On June 20, 2018, The Hartford Club was packed with InsurTech enthusiasts to hear predictions for the InsurTech industry. The event, a partnership between Ryan M. Keating, VP at Keating Agency, and InsurTech Hartford, hosted more than 100 people across a diverse background, including various functions at local carriers, startups, agents & brokers, service providers, and industry consultants. We could run an insurance company with the talent in the room!
The API economy will continue to drive ecosystem development
Blockchain will begin to deliver value
Cognitive document processing will transform operations
Big tech will consolidate the AI & ML space (bold prediction!)
Insurance platform provides will more aggressively acquire
InsurTech will continue to serve as the industry's R&D arm
We also met two startups today. Hi, Marley is heavily focused on the customer experience. Mike Greene, CEO, did a great job storytelling to set context about the company. Mike told the audience about movie night in his house. As the family sat around and tried to decide on which on-demand movie to watch, we tried to explain to his young children how movie night used to work in the days of Blockbuster video. 20 minutes to the store, an hour picking movies (usually the one you wanted was not available), 20 minutes back home... you sometimes were too tired to watch the movie. Today, it's a button click. It was a great story to help us think about a world of insurance that can be.
Today was the first announcement of Wendy Aarons-Corman's new company, OneWorld Instec. They are a global insurance technology company that provides modern solutions through innovation that connects clients to the digital world. The leadership team has deep industry experience, including Wendy herself, who was a founding member of Duck Creek Technologies. The company aims to enable innovation in global specialty lines.
Customers want speed, transparency, and ease of doing business
The incumbent insurers should look to help support the agent community
As new technology helps reduce risk (ex: self-driving cars are 4x safer than human drivers), insurers can continue to deliver their value through additional services
Proof of Insurance can make a good use case for blockchain technology
If you are looking to place a bet between Silicon Valley and Detroit, bet on Detroit!
All this content was delivered, with lunch, in 1 hour. The InsurTech Hartford community really enjoyed the format. Also of note - the team at The Hartford Club did a great job. If you have the opportunity to attend an event there, you will enjoy it.