We’re delighted to share this exclusive round-up of the top stories from Insurance Edge.
It was a busy week with the BIBA Conference happening online, but Alastair Walker has selected some of his show and insurance news highlights for you.
RESILIENCE THEME AT BIBA
The overwhelming theme at the BIBA broker Conference was resilience, not just in the face of the pandemic, but future unexpected events.
Julie Page, CEO at AON was a speaker on the panel discussion looking at the Future of Insurance Broking;
“When we ask `how can we prepare for the next pandemic or event?’ I would turn that outwards and ask, `how can we prepare our clients better for unexpected events?’ We are a resilient industry, although the pandemic has brought us to a higher level of match fitness if you like.
Julie added; “Also, the pandemic has shown us and other brokers that productivity and presentee-ism at the office are two separate things. I hope that a hybrid work/office model will help us keep those wins.”
COMMERCIAL SECTOR GROWTH
Interesting that Allianz has set up an Engineering, Construction & Power office hub. The huge shift towards green or sustainable living needs new infrastructure, from power stations to electric car charging points. There is a huge opportunity for Commercial sector brokers and insurers ・ more https://insurance-edge.net/2021/05/14/climate-agenda-will-generate-billions-in-premiums/
TALKING OF COMMERCIAL PROPERTY
Intelligent AI has just secured some more funding, which will accelerate its growth, as it leaves the Lloyd’s Lab. One way that insurers can speed up the process of assessing risk with commercial premises is to use AI, rather than old school site visits. That’s at the heart of what many insurtechs are doing right now and Stubben Edge says yes to online tools that can save time and money on initial quotes, and at renewal time too.
WHITE LABEL BROKER APP FROM PREMFINA
Premium Finance specialist PremFina launched an app at BIBA this week which lets brokers offer PAYG car insurance to customers, without all that tricky join-the-dots backroom stuff.
The PAYG or per-mile policy is rapidly becoming the default setting in car insurance, so it is likely that more products like this will hit the market. Daily, weekly or monthly usage, with the policyholder in the driving seat as regards costs and admin. If you think about it, this ethos of Netflix subscription-based cover could be carried over into so many other parts of the insurance market.
Stubben Edge can help brokers and distributors create this for their customers through our new Distributor platform. Contact us for more information: firstname.lastname@example.org