Real-Time Premiums are the Future of Insurance with Dino Carbone of SmartPay

 

Let’s be honest: insurance can be overwhelming in the best of times. Finding a way to simplify it can sometimes feel like a search for the mythical lost city of Atlantis. In another odd irony, insurance is something that people pay for, yet hope to never use.

Technology is helping ease the anxiety on both sides of the insurer/insured relationship. On today’s podcast, MarketScale Host Sean Heath spoke with Executive Vice-President of Sales & Marketing for SmartPay Solutions, Dino Carbone. They discussed how the industry is finally stepping out of its historically stodgy image and the ways in which technological advances can help build the trust necessary for the industry’s success. Also, Carbone told us the single most important determination that companies face when establishing an insurance protocol: the difference between a “nice to have” and a “need to have”.

“An insurance company touts their best services are their claims handling, and I totally get it, right? When something goes wrong, that business wants to make sure the carrier that they’re with is solid financially and knows how to handle claims. But, guess what? What if your client, your insured, never has a claim,” Carbone said. “Aren’t they your best clients? You’re getting all of this premium and you’re not having to pay any claims. And so now, the phenomenon again, with technology, is such that: ‘let’s make sure that the way we bill our best clients is the most efficient way of doing it.'”

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