I'm a big fan of www.insurancethoughtleadership.com. Sure the URL is a little long to type in but this site has some of the most innovative thinkers and the most interesting minds in our insurance community. Where else can you find peers and competitors challenging the status-quo with new ideas?
Today, I saw a post about the disruption of traditional insurance. The post was timely as I have recently been talking with a number of different people about how much the industry has changed in my 15+ year career and where it might be going. Particularly when taking into consideration the ongoing consolidation of the industry, one might ask where will this all take us.
The article here talks about the entry of Esurance as a new way to think about personal lines. Over the long term, I think we have to ask ourselves what will be the Esurance/E-Trade/Uber of the commercial lines marketplace. There is such a tremendous need to streamline the underwriting process and improve the efficiency by which we have clients apply for coverage. I fail to understand why in 2016 we still have clients print out and hand write applications. Why don't we just have them carved into stone?!? At least 'Policy Typist' is an uncommon job description thesedays.
There is a real opportunity out there for a technology that can overlay the existing insurance infrastructure and make us more efficient and more effective. I dream of a product/service/company that becomes the crowdfunded Uber of insurance. Let that one sink in for a bit.... (crowdfunded capital backing policies delivered by an Uber like technology platform engaging independent agents on a gig-economy basis - what could possibly go wrong) - (seriously, I just wanted to use as many buzz words as possible in a single concept).
If 'regulated industries are particularly vulnerable' as discussed by Guy Weismantel in his article, then the regulatory environment of insurance seems ripe for the picking.
Monica M. Minkel, RPLU, MLIS, cyRM, CPLP has been working exclusively with Directors & Officers Liability, Professional Liability, Cyber Liability and related products for nearly 20 years. She started her interest in finance by loaning money to her mom at age 11 (complete with a loan agreement and competitive interest rate). She is passionate about all things in the financial industry and the way technology is changing the way capital markets function.