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    How prefill and data enrichment are reshaping insurance

    25/05/2018

    Applying for insurance has traditionally involved filling out a long form or spending an age on the phone with the insurer. But consumers are now coming to expect insurance to be sold like everything else is - whenever they want, wherever they are, and without any fuss or faff.

    Very often a prospective insurance customer does not have the answers to all the questions being asked of them, meaning they have to guess, or worse, deliberately lie to get a better deal. This is where data enrichment and prefill combine to create a much-improved user experience and more efficient underwriting. With prefill, consumers provide only a small amount of information, such as name and address, and data enrichment takes over to automate the process. 

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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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