Millennials are expected to lead an increasing trend of self-servicing their insurance needs
Guidewire Digital Small Business (DSB) will help small firms self-serve their insurance needs in the US, according to chief executive Marcus Ryu.
Ryu says it is ‘inevitable’ that there will be a growth in small business people who self-serve, buying insurance directly from carriers or through a broker who offers digital self-servicing.
This is especially true as the millennials, a generation very comfortable at self-serving on the internet, come through into the small business world.
One US insurance carrier looking to captalise on this trend is Nationwide, which has launched a new platform, using Guidewire’s DSB, that will allow business people to self-serve.
The experience is customised to each business segment and will be available via mobile or desktop access.
Ryu said: “There is a huge appetite to self-serve and we can create a much more compelling digital buying experience that people will prefer versus the conventional broker route. That is the opportunity.
“The other importance for us is that DSB is a market solution that is directed at digital distribution of small business insurance, that’s the first example of the approach we want to take, with lots of other market segments, where you have a really well-crafted business-user controlled digital engagement layer.”