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Fintech/Insurtech

The Great Disruptors, disrupted

We live in the new era of finance, populated by aggressive new players with digital roots: FinTechs and InsurTechs. The new tech is transforming savings and consumption experiences for consumers, providing a holistic view of their finances and a more direct relationship between buyer and seller.

Banking, for example, is no longer a place. It’s omni-channel. 24/7. Meanwhile, InsurTech, has been transformed by the introduction of apps for the home or car, creating innovative product and consumer experiences. For example, an app that monitors driver behaviour transforms auto-insurance from a distress purchase, with low involvement, into a service that’s predictive. It also enhances driver skills, journey management, personal safety and well-being. Contact with the consumer is daily, rather than being an automated, annual policy renewal.

And what will happen when autonomous vehicles and shared ownership models come into play? Who is insured? On what basis are risk and claims worked out? Or take banks, who are abandoning the high street in favour of the online environment. Do they sell off the bricks and mortar and turn these properties into workspaces with cafes, serving the army of people in the gig economy? Do bank staff maintain a presence in advisory roles or via video chats?

The social web has infiltrated relationships, too. It’s provided the environment for things like peer-to-peer lending, borrowing and advice. This puts mobile at the heart of customer engagement. Apple-pay has made its first move. Pay-Pal, Amazon, Google, Walmart or, maybe even, Starbucks or AirBnB, are perfectly positioned to get in on the action. How does it work? Get the interface right. Connect emotionally. Nurture trust. And represent a caring and inclusive world. Forging a role in this new dynamic world requires reimagining brand purpose and engagement.

For reasons of confidentiality, we’re unable to share the names of all of our clients in the Fintech and Insurtech sector.