New Zealand insurtech JRNY says it is working with large insurers to help foster a “slick digital presence” and protect sales even as face-to-face advice appears difficult for the foreseeable future due to COVID-19 prevention measures.
JRNY says the lockdown offers a great time for insurers to partner with insurtechs that can deliver innovative projects.
CEO Michael Lovegrove says some insurers have dealt “very well” with shifting their workforces to working from home, but there are gaps such as poor digital customer experience, overwhelmed call centres, adviser inefficiency, systems not based in the cloud and manual claims processes.
He says a “big wake-up call for insurers courtesy of COVID-19” has been how heavily reliant on call centres and in-person sales insurers they are.
The pandemic has made it clear that digital innovation is now a “must have” and is “no longer just about reducing costs or improving margins”.
“With face-to-face advice impossible for now and very difficult for the foreseeable future, insurers need to have a slick digital presence,” Mr Lovegrove says. “COVID-19 has shown that it’s now an imperative addition to risk management processes and business continuity planning.”
Mr Lovegrove is a finalist for the 2020 NZ Hi-Tech Awards Young Achiever of the Year Award.
Article originally published in Insurance News