Insurance Technology

How far has the insurance industry come, in respect of it’s use of technology. To be honest up until the last few years, the whole insurance industry in general has been in the dark ages, only just getting over the ‘quill pen’. Yes there has been few exceptions where innovation by brokers and insurers managed to persuade the old guard that change was needed, although it has to be said there are still large pockets of resistance by some larger brokers and insurers, namely because of their old fashion procedures and very often hampered by too many jobs worth within their own corporations.

The quicker insurers and brokers understand and embrace insurance technology, sharing the best of innovated ideas and implementing them, the easier it will be for all involved in the process of buying and selling.

The benefits will far out weigh the losses and investments you may need to consider.

The buzz word must be ‘Automation Automation Automation’

Things to consider if you haven’t done so:

• Online Quote and Buy UK
• Online Quote and Buy Worldwide
• Feeding into UK Insurance market
• Visual and speaking communication direct from your own websites, almost TV broadcast
• Automating schemes via the internet
• ‘SME’ automation for all insurance products
• Broker/Insurer direct websites issuing more complicated insurance products and offering immediate cover for businesses and SME’s direct, rather via insurer/broker systems.

Insurance products to consider online if you have not already done so:

1. Professional Indemnity Insurance
2. Directors & Officers Insurance
3. Charities and Trustees Insurance
4. Pension Trustees Insurance
5. Property Owners Insurance
6. Commercial Travel Insurance
7. Public & Employers Liability
8. Cargo Insurance
9. Combined Insurance
10. Events Cover
11. Medical Malpractice
12. Tradesman Covers
13. Office Insurance
14. Shops / Surgeries

More complicated insurance products such as Intellectual Property Insurance, Solicitors Insurance, IFA Insurance, Shipping and Aircraft risks can still be automated and presented directly form your websites to insurers and underwriters to consider the risk.