Tuesday March 3, 2015
Since Markerstudy’s entrance into insurance in 2001, it seems that personal lines has experienced a perpetual cycle of market losses, suffering from over capacity and undisciplined pricing. If rates do harden, it will not be sufficient to return the market to profit.
Telematics currently appeals to a few niche segments but as more products come to the market more of us can play a key role in persuading customers of the benefits available. Telematics has to be more than just a price proposition but a concept of enhanced benefits and risk management to gain a wider acceptance.
The broker-focused insurers, like us, who have put digital at the heart of their business strategy and invested in their own systems will offer flexibility, speed of change and quote manipulation data to match the direct market. This valuable information will enhance our service to you, offering more precise predictions and saving time and money.
By investing in new technology we’re able to react to market changes and create accurate prices as they happen. This alone will create opportunities in cost saving irrespective of what the future holds for all of us.