This week IE mag has seen more partnerships delivering new products, how diversifying your insurance lines is a wise move for brokers, plus more deals. It’s all go.
START: PARTNERSHIPS GIVE YOU GLOBAL REACH
Big news from the USA where telematics specialist OCTO has signed a deal with Ford on data-based car insurance. What makes it big is that the driver opts into the DriveAbility data dashboard, and then has the power to shop around for cover based on that vehicle-generated score.
For IE mag the big stumbling block on telematics is the faff of buying gadgets and having them fitted or plugging them into your lighter/USB socket. When the tech is built into the actual dashboard of the car, people won’t think about, just as they don’t think about their smartphone listening to every conversation and logging every website visited.
That’s the future; insurance premium pricing that’s embedded in the car, not on a comparison website.
RUN: DIVERSITY IS YOUR STRENGTH
What can a travel broker do these days? Well one solution to the endless U-turns, traffic light systems and just plain Ozzie-style bans on tourism, is to insure another risk. That’s what Staysure announced this week with Petsure – and they are staging a kind of pet-paralympics to launch their pet cover. When faced with lateral flow tests that have dubious outcomes, the answer can be lateral thinking. Just saying.
GROW: WILL 2021 BE A RECORD YEAR FOR DEALS?
IE thinks it will, as the battle between Aston Lark and GRP continues. The latest move by Aston Lark was to buy the Ireland motorcycle insurance operation from Principal, a brokerage set up by Dave Bowcock ex-Carole Nash, about ten years ago. That’s a bold move as Ireland is a tough market for bike insurers, where PI settlements can top 45K euro for a ‘tea urn burn’.
Meanwhile GRP signed an agreement with Willis Towers Watson to acquire their commercial risk and broking business in Northern Ireland. Again, we think it’s a brave move given the chances of a long-term argument between the UK and the EU over the T&Cs of future Brexit goods and services taxes, regulations and import/export.
As a footnote, the EU announced proposals to tighten up their money laundering rules as regards crypto currencies this week. No new laws yet, but they’re working on it.
GROW PRODUCTS: TOOTH FAIRY ARRIVES FOR DENTAL BROKERS?
News from the High Court, where a dentist LOST his case that when a self-employed hygienist wrecks someone’s gnashers, they are not liable. To summarise, a principle of vicarious liability was upheld, which means the dental practice is responsible for the damage caused by anyone working there – even freelancers renting a chair. Well, until another test case…
Brokers active in this space have a great opportunity to create policies that match the varied risks, from all members of staff – and patients too. Consider the damage that could be caused by fake reviews on Trustpilot, or a data breach by a customer who secretly recorded a conversation in reception. Risks constantly change and that creates opportunities.
GROW FURTHER: THE VALUE OF EVENTS NETWORKING
Here’s a thought for all you brokers missing the face-to-face experience of BIBA, and other insurance shows and conferences. Insurtech-specialist Genasys organised their own Tour de Insurtech cycle event this month, with special stages around England and Wales bringing together insurance professionals with an interest in cycling.
Great fun and new friendships forged on the road. As it seems unlikely that the insurance show circuit will ever return to its former glory, maybe the way ahead is for brokers to stage their own `away days’ brand of networking?
In an era of WFH, it’s also a good way to escape the home office and that can be a good thing. Off to the beach, anyone fancy a 99?