Good morning from BIBA Manchester – it’s just after 8am and people are queing in the sunshine to get into the biggest conference in the UK insurance broking sector. Huw Edwards will be opening the show soon and IE will be chatting with lots of people so we can bring you the latest news from the show.
Brew time 😉
TALKING QUOTE CANCELLATIONS WITH LEXISNEXIS
Just chatting with Martin and Steve at LexisNexis on the topic of car insurance cancellation patterns.
OK, that doesn’t sound exciting but if you’re a broker consider this; cancelling a policy several times can cost your brokerage valuable commssion, and when that behavioural indicator is cross-referenced with things like gaps in cover, or a frequent turnover of named drivers on the policy, then your margins can be really affected.
LexisNexis has all the tools you need to flag up factors like this, at the point of quote, plus a whole stack more useful data analytics tools.
We then had a quick chat about the way the car market is changing, with more drivers leasing vehicles rather than owning them – the time is coming when the industry needs to offer a kind of subscription model, instead of the traditional Fully Comp or TPF&T options.
Customisable to your driving lifestyle, tracked via telematics, priced by data – that’s the future. Let’s build it.
HUW EDWARDS INTRODUCES THE HACKATHON 2019
BBC news presenter Huw Edwards has just interviewed Sian, who is running the Hackathon here at BIBA. If you don’t know what this is, then let us sum it up in a nutshell; new insurance products straight out of the box.
It could be anything from a new pet insurance app, to an anti-fraud tool that helps the claims process get that bit faster – and therefore cheaper. One person we spoke to from the Pink team told IE that they were working on a new broker product. This could help them sift them data and news from underwriters, regulatory bodies, news sources and consumers alike, so they didn’t have to delete about 50 emails every day.
Sounds very handy and the results of the Hackathon will be announced tomorrow.
If you look at the portfolio of policyholders that many brokers have, that kind of information overload analytics tool is potentially very useful. Why? Well, many brokers focus on a niche; commercial, property, car, van, pet, gadgets etc
Brokers and their marketing staff don’t really have time to be an editor as well as run the business, so knowing and finding exactly what you NEED to know, instead of browsing through pages of stuff that MIGHT be interesting would be a fantastic time-saver.
Say you specialised in motorcycle insurance, then you may want to know which underwriters are doing kit and luggage cover for the touring biker, or is there a specialised underwriter who can value vintage off-road motorbikes for those who collect Montesa Cotas?
What d’you mean you’ve never heard of a Montesa Cota?
This is what the Hackathon is all about; sorting the gold dust from open cast mine of data that is delivered to your inbox daily.
TEN MINS WITH SAM WHITE FROM PUKKA INSURANCE
Had a quick chat with Sam White who runs Pukka Insurance and Action 365. This lady is on a mission to shake things up in the industry and the car insurance sector is ripe for disruption.
Let’s face it, you still have the same Comp vs TPF&T options, plus a few other bolt-ons on a proposal form that looks alarmingly similar to the paperwork from the 1990s. Sam told Insurance Edge;
“I love my job and changing things within the industry. Insurance can repair people’s lives, help protect assets and more, but in some respects we have got a parent and child relationship with the consumer. People don’t want to speak to us unless they really need insurance, or make a claim.
I want to re-balance that relationship somehow and making car insurance that’s more bespoke, that matches people’s lives and their character, is what we are all about at Pukka.”
IE wondered how we are going to really bring car insurance into the modern app-driven era, where people are essentially cherry-picking what they want from a policy?
“If you chat with Mike Brockman from ThingCo, and learn about their Theo product, then you can see that telematics and car data are the key to this to an extent, because you build trust into new products and asking things like `what’s your annual mileage?’ isn’t good enough anymore. Peter Goodman and Homelyfe are another energised combination, that are doing great things right now. I feel the industry needs more collaboration – no single company can truly revolutionise things alone.”
BETTER BROKING WITH BEAZLEY
Quick chat with the guys at Beazley exploring the MyBeazley platform.
What does it do in a nutshell? Makes your life easier as a broker that’s what and here’s one crucial bit of info for you – MyBeazley let’s you give a ballpark quote figure based on two pieces of data. That can save time all round and encourage your customer to pursue the conversation, whether it’s on the phone, or online.
The other news from Beazley is that they’ve updated their cyber attack cover offer in the Marine sector and Beazley are recommending that shipping lines, oil & gas and other companies in this sector make sure their cyber protection is A star.
FIRST TIMERS AT BIBA
Quotall are giving BIBA a try this year for the first time, so stop by and say hello. They specialise in e-trading platforms for brokers. Stand D78.