\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nMetromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
An EY paper<\/a> on digital transformation in insurance notes that insurers today must offer a wider portfolio of products for them to stay relevant to consumers who are looking for high degrees of personalization. Such a level of personalization can only be made possible through digital transformation-fueled business model innovation. Dr. Kiera delves into this issue. \u201cInsurers know a lot about major life events (like having a child). Insurers are baby experts. They have accident insurance\u2026 they have health insurance records to give tips on how to increase the health of a child. There are a million things that they could provide to customers. They don\u2019t.\u201d<\/p>\n\n\n\n
However, as no market can exist as a vacuum, there are startups that are rising to fill in these gaps left by traditional insurance companies. One example is Trov<\/a>, another insurtech startup based in San Francisco, California. The company, through business model innovation, provides on-demand insurance for just the important things customers want to insure and just for the times they want them insured. For instance, a customer can choose to switch on insurance for a camera when they are out on the beach. Once they get back home, they can switch the insurance off. This allows the users to pay less than traditional insurance, which provides a blanket rate with no options for personalization.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
An EY paper<\/a> on digital transformation in insurance notes that insurers today must offer a wider portfolio of products for them to stay relevant to consumers who are looking for high degrees of personalization. Such a level of personalization can only be made possible through digital transformation-fueled business model innovation. Dr. Kiera delves into this issue. \u201cInsurers know a lot about major life events (like having a child). Insurers are baby experts. They have accident insurance\u2026 they have health insurance records to give tips on how to increase the health of a child. There are a million things that they could provide to customers. They don\u2019t.\u201d<\/p>\n\n\n\n
However, as no market can exist as a vacuum, there are startups that are rising to fill in these gaps left by traditional insurance companies. One example is Trov<\/a>, another insurtech startup based in San Francisco, California. The company, through business model innovation, provides on-demand insurance for just the important things customers want to insure and just for the times they want them insured. For instance, a customer can choose to switch on insurance for a camera when they are out on the beach. Once they get back home, they can switch the insurance off. This allows the users to pay less than traditional insurance, which provides a blanket rate with no options for personalization.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nSureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
![\"As](\"https:\/\/siliconvalley.center\/wp-content\/uploads\/2019\/12\/BMI-16-1.png\")
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nThe Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\n\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nIn insurance platformification Sureify is a leading player. At a meeting with the startup, the BMI executive team learned how the Sureify platform equips insurance carriers with digital customer engagement tools. These tools allow insurers to provide their customers with the kind of smooth user experience we have come to associate with leading digital services like Uber and Facebook.<\/p>\n\n\n\n
\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nOne of the most prominent new business models in insurance is platformification, the creation of online ecosystems where producers and consumers can interact.<\/p>\n\n\n\n
In insurance platformification Sureify is a leading player. At a meeting with the startup, the BMI executive team learned how the Sureify platform equips insurance carriers with digital customer engagement tools. These tools allow insurers to provide their customers with the kind of smooth user experience we have come to associate with leading digital services like Uber and Facebook.<\/p>\n\n\n\n
\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nIn the case of the insurance industry, disruption is being led by insurtechs. These companies are drawing upon data and emerging technologies to redefine how insurance is delivered to consumers.<\/p>\n\n\n\n
One of the most prominent new business models in insurance is platformification, the creation of online ecosystems where producers and consumers can interact.<\/p>\n\n\n\n
In insurance platformification Sureify is a leading player. At a meeting with the startup, the BMI executive team learned how the Sureify platform equips insurance carriers with digital customer engagement tools. These tools allow insurers to provide their customers with the kind of smooth user experience we have come to associate with leading digital services like Uber and Facebook.<\/p>\n\n\n\n
\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nEstablishing an innovation-ready corporate culture like that of Google or Airbnb is the first step toward organizational transformation. The next part of the journey is about engaging with the startups and technologies actively disrupting the status quo.<\/p>\n\n\n\n
In the case of the insurance industry, disruption is being led by insurtechs. These companies are drawing upon data and emerging technologies to redefine how insurance is delivered to consumers.<\/p>\n\n\n\n
One of the most prominent new business models in insurance is platformification, the creation of online ecosystems where producers and consumers can interact.<\/p>\n\n\n\n
In insurance platformification Sureify is a leading player. At a meeting with the startup, the BMI executive team learned how the Sureify platform equips insurance carriers with digital customer engagement tools. These tools allow insurers to provide their customers with the kind of smooth user experience we have come to associate with leading digital services like Uber and Facebook.<\/p>\n\n\n\n
\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nDigitization of Insurance<\/h2>\n\n\n\n
Establishing an innovation-ready corporate culture like that of Google or Airbnb is the first step toward organizational transformation. The next part of the journey is about engaging with the startups and technologies actively disrupting the status quo.<\/p>\n\n\n\n
In the case of the insurance industry, disruption is being led by insurtechs. These companies are drawing upon data and emerging technologies to redefine how insurance is delivered to consumers.<\/p>\n\n\n\n
One of the most prominent new business models in insurance is platformification, the creation of online ecosystems where producers and consumers can interact.<\/p>\n\n\n\n
In insurance platformification Sureify is a leading player. At a meeting with the startup, the BMI executive team learned how the Sureify platform equips insurance carriers with digital customer engagement tools. These tools allow insurers to provide their customers with the kind of smooth user experience we have come to associate with leading digital services like Uber and Facebook.<\/p>\n\n\n\n
\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nExecutives from insurer BMI Ecuador learn about Google's innovative corporate culture.<\/p>\n\n\n\n
Digitization of Insurance<\/h2>\n\n\n\n
Establishing an innovation-ready corporate culture like that of Google or Airbnb is the first step toward organizational transformation. The next part of the journey is about engaging with the startups and technologies actively disrupting the status quo.<\/p>\n\n\n\n
In the case of the insurance industry, disruption is being led by insurtechs. These companies are drawing upon data and emerging technologies to redefine how insurance is delivered to consumers.<\/p>\n\n\n\n
One of the most prominent new business models in insurance is platformification, the creation of online ecosystems where producers and consumers can interact.<\/p>\n\n\n\n
In insurance platformification Sureify is a leading player. At a meeting with the startup, the BMI executive team learned how the Sureify platform equips insurance carriers with digital customer engagement tools. These tools allow insurers to provide their customers with the kind of smooth user experience we have come to associate with leading digital services like Uber and Facebook.<\/p>\n\n\n\n
\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\n![\"Executives](\"https:\/\/siliconvalley.center\/wp-content\/uploads\/2019\/12\/BMI-18-1-1.png\")
<\/figure>\n\n\n\nExecutives from insurer BMI Ecuador learn about Google's innovative corporate culture.<\/p>\n\n\n\n
Digitization of Insurance<\/h2>\n\n\n\n
Establishing an innovation-ready corporate culture like that of Google or Airbnb is the first step toward organizational transformation. The next part of the journey is about engaging with the startups and technologies actively disrupting the status quo.<\/p>\n\n\n\n
In the case of the insurance industry, disruption is being led by insurtechs. These companies are drawing upon data and emerging technologies to redefine how insurance is delivered to consumers.<\/p>\n\n\n\n
One of the most prominent new business models in insurance is platformification, the creation of online ecosystems where producers and consumers can interact.<\/p>\n\n\n\n
In insurance platformification Sureify is a leading player. At a meeting with the startup, the BMI executive team learned how the Sureify platform equips insurance carriers with digital customer engagement tools. These tools allow insurers to provide their customers with the kind of smooth user experience we have come to associate with leading digital services like Uber and Facebook.<\/p>\n\n\n\n
\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nKey takeaway from Google and Airbnb:<\/strong> corporate innovation can be achieved in many ways. No two organizations are alike, so no two corporate cultures should be alike either.<\/p>\n\n\n\n
<\/figure>\n\n\n\nExecutives from insurer BMI Ecuador learn about Google's innovative corporate culture.<\/p>\n\n\n\n
Digitization of Insurance<\/h2>\n\n\n\n
Establishing an innovation-ready corporate culture like that of Google or Airbnb is the first step toward organizational transformation. The next part of the journey is about engaging with the startups and technologies actively disrupting the status quo.<\/p>\n\n\n\n
In the case of the insurance industry, disruption is being led by insurtechs. These companies are drawing upon data and emerging technologies to redefine how insurance is delivered to consumers.<\/p>\n\n\n\n
One of the most prominent new business models in insurance is platformification, the creation of online ecosystems where producers and consumers can interact.<\/p>\n\n\n\n
In insurance platformification Sureify is a leading player. At a meeting with the startup, the BMI executive team learned how the Sureify platform equips insurance carriers with digital customer engagement tools. These tools allow insurers to provide their customers with the kind of smooth user experience we have come to associate with leading digital services like Uber and Facebook.<\/p>\n\n\n\n
\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nBut Google is just one example of a company with an innovative corporate culture. There are many more in Silicon Valley, including Airbnb. At Airbnb, BMI\u2019s executives heard how the sharing economy platform prides itself on what it refers to as its coaching culture. In practice this philosophy means Airbnb provides employees with regular feedback and strives to create an atmosphere conducive to learning and self-development. Airbnb credits this culture with helping the company adapt to a changing regulatory environment and diversify into new product lines.<\/p>\n\n\n\n
Key takeaway from Google and Airbnb:<\/strong> corporate innovation can be achieved in many ways. No two organizations are alike, so no two corporate cultures should be alike either.<\/p>\n\n\n\n
<\/figure>\n\n\n\nExecutives from insurer BMI Ecuador learn about Google's innovative corporate culture.<\/p>\n\n\n\n
Digitization of Insurance<\/h2>\n\n\n\n
Establishing an innovation-ready corporate culture like that of Google or Airbnb is the first step toward organizational transformation. The next part of the journey is about engaging with the startups and technologies actively disrupting the status quo.<\/p>\n\n\n\n
In the case of the insurance industry, disruption is being led by insurtechs. These companies are drawing upon data and emerging technologies to redefine how insurance is delivered to consumers.<\/p>\n\n\n\n
One of the most prominent new business models in insurance is platformification, the creation of online ecosystems where producers and consumers can interact.<\/p>\n\n\n\n
In insurance platformification Sureify is a leading player. At a meeting with the startup, the BMI executive team learned how the Sureify platform equips insurance carriers with digital customer engagement tools. These tools allow insurers to provide their customers with the kind of smooth user experience we have come to associate with leading digital services like Uber and Facebook.<\/p>\n\n\n\n
\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nWe took BMI\u2019s executives to a Q&A session with Google so they could see how the tech giant seeks to realize these ideas in practice. The BMI team learned about Google\u2019s policy of 20-percent-time, whereby employees are encouraged to spend 20 percent of their time pursuing innovative and creative side projects that could benefit Google. Google AdSense, Gmail, and Google News - all now significant parts of its core business - were first conceived as 20-percent-time side projects.<\/p>\n\n\n\n
But Google is just one example of a company with an innovative corporate culture. There are many more in Silicon Valley, including Airbnb. At Airbnb, BMI\u2019s executives heard how the sharing economy platform prides itself on what it refers to as its coaching culture. In practice this philosophy means Airbnb provides employees with regular feedback and strives to create an atmosphere conducive to learning and self-development. Airbnb credits this culture with helping the company adapt to a changing regulatory environment and diversify into new product lines.<\/p>\n\n\n\n
Key takeaway from Google and Airbnb:<\/strong> corporate innovation can be achieved in many ways. No two organizations are alike, so no two corporate cultures should be alike either.<\/p>\n\n\n\n
<\/figure>\n\n\n\nExecutives from insurer BMI Ecuador learn about Google's innovative corporate culture.<\/p>\n\n\n\n
Digitization of Insurance<\/h2>\n\n\n\n
Establishing an innovation-ready corporate culture like that of Google or Airbnb is the first step toward organizational transformation. The next part of the journey is about engaging with the startups and technologies actively disrupting the status quo.<\/p>\n\n\n\n
In the case of the insurance industry, disruption is being led by insurtechs. These companies are drawing upon data and emerging technologies to redefine how insurance is delivered to consumers.<\/p>\n\n\n\n
One of the most prominent new business models in insurance is platformification, the creation of online ecosystems where producers and consumers can interact.<\/p>\n\n\n\n
In insurance platformification Sureify is a leading player. At a meeting with the startup, the BMI executive team learned how the Sureify platform equips insurance carriers with digital customer engagement tools. These tools allow insurers to provide their customers with the kind of smooth user experience we have come to associate with leading digital services like Uber and Facebook.<\/p>\n\n\n\n
\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nCorporations must be agile, customer-centric learning organizations which encourage innovation and make data-driven decisions.<\/em><\/p><\/blockquote>\n\n\n\n
We took BMI\u2019s executives to a Q&A session with Google so they could see how the tech giant seeks to realize these ideas in practice. The BMI team learned about Google\u2019s policy of 20-percent-time, whereby employees are encouraged to spend 20 percent of their time pursuing innovative and creative side projects that could benefit Google. Google AdSense, Gmail, and Google News - all now significant parts of its core business - were first conceived as 20-percent-time side projects.<\/p>\n\n\n\n
But Google is just one example of a company with an innovative corporate culture. There are many more in Silicon Valley, including Airbnb. At Airbnb, BMI\u2019s executives heard how the sharing economy platform prides itself on what it refers to as its coaching culture. In practice this philosophy means Airbnb provides employees with regular feedback and strives to create an atmosphere conducive to learning and self-development. Airbnb credits this culture with helping the company adapt to a changing regulatory environment and diversify into new product lines.<\/p>\n\n\n\n
Key takeaway from Google and Airbnb:<\/strong> corporate innovation can be achieved in many ways. No two organizations are alike, so no two corporate cultures should be alike either.<\/p>\n\n\n\n
<\/figure>\n\n\n\nExecutives from insurer BMI Ecuador learn about Google's innovative corporate culture.<\/p>\n\n\n\n
Digitization of Insurance<\/h2>\n\n\n\n
Establishing an innovation-ready corporate culture like that of Google or Airbnb is the first step toward organizational transformation. The next part of the journey is about engaging with the startups and technologies actively disrupting the status quo.<\/p>\n\n\n\n
In the case of the insurance industry, disruption is being led by insurtechs. These companies are drawing upon data and emerging technologies to redefine how insurance is delivered to consumers.<\/p>\n\n\n\n
One of the most prominent new business models in insurance is platformification, the creation of online ecosystems where producers and consumers can interact.<\/p>\n\n\n\n
In insurance platformification Sureify is a leading player. At a meeting with the startup, the BMI executive team learned how the Sureify platform equips insurance carriers with digital customer engagement tools. These tools allow insurers to provide their customers with the kind of smooth user experience we have come to associate with leading digital services like Uber and Facebook.<\/p>\n\n\n\n
\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nBefore an organization can embrace new technologies and be a truly digital business it must first create a compatible corporate culture. What does this culture look like? There is no definitive answer to that question but there are certain traits which are today held up as being essential to a corporation\u2019s culture if that corporation is to not just survive but prosper. Namely:<\/p>\n\n\n\n
Corporations must be agile, customer-centric learning organizations which encourage innovation and make data-driven decisions.<\/em><\/p><\/blockquote>\n\n\n\n
We took BMI\u2019s executives to a Q&A session with Google so they could see how the tech giant seeks to realize these ideas in practice. The BMI team learned about Google\u2019s policy of 20-percent-time, whereby employees are encouraged to spend 20 percent of their time pursuing innovative and creative side projects that could benefit Google. Google AdSense, Gmail, and Google News - all now significant parts of its core business - were first conceived as 20-percent-time side projects.<\/p>\n\n\n\n
But Google is just one example of a company with an innovative corporate culture. There are many more in Silicon Valley, including Airbnb. At Airbnb, BMI\u2019s executives heard how the sharing economy platform prides itself on what it refers to as its coaching culture. In practice this philosophy means Airbnb provides employees with regular feedback and strives to create an atmosphere conducive to learning and self-development. Airbnb credits this culture with helping the company adapt to a changing regulatory environment and diversify into new product lines.<\/p>\n\n\n\n
Key takeaway from Google and Airbnb:<\/strong> corporate innovation can be achieved in many ways. No two organizations are alike, so no two corporate cultures should be alike either.<\/p>\n\n\n\n
<\/figure>\n\n\n\nExecutives from insurer BMI Ecuador learn about Google's innovative corporate culture.<\/p>\n\n\n\n
Digitization of Insurance<\/h2>\n\n\n\n
Establishing an innovation-ready corporate culture like that of Google or Airbnb is the first step toward organizational transformation. The next part of the journey is about engaging with the startups and technologies actively disrupting the status quo.<\/p>\n\n\n\n
In the case of the insurance industry, disruption is being led by insurtechs. These companies are drawing upon data and emerging technologies to redefine how insurance is delivered to consumers.<\/p>\n\n\n\n
One of the most prominent new business models in insurance is platformification, the creation of online ecosystems where producers and consumers can interact.<\/p>\n\n\n\n
In insurance platformification Sureify is a leading player. At a meeting with the startup, the BMI executive team learned how the Sureify platform equips insurance carriers with digital customer engagement tools. These tools allow insurers to provide their customers with the kind of smooth user experience we have come to associate with leading digital services like Uber and Facebook.<\/p>\n\n\n\n
\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
The Future of Insurance<\/h2>\n\n\n\nAsked whether advances in technologies such as self-driving cars and improved health care will reduce the need for insurance, Dr. Kiera was adamant that insurance will still be needed. Emerging technologies present a new set of threats, he explains, threats to digital goods and personas, threats to shared resources like Ubers and Airbnbs, threats to digital currencies, among others. These threats will be insured against by the tech-enabled insurance companies of the future. Current insurance companies must, therefore, embrace a future of not only new threats but also one of ever more demanding digital-native customers. If such companies are wondering how to achieve this, Dr. Kiera has one simple formula, \u201cFall in love with your customer, and not with your product.\u201d<\/p>\n\n\n\n
VIDEO: Interview with Dr. Robin Kiera<\/h1>\n\n\n\n\nhttps:\/\/youtu.be\/e0AAA17Lols\n<\/div><\/figure>\n","post_title":"How Insurance Companies Stay Relevant by Falling In Love With Their Customers","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/how-insurance-companies-stay-relevant-by-falling-in-love-with-their-customers\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
\nCorporate Innovation and Culture<\/h2>\n\n\n\n
Before an organization can embrace new technologies and be a truly digital business it must first create a compatible corporate culture. What does this culture look like? There is no definitive answer to that question but there are certain traits which are today held up as being essential to a corporation\u2019s culture if that corporation is to not just survive but prosper. Namely:<\/p>\n\n\n\n
Corporations must be agile, customer-centric learning organizations which encourage innovation and make data-driven decisions.<\/em><\/p><\/blockquote>\n\n\n\n
We took BMI\u2019s executives to a Q&A session with Google so they could see how the tech giant seeks to realize these ideas in practice. The BMI team learned about Google\u2019s policy of 20-percent-time, whereby employees are encouraged to spend 20 percent of their time pursuing innovative and creative side projects that could benefit Google. Google AdSense, Gmail, and Google News - all now significant parts of its core business - were first conceived as 20-percent-time side projects.<\/p>\n\n\n\n
But Google is just one example of a company with an innovative corporate culture. There are many more in Silicon Valley, including Airbnb. At Airbnb, BMI\u2019s executives heard how the sharing economy platform prides itself on what it refers to as its coaching culture. In practice this philosophy means Airbnb provides employees with regular feedback and strives to create an atmosphere conducive to learning and self-development. Airbnb credits this culture with helping the company adapt to a changing regulatory environment and diversify into new product lines.<\/p>\n\n\n\n
Key takeaway from Google and Airbnb:<\/strong> corporate innovation can be achieved in many ways. No two organizations are alike, so no two corporate cultures should be alike either.<\/p>\n\n\n\n
<\/figure>\n\n\n\nExecutives from insurer BMI Ecuador learn about Google's innovative corporate culture.<\/p>\n\n\n\n
Digitization of Insurance<\/h2>\n\n\n\n
Establishing an innovation-ready corporate culture like that of Google or Airbnb is the first step toward organizational transformation. The next part of the journey is about engaging with the startups and technologies actively disrupting the status quo.<\/p>\n\n\n\n
In the case of the insurance industry, disruption is being led by insurtechs. These companies are drawing upon data and emerging technologies to redefine how insurance is delivered to consumers.<\/p>\n\n\n\n
One of the most prominent new business models in insurance is platformification, the creation of online ecosystems where producers and consumers can interact.<\/p>\n\n\n\n
In insurance platformification Sureify is a leading player. At a meeting with the startup, the BMI executive team learned how the Sureify platform equips insurance carriers with digital customer engagement tools. These tools allow insurers to provide their customers with the kind of smooth user experience we have come to associate with leading digital services like Uber and Facebook.<\/p>\n\n\n\n
\u201cLife insurers and insurers in general really struggle to engage,\u201d says Dustin Yoder, Sureify CEO. \u201cAbout 97% of life insurance today is not sold online. Ultimately, insurance companies struggle to get to market digitally.\u201d<\/p>\n\n\n\n
The Sureify platform also collects a wealth of data on policyholders, including their life events, habits and health status. This data enables insurers to maximise revenue by personalizing the products they offer customers.<\/p>\n\n\n\n
Sureify isn\u2019t the only platform shaking up the insurance industry. During a startup showcase on the second day of their immersion program, we introduced the BMI delegation to biotechnology firm NeuroSky. NeuroSky\u2019s biosensor technologies make it possible to collect more biometric data than ever before. For insurers, integrating this data into existing systems provides more information about customers; who they are, what they need and when they need it. For insurance consumers, more access to personal biometric data can lead to better-informed lifestyle decisions, better health outcomes and, with any luck, more affordable insurance premiums.<\/p>\n\n\n\n
Key takeaway from Sureify and NeuroSky:<\/strong> data is now a company's most valuable asset. The more a company can engage with its customers the more data it can collect. The more data it can collect, the more it can engage with its customers through personalized services which delight consumers and drive greater revenues.<\/p>\n\n\n\n
<\/figure>\n\n\n\nAs part of their two-day immersion program the BMI Ecuador team learned about disruptive trends emerging today in the insurance industry.<\/p>\n\n\n\n
Risky business<\/h2>\n\n\n\n
In life as in business, circumstances change. While insurance companies might be able to offer their customers insurances against unplanned events, they cannot protect themselves against all possible scenarios in their industry.<\/p>\n\n\n\n
But for BMI, what is within the company\u2019s power is to avoid being disrupted by insurtech startups which offer digital products to today\u2019s digital consumers. The insurer left Silicon Valley with a clear blueprint on how achieve that result. The first step on that blueprint is to develop a corporate culture robust enough to thrive in a constantly-changing landscape. Step two is to look outward, at consumers, at startups and at technology, and be willing to learn about how old problems can be solved in new ways and how new problems nobody has thought of yet can be solved in ways which have yet to be invented.<\/p>\n\n\n\n
Yet although some trends cannot be predicted, what become obvious to BMI Ecuador\u2019s executives during the course of their program is that insurtech is a threat and it is here to stay. But what the BMI team also saw is that there is a range of options at their disposal to grow in a way which turns fintech from a threat into an opportunity. Those options include partnering with startups, developing digital solutions in-house and ramping up corporate venture capital.<\/p>\n\n\n\n
Whatever path BMI choose, what is now clear to its top leaders is that there is a need for action. In today\u2019s disruption-centric economy, where doing nothing is the choice that carries the highest cost, it is that step to action which is the most important step of all.<\/strong><\/p>\n","post_title":"What BMI Ecuador Learned in their Silicon Valley Immersion Program: The Future of Insurance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/what-bmi-ecuador-learned-in-their-silicon-valley-immersion-program-the-future-of-insurance\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":626,"post_author":"1","post_date":"2018-10-19 15:25:00","post_date_gmt":"2018-10-19 22:25:00","post_content":"\n
The insurance industry has been doing the same things for the last 100 years and has still managed to remain one of the most free-cash-flow-rich industries in the world. Having emerged unscathed from multiple economic cycles, the industry is now facing perhaps one of the most formidable economic tectonic shifts yet. With the rise of cutting-edge technologies like blockchain, artificial intelligence, on-demand thin-client-type technologies, among others, insurance industry giants must awaken from their slumber if they are to avoid disruption by nimble and highly innovative insurtech startups. This is a discussion we had with Dr. Robin Kiera, founder of DigitalScouting.de<\/a>. He has studied the insurance industry in Germany and wider Europe and sees three areas insurance companies can begin to experiment with on their journey to digital transformation.<\/p>\n\n\n\n
Metromile<\/a> is pioneering such process optimization in auto insurance using smart sensors to calculate cost-per-mile policy rates. By attaching a smart device to vehicles of customers purchasing policies, the company bills each customer based on the number of miles they drive daily. This approach allows the company to charge less but also allows it to collect data that goes towards lowering combined ratios. \u201cIf an insurance risk carrier is able to calculate risk better than somebody else, he can give the product away cheaper and make the same money,\u201d says Dr. Kiera. Metromile, by collecting data other insurance companies do not have, is building a competitive advantage that will soon allow it to beat other insurance companies through data-driven risk calculation.<\/p>\n\n\n\n
