Insurers at the battlefront in the war against climate change

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Hurricane Irma killed 134 people in 2017; Miami Florida USA. Source: Shutterstock

Insurance giant Chubb announced earlier last month that they will be the first US insurer to begin divesting from coal. It follows a string of European insurers who have been leading the way in making more ethical investments. Australian insurance companies are following suit; QBE, Suncorp, and IAG are all phasing out their business with the coal industry. And Japanese insurers are starting to head in the same direction; three large Japanese life insurers recently announced they would no longer be funding new coal projects. Continue reading

Customers and Data are Driving Disruption in Travel Insurance

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The typical process customers will experience when making a travel insurance claim from a traditional insurance provider is made up of 13 or more steps over a period of 45 days, and likely long after they have returned from their trip. It is no wonder that travellers are increasingly looking to insurtech startups to provide better travel insurance experiences and products. Making use of a blend of customer-side synergies and big data, the Insurtechs listed below are turning the $1bn Australian travel insurance industry on its head. Continue reading

What is a CRM and why are they so popular?

What is a CRM?

CRM stands for Customer Relationship Management. Customer Relationship Management is a marketing and sales strategy devised and applied by a business with the intention of developing loyal clients, resulting in business growth. Each company’s CRM strategy is specific to the business, however they all have one thing in common: client focus. Continue reading

Insurance Trends to Look out for in 2018

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The rise of insurtech startups are continuing to transform the insurance industry as we know it. From lightning speed claims to having a greater purpose, thanks to technology developments and advanced economics insurance is joining the growing industries being disrupted. While insurance does come with its challenges, a handful of insurtechs are proving to be successful. In this post we cover the insurance trends that show promise to make a big impact on the centuries old industry in 2018 and beyond.

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5 ways to retain clients and increase sales using tech

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There are several reasons your existing clients are your business’ most valuable asset.

  • Increased profits from sales
  • Increased profits from reduced operating costs
  • Increased profits from referrals

Not only is it 3-5 times cheaper to keep a client than to engage a new one, but studies show that repeat customers pay more for purchases and purchase more often. Satisfied clients also help your business to grow through referrals to friends and family. Continue reading

Is the Sky the Limit when it comes to ‘the cloud’?

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It seems more objects than not are connected to the internet in some way or another. Whether it’s traditional technology such as computers, laptops, tablets and smartphones, or the less expected items such as household appliances, toys, cars, and drones; with an internet connection comes the opportunity to save information to what is commonly referred to as ‘the cloud’. But with so many internet-connected-things, surely the cloud is going to run out of space at some point, right? Continue reading

How to Make a CRM Work for You

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Common CRM Implementation Failures to Avoid

The uptake of CRM software is growing at a steady rate of approximately 13% each year over the last few years according to reports from Gartner (2014; 2015). And with good reason – CRM software enables companies to grow loyal relationships with their clients by allowing a better understanding, segmentation and tiering of their client base, improved targeting of promotions and cross selling, and the implementation of alerts that signal a client is about to depart. CRMs are a complex software that can deliver what many refer to as a ‘360 degree view’ of their clients. Continue reading

How Not to do Digital in a Business Environment

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For this month’s post we have taken a slightly different perspective. After an underwhelming firsthand experience with an insurance company that appeared to have missed the bigger picture, we decided that this edition we’d look at how not to implement digital technology. Continue reading

Top Technology Trends for 2017

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2017 looks set to be another big year in technology. However rather than any big new inventions taking centre stage, this year will focus on improving existing technology such as machine learning, mobility, virtual reality, IOT and automated finance. Don’t let this fool you, 2017 will most definitely be an exciting and life-changing year for technology. Some of the more farfetched tech products will be given the chance to refine their concept and become more functional, increasing their adoption in everyday use. Continue reading

Will 2017 be the Year for Insurtech?

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What impact will Insurtech really have on the insurance industry?

The global insurance industry is valued at $8Trillion. According to San Fran based investment bank, Financial Technology Partners, just last year insurtech companies raised a whopping $2.6 billion. The development of new technologies and the Internet of Things have changed the way people do things, creating new opportunities in an already profitable market and leading to the rise of insurtech. As it sounds, insurtech is insurance transformed by technology and has been gaining attention as a resourceful investment for some time now. Half of incumbents believe they will lose 20% of their business to insurtech start-ups. While it is true that there have recently been significant investments in insurtech, we are yet to see any substantial presence in the market. Will 2017 be the year that insurtech starts making an impact? Continue reading