Blog Archives - Page 7 of 10 - Silicon Valley Insurance Accelerator

Digital Insurance Ecosystems: Rise of Exponential Business Models

10/11/2019 Mike Connor, CEO, SVIA Blog, Digital Ecosystems, InsurTech

Digital Ecosystems are maturing at a rapid rate across multiple industries. The impact they will have on insurance and its business models is profound. While insurance is behind, there are some early examples from China’s Digital Insurance Leaders ZongAn and PingAn. Their ecosystems provide customers with interoperable and blended solutions that include insurance, banking, and other services. Solutions with a very different business, product, distribution, and customer engagement models. Models that exponentially increase the options and the reach of those who deploy them and that will forever change insurance.

Digital Insurance, Ecosystems, & Customer Engagement: The Edge of Innovation

10/03/2019 Mike Connor, Co-Founder / CEO, SVIA Blog, Customer Engagement, Digital Ecosystems

Imagine the ability to connect with and offer current and future insurance customers exactly what they need to achieve their life and business goals with the least risk possible in real-time. Imagine having insight into new and profitable risk pools and customer segments as they are forming. Imagine the ability to configure and deliver highly personalized solutions and value-added services to them on the fly. The rapidly maturing Digital Ecosystems surrounding customers offer that opportunity. However, the roadmap to get there doesn’t start with technology. It starts with the customer.

On-Demand: Setting the Competitive Bar for the Rest of Insurance

07/23/2019 Michael Connor, Co-Founder, CEO, SVIA Blog, Disruptive Business Models, Future of Insurance

On-Demand is a very small but growing business model. There is still much to learn and prove. However, it’s resetting customer expectations and it’s giving those implementing it powerful new insights and capabilities. Insights and capabilities that will be used to reset the competitive bar across other insurance business models. The lessons learned here will change Customer Experience, open New Markets, and open the door to Continuous Underwriting, and Dynamic Policy Management.

Kentucky is the 1st State to Open a “Sandbox” for InsurTech

07/09/2019 Shawn Hanson, Partner, Akin Gump Blog, Legal & Regulatory

The Kentucky Legislature has passed the first state law in the U.S. providing a comprehensive framework for an insurance regulatory “sandbox” for insurance technology products. The new regulatory sandbox, which will be administered by the Kentucky Department of Insurance (DOI), allows for private-sector flexibility while preserving necessary consumer protections.

Surviving and Thriving In a Digital Insurance Paradigm

06/28/2019 Mike Connor, CEO, SVIA Blog, Digital Claims, Digital Ecosystems, Digital Underwriting, Disruptive Business Models, Distribution Strategy

What will it take to Survive & Thrive in the New Insurance Paradigm: Insights from our June Summit
A new paradigm composed of digital ecosystem enabled solutions and business models is fast approaching. That new paradigm will be composed of Insurance solutions that are Faster, Hyper-Connected, and Incredibly Intelligent. Those solutions will be Interactive components of the digital ecosystems surrounding us. They will work interactively to safeguard our families, businesses, communities, and nations. And, they will proactively identify emerging risks and decisions that optimize outcomes transparent and actionable at and between those levels,

Insurers need to be Fearless, Flexible, have fun, and learn to fail fast if they expect to survive. Leading brokers are on the hunt for carriers that can help them deliver these next-generation customer-centric solutions.

Next-Gen Business Models: Life, Health & Wealth

05/29/2019 Stephen Jass, CEO, LS HUB Blog, Disruptive Business Models, Future of Insurance, Life Insurance

Platforms providing aggregated retirement solutions are on the rise
With the increasing demographic of individuals over age 65, there is a growing opportunity to innovate connected business models to serve them. Platforms providing aggregated retirement solutions are on the rise and pull together life, health & wealth product management onto single platforms. In this age of centralized solutions, customers expect streamlined technology in every area of their lifes.

Re-platforming for New Insurance Ecosystems? 8 Tech You Will Need

05/24/2019 Tony Grosso Blog, Core Systems, Digital Transformation

Insurers often tell me they understand how critical it is to transform their organizations to compete in the experience-driven digital economy, with its new and evolving ecosystems. What is less well-understood is the fundamental technology shift required to reach prospective customers with updated products leveraging new partners, data, and InsurTech innovation…all the while building engagement with existing customers.
Let’s look at eight essential next-gen tech you’ll require in a digital-ready insurance platform if participating in the new and emerging B2C and B2B ecosystems is your endgame.

Reverse Engineering The Future: Surviving The Next Insurance Paradigm

05/17/2019 Mike Connor Blog, Digital Ecosystems, Future of Insurance, Innovation

At SVIA we sense a growing undercurrent of concern in carriers, tech vendors, and even some InsurTechs.
They are moving ahead with improvements across the value chain. They are upgrading everything from customer engagement to underwriting, to policy management and claims. They are even rolling out digital generation products. So, what’s the concern?

Creating Insanely Great Customers

05/09/2019 Mike Connor Blog, Culture, Customer Engagement, Distribution Strategy, Innovation

Creating Insanely Great Customers
Chapter 1

Chapter 1. Identifying Your Insanely Great Customers

Priorities
At the top of almost every CEO’s priorities are three things: customer engagement, innovation, and operational efficiency. These things have always been critical, but today we are in a digital storm that’s disrupting entire industries, and most CEOs aren’t happy with their progress. Why? Because companies are addressing these priorities as individual initiatives. The solution? Integrate and align these initiatives in every functional area within the company with a single goal: Help customers become Insanely Great by continually accelerating the breakthrough value delivered to them.

The Future of Life & Health Underwriting & Wellness

04/27/2019 Mike Connor Blog, Future of Insurance, Life Insurance

Underwriting has always been a leader when it comes to understanding the health and wellness of individuals and employees. As more data becomes available and digital connectivity becomes more sophisticated, insurance companies are turning to emerging data providers and machine learning to automate and change the underwriting game. But innovative insurance carriers and InsurTech startups are taking it much further.