Innovation, Lessons, Overview, Trends
Gilad Shai
Bryan Falchuk - The Future of Insurance
Entrepreneurship, Innovation, Insights, Startup
Gilad Shai
Nick Lamparelli - InsurTech Talk

Nick Lamparelli joined Gilad and the InsurTechLA community for an unscripted InsurTechTalk. In this broadcasted event, Nick was in the interviewee's seat. We had the opportunity to learn about Nick’s day job and dive into flood insurance and how to build insurance programs.

Nick Lamparelli - InsurTech Talk
Alex Devoto
Scream

The 1996 movie ‘Scream’ taught us one thing: Don’t answer the phone! And much like the characters of that movie, so to insurers should heed this advice when engaging with Millennials.

Scream
Entrepreneurship, Startup
Gilad Shai
Startup Life

A startup has a life but the people who breathe life into it…, well, they usually don't.

People like the idea of a startup. It is romantic. The excitement diminishes when they find out the extent of their responsibility and compensation. Basically, most people really want to work for Google. Google is a multibillion-dollar behemoth that has all the risk management tools and processes to support it. And yes! They still have all the perks and cool parties at the end of Google I/O.

Innovation, Overview, Startup, Trends
Gilad Shai
Innovation as a step function

Step Up

The entrance of startups to the insurance industry, nearly four years ago (2015), introduced a change, innovation, that made all the components, whether they are linear or passive, to react. The new teen spirit that the startup introduced acted as a step function that increased the value of the industry. The input may be a nice and clean function. It has a ripple effect that affects the entire pond until is converges on the new and higher level.

Innovation as a step function

Fjord

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InsurTech - Innovation and Trends

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On Tuesday, January 10th 2017, Daniel Schrier from Fjord, an Accenture company, joined the InsurTech Los Angeles Meetup group for a conversation about design thinking, innovation trends and opportunities from a design and creative perspective. Daniel's talk covered a lot of ground and left the audience with many questions that we hope to cover in our future events. 

Today, customer brand loyalty is low. One of the challenges companies face is meeting customer expectations. The reason is that companies assume that they meet customer expectation by measuring customer satisfaction, usually by extrapolating NPS and tNPS scores. It is hard to measure the gap between expectations and satisfaction. Where there is a challenge there is an opportunity. New InsurTech companies take on the challenge of meeting customer experience expectations. They do that by observing the popular non-insurance applications e.g. Uber and applying the UX principals to an insurance application.

Trends

Trends/Intelligent Automation   

Machines and Artificial Intelligence will be the newest recruits to the workforce, bringing new skills to help people do new jobs, and reinventing what's possible.

The first step, before we jump into the "smart" and the AI, is simple automation. I find that there are many opportunities to automate the tools and help the workforce. The insurance space is composed not only of agents, adjusters, underwriters, actuators and customer support but also of marketers, engineers, operations, IT support and much more. Products that can increase an agency efficiency, or call center turn around, will provide value to the industry.     

Trends/Liquid Workforce

Insurance companies must look at technology not only as a disrupter but also as an enabler. The technology will enable to transform the people, projects, and organization into a highly adaptable and change ready enterprise. 

Trends/Platform Economy

The strategic use of technology to create platform business models is driving growth opportunities is the rapidly expanding digital economy and for insurers. 

Trends/Predictable Disruption 

Fast emerging digital ecosystems create the foundation for the next big wave of enterprise disruption in insurance. 

Forward thinking insurance companies have the line of sight to redefine their role and positioning in the market. Today there is an opportunity, if not a need, to change how carriers create and deliver insurance products. In future posts, I will address the value over and position of the new InsurTech companies Lemonade, Trov and Metromile. 

The survey above raised several questions during our conversation with Daniel. One of the questions was "83% of insurers recognize that IoT will introduce change to the industry. Yet, only 51% of insurers plan to pursue digital initiatives with new partners. Are the insurers planning to grow IoT capacity in-house? Work with old partners? Or, ignore it completely?