It was a true pleasure to be able to present at the BIBA conference in May. To my delight the room was busy and full of interesting people. The research we carried out under the banner of CoDice Research Ltd, was hot off the press after being carried out for second year running giving us huge insight into how the market has changed, how it has developed and how the business community are now, more than ever, keen to re-engage with insurance companies and brokers rather than do everything through a virtual portal.
It turns out people do buy people and human interaction is an important part of both taking out a policy and when an insurance claim needs to be made. Insurainsight, owned by Codice Research, showed that business customers as a group like to have a person at the end of a phone, not just an automated digital response.
In time the digital world may well start to replace the need for customers to give information to gain a policy or a quote, the world of big data is a fascinating and terrifying place. So much information is held on us, our personal habits, our shopping patterns, our food and restaurant preferences, and for those like myself who own an iPhone and a Fitbit, you can tell that despite the fact I do an hour of exercise every day, the wheels fall off at the weekend and I spend way too long standing still in a wine bar or consuming calories in a restaurant on a Friday night! These can help (or hinder!) my personal insurance. So it surely cannot be long before the world of the commercial business starts to be shaped by the statistical data held, insights into the business location and sector, the employees, the product, the risk – these must all start to feed into a huge data base to offer me commercial insurance without the need for me to complete any forms, no need to answer any questions. The idea of this is hugely appealing to most small businesses, and this was echoed last year and again this year in the Insurainsight research. So, what is the difference this year? Yes, we small companies want a quick quote. Yes, we want to know what we are getting without investing any time into the process. Yes, we want to know we are getting value and YES, we cannot stress enough how speedy this needs to be carried out, and yes, if it can be totally automated and emailed to us by return then all the better. The difference is the exact point we turn a quote into a policy, in fact until we say yes. We are fickle as consumers, we want that quote, at that price, for that period of time – then we want a person, a broker, an individual to reassure us we have got it right; we need a human interaction to allow us to know that “computer says no” or does it? We (the end user) want a person we can check with, a person we can call if things go wrong, someone to physically and emotionally interact with. The end consumer has and will embrace technology and automation, but only to a point. When it comes to actually saying ‘yes’ it turns out we want to say yes and not just hit the ‘continue’ button!
Susannah Schofield OBE
Cover and Budget
Jargon and Regulation
Value vs Needs
For the full report call: 01622 807930