Written by Mark Andrews on 05 June 2018
Feature first seen in youTalkinsurance on 05/06/2018
Using their General Insurance Capability Model, Altus has analysed where Amazon might have the most success in the insurance broker space:
- Pricing and Underwriting: The fact that Amazon does not have the actuarial skills to be a full-stack insurer doesn’t matter – so long as Amazon acts as a Broker or MGA, it will succeed.
- Channel Management: Amazon could harness its Marketplace to launch an aggregator that competes in the Personal Lines market, as well as with price comparison sites.
- Product Development: Its enormous customer base enables Amazon to launch and test new products much faster than traditional Brokers, who can take weeks or months to bring a product to market.
- Policy Enquiries: It goes without saying that Amazon’s Alexa could easily integrate into the insurance market, given that (inferior) Voice Assistants are already used by some insurers.
Market incumbents mustn’t sit back and wait for this to happen – the time is now to combat the threat.
Improving treatment of vulnerable customers
Written by Sam Turner on 14 March 2019
The financial services industry is lagging when it comes to identifying and servicing vulnerable customers, putting them at risk of both regulatory and reputational damage. While some businesses seem to be making progress – writing vulnerable customer policies, training staff and adopting front-line techniques – there is still a lot to be done.
Altus Consulting joins Insurtech UK as consultancy partner
Written by Mark Andrews on 12 March 2019
Altus Consulting, a leading financial services consultancy, has officially become a partner of Insurtech UK, joining the first wave of associate members and partnership sign-ups of 2019. With the aim of becoming the definitive voice of the InsurTech community in the UK, the alliance has welcomed over 40 InsurTech start-ups since its launch in November 2018.