Series 3: Episode 2 – What’s next for motor?

Sarah speaks with Ageas’ Adam Beckett about the rapidly changing motor insurance market. With the looming ban on the sale of petrol and diesel cars by 2030, motor manufacturers are racing to expand the sale and accessibility of electric and hybrid vehicles. This presents both a significant challenge and opportunity to the broking market.
Sarah and Adam
Key Takeaways
  • New policies for electric vehicles must be made affordable as they become more widely manufactured and new infrastructure is implemented

  • Electric vehicle insurance is a huge opportunity for the broking market to give specialised advice

  • Traditional motor insurance policy models will always remain important, but the market must adapt to new customer habits and behaviours

  • Driverless vehicles are likely a long way off, but the need for insurance coverage around them will come upon the market quickly

Quotes of the Episode

“I think the challenge is that the broker could well be asked [whilst] supporting the customer with their education and their choice around [electric vehicle] insurance, questions that they don’t necessarily feel armed to be able to respond to. The opportunity is, if manufacturers, insurers, etc, can bring that knowledge to brokers, and they can do their own development work about helping people through the decision of purchasing an electric vehicle and everything that goes with it, then they can be a real power base for helping customers to find comfort and to navigate the landscape… The broker… can add some real valuable proposition and service information beyond the provision of the traditional insurance cover.”

“The key message for [Ageas at BIBA Conference] is that we fundamentally believe in the longevity of brokers in the personal lines marketplace. Our business is entirely intermediated. Even our small direct franchise is intermediated through the price comparison websites. Eight or nine tenths of our business comes through the thousands of personal lines brokers that will be in the room at BIBA. We are focused on investing in all the technical capability that we need to: pricing, underwriting, claims management, data analytics, etc, to be able to be a great technical support and panel partner, for those brokers. We’ll leave the very entrepreneurial skill of proposition and distribution and the retailing to the broker, because we fundamentally believe that they have continually shown themselves to be successful.”

About the guests

Adam Beckett is the Chief Distribution Officer at Ageas UK, who specialise in the motor landscape. He has worked across the general insurance market for around 25 years, and has been at Ageas for the past three. In this role, he is responsible for looking after all distribution channels, and overseeing marketing, proposition development and digital execution.

Adam’s LinkedIn Profile:

About the Host

Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business.

Sarah is passionate about the evolving dynamics of the insurance industry and enjoys conversing with innovators, trailblazers, and long-term advocates of change.


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