Conversation Shifting in the InsurTech Space

Michele Tucci, Chief Product Officer, CredoLab, along with Michel Massain represented CredoLab at the Insurtech Insights 2019 held in London on the 19 and 20 March. Insurtech News covered the event and quoted Michele on how CredoLab fared at the event.

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This is a snippet of the original article:

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Over 2000 attendees were present last week in London at Insurtech Insights, one of Europe’s most important insurtech conferences held between 19 and 20 March. Much talk around customer experience and customer loyalty while AI, blockchain and cybersecurity also took up part of the conversation, not to mention the ever-morphing incumbent – start-up partnerships.

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What do millennials care about?

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Collaboration between start-ups and incumbents was a central point of several panels and among them the one moderate by Robin Kiera, Founder of Digitalscouting.de, especially stood out. One of the main issues, said Josh Hart, Co-founder of Yu Life, is that “as a society we don’t care anymore about what our real needs are but more about ‘how we feel about certain issues’ or ‘what feels good’”. It might well be that to address a younger audience the conversation needs to shift towards what customers love: Netflix, Audible, Headspace and so on. The point made is that insurers should make sure to look after customers’ needs but at the same time give them what they want and enjoy.

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The debate around what do millennials care about in relation to insurance brought about some questions like ‘Do they want peace of mind?’, ‘Will they go for the cheapest option?’ or even “Do they care about protection?”. A good observation made by Jon Cooper, Co-founder at life.io is that they will start purchasing life insurance at a certain moment in life, for example when kids come into the picture.

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Historically, the 2008 financial crisis proved that big institutions which seemed solid were not infallible. This, in the eyes of the customers have perhaps created good momentum for emerging brands and start-ups and the results are started to be seen today as companies such as Lemonade and Metromile are gathering a customer base.

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True behaviour change – is it possible?

Vivek Garipalli, Co-founder & CEO at Clover Health gave some great examples of how tech based on data collection and analysis can help solve certain issues and identify patterns that would be otherwise impossible to detect by doctors alone. This makes AI essential in preventing and in managing the treatment of certain medical conditions like renal failure or type 2 diabetes.

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The topic of behaviour change continues to be on the lips of many but is it effective? According to Vivek Garipalli real behaviour change at scale is very difficult to obtain through incentives, games and rewards alone and that the really effective approach lies in providing customised therapy and medication.

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The start-ups

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Among the many start-ups present at InsurTech Insights, Hero Labs showcased their SONIC water leak prevention and detection IoT-based system. Given the great environmental impact of water loss (3,1 billion l of water are lost every day in the UK) it’s in the interest of all to try and reduce water waste and damage related to it, so we’ll keep an eye on this start-up. Competition is high in the home sensors/IoT sector and partnering up with insurers means they will need to convince them that they are better than other start-ups operating in the same space.

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Credolab, a fintech credit risk start-up that traces the digital footprint of clients showcased their product with the objective of understanding possible applications of their solution in the insurance industry.

“We can bring knowledge from the way credit card issuers are mitigating fraud, how they are acquiring customers at a lower cost” said Michele Tucci, Chief Product Officer at Credolab. "We have had great conversations with people keen to use the power of AI at every stage, from lead generation to underwriting, maintaining persistence to lowering lapsation rates. We also raised a lot of eyebrows when we showed them how Credolab mitigates any data security and GDPR concerns. Insurtech Insights has been a great platform for us to share our vision of what the future of Insurtech hold and see it being resonated positively with all the key stakeholders of the industry." - Michele Tucci.

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Read the whole article here.