Innovation in insurance is needed now more than ever
We’ve joined forces with the CII (Chartered Institute of Insurance) to provide underwriters, product owners and project managers with a remote learning experience — read more to find our why.
No one has ever really wanted to buy insurance. They’ve only wanted to buy a little certainty in an uncertain world. And the world has become even more uncertain in the last few months.
The aggregator wars may have cut prices, but consumer trust in the industry remains low driven by a fear that, just when we need it most, we’ll be caught out by the legalese-filled T&Cs that we’ve never really read.
In recognising this fear, insurtech startups and corporate innovation labs are starting to understand the need to make the experience more efficient and friendly. However, in going beyond fear to address underlying consumer needs we believe a much greater prize remains available.
Lots of people don’t really want to have to buy a car. But, to get themselves from A to B they’ve had to learn to drive, endure dealerships, find parking, deal with servicing, paperwork. Then Uber put the same flexibility that car ownership enables at the tap of a button.
Likewise, lots of people have never wanted to buy insurance policies — to research the market, endure brokers, wonder if they’re actually covered, and then to do it all again next year. They’re looking for peace of mind. They want to know that their family will be ok, that their business can remain operational or that they’ll be able to get home.
Focussing on these intangibles is already allowing certain startups to challenge the traditional insurance model — commanding a price premium and level of loyalty that a race-to-the-bottom price for a piece of paper can’t deliver.
We know that embracing this opportunity will not be easy — it means addressing industry norms, cultural and operational. That’s the stuff we love to help with.
As customer expectations rise, we want to be there to meet and exceed them, and we want to find insurers who feel the same, because insurance should never just be a policy document.
So, we have joined forces with the CII (Chartered Institute of Insurance) to provide underwriters, product owners and project managers with remote learning experience. Innovation and design-thinking skills are going to be vital for insurance companies as we head into recession, but it’s also the bedrock of problem-solving and the more complex the challenge the better.
The course, which consists of 4x 90 minute sessions over 2 weeks, is usually £895 per person, but with the CII we are offering it at a reduced price of £595. The course start dates are either 10th August or 1st September. Email learn@fluxx.uk.com if you’d like to register you’d like to sign up or visit https://www.innovationstarterkit.com/ for more information.
Jenny Burns is an Executive Partner at Fluxx. check out The Innovation Starter Kit. Stay tuned with all that’s Fluxx by following us on LinkedIn or signing up for our WTF Newsletter. Get in touch at Jenny.Burns@Fluxx.uk.com.
