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ITA Pro Weekly, June 16,2020

Redefining auto insurance, SageSure’s VanderMarck on data-driven risk analytics, Insurtech Hartford’s Innovation Challenge, and more…

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In today’s rapidly changing world, the role of the automobile has changed significantly – especially over the past 10 years. The rise of the smart phone, increased digital presence, shifting demographics, declining car ownership, and the growth of ride sharing have converged to end of the status quo for auto insurers. In “Rethinking Auto Insurance: From a Transactional Relationship to a Mobility Customer Experience,” a new white paper by Majesco examines the history of auto insurance and how the industry must respond to these changes.

“The industry status quo for auto insurance is rapidly eroding. Insurance is being re-defined with a growing number of influences, upending decades of business assumptions. In this new decade, a new auto insurance opportunity exists for those who will participate in a broader mobility ecosystem and the growing insurable opportunities.”

 

It’s no exaggeration to say that data-driven risk analytics have changed the insurance industry over the past 20 years. In this week’s Electronic Chat, meet Paul VanderMarck, who was onboard at Risk Management Solutions, Inc. (RMS), one of the pioneers in the field, at the beginning of the big data revolution. Today he’s Chief Innovation and Technology Officer at SageSure, the largest independent homeowners managing general underwriter (MGU) in the U.S.

“With all that change, the one challenge that has remained constant is for insurance leaders to grasp the potential applications of emerging technology-driven solutions and to implement them in a reasonable timeframe. Established insurers have historically achieved their success by getting very good at institutionalizing systematic ways of doing things. Changing those processes is hard, especially when they’re implemented on inflexible underlying technology. And the industry is now experiencing a faster rate of change than ever in its history.”

 

Insurtech Hartford will convene worldwide entrepreneurs on June 18 for its Innovation Challenge contest. The Challenge attracts entrepreneurs, students, and innovators from both inside and outside the insurance industry, with more than 20 representatives from across 10 insurance companies judging the finalists and providing feedback to all of them. Click here to register for and view the program.

“The insurtech movement continues to foster innovation and entrepreneurship here in Hartford, and the Innovation Challenge builds our brand and work on a global level,” said Stacey Brown, Founder, InsurTech Hartford. “We have rich, diverse finalists and this is our opportunity to support their entrepreneurial spirit while showcasing the work in this sector.”

 
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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.

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