091: Challenges Faced by a Small Intermediary with Janthana Kaenprakhamroy, Tapoly UK

<p>Are you hoping to start a new business, or have you already begun? Are you concerned about the challenges facing new small businesses and start-ups in the current socioeconomic climate? How will technology reshape the future of our industry, and how can we prepare for that transition?</p> <p>In this episode of the Insurance Broker Podcast, we are very pleased to be speaking with Janthana Kaenprakhamroy, CEO and co-founder of Tapoly, an Insurtech platform for micro-SMEs and freelancers. In conversation with Boston Tullis’ Sarah Myerscough, she discusses the origins of the business and its progress over the past six years despite the various challenges of COVID and Brexit. She also touches upon how technology is already dramatically altering the insurance market, and how the need for operational efficiency necessitates a greater reliance on the digital streamlining of data.</p> <p> </p> <p>Quote of the Episode</p> <p>“I think technology should be and is on everyone's agenda right now. And the reason for that is because there are new regulations coming out that prevent insurance companies from making more money or setting their own prices. So, we are limited in terms of what we can charge the customer [due to] the increase in loss ratios. And therefore, the profit margin for selling insurance today for everyone in the industry is very, very low. And that means that operational efficiency is becoming a big thing. That's the only thing you can do. If you can increase your price, you have to reduce your operating costs in order to maintain the same level of profits, net profit, I mean, and technology can help this.”</p> <p>As profit margins become increasingly slim in the face of the hard market and the broader evolution of the insurance industry, the elimination of operational inefficiencies is becoming absolutely essential. Our industry’s heavy reliance on data necessitates the use of technology which can identify the necessary information and align it with a suitable policy for prospective clients. The emergence