Change is coming to the insurance broker world, and at Ausure we are lucky to be at the leading edge of that change.

Why do we need it?

Whatever role an Ausure Team Member does, it requires hundreds of manual procedures that they do every day, whether you are dealing directly with insurers, accounts even IT, the industry hasn’t kept up with the latest technology.

Most changes that we are making with technology will be so subtle that our clients and our team may not notice in the first instance.

What Is Changing?

The data that we can create daily, just through normal activities of daily living are giving insurers and actuaries better insight into risks in these changing times.

With interconnectivity between insurance systems and the data mentioned above, it is also making it easy for us as insurance brokers.

Now it’s not generally known that I’m the oldest member of the Ausure Senior management team, and as a result, I have lived through lots of changes not only in the industry but also in life, I’m old enough to remember before the Internet, where connectivity had a whole different meaning.

I was talking with my Myspace group the other day laughing that when growing up friends lists never existed.
…… So let’s dive in

The Future?

New Products

^[1]Deloitte’s found that when surveying insurers, by 2024 33% of the premium volume will come from brand new propositions (new products), now we love to help insurers at Ausure, so let’s have some fun and use our crystal ball to predict some changes that are likely to happen in the general insurance business worldwide and what that will do to our business at Ausure.

Driverless cars and trucks insurance

Nearly 60% of all insurance claims are vehicle-related, this means that other classes of business of insurance often subsidise motor insurance claims.

Now my driving record is not spotless by any means, and it is clear to me, that if it’s not my fault it’s generally someone else’s fault, that might seem obvious, but if we can remove whose fault, it is, life becomes a whole lot easier and more profitable to insurers.

I’m confident that if we don’t install MS Office in our driverless car, we can safely assume that claims are going to reduce.

Insurance based on Geolocation Data

When we used to travel (those were the days), we would pack our bags, passport, camera, video camera, airplane tickets, print out travel documents including travel insurance documents and head to the airport.

Now we pack our bags and take our phones. If you are using an Android phone it’s got lots of smarts to help you, by using your location settings (I’m not sure if Apple also does something like this), imagine if your policy only kicks in when you make it to the airport, and automatically stops on your return.

Who knows the insurer may even share some of their savings?

Increased prevalence of physical robotics

We might have got rid of our car insurance, but we are going to have to get insurance for our physical robots, you know, you’re cleaning robot, your shopping robot and your dog walking robot, just in case you set it on hyperdrive, and it walks out on the road and damages a self-driving car.
I’m probably going to start with a barista robot or gin tonic robot, what could possibly go wrong.

Robo Underwriting

Now I know this one causes a lot of issues, and we all love our underwriting partners, but imagine how more effective they could be with the assistance of awesome clever AI, instantly underwriting risks, maybe even as a client makes a purchase or as soon as the information is entered into Ausure’s system, freeing up the team to concentrate on complicated risks requiring the world’s most advanced computers (underwriters)

Instant Claims Assessment and Payment Using AI

So just like we mentioned with 60% of all claims being motor claims, therefore 60% of staff involved in the claims process will be involved in motor-related claims.

In the case of future car accidents, for example, a policyholder takes streaming video of the damage, which is translated into loss descriptions and estimate amounts. Vehicles with autonomous features that sustain minor damage direct themselves to repair shops for service while another car with autonomous features is dispatched in the interim.^[2]

In 2019 an underwriting agency experimented with the instant disaster payments in real-time to clients affected by the Californian bushfires, the qualification for that disaster payment was an SMS then asked, “Were you affected by the recent bushfires?” if the insured replied “yes” $10,000 was instantly placed in the insured’s bank account.

Somehow, I feel we probably haven’t even considered the product that will contribute to the increase in the insurance market here today, however, if any of these ideas make money, or you decide to try them if you don’t share the profits, maybe just give the oldest senor manager some credit (or to my family if I get hit by a driverless bus).