COI. Regarding your participation at the Insurance World Distribution Challenges 2015, could you please give us some ideas about your speech “An online General insurance Company with a uniquely customer focused business proposition”
IVDB. InShared started 2009 as an innovative greenfield insurer in The Netherlands. Today, we have a 10% market share in new online insurances and manage 500.000 policies with 35 FTE.
InShared has a truly disruptive model, both from the business model (platform) and from the customer proposition. Our business model has proven to result in a perfect balance between the lowest cost in the market and the highest client satisfaction. I will explain to you why and how but to give a first idea:
- Our clients feel in control because they can do everything themselves.
- This requires us to make everything very simple and transparent. Going mobile required us to leave out all unnecessary texts and replace texts by visuals where possible.
- We chose to do everything online (only in case of claims you can call) which allows us to operate smooth and at the lowest cost levels and give a good price to our clients.
- InShared is enabled by in-house developed platform CynoSure. Through a separate entity (OutShared) this scalable insurance platform is available in a SAAS solution to other players in the insurance market.
“InShared tiene un modelo verdaderamente disruptivo, tanto desde el modelo de negocio (plataforma) como de la propuesta al cliente. Nuestro modelo de negocio ha demostrado resultar en un perfecto equilibrio entre el costo más bajo en el mercado y la máxima satisfacción del cliente”.
COI. What are the main challenges, changes and opportunities that Insurance Industry will face within in the next years?
“No se trata de crear sistemas complejos sino de alterar las cosas a favor de nuestros clientes. hacerlo siempre a favor de nuestros clientes. Nos aseguramos que lo digital se convierta en humano”.
IVDB. Keeping pace with customer behaviour and truly benefitting from technological innovations.
Customer’s behaviour has changed massively and is shaped by what is happening online. Whatever they can do at Amazon, with Uber or on Facebook, they expect to be possible in all industries. And our industry has a long history, unfortunately with a DNA that is not exactly like those of the brands just mentioned. So it is up to us to change it and meet our clients’ expectations, making their lives easier and just do what we need to to: protect and be there when something happens. I know that online developments and behaviour are different per country but our strong belief is that every country will get to a dominant online channel.
We have seen in industries like banking that mobile use gives another rhythm in your customer contact. What will this mean for insurances? At InShared we have a mobile first policy which means our website is built with a mobile ease of use in mind. But what we can we add to change the rhythm in terms of a valuable and more frequent customer interaction?
As to technological innovations this is a challenge and an opportunity in itself. It is all there but we need to be able to integrate it wisely into our organisations, our processes and products. Not creating more complexity but trying to really disrupt things in favour of our clients, making sure that digital becomes human.
COI. Can you tell us three reasons not to miss the Conference Insurance World Distribution Challenges 2015?
“Los cambios en la distribución es el mayor reto para las aseguradoras. Poder conocer por donde se desarrollan estos modelos y discutir sobre ello siempre es interesante y justifica asistir a la conferencia”.
IVDB. Obviously, to hear the InShared story – one of the most disruptive and innovative insurance models today.
Distribution changes are probably the biggest issue for most insurers so having a day to discuss and share those challenges is something I am certainly looking forward to.
If I look at the agenda it is a good mix of really top 10 insurers worldwide and speakers that have their roots in the online world and all the challenges that online and social bring.
Using the conference to step out of your day to day world and looking from a distance to your own reality always brings a couple of new good ideas back to the office the next day!