Andre Symes, Co-CEO of Frog portfolio company Genasys, the leading digital platform for insurance businesses, features as an expert in this month’s Modern Insurance Magazine and gives insights into the key areas of growth within the Insurtech industry as investment figures continue to break records.
When speaking about sustainable growth within Insurtech, Andre explains that there has been an emphasis on clients shifting focus from customer acquisition to customer retention through better customer experiences. This is an indication of how the Insurtech industry is maturing, despite – or perhaps because of – a turbulent environment.
When asked about future opportunities and what the potential areas of growth could include, Andre predicts the areas would include B2B sector over the next 12 to 24 months.
Another huge opportunity includes the rise of embedded insurance products. “We’re talking about a 2 trillion-dollar market here,” says Andre, “and the key to unlocking its potential will be in presenting a niche product at a specific moment in the customer’s buying journey.” The ideal product will provide a positive customer experience that is now expected by all consumers – forget your customers’ expectations and risk unsustainable growth.
Andre confirms that there is now better data to feed into the underwriting process and the technology has improved over time, which is able to support an embedded insurance proposition. “It’s a challenge for sure, but the technology that savvy insurtechs can bring to the table will make it easier for insurance providers to offer the right policy at the point of sale through the channel of the customer’s choice.”
You can read the full article featuring Andre here.