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Triple Threat – for Insurance?

Cricket bat, helmet and ball

Triple threat: A person, especially a performer or athlete, who is proficient in three important skills within their particular field. This generally makes them highly successful.

Within cricket for example, there are 14 batsmen with international hundreds in all three formats from Ireland, West Indian, two New Zealanders, three Indians, a couple of Sri Lankans, a pair of Aussies, a Bangladeshi, a South African, a Pakistani… and no Englishmen. Kevin O’Brien (Ireland); Chris Gayle (West Indies) ; Martin Guptill and Brendon McCullum (New Zealand) ; KL Rahul, Suresh Raina, and Rohit Sharma (India) ; Mahela Jayawardene and Tillakaratne Dilshan (Sri Lanka) ; Shane Watson and Glenn Maxwell (Australia) ; Tamim Iqbal (Bangladesh) ; Faf du Plessis (South Africa) ; Ahmed Shehzad (Pakistan) .

Triple threat for movie field would be a person who is a writer, producer and director. For example you can look to James Cameron, Christopher Nolan, Peter Jackson and George Lucas and they have all delivered movies on a global scale with huge box office results.

How can this be considered in business too. What is a triple threat insurance company? What are the three factors you need to make a highly successful insurance company? Technology – Capacity – Distribution

When you look at the new insurtech players like Lemonade or BIMA or ByMiles or Bought by Many we see one or two of the three elements in their armoury but not 3.

Lemonade and ByMiles have the tech and but rely on their partners for Capacity plus they are fighting in the distribution arena ny going direct. BIMA may have distribution, but again capacity is via a partner. All these are weak in 1 or 2 areas. They are relying on partners for capacity and what if this changes? They need money for marketing and what if this starts to become harder to get? They have tech but can they sustain its growth as they scale?

I am not saying we have all the answers however we believe we are a triple threat in insurance to our competition and this gives us the edge.

Technology – we have our own tech team. This is being built in the markets where we develop and sell our products. This means the tech is both for our customers and managed with them in mind. We have a depth of talents, traditional insurtech together with AI and Machine Learning capabilities.

Capacity – we are a licenses P&C and Life carrier. This means we can write a wide range of products from property through to life covers. This means we can put a customer at the centre and support their needs. Life. Property. Work. What ever they want we can support them. We don’t have to rely on other companies to moderate our ambition.

Distribution – this is where the insurance industry normally hands over to aggregators or brokers. We don’t. We have built up partners that allow us to embed our products in to systems that are direct to customers. The sales friction is reduced and the customer journey is greatly improved.

We match our key capabilities with our people. Our people are experts in insurance and sales. Our triple threat capabilities empower our people to deliver the best products and service that we can. Our people have these three core capabilities at their fingertips and this powers our company forward.