Last night I had the privilege of presenting to a mixed public from theand related industry for Startupbootcamp Insurtech. With a lot of requests for the slides, I decided to publish them here today. The was made up of a combination of people working in the insurance industry as well as startups looking to disrupt the and others interested in insurance and what could potentially bring to the party.
The questions during and after thedefinitely indicated that insurance companies are thinking deeply about how to engage their clients both in the and space. The key is to engage with your customer base and understand what drives and what would motivate them to change. A 2016 survey of 2,005 British adults found that 85% would like their insurer to tell them how they could lower their premium, for instance through changes in behaviour. Some companies have already understood this and give clear examples. In the space, most will be motivated by savings and improvement, whilst keeping their risks to a minimum. In my mind it lends itself to a resource management style gamification, where you allow the buyers to play with the levers on the various resources, so they can optimise their account based on the different variables that are important for them.
Changing behaviour is not the easiest, the formula that gives you a chance to make it work is first of all to create awareness that change may be a good thing, ideally by tapping into the natural motivators that live with your. Then you provide the first next step or 2 so they can easily take action. Just statistics will not be enough, the emotional connection is essential, even in the space, find out what keep the procurement people up at night, what are they afraid of when signing big deals, find out what motivates them to do their best for their company.
I look forward to the follow-on conversations. It defintely feels like this industry is looking to improve how they engage with their client base. It may indeed mean taking a leaf out of the books of heavily disrupted industries such as music and broadcasting.