Welcome to COVER's brand new event - Insurtech Uncovered.
As the insurtech movement in protection and health gains traction, education becomes ever more important to understand how the various facets of internal processes and customer journeys can be impacted and improved.
Insurtech is a broad topic and will mean different things depending on what role firms play within the insurance journey; clarity is required on both the potential that insurtech can have for all firms and the obstacles that must be acknowledged and overcome.
Whether you’re a novice or have a friendly interest in the subject, this session will lay the foundation of insurtech within the protection market, what the industry needs to be aware of and the exciting developments ahead.
In this session, speakers will:
- Define insurtech, provide an explanation of its fundamentals and the practical matters of digitisation.
- Define where in the protection and health market this innovation is occurring and analyse its impact.
- Explore how insurtech can address evolving consumer needs.
- Examine the obstacles to wider adoption, such as ethical objections and resource availability.
- Determine the threat of disruption from non-insurance firms entering the sector.
- Establish what constitutes a ‘modern approach’ and examine its perception across various market participants, as well as the market and consumers.
Insurtech solutions are constantly evolving and developing across the world. This session will explore some of the differences in adoption of insurtech and approaches to underwriting assessment from North American and Asia markets compared to those currently used in the UK. Reasons for differences in approach between regions, utilising new and existing data sources, integration of models into the underwriting process and exploration of new technology will be discussed.
Insurance providers across the market are all on their own journey in supporting their customers with the provision of digital wellbeing services. These provide a wealth of benefits not just to the customer but also to the insurer, and open the door to a future of consumer understanding and underwriting. But what is the ultimate goal for insurers and are consumers on the same page?
This session will:
- Review the trends in use of digital wellbeing services across the market
- Evaluate what insurers are aiming to achieve through them
- Discuss consumer expectations and perceptions regarding sharing health data as part of wellness programmes
- Share considerations on how insurers create an environment within which customers are happy to share their wellness data
- Explore the potential for insurers to use data collected as part of a wellness tool for insurers that can benefit both insurers and customers
The digital world of data, legislation, and consumer consent can be a daunting prospect. What do businesses need to be aware of, and what is on the market to help navigate this?
- What’s the value of data to businesses in the context of the Consumer Duty?
- How can firms better utilise data available to them in our market?
- How can protection participants build a truly customer-centric process?
- Is there a danger of over-reliance on technology and data to be mindful of?
- Are we aware of and working towards addressing any skill gaps when it comes to data?
Insurtech isn’t just for protection and health insurance providers. Advisers and intermediaries can stand to reap significant rewards by embracing new innovations to enhance and optimise existing processes. While many advisers will want to retain tried-and-tested working methods, such as phone-based interaction, consumers may not have the same view.
In order to keep pace with the changing needs of their clients, protection advisers need to understand how insurtech can help improve efficiency in their current workflow, enable more lines of communication with their clients, and provide more granular insights into the policies currently available in the market.
In this session speakers will:
- Illustrate how the adoption of new technologies has benefitted the advice and intermediary space.
- Explain the reasons behind the reluctance among protection advisers to embrace insurtech and propose strategies to address the resistance.
- Elaborate on where existing pain points for intermediaries can be addressed and overcome through new innovation.
- Determine what intermediaries want to see from insurance and service providers when it comes to new innovation.
- Review what advisers have learned from consumers and using this information to implement improvements into the existing customer journey and experiences at the insurance frontline.
- Do customers need human intervention?
- Does every claimant need to speak to a human being?
- Why is protection so different to any other sector? What can we learn from car, home & travel?
- Is there a generational angle? Is more automation needed to bring the new generation in as customers?
Please note that this programme is subject to change