Insurers look to supply chain
At the recent Marketsforce’s 3rd annual Motor Insurance Summit, the supply chain was highlighted as being a key component for insurers moving ahead.
Speaking at the conference, themed Looking ahead: charting the evolution of motor insurance, Francois-Xavier Boisseau, chief executive officer, insurances, Ageas, said, ‘Vehicle manufacturer (VM) technology will have a profound effect on the insurance industry. The connected car will shift the balance of power. The question is when it will impact – is it 10, 15 or 20 years’ time?’
He continued, ‘We see the quality of claims service as fundamental to our success – it’s the only time we get to build trust with the customer. We understand we need to get close to the people delivering that service and have taken a very different approach to most in doing that. One of our key strategies is to continue to get closer to the supply chain.’
Supporting Francois’ opinion, Mike Brockman, group chief executive officer, insurethebox said, ‘There is lots of talk around VMs and how they are going to conquer the world but we have a sizeable window before they manage to get their act together. VMs really will be a threat to the insurance industry – the connected car The Waldorf Hilton Hotel in London is coming and will change everything. How fast this connectivity is coming is the big debate.’
Mike suggested telematics was a big step in supporting the insurance supply chain, offering customer engagement and communication opportunity to drive the customer back into the supply chain.
The importance of the supply chain was also highlighted by Gus Park, commercial director, Direct Line Group, who said, ‘I think insurers do have a massive opportunity to work with supply chain to ensure quality and consistency throughout the claims process.’
Focusing on the evolution of technology and the emergence of driverless technology, Gus continued, ‘We have to embrace the potential that our market could shrink dramatically. We, as an insurer, can make money by being better than others at what we do and the supply chain is a big part of that.’
The Motor Insurance Summit took place on Wednesday 25 March at the The Waldorf Hilton Hotel in London. bodyshop acted as media partner for the event.