Nothing Will Ever Be the Same in Insurance
Robert Regis Hyle | August 22, 2016
Doing things new and striving to be different are staples of American business. No one ever proclaims their new company will offer some of the “same old, same old” to its customers.
Saying you are going to do things differently than others is one thing; actually following through with such a boast can be quite another. How many of those businesses with new ideas actually reverted to old business customs? Quite a few, most likely, for the simple reason that execution is more difficult than explanation. As the saying goes, I see better than I hear.
Another reason is the consumer audience may not wish to change the way they do business. They are either quite satisfied with the way things are going (less likely) or just outright resistant to change, even if they complained constantly about the old way.
There is an entire class of people who reject the old ways, though. Their lifestyle is different than conventional society and they expect—and in many cases demand—that the people they do business with respect their needs if they want the customer’s business.
They are the engine behind the success of the new economy with services such as ride-sharing or even home-sharing. They have a different lifestyle, which sometimes means unconventional decisions.
Businesses have always tried to take advantage of a different type of customer, but that often implies a reliance by the customer on the company and even such a conventional philosophy as that has been turned upside-down.
The September cover story in ITA Pro magazine looks at two new insurance companies and their decisions to go about business in ways different than insurance has ever been sold or serviced before.
Slice Labs has put together a program that allows individuals to take advantage of the new economy by turning their personal automobile into an Uber or Lyft vehicle, and back again once the service has ended.
Figo Pet Insurance offers a somewhat more traditional insurance policy, pet insurance, but has an ownership that is driven to create a community of pet owners that is almost as important to them as a community of pet policyholders.
A lot of people were caught up in looking to the future of insurance with a wary eye on technology companies that made their bones in areas other than insurance. Companies such as Amazon, Google or Apple may one day invade the insurance industry, but for now they have taken a backseat to smaller, more agile companies that saw an opportunity and jumped on it.
Will there be more companies like Slice Labs and Figo Pet Insurance finding niches in the insurance industry? We’d be silly to believe otherwise. Investors are looking closely at a new breed of insurer and the challenge for all carriers might not come from new players in the insurance market, but from those who are willing to take a swing at something new.
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Electronic Chat with Jeroen Morrenhof
- 2019 Global Insurance Accelerator Cohort Reflects Evolution of InsurTech
- Nearly 50% of US Insurers Are Enhancing Security Capabilities Across the Board, Says Novarica
- Xchange Benefits Acquires the Assets of J. Allan Hall & Associates, Inc.
- HazardHub Celebrates 2018
- Slice Launch Studio
- Crawford Technologies Experiences its Strongest Year of Sales and Growth
- InsureTech Company Accurence Secures Fourth Patent
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE