ITI: Where are the gaps that you have identified in the market?
Peter: Before the technological advances started revolutionising the industry, insurers had to rely on manual processes and disparate, unconnected systems to determine insurance products and rates. However, creating and deploying new rates to the market, a tedious and long process that can take weeks or months, now takes a fraction of that time.
The value-add is in the operational transformation that makes the insurers more agile, effective, faster, and capable of adapting to real-time market changes that include competitor and consumer analysis.
ITI: How do you stay ahead of customer expectations?
Peter: The shifts in our customers’ expectations are driven by changes in consumers’ expectations. Both insurance companies and consumers expect faster, smarter, and safer products and rates now, not months from now.
We are also considering how insurance products and the market as a whole will shift. The pandemic has changed the needs of consumers globally, particularly with regards to auto, homeowners, and pet insurance. Consumers are spending more time at home and driving less, hence have come to expect that their insurance company’s offers and rates will adjust to their lifestyle.
What does the future look like for UBI solutions?
Peter: We expect that digitalization will continue to drive central enterprise technology as well as expanded UBI and BBI offerings. Consumers want their auto insurance coverage personalized and reflective of the changes in their driving habits. While the pandemic has catalyzed the growth of UBI, consumers will continue to expect highly personalized, usage-based options.
UBI offers more personalized options, such as pay-as-you-drive or pay-how-you-drive, and with these options consumers can get the coverage they need at a price that fits their lifestyle and needs.
ITI: What are the next big tech trends?
Peter: In the coming years, consumers will expect that insurance companies will present them with highly personalized offers, instantaneously, and deliver them through digital channels. UBI and BBI will continue to emerge as a central technology that insurance companies rely on, and consumers expect and not just when it comes to auto insurance.
We expect to see this trend expand to other property and casualty lines, giving consumers a more active role in deciding the rate and product that best fits their needs.