Rapid advances in automation, artificial intelligence and digital continue to create uncertainty for the insurance industry. Companies like Gore Mutual find ourselves being described as “incumbents” or “legacy”, which aren’t particularly flattering descriptions. But from our point of view, this is an unprecedented and exciting opportunity for bold advances in the way insurers and brokers work together. As a mutual, we’ve been doing peer-to-peer since 1839, so we have to better define ourselves for the modern customer.
In recent years, Gore Mutual has invested in brand new core systems, sophisticated pricing and digital solutions, all focused on transforming how we service the modern insurance customer. This year, we bolstered our in-house capability by adding a new Director of Digital. Sachin Rustagi, a former Director of E-commerce at Bell leads a new team at Gore Mutual that combines innovative digital expertise with practical underwriting and product development.
Working in an innovation lab environment with an entrepreneurial mindset, the team’s focus is to work with progressive modern brokers on digital solutions. Our starting point has been the development of API-based products that are simple to buy and remove most of the friction from the sales process, enabling brokers to compete directly with the best online offerings. Our API suite includes quote, bind, issue and billing and gives brokers lots of flexibility to develop great customer experiences.
At our Fast Forward event in June, we announced a new IoT partnership with global home automation leader FIBARO. We’ve already begun providing select customers with flood sensors and discounts on other smart home devices. Teaming up with FIBARO allows us to utilize the latest connected home technology to strengthen the value proposition that brokers can provide to their customers. Over time, we’ll integrate these devices with data, pricing and claims mitigation tools to bring a totally different kind of property insurance product to consumers through the broker channel.
As an agile medium-sized mutual insurer, we have the advantage of aligning our ambitious growth goals with a nimble and innovative organization. We’re always looking for progressive brokers or start-ups who want to work with our digital team to make insurance better for customers and modernize the broker channel.