Insurance Direct Group Solutions Limited have launched their UK InsurTech broking services under the brand get indemnity ™.
The digital insurance broker can allow for UK companies with a turnover up to £100m to apply for and manage their commercial insurance online.
Simon Taylor (founder and chartered insurance broker), who previously held senior positions at Willis, QBE and Chubb said: “Customer preferences are driving change within the market and insurance brokers have a significant part to play in delivering effective insurtech solutions.”
“It’s not surprising that in an increasingly digital world, customer’s expectations have changed. Our research identified that small-to-medium sized businesses want a simple, transparent and cost-effective service that can be delivered online.”
Quote & bind platforms
“Quote & bind platforms for business insurance have been around for over ten years, made up of comparison sites and a handful of direct insurers. However, they provide very limited access to the insurance market and the rigid structure can’t accommodate the vast majority of requirements.”
“With limited information requested during an application, restrictive conditions and pre-agreed rates are applied to manage the profitability of the book.”
“Quote & bind platforms, therefore only serve micro-SMEs who require the most basic cover in the shortest timeframe. Compared with traditional insurance broking and underwriting, which remains the most effective way to negotiate the best available terms from the market.”
UK InsurTech broker
“At get indemnity we have stripped back the traditional insurance broking process and re-engineered online. Our agile insurtech solution connects a digital platform with human intervention, combining the efficiency of technology with the knowledge and experience of insurance professionals.
“The digital on-boarding process records quantitative and qualitative risk information, while the application is enriched with data held by third parties to validate the exposure from an underwriting perspective and reduce the information burden on the customer.”
“Insurance underwriters are sent the data points with an electronic signature to undertake their own risk assessment and compete to offer the best terms to the customer. The information requested is detailed without making the application overly burdensome. However, customers are encouraged to provide additional information with respect to their controls and risk management to secure the most favourable terms.”
“Congruent data points for underwriters to base their risk assessments allow us to negotiate improved terms for our customers. If we can reduce the level of uncertainty that underwriters include within their rating models, we can offer our customers more favourable premiums.”
“At get indemnity we expect the insurance market will follow the banking industry and allow for better connectivity through API’s. Insurer’s legacy systems remain an obstacle, but the ability to capture and transfer detailed risk information creates efficiencies and provides underwriters with better data to price individual risks.”
A more connected and efficient UK insurance market
“As advocates of quality risk underwriting, we recognise the value insurers add in the distribution of tailored solutions. Reducing the administrative burden on both insurance brokers and underwriters means our customers can receive a better service at a more affordable cost.”
“The old adage ‘insurance is sold and not bought’ is under threat because customers are better informed and don’t need to be pitched to make decisions concerning the products they choose to purchase. Insurtech can allow for a more efficient use of human resource and can offer a competitive advantage by improving the customer journey within a digital ecosystem.”
“We are currently working with a number of insurers to satisfy their underwriting requirements, however, due to the subjective nature of risk assessment and the scope of products that SME’s require, this will be a continual development process.”
“The insurance industry has historically been slow to adopt insurtech, but there appears to be greater recognition and acceptance the market is changing. With a greater number of SME customers buying into our proposition, we will have greater influence on the market allowing for the seamless transfer of data between parties in the distribution chain.”
“We hope our insurtech broker solution is the first that will allow for a more connected and efficient UK insurance market.”
Get indemnity is a trading name of Insurance Direct Group Solutions Limited, authorised by the FCA under FRN 802038 (Financial Services Register). Registered office: The Dock London, Tobacco Quay, Wapping Lane, London E1W 2SF.