In addition to insurance executives, the attendees include technology entrepreneurs, venture capitalists, management consultants, data scientists and state insurance regulators.
“I think the insurance industry has asked, ‘Can we do that too? Can we raise the level of engagement so that it’s something happening on a regular or daily basis?'” Honig figures this is where the insurance industry could use a toothbrush, which when used daily makes the visit to the dentist a lot less painful.
The insurance industry needs ways to engage customers more than once a year.
Honig said there have been attempts to move things to the toothbrush and he believes this year the industry and the innovators are going to see whether insurance can be transformed into a toothbrush experience of regular, even daily, contact.
Just Desserts: In a universe of insurance technology startups with odd but fun names like Bunker, Cyence, Flock, Ring, Fing, Hippo, The Zebra, Bold Penguin and Figo, one insurtech stands out, winning this year’s most perplexing name: Pie Insurance.
“We quickly learned that large insurance carriers have highly sensitive workflows and legacy systems. Also, insurance carriers are like snowflakes; as similar as they might seem to be, no two are the same, and if we wanted to succeed, we needed to enhance the configurability of our product to compensate for the variety of carriers’ constraints.Once we understood the who, what, where, when and why of the implementation problem(s), we addressed them with an elegant solution. We retrofitted our innovative platform so that it wrapped around insurance carriers’ legacy infrastructures; carriers, regardless of their systems are now able to implement Snapsheet without any friction.”
Active Tech: With so much focus on new technologies, Matt Leonard, a partner at Oliver Wyman’s Insurance Practice, a main sponsor of the ITC, couldn’t resist reminding people of technologies that still exist in some insurance offices today.