Following the agenda, the Motor Insurance Conference will present the importance of the motor insurance considering the actual situation on the market and how the industry can embrace the change and keep the pace with the fast-evolving new trends.
Top professionals of the market, such as Polish Motor Insurers' Bureau, Swiss Re, Romanian Bureau of Motor Insurers (BAAR), Movingdots, Amodo and Marsh will share their views.
Orsolya HEGEDUS, Lead Automotive Sales & Delivery, Swiss Re, Automotive & Mobility Solutions declared: "If we look at the end customer and how COVID has impacted the situation, Swiss Re has looked at how do customers made a choice of what kind of insurance should they buy. In our survey found that the pandemic has accelerated the digitalization journey of insurance. With the new mobility, insurance need to be fully integrated to the mobility journeys but also has to be poly digital. Next to price, which is still the most important deciding factor on insurance, the second most important is having access to the digitalize journey."
She also presented what do customers expect from their insurer:" First of all the peace of mind - covering for all relevant risks. When we think about multimodal transport for example, we want to be insured politicly for a mobility journey. They want fairness, so a link between risk taking and premium paid and for that is need to be very transparent. Customers want also simplicity which can be achieved by easily accessible insurance and they want risk advice, so understand and manage risks comprehensively, instead of looking at just getting paid when a claim happens, they also are looking for their insurers advice on how they can reduce the risk. At last, but not least, they want relevant services so that value-added services that would be beyond risk transfer that is different from market to market and from segment to segment."
"We could see in the last year that telematics propositions became more prominent during the pandemic. We have started several projects in this phase. Swiss Re propositions have been different from pure technology companies. There is an expanding and maturing infrastructure that have been proved on multiple markets, but on top of that Swiss Re is proving our scoring and actuarial support for the local implementation of a product, global market strategies and reinsurance single. Telematics technology was used primally for the post trip analysis as a way to understand risk. Now, we are learning for the data collected and automatic individually deploy a coaching program in order to prevent risk from happening rather than just acting afterwards," Damir PLEJIC, Automotive and Mobility Consultant, Movingdots stated. He added: "Telematics is becoming more and more an integral part of this landscape in insurance main business line. In the past it was a bit separated, sitting in the innovation department or just in motor space and now is integrated with various other component to provide more value to both insurance and customers."
Marijan MUMDZIEV, CEO of Amodo talked about the "Customer Engagement - Critical Success Factor in Usage-based Insurance Propositions" during the Conference. He declared: " Especially driven by circumstance and the pandemic of 2020 the consumers are quickly shifting to digital channels. So, anyone who is capable of and who can offer their products and services through digital channel is currently doing so. The same does the insurance who wants to move to digital channels. There is a recent study conducted by Accenture that clearly prove these trends where we can see significant improvements in penetration of the digital channels in the lives of insurers consumers. So, another indication that we need to start to think more and more as an insurance company how to engage with the customers thorough the digital channels, what are the specifics of the mobile digital channels and how to make it a successful proposition. Data collection is definitely an important part, but, however not a sufficient one if the insurance company and the assumption that they will do want to have a good return investment and successful uses-based insurance projects.
Madalin ROSU, President, BAAR - Romanian Bureau of Motor Insurers stated: "What we can observe now it is a different trend on the customers and we really need to adapt very fast in order to offer to the clients in the near future what they want. I think that the last year showed us that being somehow restricted from the perspective of transport and work from home, everybody get more connected to the technology. So, we can combine our products with the technology in the future."
In terms of telematics, he believes that: "we need to learn how to adapt ourselves to the clients and offer them some telematic solution on mobile apps because people depend more and more on their phones. What is also important is to understand the social movements and the behavior which is changing at this moment. The hybrid way of working I think will be something we will get used with it and we have to offer as much technology in the hands of our clients." He also added: "After the vaccination we expect an increase of the frequency of transportation."
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