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My Thoughts on the Insuretech confrence: The Future is now...Well Sorta
- Thread starter shawnmwalker
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good read! Lots of information to digest, out of this conference
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I like your take on the event Shawn - sorry I didn't get a chance to meet you in person there. I'd say the conference runs about 70/30 P&C/Life&Health. Lots of companies looking to provide services (ie: drones, leak detection, software) for P&C carriers. Event has grown massively in its 3 years - probably a good 5,000 walking around this week. Definitely a lot of people and startups claiming to be reinventing the insurance industry, and while some of them seem to be on to something truly disruptive, as your take says, many will fall short. Thought Allianz' Jean-Marc Pailhol was interesting with how Allianz is aiming to "own" drone insurance by investing in drone companies it provides insurance for and sponsoring the "Drone Racing League," etc. Have to say I'm intrigued by what Jon Sabes (Life Epigentics, youSurance) is doing with epigenetic testing that has the potential to provide "hyper-individualized pricing" thanks to advanced molecular science. Will be reporting more on that on Insurance Forums soon and in the Jan/Feb "InsurTech"-themed issue of Insurance Selling magazine.
Were there ANY sessions where insurtech claims were challenged in any way. For example,, the idiocy of buy homeowners insurance in 60 seconds? These conferences seem to be just a one-side promotion for VC money and PR.
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Brian: # in the article speaks to the epi- thing you just referred to.
Are you in CO? DO we need to geek out together over lunch?
Fourth: The industry WILL change. 100%. It already is. When X does not equal a bucket of people that fit a statistic (Think- zip code, Smoker or not, credit score, age, Male, female, number of driving points, diabetic) and it shifts to X= 1:1 ratio via wearables- like smart watches, telematics- car plug in, smarthomes, etc. The industry will indeed understand the risk and price for the attributes of a single person. (Mind blown- even though I already knew it.) - This message was not unique to Lemonade and was heard over and over this week.
Are you in CO? DO we need to geek out together over lunch?
Fourth: The industry WILL change. 100%. It already is. When X does not equal a bucket of people that fit a statistic (Think- zip code, Smoker or not, credit score, age, Male, female, number of driving points, diabetic) and it shifts to X= 1:1 ratio via wearables- like smart watches, telematics- car plug in, smarthomes, etc. The industry will indeed understand the risk and price for the attributes of a single person. (Mind blown- even though I already knew it.) - This message was not unique to Lemonade and was heard over and over this week.
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