One of the few daily ezines I read is Coverager which focuses on insurtechs. Here’s a dose of reality from their August 7 issue:

“As someone who is currently a lemonade and metromile customer and has filed claims with both of them, I couldn’t agee more. All my claims happened over email/phone from a chain of people who had pieces of the puzzle and kept calling me like telemarketers! The app was not used/involved in any of it.

“I am currently in the middle of a claim with Metromile and I have so many people calling me it’s nuts 🙂 No one ever cancelled an insurance policy because it took them 20 minutes longer to buy a policy. The focus on speed of buying a policy is misguided in the long term and will hit a roadblock once the early adopters (looking for low cost mostly) have been exhausted.

“But shifting a company to focus on truly customer centric claims is operationally very different from driving top line revenue which is what the investors/markets want. It’s a shift from transactional to truly service centric organizations with different incentives, org structures and values etc. That is very hard for most companies to do.

“For all the talk and PR around ‘customer centricity’, there are still very very very few genuinely customer oriented insurance co’s. We aspire to change that.”

— Ashish Soni, founder and CEO of helloOtto, in response to [Coverager’s] post titled When Harry Met Avi

 

Note: To view the subsequent LinkedIn discussion, click here.

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Bill Wilson

Founder at InsuranceCommentary.com
One of the premier insurance educators in America on form, coverage, and technical issues; Founder and director of the Big “I” Virtual University; Retired Assoc. VP of Education and Research from Independent Insurance Agents & Brokers of America. Reprint Request Information

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