CONNECTED CAR INSURANCE
Vodafone Telematics are at BIBA at Stand F77, where their cross-functional team will be delighted to talk you though the opportunities that ‘Connected Insurance’ brings for your business.
You can also win a supercar experience, find out more by checking out the gloriously red Porsche vehicle in front of Manchester Central.
TALKING CYBER WITH CFC UNDERWRITING
You know what, there are probably two new cyber insurance products being launched every week, but are they any good, what makes them different?
Talking with Patrick Brice at CFC was an education this morning because this company is joining the dots for brokers. Firstly, they have around 40 developers in CFC, working on software, solving problems. Next, they have real cyber experts on hand to help clients when things go wrong, plus advisors who can assess the threat to companies when the cover is taken out, so that hard won experience is being passed on, as Patrick says;
`Policy wording means nothing when the systems are down, people need concrete action, an infrastructure behind the product, that actually works. People are buying a promise, but that has to deliver, every time. The front end of your cyber product can look fantastic – like so much else in insurance marketing does – super-slick, but all that means nothing if things go wrong and nobody can do anything to help fix it.’
CFC are at BIBA spreading the message that every link in the insurance chain has to work faultlessly, and they’re happy to help educate brokers in the same way they enlightened me. They also have a big event coming up in Chicago at the end of May, which is worth checking out.
OPINIONS AND INSIGHTS – NO NAMES MENTIONED
Overhead this morning at BIBA..keeping it anonymous:
“Lloyds is like a working museum, I watched people passing slips of paper around recently. It’s like something from 40 bloody years ago!”
“Too many companies are selling insurance online using apps, or great looking websites and behind the scenes it’s taking six weeks to print off data on a speadsheet and then type it into another legacy system – that nobody else can access. Amazing.”
“Lots of senior people in insurance can’t invest sensibly in insurtech because they have no idea how it works, and worse still, they don’t think it will catch on. These are the same people who said the internet would never catch on 20 years ago.”
AZUR ARE UNDERWRITING THE FUTURE
Underwriting. Sounds boring eh? Like a new and very safe career for Jeremy Kyle perhaps. But chatting with Kate Wells, MD at Azur you soon learn that underwriting is being dragged into the modern era and Azur are right at the forefront of that process.
Kate elaborates over coffee;
“It’s about having a system that links data, keeps it accessible in one place and makes the experience better for brokers and public alike. As an industry we have to replace legacy systems – it’s a challenge for the insurance industry, a similar process to the one that affected banking and retail in the recent past, but it has to happen.
The broker can get all the risk data they need from Azur and things like rate changes are factored into the equation within a few days, not six months. Everything we do is about creating a complete system that works faultlessly behind the shiny apps – and the brokers – which sell the products.”
CAROLINE BARR JOINS BIBA BOARD
The British Insurance Brokers’ Association has made a new non-executive director appointment to its main board.
Caroline Barr is a highly experienced, respected former civil servant who has a commercial background in financial services. She is a member of the Financial Services Consumer Panel and has represented the panel with Government at senior level.
Steve White BIBA CEO said: “Caroline has had broad experience, either in or cutting across our sector and will bring a fresh viewpoint to our table. I am looking forward to working with her, learning from her involvement in policy making, Government and lobbying to shape BIBA’s future strategy.”
Caroline Barr added: “I am really looking forward to being part of BIBA and working with Steve and the rest of the team. The landscape for insurance broking is changing fast, making this an interesting time to be involved in such an influential organization as BIBA.”