Marketing & Strategy @ in4mo
Published on April 19, 2018 | 2 mins read
How digitalisation drives Insurance and Construction industry towards closer collaboration
Here at in4mo, we support two major industries undergoing deep digital transformation: the insurance industry and the construction industry. At first glance, it seems that these two industries are worlds apart.
The insurance industry is concentrated into a few rather large companies, sometimes supported by external brokers and loss adjusters/inspectors. As an oversimplification, insurers’ work consists of evaluating long term risks, signing long term contracts with their customers and investing the premiums wisely until claims need to be settled. They are often seen as well organised, corporate in style and rather conservative.
In contrast, the construction industry is very fragmented: some big companies and a huge number of very specialised smaller companies. Building work often consists of one-off projects on different sites, always requiring full coordination between the various building trades. Construction workers prefer to be on site doing complex construction work and hate being attached to a desk doing admin tasks.
That companies from such different industries can collaborate at all may appear unlikely, but they do.
It happens when an insured property is damaged.
This is the ‘moment of truth’ – policy holders will discover what kind of an experience a lifetime of insurance premiums bought them.
The moment after property damage occurs, the inevitable feelings are anxiety, stress, and frustration. It’s the job of insurance companies, together with their construction and damage restoration partners, to turn around the situation and get the policyholder back on track.
Together they offer first response services, emergency help, fast compensation decisions, fast and high-quality restoration work.
while at the same time making sure policyholders are always up to date, keeping costs under control, and running efficient operations.
Working at the intersection of those two industries is fascinating. At in4mo we thrive on playing an active role in helping those companies collaborate effectively to get property owners back on track.