Are you willing to embrace change? Most people say “yes,” but do they really mean it? In the insurance industry we may not have a choice. It seems like new technology is being created on a daily basis, and investors are hungry to support the products that are likely to change the way we do business.
There are now more than 1,400 insurtech startups that have garnered almost $20 billion in funding. As such, we cannot ignore the insurtech revolution. It is here and not slowing down. Last year alone over $1.7 billion was invested in insurtech startups. There is significant momentum and interest around developing the next best thing, and each and every one of these startups brings a new idea to our industry.
The insurance industry is entering an unprecedented era of change through the introduction of new technology. Most insurtechs are still in their infancy in terms of their funding and maturity. Undoubtedly, the consensus is that Insurtech startups have large growth potential. Future success of players in our industry may be determined by those who embrace innovation versus those who don’t.
Within all this excitement, what is needed for these emerging insurtechs to succeed? Two things: timing and the right partner.
Timing is everything! The goal is to bring the product to market when consumer demand (or perceived demand) is at its highest point. Entering the market too early or too late could eliminate any possibility of success.
Finding the right partner is like finding the missing pieces to the puzzle. Though new technology often exists with strong financial backing, it still needs a collaborator to provide the services necessary in launching an insurance product. Working with a partner who inherently offers industry expertise and strong relationships can provide those missing pieces.
Identifying the right insurance partner early in the new product lifecycle can make all of the difference. One of the most significant benefits in choosing the right partner is access to market… the new-found ability to get the product to market more quickly, or maybe even more importantly, at the right time. New technology is flashy and ever-changing, but let’s face it, insurance is insurance. Fundamental blocking and tackling still needs to happen in order to launch a powerful, new insurance product. This includes aspects like rate and form filings, licensing, rating and policy issuance, agency management system, accounting, distribution model, and even the need to find a carrier to write the business… just to name a few. With the right insurance partner able to perform these services and leverage industry relationships when needed, the road to a pilot is usually more concise and clearly defined. At Insurgent Consulting we strive to be a crucial piece of the puzzle. The company was founded to be a comprehensive partner that can identify the gaps in the new product development process and provide solutions and services needed to launch new insurance products and programs. Our headlining product, MGA-In-A-BoxTM, features the ability to customize a package including all the necessary professional services needed to get the market to product quickly.
Bringing a new product to market at the right time greatly enhances the chances of a successful launch.