Window to the Future
Our presence at InsureTech Connect 2017 at Las Vegas was every bit as exciting as the work we do at InsuredMine every day. With over 3800 attendees and countless networking opportunities, it was an ideal platform for us in many ways. It acted as a strategic think tank and helped enhance constructive dialogue and collaboration with other entrepreneurs. It also helped us rethink what we already know, and educated us on what we did not. This insight helps shape our outlook about our future and what to expect and when.
Amidst the tragedy and the chaos of the city’s shootout still fresh, all the attendees were robust and resilient. We attended few speaking sessions and toured the exhibits but the bang for the buck was speed dating style 1:1 meetings with investors, carriers, consultants & other start-ups who are potential strategic partners. I believe there were several golden nuggets with value of their own and the choices were left to the attendees on what matters most to them – thought leadership, 1:1 meetings or networking with potential investors, clients or customers.
Several of these sessions were very well attending including Welcome remarks by Jay & Caribou, Age of Disruption by Prashant Gangu & Matt Leonard from Oliver Wyman, C Suite view by Naveen, Paula & Jeff. Among other sessions, one that resonated most to us, considering our stage of growth was – Traction & Scale. It was a pleasure to hear from the accomplished and disciplined Startups who are leaders in innovation and distribution including – Ted, Scott, Jennifer & Keith. Unfortunately, we could not clone ourselves to attend all sessions, have all 1:1 meetings and still able to network, thus, there were tough choices, which I believe is a good thing.
Five key InsureTech Takeaways from the speakers
- Insurance industry is in for a big overhaul and the lines are blurring between personal and commercial insurance. With rapid shifts in the insurance marketplace (ex: driverless cars), there will be fewer accidents and less mortality; the question is “are we insuring the driver or the software?”
- Traditional insurance faces a huge loss of revenue and this created an ambitious goal to replace lost revenue. By 2024, insurance determinations will be based on mobility and miles traveled.
- There is demand for customer centric advises in regards to debt, investment, income and insurance management. Organizations must make insurance a good experience for customers by making it simple, productive and personal by introducing innovation and new technology platforms and providing seamless interaction and engagement through continuous improvement.
- The Insurance industry needs strategic insights and partnerships; it is important to remember that diversity and inclusion is a big driver of innovation.
- There is a need for bundling services and changing how we work together by taking friction out of the value chain, focusing on solving customer problems rather than selling products.
1 on 1 Meetings
It cannot happen, that we talk about ITC and not talk about one-on-one meeting marathon. As much as we enjoyed meeting scores of smart individuals from across the insurance spectrum, I guess it was a bit overkill (not to blame anyone else but our own exuberance) and other good and a bad thing was 15 min intervals. But we all survived and now there is a huge heap of business cards that we are sorting to connect with as many as possible – talk about InsureTech takeaways. Who said it was not a number’s game…. VC office hours was another big hit for us as it was a wonderful opportunity to share our story with VCs.
Future is NOW!
It was evident with our conversations with other market leaders and startups that insuretech is definitely changing the culture around the business of insurance. This knowledge clearly resonated with our beliefs at InsuredMine. With more than 50% of millennials getting their insurance quotes on a mobile device, one who caters to their needs and customizes their experience first is the winner. We have come a long way, but we are consciously aware that we have a long way to go and this is a marathon and not a sprint. Meanwhile, we will continue to improve and innovate on our InsureTech takeaways; our strategies is to be ahead of the game in all possible ways. InsuredMine thanks all the sponsors of this mega event and will continue to participate in these events with progressively increasing roles in future.