We had a great time at #BostonFinTechWeek2019 this month. We would like to again thank our panelists for a spirited session! For those who weren't able to join us in person, we wanted to offer a few snippets of our panel in action discussing the core challenge of harnessing client data across the end-to-end insurance value chain.
The panel hit on a number of topics focused on why it is so important to get your data's house in order before you try to solve other downstream client issues. Whether that be to drive agility and efficiency in typical insurance transactions like renewals, quotes, submissions, and supplementals or to gain deeper clients insights and achieve trusted advisor status amongst your base.
To recap, a few interesting questions were raised by the audience at the end of the panel. The first asked about the role of standardization, and how VCs need to step up to help solve this long standing problem in both financial services and insurance.
Q: There is no standardization of data from disparate systems, what is the solution?
Next, the discussion shifted to understanding the hidden costs of data in your insurance systems. From developing a cost/benefit analysis, to identifying solutions that help you map it down to the individual data point for reuse.
Q: How do you minimize the cost of accuracy in your data?
Finally, the audience was keen on understanding new, emerging business models such as direct to consumer. The discussion focused on emerging consumer and SMB platforms, but also how new battles are being waged in more complex, multi-party distribution models that involve carriers, MGAs or reinsurers all looking optimize routes to market going forward.
Q: What does a digital direct to consumer solution look like?
Thanks again to Martha Notaras, Chip Manozzi, Bill Keogh, and Adam Demos. Looking forward to next year's event!