Is Uber disrupting the insurance industry for the better?

insurers looking at monitor

Uber disrupted the market with a simple idea, put the control in the hands of the buyer. We must admit, this was always going to happen, with all the technology available to businesses and consumers and therefore access to so much more, it was only a matter of time before the customer experience was to be taken to a new level.

 

The experience Uber gives is so good for what reason?

We believe it’s about consistency. But consistency that the buyer feels they control. From the seamlessness of the order through to the tracking of the journey and the route to be taken all the way through your journey, to the 2-way feedback at the end of each journey. All the experience is now workflows and automation and has little to do with the people. 

In the old days we would base our experience mostly on the individual we had assisting us to place an order. But now we make a rating on how well the automation works, there is little to (and I have experienced it) to no interaction with a person when travelling by Uber yet we rate the experience. So, what does this tell us? All business is moving to the Uber model, giving control to the buyer, while keeping them communicated completely transparently throughout, as it’s this transparent communication that ensures we keep using these types of services and give 5-star ratings.

 

Could you compete if Uber was a player in insurance?

With all this in mind we come back to the subject of this blog, what rating would you get? Do you have your technology stacked ready for the next generation of commercial insurance buyers? Are you giving your agents the tools they need to be able to talk with the generation brought up on the Uber experience? From your remote working to your access to documentation, to electronic sign-offs to shared document libraries, how ready are you to serve this generation.

They won’t be impressed with an agent or underwriter who is not communicating and serving them with the tools they have been brought up on. Insurance is a very old industry with a lot of legacy. It’s now time to update the systems and make them work to give the new customers the experience that they have come to expect from many other industries.

 

Is consistency holding your business back? 

At support tree we have solutions that will enable these business outcomes and will help to ensure market share is not only secured but grown. 

Maybe you have another problem you can’t solve? 

Book a meetingwith our specialist. Alternatively, give us a call on 0207 260 2680 

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