Rather than force customers to fit into an industry’s narrow definition of their needs, digitally-capable insurers have the opportunity to provide completely new ways of utilising client information, to improve the delivery of their services.
Some of the biggest benefits offered by the new Insurtech products address historic problems with fresh approaches. For example, rather than settling for costly products that don’t really fit the client needs, Insurtech lets customers take control of the service they receive - and access products that they actually want.
It is vital to acknowledge that becoming digital does not fundamentally require changing the essence of the insurance business model itself. The most effective applications of technology have either supplemented an existing service or streamlined the infrastructure that powers that service.
What do the future challenges of insurance in the UK look like now? Download the whitepaper now.