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    Why insurers must be insurtech entrepreneurs

    06/04/2018

    A report by IBM highlights why insurers must collaborate with insurtech providers. The report, Friend or foe? Insurtechs and the global insurance industry, draws on the views of 1,200 insurers, insurtech businesses and venture capitalists.

    Focusing on a digital future

    With insurtech now as established and accepted as fintech, 81 per cent of “outperforming” insurance businesses are said to be either investing in or already working with insurtech businesses. The report identified the following as key areas of focus:

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    Personalisation through data enrichment can create a positive experience for insurance customers

    28/02/2018

    The relationship between insurers and their customers is not always a happy one. Buying cover is a mundane necessity rather than a willing investment, and it’s never easy to cultivate a meaningful relationship when the touch points are limited to the initial purchase, renewals, or when making a claim.

    It doesn’t help when some insurers resort to the cynical practice of dual pricing; i.e. exploiting loyal customers with price hikes while attracting new customers with big discounts. Instead of pursuing smash-and-grab profits, insurers should be building revenue by maximising, rather than undermining, customer loyalty.

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    The year ahead for insurtech

    06/02/2018

    2018: What’s next for insurtech

    Insurtech has now become as firmly established as fintech. In the past three or four years, digital technology has been changing the insurance industry in the same way that it has transformed banking, and incumbents are finding themselves competing in a changed marketplace.  

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    How PSD2 will benefit insurers

    02/02/2018

    The introduction of the Payment Services Directive (PSD2) on 13 January requires banks and financial institutions to make their payments infrastructure and customer data available to third parties – a change that could benefit insureres who are able to access and make use of the data.

    PSD2 means that insurers will, with consent, be able to access customers’ bank accounts. They can gain insights into buying behaviour and trends that have insurance implications, helping them design products that complement individual needs and circumstances.

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