Customer expectations for an on demand service has increased and commercial lines must adapt to keep pace
Commercial lines insurance has been slow to adapt to the ”on demand” customer mindset and needs to change, according to founder and chief executive of insurtech Upsurance, Nour Alnuaimi.
In a recent blog, titled The Need for Speed in Mid-Market Commercial, she said: “There is a clear need to drive down the cost of doing business for all concerned. One example of this is the existing technology being used to improve customer services in the mid-market commercial [arena] is the accurate pairing of risks to carriers.”
Mid-market commercial insurers and customers are facing difficuties from economic pressures and consumer demand for technology. Inflation recently hit 9% and the cost of raw materials continues to increase, creating a challenging backdrop for the direction of insurance premiums.
Alnuaimi’s comments follows a panel session at Biba’s annual conference in May on The Future Delivery of Insurance, which suggested that the industry must “adapt quickly” if is to respond to consumer demand effectively.
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Opportunities
Upsurance’s technology solution supports insurers, brokers and MGAs by reducing costs and delivering responsive solutions for customers and users. It does this by using real time information that can produce high conversion ratios, faster response times and save on costs.
Alnuaimi explained that if the insurance sector intends to meet the challenges of mid-market commercial lines it needs to combine both deep-rooted customer knowledge and technological capability to deliver flexible responsive solutions.
“Working with providers that can reveal the opportunities that exist when the two elements are brought together will play a large part in the industry’s ongoing success story,” she added.
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