Did you say

Insurtech Edition?

Why yes, yes we did!

Insurtech Edition?

What the heck are we referring to when we say… Venture Lab-Insurtech Edition? To put it simply, this is a Venture Lab program where we will help you innovate within the insurance sector.

Stay with me.

You may know nothing about insurance. Or, what you know may turn you off completely. If this is the case, you should know that if there is an industry that is in an “innovate or die” situation, it’s the insurance industry.

Ok, it may not die, but insurance providers who don’t innovate run the risk of being run out of business by those who do innovate.

What is Insurtech?

Insurtech (think: insurance innovation) focuses on everyday people and organizations and their everyday lives and operations, respectively.

If you are an everyday person, leading an everyday life – Insurtech NEEDS you! And more importantly, YOU need Insurtech. 

Even if you don’t know it yet. Trust me, you need it or you will need it eventually. 

So, do the industry and yourself a favor and open your mind to the excitement because if there is an industry to disrupt… this is it!

(If you still don’t believe me… try googling it but don’t fall down the rabbit hole and forget to come back here to apply!)

Times have been changing for a while, even before Covid-19 burst onto the scene. What hasn’t changed much, however, is how traditional insurers interpret the risks we face in these “new times”. Why is this a problem? Because they are missing opportunities to provide value and therefore there are unmet needs in the market. 

And this GAP in the market is an opportunity for those of you who are looking for one.

Thanks to the Covid-19 pandemic, our personal, academic and professional lives have dramatically changed at various levels and at an unprecedented rate and scale. 

But beyond those very in-your-face (and under your mask) challenges (I’m looking at you 5th Zoom of the day!), other global challenges have affected everyday people and organizations well before early 2020 when the pandemic erupted.

How can you disrupt insurance?

Innovation in the insurance industry begins with an understanding of everyday people’s existing and emerging needs. These needs come from all areas of a person’s life.

Take a moment to think about your everyday routine. 

Then, take another moment to reflect on the news in the past 12 months, and prior to that, and then even as soon as just yesterday’s headlines. 

Wow, right? These are tumultuous times, for sure. If you aren’t experiencing risks of any kind, then are you even living? (no judgment… well, maybe a little side-eye).

Uncertainty is rife, technology is driving all kinds of changes, and I don’t think I’m overstating that the world seems to be in a state of flux…

In this context, the risks people, societies and industries face are also changing and increasing exponentially.

Illness; pollution (air, land, water); devastating wildfires; typhoons, job loss, earthquakes; rising water levels; landslides; extreme temperatures; drought; floods; entire industries coming to a screeching stop (travel, tourism, entertainment); others making a mad dash to develop new formats to survive (education, office workers, restaurants, gyms, brick & mortar establishments of all kinds); modes and accessibility of transportation; longevity and quality of life; accessibility to and among the elderly; prolonged social distancing and mental illness… just theses few areas of change and challenges in our everyday lives pose new risks, and present new opportunities for insurers to offer safeguards and protection.

Let’s be frank. When we think of insurance companies, many of us don’t exactly get a warm and cozy feeling. 

In fact, when surveyed, a large percentage of us have little faith in insurers and turn to insurance when it’s essential or when the fee is low enough that we can justify it (just in case!); however, we don’t necessarily believe that the policies will ever cover any claims we might file, or at least not completely.

Just thinking about the fine (like…seriously super tiny!) print of the pages and pages of travel insurance you can buy when purchasing a plane ticket irritates me and let’s face it… I haven’t been on a plane in at least a year and yet I still feel irritated and can rant about it. 

But I digress.

Let's explore some examples

As Insurtech is such an unknown among non-industry people, you may find it helpful to get a glimpse of some of what’s being developed in this extremely vast and surprising field. 

However, keep in mind that the sky is the limit, the best innovations have yet to emerge as new risks and opportunities arise and are discovered and validated.

Let’s focus on examples of some problems and risks that are being resolved, safeguarded and protected through Insurtech. 

Some problems & risks include:
  • living far away from our loved ones who live alone and worrying about their well-being
  • the stigmas of traditional insurance companies (considered shady and full of endless paperwork)
  • the frustration of reserving a car via an app for tomorrow only to have the price hike up before pick-up because it’s raining (ugh… isn’t that annoying!)
  • the need or curiosity to access therapy but being held back because we don’t want others to think we’re crazy
  • the challenge of being diagnosed with a chronic condition and not having a clue of what do to alleviate the symptoms
  • the need to get business insurance but the paperwork and bureaucracy are endless and frustrating
  • the difficulty for medical professionals to determine quickly & completely a patient’s internal injuries and which treatment plan would be most effective

You may be thinking….

“Hold on  a second. I thought you said Insurtech is about insurance?”
“Some of those definitely aren’t about insurance.”
“Are those really problems solvable by Insurtech?”

Yes, yes there are!

I told you this wasn’t just about filling out paperwork to get car insurance! (Not that there’s anything wrong or unimportant about car insurance!)

C’mon, stop procrastinating – go check out the Program’s Overview and be sure to REGISTER to receive our emails with more info!