Solving the challenge of insurance accessibility
A new study has revealed that Australia lags woefully behind other countries when it comes to life insurance accessibility and affordability—with a score of 0.47—well below the advanced market average of 0.67 and even that among emerging markets of 0.53. Concerningly, almost half of Australians currently have no life insurance policy—and no intention of getting […]
Nine reasons insurers who invest in insurtech will always win in a competitive market
Insurtech has been transforming the insurance game for more than a decade. It’s time for the rest of the players to take stock of their pace and either concede defeat or step up to the plate. By Martin Stewart While this may sound drastic, the last few years have seen companies put the proverbial foot […]
Ensuring your insurance business model is prepared for the future.
A new vision of insurance – picking a business model that will see you thrive By Martin Stewart : 15th of February 2022 If there’s one thing insurers understand, it’s that the unexpected can happen. But no one could have foreseen exactly how the last couple of years would play out for our world. The […]
How to establish the right insurance business model
It’s not as simple as selecting from a suite of pre-set options. By Martin Stewart : 12th of September 2021 When it comes to creating your insurance business model, it’s not as simple as selecting from a suite of pre-set options. Instead, you should assess the various key components involved and then piece them together […]
21 signs your traditional insurance business model is a gamble
A large proportion of your gross written premium (GWP) is for manually assessed risks You cannot analyse claims costs against policies written for each rating factor. You can’t measure quickly whether a change in your sales offering has had a positive or negative impact on your bottom line. There is an excessive concentration of risk […]
Rethink, don’t reboot your commercial insurance systems
We’re all familiar with Uber, Zoom and Google. They make our lives easier, make accessing products and services seamless and are effortless to use. By Martin Stewart : 31st of December 2020 But the challenge for commercial insurers is that because of the innovation these companies have created, every customer, decision-maker and stakeholder now expect […]
How life insurers can benefit from the IoT
The IoT is good news for life insurers. By Martin Stewart : 24th of December 2020 The Internet of Things (IoT) is the network of connected smart devices, from fitness watches to smart kettles, that can gather and share data on a massive scale – and it’s growing fast. There were 26.6 billion active IoT […]
How to get started with building a digital ecosystem
What to know about building your first digital ecosystem Digital ecosystems offer new opportunities for insurers to evolve and grow revenue. Here’s what you need to know to get started. By Martin Stewart : 24th of December 2020 Traditionally, insurers have taken a passive role in customers’ lives, relevant only in times of crisis. Because […]
Riding the insurance big data wave
Riding the data wave! By Martin Stewart : 24th of December 2020 Insurance has always depended on data. In 1693, scientist Edmond Halley (of the famous comet) produced a Royal Society paper on the mortality rates in Breslau, Poland. This was only made possible due to data because the Breslau authorities recorded the ages of […]
How tech can help restore customer trust in insurers
The financial services industry has taken a big hit when it comes to consumer trust. By Martin Stewart : 24th of December 2020 In the aftermath of the Banking Royal Commission, a third of Australians say they’ve lost trust in their banks, and that has serious flow-on repercussions for related companies like insurers. Scandals within […]