The relationship nature of industry is going digital

A palpable change is taking place in the narrative around technology in the insurance industry. “The question is no longer ‘why do we need technology?’ but instead ‘how do we fully utilise technology?’,” Peter Clarke, founder and managing director of Insurercore, a digital market directory for the insurance industry, told Monte Carlo Today.

While insurance has always been a relationship-driven market, this has been irrevocably altered, he said.

“Relationships can now be global, not just local; we believe this is one way in which our platform is uniquely placed to facilitate the flow of business within and between markets,” he added.

“Face to face is the cornerstone of relationships and getting business done, but we cannot ignore how technology can grease the wheels.”

Clarke reported that Insurercore is enjoying solid growth. It has formed partnerships with broker association BIBA and the Lloyd’s Lab accelerator and it is now seeking further opportunities.

“As we are part digital directory and part professional networking platform, engaging and expanding already established networks is vital to us.

“We plan to expand the partnerships we already have in the UK to encompass global insurance networks,” he said.

“We plan to scale globally over the next three to five years. One area in which we believe we can be particularly effective is connecting established and emerging markets and improving the understanding of the types of risks that can be placed in different markets through a combination of technology and face-to-face connections.

“This should spread risk further and reduce the effect of natural catastrophe type losses on specific country books of business and market rates,” he concluded.