Going Digital

The legacy of Insurtech 1.0 may be more enduring than the actual companies. They forced incumbents to recognize their intransigence, producing a new focus on customer experience.

While many futurists have claimed that voice is such a natural means of communication that it will soon take over all customer/corporate interactions, Amazon's experience proves otherwise. 

Based on two decades as a consultant, executive and entrepreneur, I see three patterns that get in the way: Spinning Plates Syndrome, the Department of No and Zombie Resurrection.

Future leaders will master the skill of harnessing data-driven insights to focus on prevention first, instead of indemnification.

AI can help insurance providers automate job scheduling and keep numerous requests organized so that downtime and unnecessary travel are eliminated.

Insurers need to prepare themselves and their technologies to bundle, expand, embed, partner, customize and flex to meet future market demands.

Small businesses often seek providers offering them the most affordable policy quickly and efficiently. Any delay, and they will likely go to a competitor. 

While several high-profile insurtechs have had a rough year in public market valuations, there are still many bright spots for startups in this marketplace.