UPFRONT
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www.insurancebusiness.co.uk EDITORIAL Editor Paul Lucas Journalists Sam Boyer, Lucy Hook, Bethan Moorcraft, Heather Turner Editorial Researcher Hannah Go Production Editor Roslyn Meredith
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Time for something special?
P
rice comparison websites, insurance disruptors, artificial intelligence – the list of emerging technologies threatening to put the insurance broker out of business is as long as a piece of string. Yet the broker is not only still standing but continues to thrive. So why should they take notice of the scaremongering about robots taking their jobs or automated systems providing advice? The answer is simple: while brokers have survived, they have done so through evolution. “The small commercial insurance space is where the real fight is right now,” Seth Rachlin, executive vice president, P&C insurance leader at Capgemini, told Insurance Business in October. “There are scores of insurance companies striving to reinvent their sales experience in that area, but they’re up against a number of well-funded start-ups that are trying to create online brokerages for small commercial risks.” On this battleground, reinvention is the key – the ability to have foresight, to think ahead and anticipate new technologies and new customer experiences. There is a consensus in the sector that the customer still wants advice before making purchasing decisions, but the routes they take to capture that are changing. It’s no longer just about face-to-face meetings – it’s about texts, social media and apps. If you’re not reaching your customers in those ways, then others will. There is also a need for differentiation. It’s so easy for a customer to go online and find quotes from multiple insurers – so why should they bother with you?
Reinvention is the key – the ability to have foresight, to think ahead and anticipate new technologies and new customer experiences The answer, of course, is that you can offer a higher level of service and find a product for their needs. But how do you get that message across? One way is to become a specialist in a niche to separate yourself from the competition. Maybe there are thousands of car insurers, but how many can deal with classic SUVs? Maybe there are hundreds of home insurers, but how many can address heritage properties? How many are specialists in sports, cyber, construction or agriculture? The consumers of today want faster insurance solutions, yes – but that means more than just offering quick quotes. It means building your brand so they come to you for your specialism first. Competition has never been fiercer – it’s time to separate yourself from the pack just like the specialty brokerages in this edition of Insurance Business UK.
The team at Insurance Business UK
www.insurancebusiness.co.uk
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