001: The Future of The Insurance Industry & Lessons Learned - by Peter Cullum

<p>On today’s episode, we’re excited to be talking to  Peter Cullum, CBE, an icon of the industry whose work has significantly shaped the modern consolidator market. In this fascinating conversation with Boston Tullis’ Sarah Myerscough, he discusses the implications of digitization for the insurance industry in years to come, and how you can adapt your business to ensure that it continues to thrive and grow in spite of potential economic challenges to come.</p> <p> </p> <p>Learning Objectives</p> <p> </p> <p>Evaluate how your business can employ the technology which has revolutionized the industry over the past decade, and will continue to do so at a rapid pace throughout the next.</p> <p> </p> <p>Sustaining a high retention rate: There needs to be regular, consistent contact with customers, providing useful information which maintains a strong bond. Peter provides the analogy of an announced flood alert; an insurance company could employ this as a means of strengthening that broker-customer bond by providing useful information for dealing with that situation and its potential ramifications.</p> <p> </p> <p>However, is this problematized by the digitization of the vast majority of all the correspondence that takes place in the industry? Does this sever the relationship? Peter notes that for the most part “the relationship can be, and in most senses is [already] digital. We use text, we use LinkedIn, we use all sorts of different communication mediums to get to our clients… We are now using much more digitally-driven claims processes to give more control to the client so they can see, effectively, where that claim is in terms of the process, and making sure that we can provide a very, very, where possible, swift response to all aspects.”</p> <p> </p> <p>Therefore, the various forms of digital communication available provide a means to sustain a consistent and mutually beneficial relationship between broker and customer. Peter emphasizes that contact must be maintained with this customer, to ensure that t