Capital Equipment News September2022

INSURANCE

Today’s clients want to choose how they purchase and consume business insurance products.

Emerging trends in business insurance Like many other sectors of the economy, the insurance market is experiencing rapid transformation. Capital Equipment News unpacks some of the emerging trends in the business insurance space. By Munesu Shoko .

B y nature, the business of insurance entails defining, evaluating and mitigating risk. For better risk mitigation in such a complex and ever evolving environment, insurers are increasingly adopting a customer-cen tric approach in order to provide solutions which speak directly to customer needs. According to Jason Mellow, MiWay head of Business Insurance, clients are increasingly looking for products that are easy to understand and suited to their unique business requirements. Clients also want to choose how they purchase and consume business insurance products. As an example, some clients prefer telephonic quotations and sales, while others prefer a more personalised face-to-face or broker experience. Insurers, urges Mellow, should be able to tailor their services to meet clients where they are at, not only in terms of their personal, but also their business journey. “At MiWay, emerging trends are the drivers behind the products we design and continue to offer the local market. And we go to great lengths to ensure that our policies are presented with simplified wording that is less ‘insurance-speak’ and more ‘people-speak’. What I mean by this is that our products and services, including

the way in which we talk about them, are all about the person’s experience of business and the world in their everyday lives,” says Mellow. He adds that when you talk to clients about “their assets rather than the equipment they need to protect to sustain their business, it’s a language they understand”. In this way, he adds, clients have the freedom to choose products that speak to their individual business, without the pressure of paying premiums for services they may not need. Advancement of fintech One of the emerging trends, says Brandon Saunders, director of Short-term Insurance at ASI Financial Services, is the advancement of fintech, with more people wanting to acquire insurance in their own time and through their mobile devices. They also want a lot more flexibility with their customised insurance policies, including the ability to add or remove specific items or vehicles to their profile. “However, we see a different approach on the commercial and corporate side, where clients prefer consulting with a professional. Many clients still prefer face-to-face consultations,” says Saunders This hybrid approach, adds Saunders, accommodates

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