Your IE Editor took the train to London for Insurtech Insights 2025, one of the biggest events in the calendar for many across the industry. New ideas are always welcome and there are new challenges to meet in the market, from wildfire insurance to EV cover at affordable rates. As a first time visitor the show is an information overload in many ways, and apologies to those I never got to meet, but here’s what I learned.
GENASYS – GROWTH IS GOOD
Yes, it’s an obvious thing, but scaling up insurtech concepts in general is a very good thing thing, necessary you might say. There was definitely an accent on scaling up innovative ideas into actual profitable companies at the show.
On the Genasys Technologies stand there were good convos going on and Marketing maestro Ed Halsey was in full flow on a range of topics. IE expects some spicy Opinion pieces in the second half of the year, so keep an eye out. As Ed noted; “There are always new problems that need fixing in insurance and just plastering some AI software onto your system isn’t the answer. You need a strategy, you need to execute the idea better than the competition, buzzwords don’t cut it in the real world.”
SAPIENS DEMO – SUPER CLEAN DASHBOARD CAN ACCELERATE SME SALES
Chatting with Graham Gordon and his team proved highly illuminating, as they ran through the key elements of their package aimed at companies selling SME biz cover. This dashboard is clean, lean and crucially populates lots of the customer info automatically as regards the business address, nearby companies, claims and the probability of buying cover. Many potential insurance product sales are lost because people abandon a website, app or phone call, it’s worth thinking about the step-by-step journey and making it easier, yes?
So many small businesses in the UK need very specific cover, depending on their niche and this demo showed how having a range of custom options doesn’t automatically mean a super busy screen, packed with dropdown tabs that baffles the operative and customer alike.
I’d like to say I was so impressed I bought cover, but nobody will take the libel risk on for IE mag, we’re the loosest cannon since Trafalgar…
Moving on then.
AXA PRESENTATION ON DIGITAL HEALTHCARE
Here’s just one takeaway from a superb presentation by AXA in the Generali tent outside the venue; “By joining up AI conversational tools, triaging healthcare issues 24/7 online and getting people diagnosed and assessed accurately, we can offer a package of personalised care that can produce a better outcome in 71% of cases, and a 45% reduction in care extending beyond one year.”
That is a good news story for policyholders, and insurers alike.
SPECTRUM – STREAMLINING THE SYSTEM
A quick catch up with Spectrum Life founder Stuart McGoldrick was another chance to learn more about the healthcare solutions that are proving more popular now that the NHS is providing a patchy service in many areas. Spectrum are expanding their network rapidly to meet demand and are one of the big players in this segment now.
“Everyone in healthcare insurance taking a more holistic approach,” explained Stuart, “because we know that produces better outcomes long term. Sometimes you have to look a year ahead and see the bigger picture. I would say most commercial businesses, well over 75% of them, are ready to offer a wraparound healthcare package for employees now, they can see the benefits in so many ways.”
THE FUTURE LOOKS EXCITING
A quiet break around lunchtime was a chance to meet Jemma Ashley from LexisNexis Risk Solutions UK and Ireland, one of the big data specialists in the insurance market. One thing Jemma noted was the signage and marketing materials with AI front and centre;
“It’s great to see, we feel companies are realising the value of data analytics now, of joining up that data and moving forward with it. LexisNexis Risk Solutions wants to help brands get through bottlenecks and solve problems on pricing, repair estimates – all kinds of issues. If you look at how EV vehicles are replacing petrol or diesel vehicles in the repair chain then you can see that detailed data on the ADAS features, car history from new and more is going to be crucial in the claims process.
From recovery and storage to repairs and handover to customers the EV data is evolving, and it means LN can offer better pricing information to brokers. That can only improve as the data becomes richer over time, so the future looks exciting for us. The show itself has a real buzz today, you feel people are asking the right questions and thinking about making better products for the market.”
INSURANCE IS A FORCE FOR GOOD
Chatting to Martyn Mathews at SSP Broker revealed more thoughts on AI being more than a buzzword at Insurtech Insights.
“Everyone here knows they need AI in their business model, but sometimes finding the best partner in delivering that expertise is difficult. SSP has been marking 40 years in the insurance industry and so much has changed, but we have kept pace, so we see that as our role; experience of what works plus application of the latest tech. Put yourself in the shows of an insurance brand or broker walking around this event, how do you find the companies that can understand and match your goals?”
Martyn still sees some challenges ahead despite the natural enthusiasm for AI at the Insights show;
“There is still a lack of transparency in general across our industry, many people don’t understand the jargon and don’t see why insurance is expensive, yet insurance is a social good. It actually makes civil societies work, because without it there would be chaos. Sometimes a show like this is a good opportunity to offer more details on what lies behind the policy, the huge range of talent and tech that makes it all work. That’s a good news story in itself and maybe we need a Martin Lewis type figure to tell that to a wider audience?”
All good stuff – see you next year.
Be the first to comment