Future of Insurance? An Interview With Fuelled CEO.

What motivated you to start Fuelled? Was there a particular issue or inefficiency in the insurance industry that you wanted to address?

The motivation behind Fuelled was a deep-seated frustration with an industry that felt like it was stuck in the 19th century. The arcane processes, the red tape, the utter lack of transparency – it was appalling. I hated every interaction with insurance, and I knew I wasn’t alone. After seeing first hand just how bad insurance is being done elsewhere, it was apparent to me that innovation needed to happen.

How do you view the current state of the insurance industry, particularly regarding innovation?

It’s dire, honestly. The insurance industry is a dinosaur in a world that’s moving at the speed of light. They’re still relying on antiquated processes, outdated systems, and have a level of customer dissatisfaction that should have been addressed decades ago. It’s complacent, and it’s time for a shake-up.

Right now there are a handful of companies that are truly trying to deliver innovation, but the industry is doing everything it can to sit on their hands. It’s a shame and a significant worry.

Can you share an example where traditional insurance models have failed to meet customer expectations or market needs?

Just look at the claims process. It’s a nightmare. You’re made to jump through hoops, fill out countless forms, and then wait for an eternity just to get what you’re owed. And that’s if you’re lucky. It’s a system that was built for a time when people had no other choice but to endure.

What I would say is that modern businesses have evolved dramatically. The culture in business is that everything needs to happen now, not yesterday. We currently work with around 1000 scaleup companies and we aim to deliver to-the-minute insurance coverage, and the insurance industry just isn’t set up to deliver that. It’s a massive failing that we’re doing our best to address.

Why do you think the insurance industry has been slower to innovate compared to other sectors, like banking or retail?

Why would they? The industry has been slow to innovate because they don’t feel the need to. They’ve been comfortably riding the waves of high premiums and fine print loopholes for decades now. As long as the insurance industry is perceived as the necessary evil that it is, things will never truly change.

Many consumers express frustration with the complexity and lack of transparency in insurance products. How can the industry tackle this issue?

To tackle the issues of complexity and lack of transparency, the insurance industry must put customers at the center of their business models. This means eliminating technical jargon and designing straightforward, easy-to-understand policies. The use of technology such as AI for personalising policies and blockchain for enhancing transparency can also play a key role. But above all, the industry needs to genuinely listen to its customers’ needs and respond accordingly.

Do you believe the insurance industry is ready for a major shift towards digital and AI-based solutions? Why or why not?

It doesn’t matter if they’re ready or not, because the shift is already happening. Other sectors are leaps and bounds ahead. The insurance industry will have to catch up or become irrelevant. Everyone hates insurance already, so we need to start doing ourselves some favours.

How do you think emerging technologies like blockchain, IoT, or AI will reshape the insurance industry, and why might the industry be resistant to these changes?

These technologies are going to completely overhaul the industry, whether they like it or not. AI for better risk assessment, blockchain for transparency and security, IoT for real-time data – it’s all part of a future where insurance isn’t a chore, but an integrated part of your life. The resistance is just fear of change and a lack of vision.

Can you provide insights into the current barriers to innovation within the insurance industry? How can these be overcome?

The major barriers to innovation are legacy systems, regulatory hurdles, and a mindset that is resistant to change. For the future of insurance to overcome these, the industry needs a shake-up from the outside.

What’s your vision for the future of the insurance industry? Given its current state, what kind of changes do you anticipate in the next 5-10 years?

The future of insurance is customer-centric, transparent, and digital. In the next 5-10 years, I see the industry finally shedding its outdated skin and embracing the power of technology. The old players will either adapt or be left behind. Hopefully we’ll be leading that charge in some way.