What are the most effective ways to build relationships with industry peers in the insurtech space?

There are many insurtech events across the globe. The big events are great, but don't overlook the local scene. There are people in your backyard working to make an impact to the insurance industry. Local community events are a great way to get connected.

Insurtech is no different from life. Strong relationships stem from shared values, interests, mutual respect and activities. I was actually frustrated back in the day, when participants of EDII's Insurtech programmes cited the network they'd gained as a highlight, because I wished they'd highlight the skills and knowledge gained, and their enhanced capacity for organisational change. However, it dawned on me that the network was instrumental in this transformation. Collaborating on projects, embracing diverse viewpoints, bonding through fails, pivots and wins, built a community that was not just about making connections but about improving each other's professional lives. So now I'm proud that network is cited as a key attribute.

In my experience live events + social media presence + unique value proposition is the magic recipe. The Insurtech live events has presence of the innovation, IT and other aspects on top of the obvious startups and investors. Platforms like Insurtech Israel have additional value with their roadshows.

Attending conferences has been an awesome way to connect with the industry. Ensuring genuine conversations - I see so many vendors just go in pitch mode. Insurance is all about relationships. Long-term thinking vs. short term can really make/break what you get out of it. In addition, networking is awesome and equally, attending sessions and hearing what other leaders are sharing has been very insightful. I also have recently been getting into podcasts and have started one with one of my industry collaborators called Insurance Sync.

Insurtech isn't just about influencers and thought leaders; it's about everyone involved. From the everyday tester ensuring tech integrates seamlessly with core systems, to developers handling APIs and mappings, to BAs and end users documenting business use cases – they all play a crucial role. Leaders must engage everyone in the value chain, making them feel part of the dialogue and enabling them to contribute to industry innovation.

For some topics online communities are invaluable. I feel that this is less the case for insurtech. As stated above, there are lots of opportunities for in-person events and as such there are few online communities that have really taken off. There is plenty of valuable material online (again I use InsTech as a leading example) but the valuable discussions happen at the events. Worth noting that following the insurtech thought-leaders on LinkedIn (and less so X) does give opportunity for some tactical discussions

I enjoy the various WhatsApp, Mighty Networks (Insurance Nerds), and slack groups (Catalyst). I’m also a member of CHIEF where I find like-minded individuals and women in insurance. Joining these communities has been tremendously beneficial because the knowledge sharing and relationship building continues.

Absolutely, joining communities can be incredibly beneficial for career growth. Engaging with like-minded individuals in insur-tech communities can open up opportunities for networking, learning, and collaboration. You can stay updated on industry trends, gain valuable insights, and even find potential career prospects. It's a great way to expand your knowledge and connect with professionals who share your interests.

Cross-insurtech collaboration doesn't feel to me like a major thing. Sure, there are powerful examples but I suspect this proposal is from the LinkedIn AI copy/pasting from other industries where it may be more relevant. Generally speaking the more interesting collaborations are coming from insurtechs working with their clients to turn good ideas into real-world applications

I fully support and embrace test and learns and especially when we do these in production environments. It is the best way to showcase the value of the collaboration and validate business outcomes in your business case. Also - I encourage carriers when they are doing this - pick a needle moving scenario that is complex in nature. I’ve seen so many collaborations fail because the team wants to choose an easy use case. I’m all about showing value - the more complex - the better.

That’s how I started in insurtech 10 years ago, offering startups to help on their projects and contributing to their work. I found out that at the start most of the work was probono and non paid, as my earning was in learning and connections.

Online is a safe place to start and now there’s a good size community of people around the topic, but don’t get stuck online only and make sure you meet people offline and do projects together to build understanding and credibility

Social media is a great way to collaborate. It follows you everywhere. The world of insurtech influencers has grown rapidly in the past 2 years which is why InsurTech Hartford started the Making Waves Award. LinkedIn is still far and above the best platform for #insurtech social media.

Social Media is well suited for getting to understand people and workout who's views and styles more appeal to you. It is rarely an effective collaboration tool to get really deep into topics. One point to make is that if you are trying to grow your profile in a space it is often more effective giving thoughtful responses to other people's LinkedIn posts than simply writing your own. Those responses are likely to be read by more people and make them curious about you, then chosing to follow you. Once you have a decent volume of followers then your own posts will get more coverage.

Leverage social media platforms such as LinkedIn, Twitter, and industry-specific forums to connect with industry peers, engage in discussions, and share relevant content. Follow key influencers, participate in industry-related conversations, and contribute valuable insights to build your reputation and network.

Building a network of industry peers on social platforms like LinkedIn would move us further. The power through these platforms is unimaginable if one collaborates and communicates expertise and interest. We would start quite an extensive unknown industry network through these platforms.

The insurance industry has a lot of experienced professionals. many executives and senior leaders are in or approaching retirement, but they are not done! If you are in the early or growth stages of your career, don't be shy about reaching out to retired industry leaders. You might be surprised to see how giving of their time they will be.

So many of today's insurtech leaders received valuable mentoring and coaching as they started their journeys 5-8 years ago and therefore are very open to offer the same in return. These people are busy however so if you are seeking out guidance be focused and clear on what you are after. Asking for a vague "can we have a coffee for an hour each week" will generally meet with a "no". Saying "could I spend some time with you to discuss XYZ as a one-off which I think is relevant to your area of focus, and if it's interesting we stay in touch" will likely be better received.

Mentors are the lifeline for any startup. When you operate with a growth mindset, no matter what phase of your company or life, you can be surrounded by amazing people that want you to be successful and truly enjoy giving back. I love going to conferences because there is a sea of people that are willing to give you mentorship and coaching.

Mentorship is critical to building a relationship. It's not going to happen overnight. It needs to be organic. Express the interest through different forms, either by learning, or contributing. Another effective way of building relationships is volunteering for coaching based on one's expertise in the insurance industry.

Seeking mentorship and coaching from industry experts is indeed a fantastic approach to career growth. Oftentimes, mentors have gained valuable industry experience, making them excellent candidates to provide guidance and support. Their expertise can offer valuable insights, feedback, and advice on how to navigate challenges, seize opportunities, and effectively grow your career within the insurtech domain. Mentors can provide a personalized approach to help you achieve your professional goals and develop the skills needed to succeed.

Create your community with your'e people. Whether that’s going for a run. Joining a yoga class. A coffee morning. A round table dinner. Bring diverse groups together. Some of my favourite events are small groups of round table dinners with like minded folks from across the industry and Chatham house rules.

Spot on Adrian. I’m not sure most of the actual underwriters and brokers who inhabit the floor and galleries at Lloyd’s give BP2 a second thought. In fact they probably worry about it rather than support it. As with the Lloyd’s Lab and commercial London market technology events, there is nobody turning up with any spending power. If the London market is of interest to a tech company, they need to understand why Lloyd’s is different, whether their offering has any possible relevance and then use market experts to find qualified opportunities.

An additional comment I’ll share: With any collaboration, there will be ups and downs. Take accountability. Take responsibility. Be serious. Be focused. Be determined. Positivity breeds positivity no matter how tough the situation. Also - feedback is the breakfast for champions so seek it to be strong. This goes both ways - for partners, startup to startup collaboration, startup to carriers, etc. You need two hands to clap - don’t look for scape goats - look for solutions.

After initial interactions, follow up with industry peers to maintain relationships and nurture connections over time. Keep in touch through email, social media, or periodic check-ins to stay updated on each other's activities and explore opportunities for future collaboration.

This may seem harsh, but if you identify as an insurTech, it's probably safe to say that the people who are your peers are easy to meet at networking events, but the people who can really be useful to you - people in the insurance sector proper - don't think of you as peers at all. They think of you as insurTechs, which means as someone from tech trying to sell them something, but who doesn't really understand insurance, or the pain points insurers endure. The best way to get from insurTech to insurer is to work with the people in the middle from insurance companies, the innovation heads and others whose job it is specifically to liaise with you. The best way to do that is through an incubator programme.