Last week, Cambridge Mobile Telematics attended Insurance Innovators Nordics where Mohsin Rashid, Director of Corporate & Strategic Development, spoke on a panel about agile, customer-centric, and innovative insurance. Below are some of the main points the panel discussed.
Take a connected approach
When drivers are filing a claim after an accident, theft or injury, they expect their insurers to help alleviate their stress, not add to it. Customers also want prices based on risk, not just postcode or credit score. Insurers can implement claims automation for a smoother, hassle-free claims experience, and use personalized driving data to underwrite and price a new policy.
Offer prevention and protection, not just repair
Customers want safety features like family monitoring and automatic emergency crash services. Change the role of the insurer to be a safety partner and offer more than just renewal, premium payments, and claims.
Optimize the digital customer journey
More than ever now, consumers are turning to digital channels to self-educate about products and services. The most successful organizations are able to increase revenue and reduce costs by providing optimized customer journeys across digital and traditional channels.
Fortunately, mobile-based telematics offers insurers more touch points and broader engagement with customers.
Earn and retain consumer trust
Offer a value proposition to the customer that matches what they’re seeking to get their attention and interest. Then, communicate clearly and transparently about the product and common customer concerns. Connected insurance means more communication and the opportunity to explain what data is used and how it will never be used.
Build on agile foundations
At CMT, regular, incremental releases to our DriveWell platform allow us to continuously improve our processing without blocking on defined release schedules. We are constantly seeking feedback from customers as we develop, design, and release new features, which allow us to iterate quickly in real time to adapt to a customer’s true needs. Our advanced research lets us discover and iterate on new ideas quickly.
Make every employee a champion of innovation
Develop a strategy that satisfies all teams, including actuarial, claims, product, and marketing. Involve the distribution channel from the start, starting with the design phase, and ask for feedback on the value proposition. Ultimately the innovation must drive a return on investment for the carrier.