Top 5 Things We Learned by Attending the Marketplace Risk Management Conference
Aon’s Digital Economy Practice sponsored the September 14th and 15th Marketplace Risk Conference in San Francisco in-person for the first time since 2019! It was great to see so many familiar faces, clients, insurance carriers, and marketplace platforms come together to learn, listen and collaborate. During the conference, our team came away with five key learnings that we believe you’ll find of value:
1. Engage with your insurance partners early: Relationships are a key part of building your insurance and risk management strategy. More than likely, you are operating a new business model and your insurers and broker may not be familiar with the unique attributes of your business, the data you collect, and your risk exposure. The best way to bridge that gap is to find a trusted broker and carrier (or carriers) and collaborate on a solution that fits your business model and individual circumstance.?It is to your benefit to develop a multiyear relationship, so you work with a team that understands your business and growth goals.
2. “Be at the table, not on the menu”: Government and Public Affairs are often front and center to new sharing and digital marketplaces. As Dan Serota, Senior Manager – Public Affairs at Aon, said during his speaker session – “Be at the table, not on the menu”. It is imperative that your business be proactive in understanding local laws, in process legislation, and be in the room to help influence in a direction that helps your business scale. Often this may mean collaborating with your competitors or working through an association to deliver a cohesive message about your industry to legislators.
3. Be mindful and purposeful with your data: In the Smart Data session, we learned all data is not created equal. Digital Marketplaces collect an immense amount of data and it is difficult to decipher what is meaningful to the business and to partners. Work diligently; early on, to determine what information is valuable and what is not.?Insurance carriers and brokers will be able to help solve for this with actuarial studies, and you may consider hiring an actuary or data expert early on.
4. Your intellectual property is an asset at every stage – use it: Intellectual property is a strategic differentiator at the early stage and beyond for marketplaces. Utilize your portfolio of IP and be sure to have counsel to determine if you formally own it, ensure the proper paperwork is filled out, and have a plan to exit. Through Aon, your IP is insurable and can be valued as an asset.?You can also use your IP as collateral for lending too.?
5. Covid continues to impact workplaces, independent contractors, and employees: COVID-19 has changed workplaces around the world and will continue to do so. Platform delivery companies and other sharing marketplaces have flourished, and independent contractors are a consistent topic of debate for regulators in most geographies. Be aware of how local legislation may impact your workforce and work with your risk management partners and broker to set a workforce strategy.?Know the legislation in your area regarding employment, vaccine mandates, and other COVID-19 era regulations.
For more information on any of the topics above please contact Jillian Slyfield or Josh Sanders from Aon’s Digital Economy Team on LinkedIn.
Author:
Jillian Slyfield
Managing Director
Digital Economy Practice Leader
Aon
San Francisco, CA
+1 415 265 7862