Key Takeaways from the "Platforms and Ecoystems" Insurtech Panel
On Thursday, December 9th, Insurtech Hartford hosted a “ Platforms & Ecosystems” event at the Connecticut Science Center. Hillside members that attended the panel were Aliyah Hayes, Karolina Tarnacki, and Melvin Andre. They were able to use this experience to learn from key industry leaders and network with various insurance professionals. The idea that platforms and ecosystems are the future of insurance is taking hold within the space, here are our key takeaways from the event.
Adaptability-> Key to Survival in Ecosystems
Top Takeaways
Adaptability-> Key to Survival as an Insurtech
Ben Steele, Senior Director at EPAM was able to discuss the importance of ecosystems and the keys to succeeding within them as an insurtech
William Budde, VP Insurance Solutions Group
Cloud computing and API, have made it easier to build digital products and services together.
Covid-19 has emphasized the need for changing demands in the insurance marketplace.
Ecosystems are allowing collaborations and partnerships for carriers to deliver to customers.
Insurers have to decide the role they would want to play within the ecosystem ( i.e do you want to own or participate within it, it’s important to know your role)
Heavy reliance on analytics and IoT providers to gain access to data.
Be able to reimagine your business, innovating and doing it differently .
Connectivity-> utilizing technology to remove the friction and better (let’s get to the data!!! )
Michael Byam: Industry Advisory & Consultant
In insurance, the winners are weaving themselves within the customer journey
Using data to understand customers, diving deep into behavior patterns (behavior analysis has allowed insurers to go from assessing to mitigating)
Utilizing the participants within the ecosystem to combat problems within insurance, insurers have to recognize the role they play and if they are capable of solving the problem
Munich RE is connecting the inward platforms, providing solutions to partners and customers ( value-add within the ecosystem)
Alternative or Embedded-> Insurance is coming along as an add-on or package
Jay Gauthier, Head of Direct Markets, Travelers
Travelers believes about 20% of revenue from personal lines could come from an alternative platform/ecosystem by 2025
The industry is looking for ways to embed insurance in transactions ( i.e digital surfaces, user experiences, and underwriting)
*Ish Panwar wrote a great piece providing insights about embedded insurance, you can access the article through this link.
Culture and Talent-> People drive the company’s success.
Doug Alexander, Vintage Risk
People risk and culture is the greatest risk to building a successful tech company.
Be able to have the buy-in from senior leaders and from there, define partnerships as you go.
Keep your employees engaged and build trust, have your junior talent supporting your vision. ( it’s usually the people problem that sinks these companies, keep the buy-in)
*Better CEO takes time off due to firing 900 people over zoom, the company is taking a reassessment of culture and leadership
Overall, it was a great experience attending this panel and being able to learn from insurance industry leaders. Hillside Ventures emphasizes on providing students an experiential learning opportunity and this event is a prime example of that. As we strive to make an impact and establish ourselves within the Insurtech ecosystem, we look forward to attending Insurtech Hartford events to help us do so.