Meet the techies: Ben Rose
Ben Rose, Chief Underwriting Officer & Founder at Digital Risks caught up with Ida Axling from Insurance Age to discuss how Insurtech and data analytics will redefine business insurance over the next five years.
What is Digital Risks doing in the Insurtech space?
With Digital Risks, we're redefining business insurance, making it easy and accessible for start-ups and small businesses in the tech and media space.
A lot of InsurTech innovation has so far focused around personal lines, but we're one of the few that is bringing a new way of thinking to the business arena.
My co-founder, Cameron Shearer, and I came up with the idea while he was working for a digital advertising agency and I was working for a large insurer.
Cam was trying to organise insurance cover for his company but couldn't find a provider that understood his business. The experience inspired us to develop a new type of insurance brand to make this process much more simple and intuitive for digital SMEs.
So, we started from scratch to build insurance that focuses 100% on the needs of digital businesses. That has meant working with leading underwriters to develop a comprehensive range of products tailored to the needs of this market.
Should brokers be worried about how Insurtech could disrupt the market?
Insurance is notoriously behind the times when it comes to incorporating tech and all things digital into its products and services, hindered by legacy systems that make innovation almost impossible.
There's no doubt that InsurTech is moving much more quickly to address the needs and wants of today's new breed of consumers and businesses.
SMEs today expect a seamless online customer experience, along with transparent communications, pricing and personalised products that flex around their needs.
In a fast-moving world, risks and requirements can easily change on a month by month basis, so long-term contracts are outdated.
It's no longer enough to just sell the product and forget about it until the following year. With the rise of specialised technology, it'll be a case of 'sink or swim'.
Traditional brokers will have to adapt to better understand the behaviours and risk profiles of customers, and ultimately provide an even better service.
Read the full article here to find out how Insurtech will affect broking and how brokers can take advantage of the evolving risks.
As featured in:
Top 10 European tech and startup events this year
We’ve put together a roundup of the top 10 events in the industry that are happening in the remaining months of the year.
Digital Risks wins Best Newcomer at the Insurance Choice Awards 2019
A finalist in two categories, Digital Risks, the insurtech startup, has won the the Best Newcomer at the 2019 Insurance Choice Awards.
Challenger²: a collaboration towards an innovative future
There are three things that make a successful business partnership: a defined opportunity, a common goal and transparency - all three are the core of our partnership with Starling.