Autofill is my friend. I just wish insurance came closer to the experience I have when buying other products.
That issue turned out to be key to the conversation I had this month with Jeff Heine, chief revenue officer at Novidea, an insurance management platform, about the friction that can be eliminated in the process for purchasing insurance.
“Instead of making people enter information in every system multiple times,” he said, “why not flip the dynamic and use the information that’s out there? … We’ve surrounded the broker with all kinds of information, so have them draw on that information and just ask the policyholder to confirm the answers to questions.”
Heine, who described his suggestion as an inversion of the submission process, expanded on the idea to propose a “container” for information. Once the customer, working with an agent or broker, assembles the information needed to write a policy on, say, a property, it can be enriched with information about comparable properties that provide context on the level of the risk. With data on risks becoming more granular, the carrier and broker can share with the insured not just what the level of risk is but why the level is what it is and what the insured can do to reduce the risk (and lower premiums).
“The insured is becoming more of the risk manager,” Heine said.
Crucially, the container is portable in Heine’s view of the future. The insured can take it with them even if they move to a different carrier; they don’t need to start from scratch in providing information on whatever is being insured. Although Heine and I didn’t talk about passing that container on to the next owner of a property, that would be possible. You’d have to redact the information about the owner, but all the information on the property could be sent along, saving the new owner the friction that comes with having to look up the age of a roof and a host of other details.
I’m sold. I think you’ll find the conversation interesting, too.
Cheers,
Paul
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