🚀 Insurtechs: the typically paper and process driven insurance industry sprouted insurtechs as a result of advances in technology, the internet of things (e.g. FloodFlash’s water level sensor) and improved data processing capabilities (e.g. Flock's leverage of telematics to provide quotes). They’ve resulted in a number of benefits for end-customers, notably data driven pricing that correlates more accurately to risk profiles, improved UX (e.g. Superscript's digital broking process) and insurance for companies and asset classes that previously might not have been eligible for policies.
💡 What’s next: we can expect to see more data driven policies emerge to serve those who weren’t previously insurable e.g. satellite data being used to map out housing areas in emerging markets and more data driven pricing. Democratising access to historical loss data will likely lead to policies being priced based upon actual events as insurers will have a better understanding of their exposure e.g. if a driver was previously involved in three crashes, was their behaviour responsible for any or were they not at fault?
💨 Headwinds: during the past couple of years there was a huge amount of pressure on insurtechs to scale their customer numbers, while in the past few months we’ve seen consolidation in the industry as investors look for sustainable insurance fundamentals. In the past, insurance sales cycles to startups were delayed by startups waiting for regulation, whereas now they’re delayed by startups waiting for funding.
About the guests
Mark Robinson is the National Sales Manager for Superscript's advisory and broking service. With over 20 years experience in the insurance industry, Mark is a specialist in technology-based risks.
Nyasha Kuwana joined FloodFlash as Head of Product in 2019 before becoming Commercial Director in 2023. Nyasha oversees FloodFlash UK sales and broker relations as well as the global claims team - setting a company record in 2022 with one claim paid in full in just 3 hours and 50 minutes.
Will Faulks is Head of Data Science and Actuarial at Flock. A qualified actuary working in the Motor Fleet space, using data to predict, prevent, and understand the risks of accidents.
