Lemonade is looking at the European market, says insurtech CEO
Beware the business disruptors, warns the CEO of a European claims agency, who says that insurtech agency Lemonade is headed for our shores – and doubtless your market.
US-based Lemonade, which affords householders’ and renters’ insurance coverage powered by automation, is main the pack relating to digital disruption, in accordance with Cees Werff, president and CEO of Claims Corporation Network.
Crucially, Lemonade has tapped into one in all the key drivers in the insurance coverage business’s want for change: evolving buyer expectations. Describing the agency as “rapidly-expanding” and “digitally innovative,” Werff stated that after Lemonade has completed rolling its product out throughout the US, it’s going to develop into Europe.
“[Lemonade] will be in our markets quicker than we expect, and once they have the volume and the size, they will be able to come into your market and take over your customers very quickly, because they are adapting to the needs of the [millennial] generation,” he stated at the Uniglobal annual claims administration convention.
Changes spurred on by digital innovation and new applied sciences have already made waves in different industries, even edging out some gamers who thought they have been too massive to fail, the CEO stated, and insurance coverage is inevitably subsequent.
“Digital innovation is all around us. Almost all other industries have already been majorly disrupted, except us. But it’s coming, and it’s coming very fast.”
A major proportion of the insurance coverage business has up to now believed that main change is not attainable, counting on insurance coverage’s complicated nature and excessive necessities for entry as a barrier to disruptors.
But a lot of the disruption that has already occurred in different industries has been led by corporations that needn’t even personal property, however somewhat have shaken up distribution – reminiscent of ride-hailing app Uber, or home-sharing platform Airbnb.
Beyond merely adapting to new applied sciences, Werff warned that listening to buyer expectations is essential for present insurance coverage gamers to outlive.
“Digital natives don’t want to receive a claims form with 80 pages that you have to fill in with a blue pen… They want to have instant, mobile contact with their service provider. They are going to choose those service providers that are able to offer that, and if the carrier is not willing to change or cannot change due to legacy, they will go elsewhere,” the CEO stated.