Blogg

  • 4 Reasons Our Insurance Solution is Better Than Others February 26, 2018

    We get how you think.

    The market is in the middle of a revolution of digitalization, and your business hasn’t found the right solution to join the change just yet.

    But we’re here to tell you that we can solve that problem for you. Within weeks (yes, it’s true).

    We know that there are a lot of IT companies out there trying to tell you to pick them, choose them to help you with your digitization. But we also know that not all solutions are created equal, and we have worked hard to be the best of the best. For your sake.

    Here is what makes us at Greater Than better than those other businesses.

    1. We make everything end to end

    It’s exactly what it sounds like: we make everything from scratch, and we do everything ourselves. (With ‘everything’ we mean a customized app with your brand, colors and font, a plug-in device with your logo on it that works with the app, and an entire webpage with all the information and details that you would want.)

    In the end, we’ll deliver digital AI-based auto insurance to your company ready to use right away. Smooth, right?

    2. The product is white-label

    You’ll take all the credit and will get all the fame. And that is exactly how we want it to be! We work best in the dark and will let you use our technology without anyone knowing.

    We’ll do the job; you’ll get credit for it. We’re happy, you’re happy, and the customers are happy!

    3. There’s no IT integration

    Doesn’t it sound wonderful? No IT-integration. It’s hard to believe, but it’s true!

    We already have a platform with the required technology to digitize your business and create digital AI-based car insurance for your customers. The only thing that we need is a few numbers to match some of your premium costs.

    Other than that we’ll take care of everything else including the technology. So it’s okay if you’re not a tech genius, we won’t judge. We here for you and are glad to help.

    4. We reduce your claims costs

    The platform that we use (named Enerfy) has a wonderful habit of making people change their way of driving to the better. And by doing that we’ll make your customers drive better and cause fewer accidents, which makes it cheaper for you in the end!

    We can point out the highest risk takers and most expensive drivers you have and you can, with our technology, make them pay accordingly. With time, these drivers change their behavior or change company. Either way, the outcome is better and cheaper for you.

     

    Read more about our fantastic technology and what it can do for you here.

    Tags: end2end, enerfy, IT integration, White-label
  • 6 TRENDS THAT HELP INSURANCE CARRIERS SURVIVE THE DIGITAL TRANSFORMATION February 1, 2018

    Technology helps us in many different ways. Tech has revolutionized the way we travel, transport, talk, shop, eat and much more.

    Technology also has delivered a digital revolution that makes the insurance industry stand at a crossroad. If the insurance carriers are bold enough to take advantage of the technologies that the digital transformation can deliver it will lead to dramatic business improvement.

    Here are six tech trends according to the website RedPixie that insurance companies should take a hard look at.

    1. Big Data Analytics

    By collecting data on their users, forward-thinking insurance companies have been able to customize their service to each customer.

    In recent years, ‘Executives at large and small carriers alike have been building centers of excellence (COE’s), with dedicated staff focused on advanced analytics,’ according to McKinsey’s report.

    2. Internet of Things [IoT]

    But where does the IoT data come from?

    In car insurance, black box insurance has become a category allowing insurance customers to install a telematics device that measures their driving safety and calibrates their quote accordingly.

    Additionally, some big data services can tap straight into the products consumers already use because they rely on the internet to function.

    Tools such as Fitsense allow life and health insurers to personalize their insurance offers to individuals based on the readings from their fitness trackers.

    3. The Cloud

    The cloud is a catch-all term for a huge variety of business services. Moving their infrastructure, including high-performance computing and modeling, to the cloud allows insurance companies to update and streamline their infrastructure.

    This improves the efficiency of their employees and saves money.

    4. Machine Learning

    As machine learning tools have improved, so they have become more applicable to the insurance industry. These tools tap into big data pools and help make data analytics more effective. This could provide huge benefits to firms in meeting compliance needs, reducing costs and staying competitive.

    5. Marketing Automation

    The rise of cheap marketing technologies and social media have made it easier for insurance firms of any size to promote themselves and compete with the market leaders.

    65% of traditional European insurers plan to professionalize their online marketing (e.g., purchase of keywords) and 45% aim to improve their social media presence according to McKinsey’s research.

    6. Blockchain

    This tool is far more than just a Bitcoin technology; it’s said to be a technology that will make far-reaching changes to the worldwide economy over the next decade.

    “Blockchain technologies can help the wholesale insurance sector fulfill its role in underpinning the global economy more effectively.” – PWC

    Suggesting that the technology could reduce costs, errors and employee time wasted for savvy insurance firms.

    Tags: insurance
  • EVOLVE OR DIE: WHY INSURANCE CARRIERS NEED TO CHANGE February 1, 2018

    According to the website RedPixie, insurance companies live on borrowed time at the moment. If they don’t change and develop their business to a more digitalized form, that could lead to the death of insurance companies in the future.

    We agree.

    Insurance companies need to adapt to the technological revolution that takes place right now, and they need the help from tech/insurtech companies that already know how they are going to survive this revolution.

    The technologies that insurance companies need to adapt to are IoT, Big Data Analytics, The Cloud, Machine Learning, Market Automation and Artificial Intelligence among others.

    Plenty of insurance carriers already grabbed the bull by the horns and looking for tech companies to co-operate with, but how exactly are they going to work with the technology and how many businesses are adopting these technologies?

    Here’s how the RedPixie website describes how businesses need to change, or they will be replaced:

    “Compared to sectors like retail, the insurance industry is still early in its digital transformation.” – McKinsey

    But, ‘within the insurance sector, top-quartile DQ [digital quotient] performers are generating a CAGR [compound annual growth rate] of 6 percent compared to 3.9 percent for the average player and substantially higher profitability’ according to the same report.

    The leaders of the insurance world are making progress, but much of the industry has yet to catch up.

    Why Insurance Companies need to Improve

    Many established insurance firms don’t see any reason to overhaul the technology they’re using.

    The problem with that is that the insurance landscape is in a period of dramatic change. Standing still means falling behind.

    Price comparison sites have boomed over the last decade, opening up the insurance world for the consumer. Customers are no longer loyal to particular providers. They visit price comparison sites and choose the provider with the lowest price and the best online reviews.

    Many insurance businesses are already facing challenges keeping up with changes in customer behavior. For instance, in the life insurance industry.

    “Real growth between 2005 and 2015 has been negative. Sales of new policies have fallen from 17 million per year in the 1980s to around 10 million today.” – According to McKinsey’s 2016 report.

    And those challenges are only set to get worse new entrants gobble up market share. Across the whole financial industry, a wave of hungry tech start-ups is threatening to eat the incumbents’ lunches. The insurance sector is no different. Your insurance firm could come under threat from:

    Competition.
    Some InsurTech players, such as P2P insurance start-up Lemonade, seek to directly challenge incumbent insurance firms by offering a radical new offering to customers.

    Fragmentation.
    Most InsurTech start-ups won’t threaten insurance firms as a whole, but they do threaten sectors of their business.

    Survival of the Fittest within Insurance Companies

    The future of your firm depends on how you improve the customer experience and whether competitive storms. As McKinsey’s report says:

    “Companies that offer best-in-class customer experiences grow faster and more profitably. To reach this level, insurers must relentlessly improve customer journeys across channels and business functions.”

    Ultimately, every innovation that insurance leaders and InsurTech startups make trickles down to create a better experience for their customers.

    ‘68% of insurers say they have taken concrete steps to address the rise of FinTech in insurance,’ according to PwC’s report. For the other 32 percent, and the rest of the insurance industry, the mission is simple: evolve or die.