Endeavor, in partnership with MetLife Foundation, recently held its third webinar in a series of online workshops for Endeavor Entrepreneurs in the financial inclusion sector to connect with seasoned mentors and gain industry insights.
The workshop, which took place in November, was hosted by Françoise Lamotte, MetLife’s Head of Direct Distribution and Digital for the Europe and Middle East Africa region. Françoise Lamotte provided over 35 participants from 14 countries with a detailed review on the rise of InsurTech companies and the changing expectations regarding customer experience.
“The traditional nature of many general insurers’ operating models means that they are challenged by digital technology startups all across the customer journey,” Françoise said. “Today the InsurTech startups are redefining the whole customer experience from awareness to changing and renewing policies…The customer experience is changing drastically from paperwork to [a] swipe of an app and from human cold calls to robo-advisors.”
Françoise also highlighted a number of companies and innovative models that were disrupting the industry:
- Neosurance “personalizes push notifications in order to propose insurance policies based on machine learning”
- Ladder “allows users to get a quote and apply for instant life coverage online or via mobile in a matter of minutes”
- KNIP “aims to simplify and digitize insurance for its users for free, on a mobile platform using artificial intelligence”
- Trov “provides on-demand insurance by digitizing the purchasing process and customer support making it simple, flexible, and transparent”
- Lemonade “aims to enhance customer experience in the insurance industry by making the processes instant for customers via making use of artificial intelligence systems”
- Spixii is “an insurance chatbot that uses AI and machine learning techniques to enable a greater level of personalization by engaging with customers in a dynamic conversation”
- Brolly is an AI-driven personal insurance assistant to help customers “understand where they can get a better price for the cover they need.
Still, despite ongoing innovation in the industry, Françoise emphasized that there still remains enormous potential for growth: “At the moment, I feel that the entrants to the sector are still traditional and we haven’t seen the ‘Uber of insurance’. I’m waking up every morning saying, ‘what is going to come up?’ But, we haven’t seen end-to-end transformation of the model,” she said.
At the end of the session, Endeavor Entrepreneurs had the opportunity to ask Françoise more specific questions regarding insurance models and licensing.