Good InsurTech does not mean it is Great...
So much talk of InsurTech; so little understanding of what good InsurTech really is. It isn’t something that sounds clever or that you need a Masters in Quantum Mechanics to understand. It is not abstract in its potential (think of all the hype around ‘Blockchain’). This type of InsurTech is interesting to some but is nothing more than stepping stone technology.
The best InsurTech does not need to be understood to be used. I do not need to know about the cryptography, the algorithms, the tech behind how I use my Uber App. I just stick my little pinkie on the app icon on my phone and use it. The taxi comes; I get home.
The best InsurTech integrates different technological innovations to connect user-demand with an ‘ease-of-use’ proposition. The very best InsurTech is always intuitive for passive adoption by the target-user and is seamlessly accepted as part of that user’s way-of-life…
My message to all InsurTechies: Good InsurTech solutions do not require any explanation as to why the target-user needs to use it once they have seen it: It is simply obvious.
Take, for example, the pay-as-you-go functionality on my phone. I need to commute to work. The finger-print security enabled e-bank card on my phone means I can now use my phone to touch-and-go to travel. Outcome: Really happy me: I can tap in and out while listening to my tunes on my iPhone without having to reach for my wallet. 'What is money and what is a ticket?'
To get to this stage of e-life, we have undergone significant innovation transformation: From ticketing machines, to Oyster cards, to high-volume micro-payment technology, banking security advancements, the iPhone… All to the point where I no longer consider how amazing it is that I hover my phone over a pad and get to travel…
My message to Boardrooms: Don't try and understand the Tech; just understand if the 'why?' makes sense.
CEO / Founder | Arthur Recruitment
6 年Vicki Filer great article.
CEO and founder, Belvedere Mead, The Claims Delivery Specialists
6 年Well said as #BelMel Tech is preparing to enter the #LloydsLab, this sentiments ring so true.
In the exact way that the User just wants a button to press to send a risk to PPL, or the data they have to be sent to DASATS, they want to have their nice new click and bind portal to link seamlessly to their back office system and for that system itself to give them useful and relevant MI. They don't want to be bogged down with SOAP, JSON, XML, ACORD or a gateway all of which are unnecessary to their world. And if they upgrade one of the core component systems they don't want to start over All vendors of all initiatives MUST build relevant APIs as part of their initial design so the joined up story. Key is the philosophy of design of systems and the prevalence of the simple links between them. It's not rocket science.