Start With Solutions, Not Technologies

Innovation doesn't wow consumers unless it betters their lives

Key Takeaway

"Humans don't love technology. They love solutions that make life better."

Incumbent insurers should pay more attention to identifying and solving customer problems than to the specific technologies that may serve that need—a theme that resonated on day two of InsureTech Connect 2017. “Humans don’t love technology. They love solutions that make life better. Sometimes technology becomes that,” said  Ring CEO James Siminoff.

Finding the right solutions is the key challenge, however. Simple is better, especially when it comes to reaching customers. During the aptly named ITC 2017 Pillar Session “Simpler, Smarter, Faster,” Benoit Claveranne, Group Chief Transformation Officer at AXA, said incumbents need to become simpler in their operations, smarter in using their data and analytics, and faster in responding to customer needs. Doing so means incumbents have to build partnerships and cultivate a marketplace of ideas, not erect a fortress to protect themselves, Claveranne explained.

Throughout the day, it was clear that the players engaged in deep “solution finding” are not just the young insurtechs.  Ninety-eight year-old AIG significantly invests in collecting and understanding customer perceptions to draw their maps of today’s risk landscape and needs.  Rob Schimek, AIG’s executive vice president and CEO of Commercial, told Oliver Wyman’s Prashanth Gangu that his company has turned to consumer surveys to gain deep coherence of today’s changes in risk and liability, as well as how consumers perceive those changes.  The company’s most recent survey, on mobility, illustrates the importance of collecting direct data to inform AIG’s response to the rise of autonomous vehicles.

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