The insurtech's co-founder also warns against confusing novelty with value. "Insurance buyers do not need more technology for technology's sake."
"Solve a problem the industry actually has — and prove people will buy the answer, before you fall in love with building it," Henley says in his advice to other insurtechs.
Insurers, reinsurers and brokers are already predicting increased premiums and bigger losses tied to natural catastrophes.
The property-and-casualty insurance industry is undergoing a major digital transformation with the rise of generative artificial intelligence, writes Abhishek Peter, manager of digital marketing at FECUND Software Services.
The rise in infostealer malware and increasingly sophisticated phishing campaigns is compounding the problem for insurers.
Insurance has been an underperforming industry that resists tech disruption, according to a McKinsey report. However, insurers are finding the technology enables them to cover more risks, and do so more quickly and readily.
