How can insurtech leaders stay current with industry trends and technologies?

Customer data unlocks a treasure trove for insurtech. We can move beyond demographics to create personalized products. Imagine wearables lowering health premiums for fit customers, or on-demand micro-insurance for weekend activities. By understanding customer behavior and lifestyles, insurtech can become seamlessly integrated and proactive.

Event and conferences provide real feedback on the ground realities and the failures encountered (by others)in any new technology and also its adoption in the market.

Local insurtech and startup events, big conferences, and research symposiums offer insights to stay ahead in the market and provide a competitive advantage. Attending these events can lead to valuable connections, turning attendees into business partners and fostering collaborative opportunities within the insurtech industry.

Attending conferences and events like InsurtechNY and Insurtech Hartford is key for leaders to stay abreast of industry trends. These gatherings offer a direct line to the latest innovations, thought leadership, and networking opportunities right in your backyard. They provide a platform to engage with peers, discover new technologies, and gain insights into the future of Insurtech. Leveraging local events enhances strategic knowledge and fosters community engagement, keeping you connected and informed.

Experimenting with new technologies like AI, telematics, and home sensors is crucial for staying at the forefront of Insurtech. However, it's not just about adopting these technologies but innovatively applying them to redefine insurance processes and improve customer experiences. Think creatively about using AI for personalized insurance products, telematics for dynamic pricing models, and home sensors for proactive risk management. This approach encourages not only technological adoption but also strategic innovation, ensuring your organization leverages technology to its fullest potential.

DATA is the lifeblood of the future of insurtech. By leveraging customer data beyond just demographics, insurers can unlock a new era of personalization and proactive risk management. Imagine a world where wearables track your fitness and health insurance premiums adjust accordingly. Data can also enable on-demand micro-insurance: imagine temporary phone insurance for a music festival, with 42% of consumers expressing interest in this type of flexible coverage. By understanding customer behavior and lifestyles through data, insurtech can transform from a reactive industry to a one that seamlessly integrates with our lives, anticipating and addressing our evolving needs.

Learning from other industries is vital for Insurtech leaders. For instance, improving customer and agent experience can draw inspiration from CPG leaders like Amazon, Walmart, and Nike, known for their customer-centric approaches. Similarly, finance giants like PayPal and E*Trade offer valuable lessons in leveraging technology for seamless, secure transactions and user-friendly platforms. By observing and integrating these cross-industry best practices, Insurtech companies can enhance engagement, streamline processes, and innovate in customer service and operational efficiency.

The insurtech sector learn valuable lessons from other data-driven industries to unlock its potential. E-commerce, for example, excel at hyper-personalization based on purchase history and browsing behavior. Insurtech can leverage techniques to tailor insurance packages to individual profiles and lifestyles. Also, the travel industry offers a blueprint for on-demand services. Just like tourists can buy travel insurance for specific trips, insurtech can develop micro-insurance solutions for temporary needs, adapting to a customer's dynamic lifestyle. By fostering collaboration and knowledge transfer with these data-savvy sectors, insurtech can evolve from a old model to a future-proof industry that integrates with our changing lives.

Seeking feedback and advice is essential for continuous improvement and innovation. Engage with customers, partners, and industry peers to gather insights on your offerings and operations. Utilize surveys, focus groups, or one-on-one conversations to understand needs and expectations. Also, consider mentorship or advisory boards with experienced professionals from within and outside Insurtech. This open feedback loop can inspire new ideas, reveal areas for enhancement, and foster a culture of transparency and growth, ensuring your strategies remain relevant and impactful.

If I were to get specific I would point people towards InsTech for the quality of reports, in-person events and podcasts. I of course have a interest in saying this but objectively speaking feel it is a leading opportunity. Similarly in London there is the Camelot Network that run events are relevance to many insurance people, and for those more on the start-up side, the InsurTech UK team create valuable links between people. And as a final London-centric suggestion, get on the mailing list of the Lloyd's Lab.