Ryan Barlow, Chief Technology officer, e4 says that when it comes to the insurance sector, it is mobile-only as insurance brands grapple with disruption from lighter, more agile technology rich cloud insurance products: “It is no longer just mobile-first, thanks to the dominance of technologies such as AI, ML and IoT and start-up companies taking full advantage of this phenomenon.”

Thanks to mobile only algorithms, a new trend toward “pay-as-you-go” insurance is rapidly becoming the norm: “This strategy will have a significant impact on clients moving forward. The individualised risk profile approach will prove to be very attractive to younger, more tech-savvy clients, who don’t see the value in investing more generalised and inflexible long-term approaches to insurance policies,” says Barlow.

He says that there is less assumption with this new-tech inspired approach: “There are so many data points between the technology used and the client’s response determines the flow and the ultimate outcome. This will improve even more with time and will establish an insurance industry that is not perceived as complicated and admin intensive.”

Interestingly, the 2017 Global KPMG Insurance CEO Survey, found that 61% of insurance CEOs see tech disruption as an opportunity. In this rapidly-evolving environment, the KPMG research showed that most insurers are now undertaking some form of emerging technology implementation.

Barlow says that companies such as Naked (backed by Hollard Insurance) has set up a business aimed to address the mobile-only market, as have many other players. He says that if funding was more readily available, there would be loads more start-ups playing in this sector: “Success in this sector is about engaging with customers, engaging in a story-teller approach, focusing entirely on the user experience. If the brand gets this approach right, utilising cloud-based and inspired technology, success is almost a given.”