This week, several Jornayan’s attended InsureTech Connect 2016, and we want to share a few of their observations from the inaugural conference, especially in regards to the future of martech and the insurance industry.
Jornaya’s Key Takeaways from InsureTech Connect 2016:
The turnout and energy were impressive. A year ago, our own Jaimie Pickles was asked by showrunner, Jay Weintraub, if insurance needed its own conference. And now, with over 1,500 attendees from over 30 countries and six continents, the answer is a resounding yes! With insurance execs, investors, and tech companies all together in the same room for two days, InsureTech Connect has quickly established itself as a can’t-miss event. As a sure sign of the times in insurance, a growing number of folks are collectively making the statement that the future of insurance will be very different from what we've known for the last 50 years.
Technology will drive a lot of change, as well as disrupt the ways we think about insurance. It's clear that the insurance industry, typically a very traditional space, is on the verge of a transformative shift that increasingly leverages technology to better serve customers and increase efficiency across every aspect of the business. Carriers are investing in this mindshift now to usher in a new paradigm for insurance as an industry. Using data to make the claims process more transparent and drones to accelerate that same process are just a few ways insurers are adding technology into the mix.
Speaking of disruption… Scott Walchek, the CEO of Trov, introduced an innovative insurance model where one can insure a specific thing, for a specific period of time, and at a specific price, all through the Trov app on their phone. This “on demand insurance for the things you love” is currently live in Australia and coming to America in 2017. We’re intrigued to see how Trov will deal with fraud/adverse selection as well as regulation compliance and how coverages correspond with home and renters insurance as this gets closer to launching in the US.
Renters insurance is hot! Day two began with the CEO of Lemonade, Daniel Schreiber, announcing they have launched in New York with both renters and homeowners insurance priced as low as one fifth of the current market rate. Stunning? Yes. Sustainable? We shall see. As published in our recent infographic, “Trends in Insurance Customer Acquisition,” we are witnessing an unprecedented surge of consumer demand and consumption of renters insurance. This surge makes the timing of Lemonade’s announcement seem like a smart play.
For all in attendance, InsureTech Connect was an excellent experience that opened up crucial dialogues between carriers, investors, and tech companies. We will continue to monitor how technology alters the ways we think about insurance, but one thing we know for sure is this: The power is shifting into the hands of the consumer. This shift will only heighten the importance of consumer intent data, and we’re very excited to see how Jornaya can help our partners leverage this data moving forward.