Tips on How to be More Resilient in These Uncertain Times
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We’ve all been hit hard by the Covid-19 pandemic but small businesses are especially vulnerable to the economic impacts of the crisis. Janthana Kaenprakhamroy of Tapoly, a startup that insures gig economy workers and SMEs, has given some tips on how to weather the storm.
Sales of Professional Indemnity insurance at Tapoly were up in April, suggesting that the current lockdown, brought about by the COVID-19 pandemic, hasn’t really dented the appetite for insurance by micro businesses, freelancers and the self-employed as was originally predicted.
Whether this trend is replicated across the industry, we’re not sure. But here are our thoughts on why we think sales have held up so well.
Be Flexible and Agile
The key reason is down to a tech powered agile model which drives the flexible nature of our products. These are undoubtedly the most uncertain times and, having built a business with a commitment to give more control and power to customers, we understand more than anyone how important it is to have that flexibility, particularly for freelancers and small businesses. At the very heart of our philosophy is our determination not to lock customers into annual contracts. If they only need cover for a day, they can have it. If they want it for a year, that’s also available and everything in between.
The current crisis has presented an opportunity to demonstrate how flexibility, agility and innovation puts insurtechs in a strong position to cope, showcasing why insurtechs are attractive investments and key partners to incumbents.
Be as Slick and Quick as you Can
In its recent report KPMG highlighted customer satisfaction and retention as the number one trend. It is undoubtedly a very important key performance indicator and could mean that traditional insurers may need to change their business models as well as culture by shifting their focus from product to customers and customer experience/journey, to achieve this. On our platform we’ve stripped the questions back to the bare bones, reducing purchase time from start to finish to just 60 seconds.
According to market commentators, the insurance industry is expected to be transformed in as few as 3 or 4 years. This makes a strong case for the need to be a digitally focused, customer orientated business. Some traditional insurers have come to realise that building the tech in-house is a costly and time consuming task. This is where a partnership with an insurtech can add real value by helping to achieve this.
Our own successful collaborations with a number of well-established insurers and brokers are prime examples of how strong and valuable propositions can be built and the potential that an ecosystem can unlock. We have insurers who have opened up capacity to us; we have brokers who have used our “plug and play” technology to distribute our on demand insurance to broaden their offer to their own customer base and operate at a micro-level with efficiency and profitably.
Be Open to New Technology
We live in an increasingly digitised world, and data has become the Holy Grail, but when it comes to recognising and harnessing the benefits afforded by new technology, the insurance industry is massively lagging behind other sectors. There is a need for change to align with rapidly changing customer behaviour and market needs.
Opening up to new technologies opens doors to a plethora of benefits such as:
– End-to-end customised workflow via customisable products
– Pricing and workflows coupled with an easy and configurable interface
– On-demand insurance enabling usage/contract based cover with granular pricing by the hour, day, year or anything in between
– An omni-channel platform that can handle multiple product offerings in different countries and across various channels
– CRM capability that includes email automation, commission management, and broker quoting.
To find out more about Tapoly’s products and services email them at [email protected] or call them on 020 7846 0108.
Listed in the Top 100 European Fintech Awards 2017 and recognised as The Insurance Provider of the Year by the British Small Business Awards 2018, Tapoly is the first on-demand insurance provider in Europe, providing flexible cover for freelancers, contractors, SMEs, gig workers, and the self-employed, all within minutes.
About Janthana Kaenprakhamroy
Listed by Forbes as number 6 of the Top 100 Women Founders to watch, and among the Top Ten Insurtech Female Influencers according to The Insurance Institute, Janthana is an chartered accountant with a solid background in top-tier investment banking. She is also a co-author of the InsurTECH Book and a passionate advocate of female entrepreneurs.
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