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InsurTech - The next 12-18 months

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!

 

Seth Rachlin, EVP, P&C Insurance Leader at Capgemini, made some great predictions (paraphrasing):

  • IOT to drive product innovation

  • 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.

 

The event also contained a panel of seasoned insurance professionals. Frank Sentner moderated. Panel members were Paul Tyler, CMO of Phoenix / NassaueRe, Tara Kennedy, Business Delivery & Portfolio Management VP at Travelers, along with Wendy Aarons-Corman & Mike Greene. Here are some sound-bites from the panel:

  • 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.

 

Want to see pictures? Check out the Facebook pics.

 

Thank you to the following event sponsors:

Platinum Sponsor, Capgemini

 Gold Sponsor, Shipman & Goodwin

 

Silver Sponsor, InsurIQ

 

 

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