TFW a giant software company tries to sell me something because a competitor uses it and I know said competitor, so I call and find out they don’t and never have… come on, we can do better. Time to change the guard #insurtech
To my #insurtech friends: What does it mean to “POWER $ X.XB in Premium?”
DWP? Estimated Premium? Bound Premium? Quoted Premium? Submitted Premium?
Been in & around agencies/carriers for a while & I’ve never once seen production reports on “powered premium”
#readthefineprint
I realise this is just one anectdode...but there are others. Is this just business? Is it naive to expect a large company to behave with heart?
The people I know in insurance & insurtech show heart everyday...at what point in the growth of an organisation does this get lost? 7/7
During an emotional meeting, the senior executive from the large insurer responded they'd "rather let the insurtech fall over and pick up the distressed assets than support them throgh the lockdowns". 6/7
A quick example
Last year I was helping an insurtech that was heavily impacted by COVID-19. The business had investment from a large insurer who they believed would help them ride out the tough period until the lockdowns eased.
5/7
They often pushing and bend the constraints set out by the management teams to treat customers with heart.
The business, management and leadership teams... not so much. 4/7
In my experience with large insurers the customer service agents, claims managers and emergency assistance teams at the coalface show heart each and every time they interact with customers. 3/7
The insurtechs I work with bring energy, customer focus and good intentions to everything they do. However, the larger insurers and incumbents are often a different story. 2/7
Does insurance & insurtech have "heart"?
I was talking with a friend & colleague who is leaving the insurance industry for a new role and they mentioned that one reason is that the "industry has no heart". I instantly knew what they meant.
#insurtech#insurance#insurancenews 1/7
#Expeflow is featured in Canadian Underwriter magazine pages 17 and 18 in an article entitled Electronic Claims Triage. (Canadian Underwriter) #FutureOfClaims#InsurTech#RPA#IPA https://t.co/XvecGLQ5tT