Series (1)
By Roger Peverelli and Reggy de Feniks
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OutShared on stage at DIA 2016 Barcelona
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The beginning of the year is usually the
time to predict key trends for the year to come, and so it goes with the
insurtech sector as well. Most lists focus on the latest sexy technologies and
applications, but after a year, we find these have hardly gained any traction,
so cannot really be considered “trends”. To call something a key trend, new and
innovative isn’t enough. It requires adoption at scale. We therefore decided to
take a different approach, resulting in quite a different kind of list.
Being consultants for several blue chip
insurers, speaking at conferences and attending boardroom meetings, we meet insurance
executives on a daily basis. Consequently, we have a fairly good idea about
what’s at the top of their agenda, as well as the pace in which change will
take place, and in turn what insurtech solutions are most likely to fit into
those plans. These insights resulted in our Top 10 Insurtech Trends for 2017,
illustrated by some awesome insurtechs that joined us at the previous DIA
event.
Trend 1 (continued).
Massive cost savers in claims, operations and customer acquisition
Already
a major trend of course, but one that will gain even more importance in 2017.
Quite
a few insurers face combined ratios that are close to 100, or even exceed that
number. Digitalising current processes is absolutely necessary, for operational
excellence and to cut costs. Digital transformation of insurance carriers
started in 2015, really took off in 2016, and will be mainstream by 2017 and
beyond. Virtually every insurer, big or small, that takes itself seriously will
continue to look for ways to operate more efficiently in every major part of
the costs column: in claims expenses, costs of operations and customer
acquisition costs. Technology purchases and investments by insurance carriers
will further explode in these areas, as will the number and growth of
insurtechs that cater to that need.
With
OutShared's CynoClaim solution more than 60 percent of all claims can be
managed automatically, resulting in lower costs as well as increased customer
satisfaction. Results of the first implementations: up to 50 percent decrease
in costs, 40 percent increase in customer satisfaction. The solution takes 6 to
9 months to implement, whether it is from scratch or a migration of established
operations to the platform, which is quite spectacular in the insurance
industry. Check out http://bit.ly/2hOW1Vw
To be continued....
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