What do the surviving little pig, the big bad wolf and property claims managers have in common? Obviously, they all know that brick built houses are a better risk than those made of straw or sticks. Looking forward, Gary Lobb, Property Claims Specialist and SX3 Associate says electronic houses will be an even better risk.
This is just one conclusion of Gary’s thought provoking review of future trends ‘Property Claims Handling Model – Change Proposal”.
Change in the property insurance market is being driven by customer expectations of service quality. Today, insurers are being expected to maintain multiple communications channels with high quality support and fast claims resolution. This twinned with social change generally, particularly in corporate responsibility expectations of their suppliers, while not forgetting the impact of the pandemic on life and work practises.
The Role of Digital Innovation
The opportunities offered by digital connectivity and big data will facilitate change in the property insurance market not dissimilar to the adoption of ‘black box’ technology in the motor insurance, Gary suggests.
But with the opportunity comes the need to properly understand new technology and work practises. Also, to recognising new threats, the criticality of appropriate user adoption, new forms of fraud, hacking and so on.
As we have seen profiled in the media, climate change is with us. The BBC recently reported that Sir James Bevan, the head of the Environment Agency, said there were more than five million homes at risk of flooding in England – and “that risk is rising as the climate changes”.
Gary gives examples of companies that have joined the dots of these trends and are offering innovative approaches to flood risk that, for example, incorporate good sustainability practises.
Competitive Advantage
Gary is confident that there is opportunity for property insurers to gain and embed competitive advantage through understanding and reacting to the opportunities of this moment in time.
So, it seems the wise little pig will be adding new technology to the brick built house and partnering with an insurer to enable him to see off a bigger wolf blowing harder than ever! Sleep tight, children everywhere.
To read the full Property Claims Handling Model – Change Proposal by Gary Lobb, please email lisa.fielder@sx3.co.uk
