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.
Processing Content
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!
Mike Fitzgerald is a senior analyst with Celent's Insurance practice based in Cary, North Carolina. His career includes leadership positions in... Read full bio
For reprint and licensing requests for this article, click here.
Emirates Airline is offering travel insurance that includes medical coverage for war-related incidents and extended-stay support during disruptions, another example of how Gulf carriers are trying to reboot their businesses now that a US-Iran peace deal is on the table.
Carriers that deliver communication quality, clarity of instructions, compassion from staff, and a single dependable point of contact were remembered and chosen again.
Insurers can break the cycle by expanding their use of global talent, strengthening compliance training and treating administrative support as a strategic capability vs. a back-office expense.
Centene Corp. will offer buyouts to most employees to cut expenses after membership in its health insurance plans dropped substantially over the last year, according to a company spokesperson.
Taiwan is easing regulations to give life insurers flexibility to invest in artificial intelligence projects, part of an ongoing campaign by authorities to redirect a larger slice of the industry's $1 trillion asset pool back home.
