Technology enabling insurance brokers to better understand customer lifestyles

Technology enabling insurance brokers to better understand customer lifestyles

Helen Jales, head of strategic propositions, and Gareth McChesney, director of personal lines pricing and underwriting, claim this tech is enabling insurers to provide tailored solutions and risk management advice.

They note that, although comparison websites and an emphasis on price have led to ‘an increasingly commoditised insurance product’, technology has the capability to create more ‘bespoke, differentiated products that can truly meet customers’ needs’.

“Brokers, with their experience and expertise, are uniquely positioned to dig deeper into those needs, but what must remain important is identifying the need before asking how technology can help,” Jales and McChesney added.

In a piece with Insurance Times, the pair also identify a need to mitigate the risk emerging through the arrival of the Internet of Things – claiming that this presents opportunities to cover risks that were previously difficult to insure.

Privacy remains a concern for the pair, however. They question whether customers will want to share personal data in exchange for access to new products. They claim a willingness to relinquish data is likely to depend on the strength of insurers’ propositions.