Stuart Scott , CTO, Gigasure
Insurance has long been regarded as a traditional industry which has often been resistant to rapid change. This is all changing with insurance undergoing a significant transformation, largely powered by the evolution of technology. This shift is not just an enhancement but a necessity in a world where consumers are demanding faster, more personalised services.
Today’s consumers expect seamless and efficient experiences in all aspects of their lives, including insurance. They want to receive things or get them sorted quickly. So insurance has to adapt to get people what they need faster and this is where the evolution of Insurtech is so exciting. With advancements in technology, insurers can now streamline operations to deliver policies, handle claims, and provide services with unprecedented speed.
Personalisation is key
Insurance has historically been difficult to personalise, and it hasn’t always been easy to deliver a product that put the customer front and centre. The technology and insight is now there to make it more customer centric and deliver a product that offers much more and makes insurance more exciting.
The key is being able to give customers flexibility and being able to elevate and improve the insurance offer through the whole process – from purchase to claim. The evolution of data-driven solutions means that customers have come to expect to be able to access products tailored to their specific needs. They also want to feel in control with customisation that enables them to build a policy that matches their unique requirements. Gigasure delivers these via our purchase journeys and app self-service features and in doing so we can empower customers to tailor their insurance policy to align with their specific needs and budget. The result isn’t just cost savings for the customer, but the flexibility allows us to build trust and brand loyalty too.
Enhancing the customer experience
Customers want a seamless and intuitive user experience – providing a product that is easy to use and understand is essential for building customer trust and satisfaction. At Gigasure we believe travel insurance should adapt to the customer’s journey, not the other way around. By combining a flexible policy build with dynamic management tools, we deliver a truly customised and responsive insurance solution, marking a significant shift from the one-size-fits-all approach found in traditional policies. When it comes to wording policy information, we provide this in a clear and transparent tone to make insurance easier to understand, allowing customers to feel more empowered to make the right choice for them.
Advances in insurtech have enabled travel insurance to go from not just a product you buy and forget about, but a much more personalised service that travels with you as a companion around the world. With so much behavioural data now available, insurers can get a much deeper insight into customers behaviour to deliver benefits and information that reaches them at the right time. Yes, cost is still a prevalent factor when choosing the provider, but customers want more of an experience.
A digital-first approach enhances the overall customer journey. Mobile apps and user-friendly platforms simplify access to policy information, claim submissions, and customer support. Push notifications and reminders keep their policyholders informed about important updates, like renewal alert and important travel advice. At Gigasure, we are using technology to simplify the claims process and experience for our customers. Our app uses the information we have on a customers account to prepopulate some of the claim's forms therefore making the process faster and easier, reducing administrative steps so customers can focus on what’s important.
AI is playing an increasingly crucial role in helping the insurance industry predict and respond to global eventualities, for example severe weather events or political unrest. Using AI-driven models, insurers can anticipate the possible risks with greater accuracy. Having this information combined with location data means that insurers can help customers prepare. This approach can strengthens customer trust, showing that insurers are ready to go above and beyond to support them.
Parametrics are playing a key role in enhancing the experience, being able to provide benefits that go above and beyond what customers have come to expect from their travel insurance. We can use real-time data such as flight tracking to detect when a customer is experiencing a flight delay. When this happens we can provide them with immediate benefits to help ease the stress and inconvenience. The same can be done when baggage delays occur.
Looking forward
This evolution is setting new standards in the insurance industry. The adoption of technology is not a fleeting trend but an evolving necessity and one that we continue to innovate with ensuring we can flex and adjust for the future. Technology allows us to be intelligent in the way we connect data and people and those that fail to recognise this will get left behind. Data allows us to understand the behaviours of customers and identify the key moments when they need the support from their insurance the most. Making data driven product improvements means we keep the customer at the centre of it all. Everything that is done is to improve and elevate and therefore transforms insurance from a simple policy to more of an active plan that travels with you and updates along with your travel plans and needs.
Insurers who embrace the digital transformation will be well-positioned to meet the changing demands of consumers, providing faster, more customised products that enhance the customer experience. The future of insurance lies in an ecosystem where technology, data, and human insight converge to offer smarter, more responsive solutions.
The industry has already made waves in making this happen but there are legacy industry aspects that are slower to catch up. Once this happens, imagine how much more we can do. Technology is transforming insurance into a dynamic, customer-centric industry and the providers that leverage these technological advancements will not only improve operational efficiency but also build deeper, longer lasting relationships with our clients by offering more personalised, transparent, and agile services.
