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The opportunities to insure smaller businesses are many and next generation technology is key to expanding into this market. But legacy systems are still holding back a lot of insurers as their competitors realise growth by embracing new tools such as cloud-based digital-first platforms.
We caught up with James Webb, senior director product marketing, insurance at insurtech Vlocity, to find out how digital advances are making a difference ahead of the Intelligent Insurer webinar ‘Grow SME Insurance with Next Generation Digital Capabilities’ on June 30.
Question: What will the webinar panel be discussing?
James Webb (JW): Many small businesses are clearly underinsured. Business interruption has been the major problem recently, and many SMEs face increasingly complex technology-related risks. Commercial lines insurers have an opportunity to better service their customers’ changing needs, and new digital applications have a key role to play. During the webinar, we’re looking forward to hearing how insurers are taking full advantage of the latest technology to grow their business.
Q: What does ’next-generation digital capabilities’ mean to you?
JW: Insurers are still held back by a sprawl of on-premise legacy systems that cost a fortune to run, are hard to change, and can’t support the modern digital …
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