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ITA Pro Weekly, January 29,2021

PNP on insurtech investment, hitting home runs with curveballs, mindfulness pays off

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Hot off the presses!

Over the past crazy year, insurtech investment seems to have defied not only COVID, a recession, and political upheaval, but gravity itself. Eugenio Gonzalez of early-stage venture capital investor Plug and Play Ventures (PNP) discusses the unsinkable insurtech investment market and predictions for the short-term future.

“(Insurtech investment) is only going to increase. Insurtech as a word didn’t exist four years ago and now it’s increased exponentially as a segment of the insurance market. But when you compare fintech with insurtech assets under management by insurance companies, there’s a disconnect with how much investment is going into insurtech. The next few years will see even more growth.”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

COVID put the kibosh on in-person conferences, which most insurtechs rely on to generate new leads and new business. With meetings out of the equation, it’s time to get creative with new and innovative ways to reach buyers. In this week’s Eye of the Storm blog, HazardHub’s Bob Frady talks about how his company used professionally produced videos – with great results.

“To us, nothing beats the face-to-face experience. But COVID created a situation that enabled us to experiment with a medium that we were clueless about. We had no idea if it would work. We took a chance and it paid off – so much so that we’ll be adding customer-driven video content in 2021.”

 

It’s safe to say that mobile apps have revolutionized the way insurers interact with their policyholders. UK insurtech YuLife is pushing this model to the limit with an app that rewards policyholders for making good lifestyle choices, from going for a walk to practicing meditation. In this week’s Electronic Chat, YuLife co-founder Jonathan Roomer talks about his transition from actuary to entrepreneur, and how his innovative company evolved.

“UK insurers realize they need to have stronger relationships with their customers, besides just billing and claims. We need to be able to talk to our customers when things are going wrong. This has come a long way – many insurers are now trying to launch things like what we’re doing around well-being offerings and support services. That’s brilliant for us since that’s our mission.”


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