If you missed Wellington's first insurtech meetup, then not worry, here are some highlights.
We had two interesting panel discussions. One insurance panel with Nathan Thomas (Chief Actuary and Appointed Actuary, Cigna), Fiona Mackenzie (Brand Manager, Accuro Health Insurance) and Mike Davey (General Manager of Marketing and Products, Medical Assurance Society), moderated by Serge van Dam.
On the insurtech panel we had Klaas Stijnen (Co-CEO and Co-Founder, Montoux), Benjamin Roe (Co-Founder and Head of Product , JRNY) and Sam Olorenshaw (Customer Success Manager, Common Ledger), moderated by Laura Reitel (Callaghan Innovation).
Q: "What can an InsurTech do to help you partner with them?
A: "Make it easy for us. It’s always about our customers and what we can do for them." - Fiona Mackenzie
A: "Understand the capability and constraints of who you’re going to talk to." - Mike Davey
So we've just hosted the Wellington InsurTech meetup with some of the leading insurance companies in the capital as well as some of the InsurTechs like JRNY and Montoux and Common Ledger.
And some really interesting things came out of the panel discussion. I guess the first and most important one was how important credibility is for early-stage companies. It's very difficult to establish credibility but essentially insurers can't really find a way to work with them unless they have that credibility.
The other thing that some of the insurance companies mentioned is how important it is for early-stage companies that are trying to do something innovative to help them with their business case. There's a lot of uncertainty around implementing new technologies and new processes and new techniques and insurance companies really need a lot of help from the insurtechs to make sure that the business cases are robust and convincing for executives to move forward.
At the moment most processes associated with insurance really depend on human beings individuals who may have skewed incentives and of course technology can be designed in such a way to remove that subjectivity out of the experience and kind of bring more science and more data to these decisions and both the insurtechs and the insurance companies saw that as a real opportunity for improving the customer experience and improving the conduct of these organisations.
Another of the themes that came up from the insurance companies is that there is really no leading disruptor in the insurance industry so they're not having to chase a particular leader who's totally disrupting the industry and many of the organisations in this part of the world are somewhat distracted I guess by the conduct and culture factors which are getting a lot of regulatory attention at the moment and we discussed at length the role that technology and insurtechs can have in helping improve the culture and conduct aspects of essentially selling the best product to the right customers across the spectrum of insurance products whether that be life, health or general insurance.