Customer service

A crucial point that many businesses engaged in the B2B sharing economy are increasingly aware of is that engagement often carries considerable liability risk, which is why it is of utmost importance for businesses to insure against this risk with robust verification services.

Insurance blockchain working group The Institutes RiskStream Collaborative has partnered with Trustlayer to build out an insurance verification proof of concept.

“A New Idea: Insurers Creating Ecosystems Delivering Value to The Policyholders,” a session during InsureTech Connect 2021 focused on the current changes occurring to accelerate solutions for consumers.

Vethelpline offers insurance members and now subscribers, 24/7 access to veterinary experts and veterinarians who can answer care questions through an app with a chat feature or through a phone consultation.

Recent EY research confirms how the pandemic fundamentally changed consumer needs, how they plan to increase their financial security, and what insurers can do to seize the opportunity.

The past 18 months have uncovered a vulnerability in the insurance industry, as companies have struggled to maintain consistency in their processes in the face of remote working. Communication processes, in particular, have suffered and as a result, traditional insurers now face the real risk of losing customers to insurtechs and other more technologically advanced companies.

Insurtechs have secured more access to capital in the last few years and by the end of 2020 the total market cap of listed insurtechs surpassed $22 billion, according to the World Insurtech Report 2021.

Forrester research finds that even the most tech-savvy claimants want the reassurance of a human voice handling their claim.

Many insurers are focused on ransomware risk protection even though other new vulnerabilities are emerging from remote work. Recent statistics point to a troubling increase in ransomware and phishing, web application attacks and other emerging cybercrime tactics.

Carriers, pressed by lower expense insurtech models that emphasize direct-to-consumer engagement and new, rich data sources, are beginning to encounter a bifurcation of risk and client characteristics.