Brokers will sell new types of cover in 2017

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Sharing economy, Internet of Things and even augmented reality could impact UK brokers in 2017 according to expert.

Insurance brokers will be selling increasing types of cover related to the sharing economy in 2017 according to Mahendra Nambiar, vice president of global insurance solutions and innovations lead, at Capgemini.

“There will be new insurance products,” stated Nambiar noting that these would likely be focused on usage-based insurance.

Of customers who want things like Air Bnb insurance he added: “The coverage is still low so there will be new products to attack that market.”

Nambiar also pointed out that there are trends that will see technology make an impact in non-personal lines insurance.

Traditionally tech has been used in innovative ways for home, car and life insurance.

He explained that more technology and tracking will start to be used in the fleet market to track driver behaviour and drive down the cost for the policy-buyer.

Brokers will also be talking about the Internet of Things with their customers – something that he believes will help improve the broker proposition.

He explained that special sensors will be used to prevent claims happening, for example early detection of fires or gas leaks.

“The broker can build this into their proposition and can incentivise a property owner to buy a device to lower their premium,” Nambiar continued.

“If it is for a business bosses can then pass those savings on.”

Nambiar also said that brokers should be changing their marketing strategies to make use of augmented reality.

He added that this technology can also be used to educate clients about risk management and also train staff.

And he encouraged brokers to make use of improving robotic technology.

“Chat bots can be used to automate responses for simple questions,” he concluded.

“Brokers can then spend more time on high value interactions.”

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