Changing the face of insurance

Published On: October 29, 2018

Q: As the ‘access on-demand’ culture continues to expand, how important is it to have ‘service on the go’ for your business?

 

A. It’s absolutely vital. People expect more and more in the way of instant response. Expectations have gone up and technology needs to match this. Our business exists because there’s a significant problem with time delays in people reporting claims.

In the UK, it takes an average of 23 days for someone to report a commercial motor incident. There are all sorts of reasons for this but in today’s world that doesn’t fit. That problem needed to be solved and that’s what our business is all about; creating flows of information to multiple people at the push of a button on a smartphone.

 

If you look at Amazon, you’re expecting things to be delivered to you the next day, or even the same day. To compete in this IT space you need to be fast. So, for example, on our Claims Made Easy App, if a broker sees it and wants it, we can have brokers up and running within 30 minutes. That’s not a promise, but it’s possible. We had a broker called up on a Tuesday lunchtime, bought it and was using it with clients by Thursday. It’s what people expect, so that’s how you have to operate these days.

Q: How are mobile apps making insurance more engaging?

 

A. The phone trend is making its way into insurance; people carry their phones around all the time. There is a downside to that as you can miss out on engaging with people socially, but that sort of trend has meant that people will quite gladly take pictures of their accident, use GPS, speak into their phone and capture the information. They’d rather do that than phone somebody for help, because they’d rather hit a button there and then and expect it to be dealt with. We’re seeing three times the level of reporting via the app than via telephone. We think it’s to do with the position of apps and phones in society now, and therefore that is making insurance more accessible.

 

Phone technology enhances the information that someone can provide. Think about the simple question, “Where are you?”, this year phone technology at a click will be able to tell someone where you are within 30cms!  Now answer the question on the phone, speaking to someone you don’t know.  Which is easier?

 

Q: How can a mobile app help insurance businesses get and retain customers?

 

A: Customers expect technology to develop. The things you use your phone for now are so diverse that customers expect insurers and brokers to utilise that technology. It becomes vital as opposed to desirable. The broker or the insurer that has the right app, with the right level of accessibility and intuitiveness, will be the one that the customers move towards.

 

In terms of our app, it shows your business in a different light. They don’t have to understand the technical things in the background, they just need it to make their lives easier. If they communicate that to others, then they’re onto a business tool that makes a difference.

Q: How can mobile apps improve insurance businesses visibility and reinforce their brand?

A. We offer an app that can be branded to your business and that says something about your business, yes you can interact with your customers face-to-face, by email, or on the telephone but you are moving with the times and offering time saving ways of interacting by using apps. It’s demonstrating that you are innovative, that you understand different people will want to interact in different ways.

We looked at a broker who can save £25,000 on admin a year by introducing an app.  They are going to spend that money on supporting their customers in other ways – what a great way to promote their brand and business.