A shift is underway in the insurance industry, insurtech companies are raising the bar for the industry’s giants as they pave the way for a new generation of insurance which is highly specialised and tailored to the customer needs.
Unhindered by strict operating systems these companies are pushing the boundaries when it comes to insurance and revolutionising the claims process through the use of technology and new customer-centric strategies.
Ahead of the Claims Transformation Forum 2017, CX Network sat down with Oke Eleazu, Chief Operating Officer , Bought by many and Dylan Bourguignon, CEO, So-sure to discuss their thoughts on how insurtechs are changing the face of insurance and the claims process.
What are the main issues with the traditional claims process?
Dylan: The key issue consumers have with the traditional claims process is their general mistrust of the insurance industry. This is due to the fact that insurance is often too expensive and when an individual makes a claim the company hides behind small print or an overly complicated claims process in order to avoid paying out. Through our business model we are restoring that trust by taking insurance back to its 17th century roots while incorporating 21st century technology that allows our customers to have better, more reliable and up to 80 per cent cheaper insurance. We are utilising the latest technologies to ensure that we provide customers with an amazing experience.
Oke: An issue I have found with the traditional claims process is that as a corporate organisation you can access insurance much more easily and at scale and price that you would not be able to as an individual or an individual family. At Bought By Many we find people with a common need and group them together before approaching insurance companies in order that all individuals receive a better rate. This means that the insurance company has the risk cover they want and the customer enjoys a competitive rate they could not have received on their own.
View the full interview and discover the answers to the following questions:
