Monday, June 1, 2020

What Happens When Traditional Insurer and an Insurtech Startup Meet?

More similarities than differences: I was happy that Philippe Lafreniere of Slice and Thomas Heindl of LV1871 took some time off their busy schedule to share their expert insights.

One was on how to grow your business especially for Generation Y, Z, and the Millenials.

Philippe: “You need to stay relevant” they switch easily like from a social media platform to another – there’s no brand loyalty.

Thomas: “Get your brand instagram ready” and increase the awareness on how do you much lose on the brand loyalty side.

What can Life and P&C Learn From Each Other?

Both of them agreed that “100 Years of Historical Data” is still considered in the Insurance Industry collectively, but we should focus more on the current data and risks that can be collected thru technologies like blockchain.

Then I asked: Are Insurance Products should be bought or sold?

I think they both agree that insurance product should be bought with their following suggestions,

Philippe: making the insurance things more easy, transparent and adding value for customers like their cyber products 

Thomas: Consumer needs are the same no matter what line of business. “Flexible Insurance Products” and he agrees with Philippe’s cyber products.

Somes Tools and Tactics that helped them grow their businesses with their B2C and B2B.

Philippe shared that you need to be visible in the market place like forums and events like the Insurtech Insights event and meet with the innovators, potential carrier partners to share a common thread.

Thomas said that the traditional insurance businesses really should see how their business would fit, how they can evolve from the current data that can be innovated into products for their customers and partners.

Watch The Video Here

Prakash is a tech freak, passionate about every new gadget and technology that comes his way. Always searching, always curios, he managed to gather an astounding experience that is very useful in his journalistic career.

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