Innovation in insurance is not limited to a new shiny technology. New products, new insurance products, can be and are innovative in many ways, and they require people, processes, and a mindset to make them happen.
Mariel Devesa, head of global business development for Phyn and former head of innovation for Farmers Insurance, shared her experience and insights on innovation. Stephen Goldstein joined Mariel to facilitate the fireside talk and to ask the hard questions.
There is a misconception that insurance companies don't innovate.
Carriers don't have a shortage of ideas, but they need to start somewhere. One of the ways to prioritize is by asking where is the most substantial impact.
"The shiny disco ball syndrome" is when someone says "we need to do this" and then four weeks later "oh, we need to do that," and later "we need to focus over Continually shifting focus on whatever is in fashion or is getting the most publicity at the moment."
"I remember that at the beginning of my work with Gus Fuldner, VP of safety and insurance at Uber, it was all about building trust." Both sides had reservations and concerns, however, trust was built, and it resulted in drafting the “compromise language,”  which created a framework for states to pass and provided clarity to build an insurance offering.