FACES OF CHANGE
Those women who have launched insurtechs to date share a common thread: a desire to make the insurance industry work better for policyholders by leveraging the range of digital technologies, from mobile to AI to big data from multiple sources. Digital Insurance asked three of them to talk about what drew them to the industry, why their solution is going to help and what they would tell other women who want to break into the sector.
FOUNDER AND CEO, INSURIFY COMPANY FOUNDED: 2013
Q: What’s attractive about the insurance business for a tech entrepreneur?
In terms of customer experience, the industry is worse off than travel was 17 years ago. Since then, the travel industry has transformed but insurance hasn't.
My argument is that it's ripe for disruption now because the tools are better and the technology is more advanced. Carriers are also maturing to the idea that they need to address what customers want. What attracted me is that what people see as obstacles — the fragmented distribution, the lack of full visibility of the value chain — I see as an opportunity for a fresh outside perspective about what best practices could work from other industries.
Q: What keeps you inspired by and curious about the insurtech space and this era of insurance industry innovation?
What excites me is that it's almost a [level] playing field. Everyone is relatively small and can make a major impact. This is a very risk-averse industry, which is unfortunately dependent on old-school technologies that organizations have spent millions of dollars on. But I can also see the evolution within the insurance industry, how they are becoming more open and curious in embracing new technologies.