What insurers need to do to give Amazon a run for their money

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During the Insurance Post podcast, Nicola Dryden, chief client officer for global loss adjusters Sedgwick, Seb Chakraborty, chief technology officer at Domestic & General, Tim Hardcastle, chief executive of Instanda, and André Symes, chief executive of Genasys, explain how technology can be used to improve insurance policyholder’s experience of engaging with the industry.

Dryden said personalisation is important when it comes to the digital journey but also the industry should give consumers choice if they want to engage with a human being when they have water pouring in through their ceiling.

Symes agreed: “Technology can allow providers to offer customers omni-channel engagement points. It should be technology when you want it and human when you need it.”

Hardcastle said the challenge for the industry today is providers and brokers personalise today in a way that would be seen as “antiquated” by other e-commerce operators.

He said: “We capture risk data once a year and it is very difficult to personalise offerings on that basis alone.”

During the podcast, the guests explain how the industry can integrate with external data sources and ensure rapid modification of associated underwriting rules and processing.

Ways to build flexibility into deployment models is explored too, with tech giants such as Tesla planning to dip their toeinto the UK insurance market and Amazon already launching their Insurance Store, the guests also share what the industry can learn from these e-commerce giants.

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