Valuable applications of technology for travelers
Embedded in this model, resources such as geolocation become relevant risk mitigation tools for policyholders, enabling, for example, smarter assistance and more efficient services in the event of a disaster or medical incident. These resources can also optimize the offer of extensions and upgrades as the geographic location of the consumer changes. In a data-driven world, wearable technology can deliver location and behavioral information to help advance precise claims processes – a welcome change for both the customer and the underwriter. Likewise, AI fraud control and cost containment are, more than ever, seen as valuable applications of technology by insurers at the forefront of this movement.
Additionally, low-code or no-code technological advances allow the introduction of new features and integrations. Kasko (Europe and North America), led by Nick Sühr, and Covergo (Asia), led by Tomas Holub, are two examples of insurance technology companies helping carriers in the digital transformation. As Tomas recently noted, “Insurtechs can really help on the innovation and product distribution side, which helps insurers bring new businesses and customers to benefit from personalized products and services. In our case, we provide solutions for insurers to automate and digitize their products and processes as enterprise software insurtech.
An insurtech ecosystem
As this integration occurs, it is essential to stay focused on the benefits it brings, rather than the technology itself. In Insured Nomads’ center for reengineering design and delivering benefits to the mobile world, Juvo Innovation Lab, I often refer to focusing on the technology as talking about the vehicle’s tires rather than the car itself. Tires are a crucial aspect of getting the vehicle to its destination and are unnecessary on their own. Technology is a vital part of the process, just like tires are essential on a car. Yet the combination of engine, transmission, instrumentation and fuel is what makes the magic happen.
As part of this development, our customers have also shown us that they expect more from insurance than just financial protection in the event of illness or injury. It therefore makes sense to offer a non-insurance feature set that can continuously expand to meet other insured needs. These can range from simple access to policy maps, information on visas, taxation, cultural norms and safe accommodation, to geo-IP tracking for field response, evacuation, telemedicine and wellness resources – working both offline and when connected.
Life without borders means seamless integration of insurance
The new workforce has confronted traditional insurance applications with their expectations of borderless living for some time, with limited success. That is until the world is turned upside down by the current pandemic, doing things like fast and transparent electronic reimbursement of claims, a reliable online shopping process, efficient customer service, and methods of refunds and refunds. prompt payments a standard feature of the service industry. Putting an insured in contact with an easy-to-access means of reimbursement, adapted to his new location and able to intervene without delay (compared to sending a paper check to his former home address) is a shift that all insurers are now supposed to deploy.
I firmly believe that people decide who to engage with based on three factors: knowledge, admiration and trust.
In the insurtech industry, it takes more effort to adapt systems to gain the credibility of the fan base, trust and expert knowledge for our consumers. As Nikolaus Suhr from Kasko aptly put it: “Insurance works just a little differently from any other financial product. It’s about trusting and appreciating how hard people have had to work to earn that trust. This is why we see most insurtechs following a B2B2X or integrated insurance model as part of their offering, as they leverage the trust of an existing brand to deliver contextually relevant insurance services. With a market poised to reach $ 3 trillion by 2030, there is enough for everyone. ”
As our clients research and make decisions not just on a broker’s recommendation, but on product performance and design, they often assume that accessing benefits will be easy. As in every industry, there will be suppliers who respect the status quo alongside those who move forward and lead with service delivery methods to exceed demand. Let’s go further to provide more than a PDF (initially used in 1993), a fax (used since 1955), and let’s go through the smartphone application (2008) at the frontier of new processes for improving the charge of the patient, the traveler, and the expatriate. As an industry committed to the well-being of our customers, it’s time we got a head start on our customers and that investing in innovation was a top priority.