Peter Reynolds, Head of Insurance, International shares his thoughts on shifting commercial expectations, the process of product development and the technology trends that are shaping the future of insurance.
“Before the technological advances started revolutionising the industry, insurers had to rely on manual processes and disparate, unconnected systems to determine insurance products and rates. However, creating and deploying new rates to the market, a tedious and long process that can take weeks or months, now takes a fraction of that time.
The shifts in our customers’ expectations are driven by changes in consumers’ expectations. Both insurance companies and consumers expect faster, smarter, and safer products and rates now, not months from now.
We are also considering how insurance products and the market as a whole will shift. The pandemic has changed the needs of consumers globally, particularly with regards to auto, homeowners, and pet insurance. Consumers are spending more time at home and driving less, hence have come to expect that their insurance company’s offers and rates will adjust to their lifestyle.”