The Digital Evolution in Insurance - Interview with CEO at TopCompare Quentin Denis
In this interview, Quentin Denis, CEO at TopCompare, a Belgian financial comparison platform, discusses the digital evolution in the insurance sector. Among other things, he talks about the extent to which comparison sites, such as TopCompare.be, can support the further digitization of this sector.
How does TopCompare perceive the digitization of the insurance sector?
We notice that the digitization of the insurance sector is going much slower than in the banking sector. Certainly in Belgium, the country where TopCompare is active, there is still a lot of room for improvement. According to the most recent figures from the Online Insurance Barometer (2018), less than 5% of insurance policies are taken out online in Belgium. By way of comparison: in the Netherlands, that figure is much higher, 65% of the policies are already taken out online.
This has to change. At TopCompare we are convinced that fintechs can boost the digital evolution of the insurance sector. Just look at the way the arrival of digital players such as Revolut and N26 has forced traditional banks to digitize their services more. The banks are forced to reinvent themselves. The same needs to happen in the insurance sector.
On top of this, we are convinced that the corona-pandemic will encourage further digitization of both the banking and insurance sectors. After all, this is also happening in many other sectors. Major changes, which would normally take years, have now taken place in just a few months. For example, the many brokers that still play an important role in the Belgian banking and insurance landscape, have turned in a hurry to digital solutions to virtually meet and sign client contracts.
And what role can a comparison site like TopCompare.be play in the digitization of the insurance sector?
One of the main reasons why digitization is so difficult in Belgium is because the Belgian consumer relies heavily on his financial advisor. They first want to obtain sufficient advice before taking out a financial product. It is not always easy to find the right information online. Comparison sites such as TopCompare.be can help. Via our site, people can obtain a clear overview of the different insurance products at once, based on the most important characteristics per insurance.
The goal is that in the near future we will also offer the possibility to request personalized offers via our site. Our visitors will, therefore, be able to get the information they are looking for very quickly without having to leave their homes. We want to play a pioneering role as not many fintech players (in our region) have jumped on the insurance market yet.
Getting personalized offers for complex products is already possible for mortgage loans, for example. Anyone using the comparison tool for mortgage loans on our site will receive personalized rates after completing a brief questionnaire. This makes it much easier for the client to compare loans and understand what financial institution you are meeting the eligibility criteria at. Before, you’d have to visit several banks to make sure you were getting the cheapest rate on the market.
Is there still a role for the advisor?
Definitely. We just want to simplify the process of taking out insurance. We realize that some more complex products still require the intervention of an advisor. We also see this with our mortgage loans. We work with a network of brokers who look at the case together with our clients. In other words, the personal approach remains crucial. We are convinced that you can perfectly reconcile this personal experience with further digitization of the sector. In the first place, we want to simplify the process you have to go through to take out car insurance, for example. Today, that process is far too rigid.
What is the big dream of TopCompare?
We can answer that question very simply: being the trusted digital companion for financial services. We want to add real value to every step of the customer journey. We want to be more than just a comparison site. Our overarching goal is to really help people make important financial decisions. The services we offer are more than solely comparison tools. We also give our visitors all the informative content they need such as the articles and the guides we offer on our site. We want to take away the insecurity a lot of people have when they are looking for a financial product.
In the long term, we consider going a step further and compare telecom and energy products. In this way, we can help our visitors to save money on several levels. Every visitor we help save money is a win for us.
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