Leveraging Insurtech in the US market
Jamie Yoder, president, Snapsheet, spoke to the IBIS USA audience about leveraging Insurtech in the US market.
Jamie began with the statement: things are changing but much of what we do feels the same. He compared his Amish background to the innovations of today, and how maybe innovations are not that new. For example, crowd sourced claims could be compared to a community joining together for a barn raising.
‘People combined with technology is what makes the insurance claims work,’ stated Jamie, continued. Furthermore, he discussed the unprecedent levels of talent and capital that have come into the insurance industry, which has been the catalysts to innovation and Insurtech. ‘We are competing with Google, and other huge companies – which is enabling and accelerating innovative change,’ he commented.
Insurtechs need to think about what their role is in the ecosystem and how work to work in collaboration with other companies, Jamie discussed. He stated, ‘Thinking outside in is a cultural change that we are not used to.’ There is a lot to gain through collaboration as the ecosystem already has a tremendous amount overlap. ‘To create a great outcome everything must be connected,’ Jamie continued.
Next, Jamie discussed the benefits of putting the customer first with the aid of technology. ‘If you start with the customer in view, technology facilitates engagement (dialogue) and integration (across other organisations). Technology creates things that integrate. But we must think about what this means to the customer. The aim is to fix that end experience for customers.’
Furthermore, Jamie discussed the impact of data and artificial intelligence (AI) within the world of Insurtech. He explained that, in terms of data, adjusting and adapting from data received from customers to change the way we work is key, rather than the way it is collected.
In terms of AI, Jamie discussed that there is no wrong or right way to incorporate AI to insurance but is dependent on the way it is used. Finding the right balance is important, and asking the questions: what is the best combination of human and machine to do the work and who is the right person or machine to act on this job?
Insurtech needs to understand how to work and plug in with other companies, Jamie commented. Partnerships must be created.
Jamie said, ‘To create a great partnership the success lies with senior management. It is not just about IT, and it is not a side project of an innovation team. Partnership must be tangential to the groups that have so much invested in what’s in place and set clear pictures of what they are looking to achieve.’
To innovate these partnerships Insurtech companies need to let go of their typical approach and realise that working together can be better for customers and organisations. ‘Partnerships can push the ‘can do’ mindset, establish a lean decision cycle process and challenge legacy policies and processes,’ Jamie stated.
To conclude, Jamie reiterated that innovation does not require renovation. He commented, ‘How do we play a part in the ecosystem and make all parties work together and benefit each other? That is the goal.’
IBIS USA partner were 3M, Axalta, Solera Audatex, BETAG Innovation, Symach, Enterprise Rent-A-Car, Fix Network World, Mitchell International, PPG, RSG, Verifacts, CARSTAR, Caliber Collision, Chief Automotive, I-CAR, OE Connection, and PartsTrader LLC.