Redefining Insurance Over The Next Decade by Fermion’s Peter Miller

The insurance industry, especially in Asia, may not have been the most agile in embracing digital transformation. However, to remain relevant, let alone thrive over the next decade, insurance providers must lay the transformational groundwork for innovation now.

Modern insurance ecosystems with strong digital foundations set the stage for delivery of superior customer experience, and nurture life-long relationships.

But what this entails and what it might look like is only just beginning to be understood.

”Travel insurance is what digitisation should look like,” says Peter Miller, Group CEO of pioneering insurtech and insurance ecosystem builder, Fermion.

“Today, most of us get our travel insurance online, either through an insurer’s website or when booking our flights. But must customer contact begin and end at that transaction?” he asks.

For instance, when a traveller is unwell, modern ecosystems allow for telemedicine and/or the nearest medical personnel or transport to be dispatched to the traveller’s location.

“Needs-based advice has been spoken about for decades but now with an abundance of real-time customer data available, it is possible to make the right offer at the right time through the right channel including incorporating behavioural economics,” Miller adds.

For insurance customers, this of course means better experiences and better outcomes, whether it be for travel, motor, health or any other type of insurance.

For providers, it opens up the prospect of having much longer and meaningful relationships with customers, building on first interactions to maintaining customers for life, in much the same way that banks woo students and other young savers to stick with them for life.

But delivering superior customer experience and nurturing life-long relationships is impossible without strong digital foundations.

Digitalisation sets the stage to bring us to the next level where an insured customer can bring their vehicle to the workshop and be assured that they are getting a fair price, the right parts, and know exactly when repairs will be completed.

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