Banking Insurance

Is Insurance Ready For Millennials?

How ‘InsurTech’ is influencing and insurance industry that’s ripe for change

The insurance industry is famous for being stuck in the doldrums, with legacy systems and years old processes holding back innovation. The thriving InsurTech industry promises much-needed change, but will it be enough to drag the industry into the 21st century and appeal to the digital generation?

Picking policies and signing insurance quote forms

We’ve all been there. Staring at another insurance quote form, or scrolling down the results page of a price comparison site, trying to work out what it all means. Then just picking a policy at random because, well, they’re probably all the same, right? If you own a business, it can be even more confusing, trying to ensure you’ve got the right protection for what you do, and the right level of cover for your size and stage of growth. Then having to sign up to a long-term contract, even though you don’t know if your business and risks will change over the next 12 months.

Stuck in the past

It’s experiences like this that have given insurance a reputation for being behind the times, confusing and distinctly customer-unfriendly. Insurance is a complex world, there’s no doubt about it, and years of history and layers upon layers of process and bureaucracy have led us to a point where it can make life unnecessarily difficult for customers. Too often buying insurance means wading through mountains of legalese, forms and policy documents. And that’s before you even come to make a claim; a process that can be equally painful, with further paperwork and often a significant delay before you see your money.

Time to catch up

Of course, back in the day, customers would buy insurance through a broker who would guide them through the process and help them make an informed choice. Then the internet changed everything. Brokers were replaced by price comparison sites and aggregators, which, far from making the process simpler, often make it more complicated. You’re never sure if you’re getting a true picture of the market, or if you’ll end up with the right cover. From a business perspective, brokers have stayed more deeply ingrained in the process, to advise on the more complex risks involved. As a result, commercial insurance has been even slower to modernise, with generic products based around old-fashioned sectors, failing to account for the real risks faced by businesses today. Digital start-ups and SMEs have been left feeling like insurers don’t understand or meet their needs, whether relating to cyber and online threats, co-working, the gig economy, or the desire for greater flexibility […]

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