High street brokers the next insurtech targets

Insurance Business America | April 11, 2019

When you say the word ‘insurtech’, what probably comes to mind is a hip start-up in a converted warehouse, full of tech wizzes wearing t-shirts and trainers. Or perhaps people in suits in one of the many London office towers, working out new solutions to insurance problems. Either way, for many people the world of insurtech seems a far cry from your everyday high street broker who is working with clients in the same way they have for many years. But that’s not necessarily the case. As some companies have discovered, it’s the smaller brokerages that are most interested in new technology and new ways of helping clients. That fact was a hot topic of discussion at a recent breakfast event hosted by Insurtech UK, an alliance of more than 50 insurtech start-ups and partners. Insurtech UK came to life after conversations between founders of insurtech companies, who believed there needed to be a bigger voice for the industry.

Spotlight

It’s no secret that the global pandemic has upended everyone’s life. We know this anecdotally from our own experiences—more online shopping with curbside pickup orders, ordering takeout and delivery versus in-person dining, and changing media consumption. And let’s not forget remote working and learning. These experiences are more than simply anecdotal; McKinsey has written about the more specific effects of the pandemic on consumer behavior and needs. In short, they write: “behavior changes will reshape consumer decision journeys and companies will need to adapt fast.”

Spotlight

It’s no secret that the global pandemic has upended everyone’s life. We know this anecdotally from our own experiences—more online shopping with curbside pickup orders, ordering takeout and delivery versus in-person dining, and changing media consumption. And let’s not forget remote working and learning. These experiences are more than simply anecdotal; McKinsey has written about the more specific effects of the pandemic on consumer behavior and needs. In short, they write: “behavior changes will reshape consumer decision journeys and companies will need to adapt fast.”

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