Technology’s Bold Contribution to Insurance
I recently had the privilege of presenting a TED Talk to students at Santa Clara University. The topic, “Technology’s Bold Contribution to Insurance,” is one that I am very passionate about.
In 2017, Hurricanes Harvey, Irma, and Maria resulted in an insurance bill of $135 billion, representing hundreds of thousands of families that were (or still are) displaced, homes that were (or still are) destroyed, and communities that were (or still are) uprooted, disrupted, in the most harrowing ways possible. But that’s when the insurance industry steps in and steps up.
Insurance (a $1 trillion industry in the U.S. alone) is about compassion and empathy, a commitment to helping families and communities survive and thrive in the face of a catastrophe by getting money into their hands as quickly as possible so they can start repairing their homes or find alternative housing. However, the industry can be incredibly conservative in its approach. It is about risk management, about anything but boldness. When people are in crisis, hours and minutes matter. Technology can help or hinder, but boldness is needed to see what is possible. Are we helping our customers find balance and security in the best way possible? Through this lens, I am seeing exciting new ways in which technology is providing new innovative and important answers to this question, and that is where my passion lies today.
InsurTech is creating new pathways in an old industry. It is the confluence of technology and insurance, where insurance meets its boldness. Companies like Slice, Metromile, and BoughtByMany are examples of bold new ways of serving people. Companies using technologies like chatbots are more effectively serving their customers when they need it the most.
It is this generation represented by the TEDx audience, and future ones, that will be able to look at insurance through fresh new eyes and find new ways to be bold in the industry’s pursuit to find solutions and innovations to help serve people and communities better. These generations will be driven not by finding the safest or highest-paying jobs, but one that will adhere to their values, enable creativity. and contribute to the greater good.
The full presentation is embedded below and also available on YouTube. For more information about my perspective on insurance industry trends and companies driving innovation, please visit my Guidewire Smart Approach blog page. My colleague Lerk-Ling Chang has also written about the evolution of InsurTechs and their ability to deliver on the customer promise.