Here’s how apps are changing the insurance market

The ticwatch is the smartwatch for the financially minded

Ground breaking new ways to buy cover as insurers rush to launch phone apps

Insurance and tech-savvy are two words seldom used in the same sentence but it seems that a swift shift has taken place in the market. In the space of a month two major insurers are hoping to make buying insurance a lot faster and fuss-free for the customer as they venture into the world of insurtech and apps.

One such phone app that promises to be the quickest and easiest way there’s ever been to buy insurance, TRiCE, was launched on national TV in March this year.

TRiCE can be used to purchase car, gadget and pet cover and claims to take less than a minute to download and sign up to, asking consumers between four and six questions before returning a quote. It also allows consumers to keep track of all their insurance policies as it provides a single place where they can be stored and managed.

The move from websites to apps sounds like a natural progression to the average customer but is a complex thing to get right due to the complexity of generating accurate pricing and fraud detection.

The TRiCE app uses state-of-the-art pricing software to gather all the information required to return a quote, which is what makes it so quick to use. All that’s needed to sign up to its services is a name, address and date of birth. So will insurance apps have what it takes to be a success?

Lizzie Smith-Foreman, Director of Marketing and Communications comments: ‘Apps are the lifeblood of any hand held device. You can buy a car using your phone – and now you can use your phone to buy insurance for that car. It’s vital for businesses to embrace new technology as it’s simply how people shop nowadays.’

‘It’s a fascinating proposition for customers and insurers, and what sets it apart is that it uses the most advanced rating technology there is.’

Another start-up launching into the app market is Brolly which is hoping to be the first insurance aggregator available for car, gadget and travel. Launching on April 10, the app shows promise with the likes of Zenith Insurance, AXA, LV and Ageas on the motor panel and is said to be powered by artificial intelligence.

See the TRiCE advert here.

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