Back to the Future

A long time ago, before joining Celent, I was part of the insurance industry from the insurer side and my work was to look for ways to improve the company’s processes and innovate. I really liked the job because you had to come up with ideas and accept that you had restrictions, and sometimes you had to face the sad truth that the technology supporting your ideas wasn't available.

Now at Celent, I’ve witnessed a whole new world of possibilities because, as part of Celent, we are exposed to many, many successful cases implementing technology in insurance through research and events, especially in events like our Innovation & Insight day (I&I day). This year our I&I day takes place in Boston, Massachusetts on April 4, and Celent will award the best Information Technology (IT) initiatives in insurance.

That day, Celent will be presenting winners in 5 categories.

  • Digital and Omnichannel
  • Legacy and Ecosystem Transformation
  • Innovation and Emerging Technologies
  • Operational Excellence
  • Data Analytics

The Model Insurer Award is recognition of an insurer’s effective use of technology in a certain area or theme, not necessarily a statement that the insurer is absolutely best in class (although some may be). Model Insurer success highlights the insurer’s ability to improve performance and meet market demands when tackling issues that face all insurers today.

For instance, do the below examples sound familiar to you?

  • Under new management, the business had to transform itself rapidly and replace 20-year old technology. This insurer had a major license renewal date two years out and would have been locked in by the vendor to a prohibitively expensive contract.
  • An insurance company needed to create a digital process to meet customer expectations of doing business, automate underwriting, reduce cycle time and minimize human touch.
  • Another insurer utilized digital connectivity and ratings engine cloud-based platform to achieve a faster process and empower various actors across the organization.

I’m sure the examples above are the types of projects you’d like to implement at your company, but these are just a sample of the case studies we received. This year we received around 60 case studies applying for our Model Insurer Award. Of those, fifteen will be awarded Model Insurer and one will be the Model Insurer of the Year.

Personally, this year has been different. This year, I was amazed about the quality of cases we received and methodology that insurers are using to implement their projects, which made very difficult to deliberate. I’m not saying this is bad thing, on the contrary; it is a sign that the industry is on the move and it is using the best technology available.

I wish I had a time machine like in “Back to the Future” to go back to the days I worked for insurance companies, and tell my younger self: “you cannot miss this event; it will help you with your project.”

So, this is my advice. If you are part of the insurance industry and you are working in IT projects, this is the type of events you may want to attend to benchmark and learn about initiatives around the world that would help you define yours.

Lost in Innovation?

So, how do you avoid getting lost in innovation? The simple (and maybe glib) answer might be to buy a map, a compass and start to plan your route. However, what do you do when there is no map, no obvious path to take and no-one to follow?

The last 24 months have seen an incredible amount of activity across the sector in experimenting with novel proposition concepts fuelled by emerging technologies in the internet of things, distributed ledgers and bot-driven artificial intelligence. Although each new concept shows promise, we are yet to experience a clear and obvious pattern for winning new clients or delivering a superior shareholder return using them. Many of the most exciting novel ideas (and many are genuinely exciting) are yet to see any real business volume behind them (see my earlier blog for additional context of what insurtech has to offer in defining the ‘dominant design’ for new tech-enabled propositions).

So, as an insurer faced with having to balance how much it should invest in these new concepts versus furthering the existing business in what is probably a highly successful and scalable model, two of the big questions we often hear from clients are: “Which of these nascent concepts are most likely to deliver real business value the fastest?” and “How much effort should I be devoting to exploring them today?” These are the questions that we looked to address at our latest event in London that we called ‘Lost in Innovation’, attended by just over 70 inquiring insurance decision makers.

Faced with uncertainty, we followed an agenda that focused on the things that an insurer can control, such as the innovation-led partnerships they enter, the skills they develop internally, the criteria used for measuring value, and the potential challenges ahead that they need to plan for.

Celent analyst Craig Beattie presenting on emerged software development approaches

Alongside presenting some of our latest research on the topic, we were joined on-stage by:

  • Matt Poll from NEOS (the UK’s first connected home proposition in partnership with Hiscox) shared his experience on the criteria for a successful partnership.
     
  • Jennyfer Yeung-Williams from Munich Re and Polly James from Berwin, Leighton, Paisner Law shared their experience and views on some of the challenges in the way of further adoption, including the attitude of the regulator and potential legal challenges presented by using personal data in propositions.
     
  • Dan Feihn, Group CTO from Markerstudy, presented his view of the future and how they are creating just enough space internally to experiment with some radical concepts – demonstrating that you don’t always need big budget project to try out some novel applications of new technologies.

So, what was the conclusion from the day? How do you avoid getting lost in innovation? Simply speaking, when concepts are so new that the direction of travel is unclear, a more explorative approach is required – testing each new path, collecting data and then regrouping to create the tools needed to unveil new paths further ahead until the goal is reached. Scaling concepts too early in their development (and before they are ready) may be akin to buying a 4×4 to plough through the scrub ‘on a hunch’ only to find quicksand on the other side.

Some tips shared to help feel out the way:

  • Partnerships will remain a strong feature of most insurer’s innovation activity over the next 12-24 months. Most struggle to create the space to try out new concepts. Also, realistically, many neither have the skills or the time to experiment (given that their existing capabilities are optimised for the existing business). Consequently, partnerships create a way to experiment without “upsetting the applecart”.
     
  • Hiring staff from outside of the industry can be a great way to change the culture internally and bring-in fresh new ideas…however, unless there is an environment in place to keep them enthused, there remains a risk of them turning ‘blue’ and adopting the existing culture instead of helping to change it.
     
  • There are several ways to measure value created by an initiative. The traditional approach is a classic ‘Return on Investment’ (RoI). However, RoI can be hard to calculate when uncertainty is high. To encourage experimentation, other approaches may be better suited, such as rapid low-cost releases to test concepts and gather data to feel the way. Framing these in terms of an ‘affordable loss’ may be another way to approach it – i.e. “What’s the maximum amount that I’m willing to spend to test this out?” – accepting that there may not be an RoI for the initial step. Although no responsible insurer should be ‘betting the house’ on wacky new concepts, reframing the question and containing exposure can sometimes be all that’s required to create the licence to explore.
     
  • There’s still an imbalance between the promise of technology and the reality of just how far end-customers and insurers are willing to go in pursuit of value. The geeks (or ‘path finders’) have rushed in first – but will the majority follows? Regardless, to avoid getting lost in the ‘shiny new stuff’, a focus on customer value, fairness and transparency around how data is being used need to be at the heart of each proposition – plus, recognising that the regulator will not be far behind.
     

In summary, the journey ahead needs to be less about the ‘what’ (with all of its bells, whistles and shiny parts) and more about the ‘how’ (deep in the culture of the firm and its willingness to experiment – even in small ways) – at least while the map to future value is being still being drawn.

Celent continues to research all of these topics, including assessing the different technologies and techniques that insurers can use. Feel free to get in touch to discuss how Celent could assist your organisation further.

Celent clients will be able to access the presentations from the event via their Celent Account Manager.

The ABCD of Emerging Technology

Alphabet Blocks A to D

Celent has mapped over 45 emerging technologies in P&C and a similar number in Life & Health. That's way too much for an insurer to handle and the pace of technological change outpaces the industry's capacity to absorb it. You could say though that there is a set of 4 emerging technologies with the most potential to profoundly affect insurance; the ABCD of emerging technology:

  • Artificial Intelligence
  • Blockchain
  • Cloud
  • Data (big and small)

The four altogether become a strong enabler for Digital. Digital interactions, digital products, digital claims, everything digital. Digital becoming important to meet the expectations of customers that want insurance to be simple, right now, as I want it, when I want it, and relevant to me. On the other hand, many consumers are still not being attracted by insurance; creating a protection gap. Digital comes as a possible response to close this gap, and in the process has the ability to profoundly change insurance as we know it. Actually, we may not call it insurance anymore. It may just be something that comes as a warranty of the product or service. Have I gone mad?

Imagine cars with assisted driving. There is an accident involving the autopilot function and the manufacturer claims no responsibility. Who is going to buy this car after that incident? No surprise then to see some car manufacturers, vested in automated driving, indicate that they will assume liability. Of course they will, and in the process what they are doing is to offer their customers a guarantee that the product will perform as indicated in the user manual. By being able to monitor the car status they are also able to prevent accidents or breakdown. So in the future will you get car insurance or a manufacturer warranty?

You can imagine any other product that can be monitored, for example as part of the IoT. All these products will generate data, and that data will enable their manufacturers to provide a service; in many cases that service will be a preventive one. See the trend here?

Today many digital initiatives in insurance still rely on the use of a call center. That's not digital because it implies human to human interaction. Each interaction needs of a human in the call center, so each interaction adds cost as there is no way you can make the human person be digital. The use of chatbots or robo-advisors enabled by artificial intelligence and natural language capabilities allow digital interactions, where each interaction can be taken simultaneously by a robot with no, or marginal, cost to do it. By robot don't think about a physical robot but software instead. Just as the one used by Lemonade to settle claims fast.

Artificial intelligence with machine learning capabilities also allows us to mess with a huge amount of data; discovering new patterns. The more information ingested to these machines the better answers you get. The more is used, the more it learns, the smarter it gets. Even most importantly, this technology today is very good at taking repetitive and predictable processes and doing it faster, better and cheaper than humans. You are smart, you don't need me to explain how this is relevant to insurance, do you?

Technology as the one described here is available on demand and in the cloud. Need more computing power? being in the cloud can solve that problem very easily. Pay as you go? cloud deployments make this technology available at a per use price. Basically cloud makes technology accessible to anyone.

Blockchain is the glue that can hold it all together. Digital and physical assets (that can be digitized) can be stored in the blockchain. The IoT could be linked to blockchain. Then, any rules applicable to digital transactions can rely on smart contracts. Finally by providing trust and provenance through a decentralized body blockchain becomes the basis to catapult digital in any scale, even when peers don't know each other.

Are you mastering the ABCD of emerging technology? Not yet? Don't be left behind; insurers around the world have already started. Want to find more about how insurers can take advantage of emerging technology and innovation? Contact me or any person at Celent. We will be happy to dive into this with you.

How Insurity’s Acquisition of Valen Could Create a Virtuous Analytics Circle

It’s open season on insurance technology acquisitions in general, and for Insurity in particular. Today’s announcement of Insurity’s acquisition of Valen Analytics is now Insurity’s fourth acquisition in a multi-year string: Oceanwide, Tropics, and in rapid succession Systema and Valen.   The potential for crossing selling among the five customer bases is obvious.   Less obvious, but of potentially even greater value, is Insurity’s ability to invite all of its insurer and other customers to use its Enterprise Data Solutions IEV solution as the gateway to Valen’s contributory database and Valen’s InsureRight analytic platform.   Insurity now has the scale and the means to create a virtuous analytics circle: individual customers contributing a lot of data through IEV to Valens and receiving back analytic insights to feed into their pricing, underwriting, and claims operations.   Good move.

Conversation systems and insurance — one experience

To start with full disclosure, I am a huge fan of the Amazon Echo. We have them throughout the house, and have automated our home so Alexa can control most light switches, ceiling fans and more. We play music through them, ask for the weather, schedule appointments, and more.

All my kids are believers from our 5 year-olds on up. It’s fun to hear one of my five year-olds ask Alexa to play the song YMCA and then burst into full song, including the dance. My one personal recommendation. If you have an Echo and children, turn off voice purchases. I found out the hard way.

So I thought I would check out how Alexa does with insurance. My plan is to try all the skills and leverage them into a report. I may even have to purchase one of Google’s new Google Home devices just to compare them in this use case.

So I spent considerable time this morning trying to get an auto quote. Let’s just say the outcome was that I gave up. I won’t name the insurer, as I am sure that their Alexa skill works well in other areas such as information sharing and likely works for others to get a quote, but it sure did not for me. I do want to give credit to the insurer, as they are out on the bleeding edge doing these quotes.

First it asked me my birth year. It heard 1916. That’s not when I was born, but that’s what it heard. I tried to correct it, using the instructions it had provided, but no dice. I gave up and started over, only to be born in 1916 again. This time it was so stuck I had to unplug the Echo. I was surprised, as Alexa’s voice recognition amazes me.

I’m old, but I’m not 101 years old.

I finally made it through on the third try with very careful enunciation. Made it through my wife’s birth year and the fact we’re both married (apparently being married to each other wasn’t important).

Got to the question on what body style. I tried convertible, since, well, it is a convertible. That wasn’t an option. Since the app had prompted 2 door car as an example, I tried it. Um, no. That’s not supported. That seemed odd, but I tried car. Apparently car is OK.

Made it through miles driven a year.

Go to age of the car. My car is a little older, but no antique. However, apparently 12 years old is fatal, as the app crashed with “Sorry I am having trouble accessing your skill right now”.

OK, odd, but wireless sometimes blips, so no problem. Started over for the fourth time.

Worked my way through all the questions, enunciating very, very carefully and got to age of my car.

Yep. Crashed again.

At that point, I gave up and decided to write a blog instead.

Or I could have played a game of Jeopardy with Alexa.

CES 2017: JUST HOW SMART IS AI GOING TO MAKE CONNECTED CARS AND CONNECTED HOMES?

Walking the exhibit halls and attending sessions at the mammoth Consumer Electronics Show, it was easy to identify the dominant theme: AI-enabled Intelligent Personal Assistants (IPAs).
  • Manufacturers and suppliers of connected cars and homes are betting big on IPAs: overwhelmingly favoring Amazon Alexa.
  • Impressionistically, Google Assistant, Siri, Cortana and others trailed some distance behind.
Natural language commands, queries and responses provide a vastly more intuitive UX. And these capabilities in turn make owning and using a connected home or car much more attractive. But there is a deeper potential benefit for the connected car and connected home sellers: developing context-rich data and information about the connected home occupants and the connected car drivers and passengers. This data and information include:
  • Who is in the house, what rooms they occupy—or who is in the car, going to which destinations
  • And what they want to do or see or learn or buy or communicate at what times and locations
Mining this data will enable vendors to anticipate (and sometimes create) more demand for their goods and services. (In a sense, this is the third or fourth generation version of Google’s ad placement algorithms based on a person’s search queries.) Here’s what this means for home and auto insurers:
  • As the value propositions of connected cars and homes increase, so does the imperative for insurers to enter those ecosystems through alliances and standalone offers
  • The IPA-generated data may provide predictive value for pricing and underwriting
  • IPAs are a potential distribution channel (responding to queries and even anticipating the needs of very safety- and budget- conscious consumers)
A note on terminology: the concept of “Intelligent Personal Assistants” is fairly new and evolving quickly. Other related terms are conversational commerce, chatbots, voice control, among others.

2016 – A year of InsurTech as well as Insurance Technology

We’re fast approaching the end of what has been a very eventful 2016, one that has seen (amongst other things) significant new investment in the insurance industry and a focus on InsurTech. This interest was reflected in those reading our blog with a clear trend towards innovation and sources of new technology for insurers.
  1. Will your next insurance administration system be on the Blockchain?
  2. Guidewire Acquisition of FirstBest – A Wakeup Call for Core Suite Vendors?
  3. The Evolving Role of Architects
  4. Slice: Insurance disruption in action
  5. Insurance companies are embracing technology — for investment
  6. A golden day for insurance: Celent 2016 Model Insurer winners
  7. In search of a new ‘dominant design’ for the industry. What does insurtech have to offer?
  8. Blockchain in insurance – who needs it, anyway?
  9. Is State Farm Pre-positioning Itself for the End of Auto Insurance (and Maybe the End of Homeowners Insurance Too)?
  10. A positive note for Brazil: A few insurance market developments to follow with interest
Mixed in here are a few topics on the basics of running an insurance company but overall the top 10 most popular blogs focused on InsurTech and innovation topics. InsurTech has certainly been a source of much of the hype. Examining some of the most popular reports this year suggest a more balanced focus from our clients though, with an interest in both established methods and technologies, applying new enterprise technologies as well as InsurTech and Block Chain topics.
  1. EMEA Policy Administration Solutions
  2. Changing the Landscape of Customer Experience with Advanced Analytics: Applications in Banking, Wealth Management, and Insurance
  3. Innovation Outlook 2016: Practitioners’ Predictions
  4. Model Insurer 2016: Case Studies of Effective Technology Use in Insurance
  5. IT Spending in Insurance: A Global Perspective, 2016
  6. North America Policy Administration Solutions
  7. Blockchain in Insurance: Use Cases
  8. Choosing Blockchain Use Cases in Insurance: Guiding the Hammer Toward the Real Nails
  9. Robotic Process Automation in Insurance
  10. Insurtech Has Arrived: A Primer
This mix of focus on core insurance topics with an eye to the future and InsurTech aligns well with what we’re hearing from insurers. So far the InsurTech movement has largely been symbiotic with the insurance industry rather than disrupting the incumbents. We are seeing a focus on partnerships and new firms augmenting the old ones – but the insurers need to be ready to bring in this new technology. 2017 will continue to see insurers investing to reduce costs, to increase agility, reduce these inhibitors and address problematic legacy issues. 2017 looks like it’s shaping up to be a year of opportunities for insurers who choose to take them. In the meantime, perhaps these top 10 breakdowns from most of 2016 will offer some useful holiday reading to help catch you up.

Smartphones, Apps, and Other Stuff

In 1985 when I was a kid in school, one of my favorite TV shows was Robotech, also known as Macross in some regions. They had the technology (alien technology by the way) to transform fighter planes into mechanical robots (a bit like Transformers), however they did not have either cellphones or smartphones. Instead, they had mobile cabs that would travel around the city looking out for when to pick the person up. Not to mention, in some episodes, they even had some kind of Google glasses. It was all very cool stuff in 1985.

Fortunately for us all, today we have our own smart stuff in the form of a super computer in our pockets – being the smartphone. Many of us no longer need to run to a red box to make a call; and a long with smartphones we have data usage, internet, and apps.

The great challenge with smartphones for insurers, is how to engage with customers in this mobile world; that is, how to make apps attractive to them beyond the basic proposition of moving consumers to the mobile channel in order to lower the operating cost.

In insurance, availability of mobile apps varies by region and by country, so does functionality.  In most countries property and casualty insurers are taking the lead, especially to connect to auto insurance policy holders to provide them with a very array of self-servicing features through the app. In many countries, insurers need to work with the regulators hand in hand to find the best ways to boost financial inclusion and the use of insurance through digital channels.

In a recent Celent’s report, we found that at least 80% of P&C insurers in the United States, the United Kingdom, Spain, and Portugal offer apps to their clients"

In Latin America availability of consumer-focused apps in insurance grew from 21% in 2013 to 39% in 2016"

So we expect in the following years that Latin American insurers keep up other regions. Not to mention that Insurers are very interested in mobility and they plan to invest in this technology.  To learn more about this report, please click here.

Going back to my story, there were occasions where the main character couldn't be contacted because there were no mobile phones, only robots, and maybe the outcome of the story might have changed.  It was 1985 for a story created much earlier; more than 30 years ago, but now mobility, artificial intelligence, robotics, and analytics are a reality.

Technology is playing a very important role enabling insurers to engage customers, and as part of the insurance industry, we need to be aware of these advancements. If you are interested in insurance technology and want to know more of case studies around world, Celent will be awarding the best technological initiatives in our 2017 Innovation & Insight Day in Boston on April 4, 2017

Also, if you are or know of an insurance company which exhibits best practices in the use of technology, please click here and complete the nomination form. Submissions are being accepted until December 16, 2016.  Categories include:

  • Digital and Omnichannel
  • Legacy and Ecosystem Transformation
  • Innovation and Emerging Technologies
  • Operational Excellence
  • Data Analytics

For more information about the Model Insurer program click here, leave a comment, or email me directly at lchipana@celent.com. I’d be more than happy to talk with you. The Celent team and I are looking forward to hearing from you and meeting you in person at the 2017 Innovation & Insight Day.

The Best Advice is Personal

Much discussion has happened in the industry portending the inevitable elimination of the insurance agent as consumers move to purchasing insurance direct and online. Disruption of the agency model seems to be a foregone conclusion judging by the amount of recent investment in InsureTech startups focused on transforming the distribution model. The increase in insurers offering commercial insurance direct may be seen as an inflection point not just in terms of commercial lines sold direct, but in terms of a shift in momentum from the agent to technology, across lines of business. It’s not surprising that both insurers and consumers are interested in a shift in channels. It promises to be less expensive for an insurer to go direct, and consumers are clearly showing a shift in preferences for accessing coverage

However, consumers use agents for very good reasons. Prior to direct purchase on the internet, consumers needed agents to access different markets. There was no mechanism for a consumer to purchase directly from an insurer. With the advent of digital agents, aggregators, and direct-to-consumer insurance insurers, this reason is less important than it used to be. However, replacing an agent isn’t as simple as simply automating access to markets.

One of the primary points of value provided by an agent is personalized advice. Although access to markets is more readily available, consumers still need advice and guidance. Insurance is a complicated product. Understanding which coverages they should purchase, what limits and deductibles are appropriate, and whether additional terms or endorsements are relevant is one of the key points of value that an agent offers.

Consumers are more financially literate than ever before given all the information available on the internet, yet still want transparency in the choices available, and value guidance and advice as to what options are appropriate and why they are appropriate. 58% of consumers surveyed say that when choosing a financial services provider, they are looking for a personalized offer, tailored to the individual firm or person.

Until an insurer can accurately and appropriately provide advice it is unlikely we’ll see a wholesale shift of the channel. Some insurers focus on giving consumers choices by providing price comparisons with other insurers. Others have tried to provide choice by labeling side by side choices with titles such as “less coverage”, “standard coverage”, and “more coverage”. But these choices don't usually have any relationship to the actual risk profile of the prospect and don’t offer any suggestion as to why one option is better than another. Consequently, consumers aren’t confident enough to make a decision.

Want to know how to improve online conversion? Provide actual advice to a prospect with an explanation as to why a particular limit, deductible or coverage is relevant. Anecdotal conversations with companies who have implemented a feature like this indicate potential conversion improvements of 20-30% or more.

Automated advice comes in a variety of permutations that vary depending on how much automation is utilized and how much personalization is provided. Insurers can assess their capabilities and determine how to proceed down the path. Even small amounts of advice seem to have an impact on conversion.

Automated advice can range from very simple parameter driven advice, to incredibly sophisticated advice-for-one backed up with sophisticated analytics. It can be delivered via simple online suggestions, or through a guided journey using a chat bot. Each successive generation of advice engine seems to bring increasing benefits when it comes to conversion.

Yet automated advice also carries potentially significant risks. The customer is relying on the technology – including the assumptions and methodologies that underlie it. For example – did the system ask the right questions; did the prospect understand the questions adequately to answer accurately; did the algorithms act as intended, were the underlying business rules appropriate?

Using third party data can mitigate some of these risks, but raises other issues including the accuracy of that data. On the one hand, consumers are more financially literate, are looking for more transparency and control, and expect insurers to utilize technology in an online environment. However, insurers also have to be careful not to be creepy when using third party data.

Insurers can overcome creepiness by not overreaching, and by clearly communicating how they arrived at their conclusions. In this transparent world, the path to the recommendation becomes nearly as important as the outcome.

Interested in learning more about automated advice engines? Check out my newest report “The Best Advice is Personal: Robo-Advisors v. Agents”.  

When plumbers sell insurance

Digital and digitization in insurance are terms that have been increasingly used in the insurance industry over the past decade and not only by insurers but also by consultants, IT vendors and research firms. I have already provided my high level definition of digital and digitization in this blog.

While attending RGI's Next event, where an innovation for the connected home was presented, I reflected on the visibility of the relationship between the insurer and the end-consumer. Many innovation and digital gurus claim that with digitization insurance will become invisible. At the first sight, it sounds like an interesting idea and of course it would be logical to believe that if there is less or no human intervention then it would be difficult for a consumer to get a physical representation of an insurance product and the company behind it. However, I don’t like the idea of insurers becoming invisible. Insurance is a difficult product to understand for average consumers because it is not something they can touch and feel. In addition, risk is a concept that is highly conceptual especially for young people. Many consumers, who buy insurance for the first time, do so because it is compulsory and in general they don’t try to analyse the details of the product, which is nothing more than a list of benefits, terms and conditions that are painful to read and difficult to understand. I think digitization represents a great opportunity insurers have to seize to better productize insurance products. Making insurance invisible does not properly address the consumers’ needs and expectations I think. In our open world where information is so easily accessible and transferrable and where transparency is important, insurers need to make insurance more palpable and digitization is a great opportunity to democratize the knowledge of insurance and risk among the public. Let’s take the example of home insurance. What if home insurance is sold on top of a box (an Apple TV style one) that controls various sensors that monitor home parameters including thermostats, smoke detector, video surveillance and water usage? The insured would be able to regularly check these sensors via a smartphone app and be informed quickly about abnormal events. With this box, the insurer would add home insurance at a preferred price (maybe included with the box warranty). The connected home model is an interesting example demonstrating that digital transformation can contribute to making insurance products more palpable and risk easier to understand and to monitor from a customer point of view. So when will we see plumbers and electricians sell home insurance!