Digital distribution and the rise of the ‘Nomad’

Accenture has highlighted the rise of a distinct group of insurance customers whose focus is resolutely digital and mobile.

In a report released this month titled The Voice of the Customer: Identifying Disruptive Opportunities in Insurance Distribution, the consultancy firm identify a growing number of people – particularly so-called millennials – who want to purchase insurance in the same way they buy consumer products.

Accenture surveyed more than 30,000 people and divided them into groups according to digital experiences and preferences. The term ‘Nomad’ was used for the most digitally active group, who wanted speedy access to insurance through smartphones and other mobile technology.

Nomads are drawn to pay-per-use insurance, especially for cars, and want the convenience and immediacy of buying online. As Accenture points out, the future of distribution will increasingly be shaped by this group. The report states: “To remain relevant and become an everyday insurer, carriers need to change their business model from one that is product- and process-driven to one in which the customer is central, data and analytics drive most decisions and experiences, and the key enablers are advanced technologies”.

RDT builds the technologies that are redefining user experience and giving providers greater focus and accuracy. We’ve done it with Equator, which centralises rates and enriches data, and now we've created technology that directly addresses the needs of Nomads. A good example is Trice, RDT’s groundbreaking app, developed for Trice Insurance and unveiled at the InsurTech Rising conference last November.

Old habits needn't die hard

Did you resolve to embrace insurtech this year, to reap the benefits of improved customer experience, get your products to market more quickly or simply resolve to be more efficient?

With January fast coming to a close, have you forgotten or are you ignoring those resolutions that you made at New Year? You’re not alone, research shows that 63% of Britons have failed to keep a resolution and 66% of these didn’t manage to keep them for a whole month.

As the year progresses it becomes harder to keep our new habits; the same research shows that less than 14% permanently adopt their resolutions. The majority of us drift back in to our old comfortable ways and find ourselves making the same resolutions for next year.

It doesn’t have to be like this, you don’t have to work alone, you can partner with RDT. Using our expertise in technology and insurance we can help you to achieve your goals.

We can help you revolutionise your customer onboarding by using external data enrichment to minimise the questions and time required for your customers to get a fully underwritten quote.

Our suite of products cover all parts of the insurance chain allowing you to realise efficiencies across distribution, underwriting and claims settlement.

Contact us to find out how we can help you

Further rises in motor insurance premiums, and increased gender gap

The latest confused.com car insurance price index, in association with Willis Towers Watson, has revealed that in Q4 2016 comprehensive car insurance premiums were 14 per cent more than in the same period the year before.

The price data was based on almost two million customer quotes and compares to a 6.9 per cent increase for the same period in 2015.  An average comprehensive car insurance premium is now £767.

It has been suggested that the increase in premiums is down to a number of factors including the rise in IPT, increased repair bills as cars get more sophisticated, and “ambulance chasing” lawyers.  A spokesman from Willis Towers Watson said there could be “an underlying slowdown in the rate of premium increases”, which would be welcome news to motorists.

Employee Spotlight - Justin Cordingley

Hi, I’m Justin Cordingley and I’m head of delivery at RDT Ltd. After getting my degree in civil engineering I began working as a structural engineer – there are a number of commercial developments in London that are seated on my designs and calculations. But then I was enticed by the excitement and pace of the IT industry and decided to leave structural engineering and try a new career as a software engineer.

I gained experience in this field in marketing, trade associations and financial services before moving into insurance when I joined RDT nine years ago. I’ve had great opportunities to progress here, working my way through to my current role where I’m responsible for the performance of our delivery teams and the release of all of RDT's products.