Elephants are strong, wise, and noble. In some cultures they also are a source of good fortune. However, they generally are not flexible, lithe, or quick.
My Insuretech Connect experience last week reinforces a central Celent hypothesis about insurtech: that its most significant value lies in enabling insurers to become faster, cheaper, and better able to serve their customers. In other words, to teach elephants to dance.
The Progressive Corp. headquarters is seen in Mayfield Village, Ohio on Wednesday, January 18, 2006.
John Quinn/Bloomberg News
A new agreement between Progressive Insurance and Slice Labs is an example of marrying insurer power and startup innovation. Later this month, Progressive Homeshare by Slice Labs will launch. Progressive prospects will use the Slice homesharing platform to apply for coverage and obtain policies. The combination of Progressive’s marketing might and the unique Slice product will be interesting to track and may represent a new model for insurtech startups and insurers to partner. (For more on insurtech partnerships, see the Celent report Insurer-Startup Partnerships: How to Maximize Insurtech Investments).
The market will have the ultimate say in the outcome. Meanwhile, strike up the band and let the dancing begin!
Elizabeth Tyndell, VP talent acquisition at New York Life, shares how the insurer is leveraging AI to attract and retain the next generation of insurance talent.
Leveraging EHRs, medical claims and historical lab data, insurers can enhance their ability to discover undisclosed tobacco use and improve risk assessment accuracy.
A group led by Bain Capital's special-situations arm is in talks to invest as much as $2 billion in insurance broker Acrisure, according to people with knowledge of the matter.
Insured losses from natural catastrophes could soar to $145 billion this year as population growth, urban sprawl and climate change combine to supercharge risks, according to a report by Swiss Re Institute.
