July 15, 2019 09:30
Photo : Freepik
For Ian Jeffrey, CEO of the startup Breathe Life, the process of development of the young shoots is based on the slogan of “Build, measure and learn” (” build, measure and learn “).
This approach proves the relevance of a solution in the developing on the principle of marketing the product viable minimum (” minimum viable product “, or MVP), he said at the forum Insurtech Quebec, held in the spring.
Optimize time and resources
“For us, it takes two weeks to develop a tool. At the customer’s insurer, it takes months. It is better than before, so that it would take years, ” he says.
By understanding faster how customers react to changes in the user experience, content and platform of the insurer, the collaboration allows us to better follow the reaction of the market to the products offered. In addition, the insurer also has access to everything that suppliers can learn in working with clients in various sectors, which reduces the length of the learning curve.
Ian Jeffrey gives the example of the first client to Breathe Life, an insurer that had tested its own digital platform for six months. With the cooperation of the provider, the insurer launched a new platform since mid-February, with iterations every two or three weeks. Compared to the results obtained during the test, sales increased by 23 %, costs were reduced by 66 % in the call centre, and 70% of new sales were made directly in digital mode.
The youth want to buy life insurance
According to him, it is false to claim that the younger generations do not want to buy life insurance. “Nobody wants to talk to small fonts,” he says. These customers want to buy blankets, temporary 10 or 20 years without medical examination at the time where it suits them, and without having to meet with a representative.
“The time of councillors is as well better used,” adds Ian Jeffrey. The platform Hublio works on this principle the robot’s conversational (” chatbot “) to distribute insurance.
Take advantage of the instinct for start-ups
In addition, insurers can also benefit from the entrepreneurial experience of the young shoots. The technology entrepreneurs have an instinct different than that of managers of a large company. “They are accustomed to solving complex problems through their experience in the creation of software,” he explains.
These startups have a different point of view with respect to the quality of the experience of using a digital platform. By combining this expertise with that of the insurance companies, it happens more easily to improve the customer experience.
In life insurance, says Mr. Jeffrey, the relationships are still very much paper-based. This cross-tabulation of data by the artificial intelligence allows you to specify the questions, because the consumer bought the product without the assistance of a representative. The technology can also help to better detect the risks of fraud, in addition to supporting insurers in the development of products that customers demand.
What are the benefits an insurer can take to collaborate with a assurtech ?
It is to this question that will answer the of the insurance Journal in its edition of August, in which will be published its first Guide to technology in insurance. In addition to this question, ten major issues related to technological development in insurance will be discussed, ranging from the implementation of the bandwidth 5G artificial intelligence, through the automation of tasks and the deployment of connected objects.
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