Everybody currently seems to be focused on the future with Beit Telematics, supplier/insurer relationships, Big Data, driver behaviour data and claims processes at the forefront. There seems to be a number of different views on what the priority is and what will be the “next big thing” to shape the insurance industry over the next few years. 

User Based Insurance and Telematics solutions (Big Data) seem to be the clear focus and this seems to make sense to me. Moving from a “one size fits all” driven market to a market which is shaped on individual driver behaviour must be the next step in a world where everything we do is now tracked and scrutinised. Is this too much though? Will consumers adopt a “Big Brother” approach? For what it’s worth my view is yes they will, if this demonstrates a tangible cost saving on their policy.

However the industry moves forward in the next few years it is undisputed that the automation, streamlining and knitting together of insurer processes, systems and policies will take centre stage as insurers become more focused on technology. In this world of smartphones, black boxes, Wi-Fi and Bluetooth surely the cars will start telling us what they need soon. External suppliers such as CAP need to be well placed to help with these changes to ensure the consumer journey from policy inception to claims processing is seamless, quick and painless. 

Customer retention is critical in a competitive market such as motor insurance and all Insurers are looking for tools to help delight and recycle their customer business, especially customers who have had vehicles written off and have a cheque to spend!

This is ever prominent in my mind and as mentioned throughout my objective at CAP is clear. To not just focus on a delivering support in claims processing, but to help develop positive change throughout the consumer policy lifecycle.

We have many ongoing projects at CAP which once ready will not only help insurers delight their customers but also help deliver internal cost and time savings. Whilst in meetings with some of you we have already discussed the type of products/services that could be of significant benefit.

This really is an exciting time for the insurance industry as it develops over the coming months and years and I look forward to showcasing how CAP can help this journey.

Best regards