The pace at which technology is being developed to solve our everyday problems is quite phenomenal. Whether it’s the replacement of the high street lettings agent with a peer-to-peer platform or the connection of home devices through the Internet of Things to automate shopping order, solutions that both reduce cost and improve the customer journey are going to be rapidly adopted. Whilst possibly not being the primary motivation for the innovation, these solutions can act as a conduit to deliver both traditional and innovative insurance products.
Product Assessment and Creation
We can help you identify the opportunities for insurance product distribution, work with you to build entirely new insurance policies or to help you determine which of products in a traditional suite may best match your customers requirements. We will work with you to understand the routes which will generate the best commercial outcome for you in line with your risk appetite introducing you to the various parties needed to create these products whilst avoiding numerous layers of intermediaries and their associated costs.
Once a product has been written and underwriting capacity has been secured, it must of course be distributed. Whilst technology businesses have in-house resource to be able to deliver the platform, there are a host of industry specific requirements and peculiarities which must be dealt with to ensure both successful and compliant sales from customers disclosure, rating and document production through to claims handling, reporting and statistical analysis . We can help you understand what these hoops are and how you can best jump through them ensuring not only regulatory compliance but also a fantastic user experience.
With a great deal of capital being deployed into technology driven insurance, it is important for any investor to have access to an advisor that is connected with the daily operations of the insurance market who can provide an objective review of the opportunity. We can help review an opportunity prior to capital deployment to determine whether or not it is investible, we can work with the management team as the investors representative to help them deliver on the business plan whilst ensuring the funders are kept properly up to date and we can help support capital providers that are attempting to turn around a failed project.