,” he said.
Related stories:
Ex-Zurich broking boss on his two new roles
Where are we with commercial lines trading?
(1).jpg)
