It claims to solve an industry-wide issue of traditional insurance models being phased out as technology peaks

Insurtech Sureify is creating an “insurance ecosystem”, which it claims is the “first of its kind.”

The firm, which specialises in customer engagement,it  has partnered other firms to provide an interconnected set of services for the ecosystem, delivered through its Sureify platform, with the hope of delivering a more integrated experience for the customer. 

It is connected to a network of data partners including Socotra, Human API, LexisNexis, Carpe Data and Sentiance. 

While it is aimed at life insurers due to digital uptake in this patricular field of insurance being very low, the insurtech believes the issue that it addresses is very much a whole industry problem, with current models set to evolve as insurers seek to cater to the increasingly connected digtal world. 

This was the message of Greg Yoder, head of business development at Sureify, at the “Insurtech: Peril or opportunity? How prepared are you?” event hosted by Willis Towers Watson this week.

He explained that the insurance industry is in the midst of a digital transformation as consumer expectations are changing.

Yoder’s presentation “The digital bridge between carriers and customers” pointed out that insurers may not know their customers as well as they should.

He said evidence pointed to the fact customers are now more engaged through digital. In the UK 82.2% of the population have a smartphone, ahead of Germany (78.8%), France (76%) and the US (77%).

Consumers are subsequently changing in how they engage with insurers, meaning companies are still losing customers to churn. 

He said that the key to reducing churn and increasing “policy persistency” was to “collect data, be able to analyse it and use it to engage with customers.”

Yoder explained that the insurers can engage with customers through their data. For example, someone getting married might be interested in related insurance products.

And he stressed that “people take action for rewards”. 

Yoder said this was something that could benefit the entire industry.

Sureify is a firm that bridges the gap between carriers and customers.