Disruption: Life Insurance and Annuity Data

Discussion in 'Life Insurance Forum' started by nickzimmer, Aug 26, 2017.

  1. nickzimmer
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    nickzimmer New Member

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    How big of a problem is siloed life insurance and annuity data? Would creating a platform for carriers, distributors, advisors and policy owners to interact be useful? This type of platform could aggregate data from the aforementioned players and therefore identify sales/service opportunities, target policy owners with directed messages and make the overall system more effective...of course data added by individual users will not automatically be available for viewing by other users (would need access). Essentially it becomes much easier for carriers to directly connect w/policy owners/other stakeholders by using data in an actionable way. Are there any companies pioneering this type of model? Do you think that this would be a successful solution or do you have recommendations of other ways to improve the space? Many thanks!
     
  2. nickzimmer
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    nickzimmer New Member

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    How big of a problem is siloed life insurance and annuity data? Would creating a platform for carriers, distributors, advisors and policy owners to interact be useful? This type of platform could aggregate data from the aforementioned players and therefore identify sales/service opportunities, target policy owners with directed messages and make the overall system more effective...of course data added by individual users will not automatically be available for viewing by other users (would need access). Essentially it becomes much easier for carriers to directly connect w/policy owners/other stakeholders by using data in an actionable way. Are there any companies pioneering this type of model? Do you think that this would be a successful solution or do you have recommendations of other ways to improve the space? Many thanks!
     
  3. Josh
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    Josh Guru

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    I'm guessing this makes more sense to you than it does to most (if not all) people reading it.

    What data and how is it more actionable? It sounds like you're wanting to bring technology into a space to try to solve a problem that doesn't exist, but again, I'm struggling to understand your post.
     
  4. scagnt83
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    scagnt83 Guru

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    Idk, this sounds like 99% of the tech startup pitches out there. Especially on the insurance side. Lots of solutions but no idea what problem those solutions solve. :goofy:
     
  5. walthamny
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    Usually the hi tech solutions think insurance can be sold similar to watermelon so they come up with these questions and hinted solutions. There is a reason google thought about selling insurance and gave up despite having all the data.
     
  6. Matthew King
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    I agree with Josh, here. It is a bit difficult to answer this question. However, first, to answer whether a technology solution is going to be great for any industry.

    You must first understand the business and problems you are trying to solve.

    1. What are the core problems all insurance agents have?
    2. What about insurance agencies?
    3. Which problems are shared across the entire industry?
    4. Which ones are personal to the individual?
    5. Which ones are company problems?

    I mean essentially any technology or platform that could make an agent's job easier would be great. However, it has to be a real solution that solves a real problem. Not just another SaaS, that says it will solve your issues.
     
  7. Matthew King
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  8. eersfan
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    eersfan Expert

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    Having read your post, it appears this is a solution in search of a problem.
     
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