InsurTechs provide the COVID-19 perspective carriers need now
The thoughtful mix of tech and strategy in the InsurTech sector provides a lesson for businesses amidst a crisis.
The COVID-19 pandemic has tested businesses and industries across the world in ways never before seen. The insurance community, an industry that was built upon the principle of helping citizens and businesses in vulnerable times, is facing a new suite of challenges. From idle businesses hit by COVID-19, and now hurricanes and wildfires, to the increased cyberhacking happening across the globe, the insurance industry must adapt to meet customers’ needs.
Amid the vast array of pressures carriers face, the one that remains at the top of the list is the drastic change in risk exposures because of COVID-19. In every industry, from restaurants to retail, businesses have had to quickly adapt traditional business models to stay afloat. This has left carriers responsible for identifying new exposures, such as selling goods on property sidewalks to keeping employees safe while working from home. From what I have seen working with carriers in the property and casualty space, the thoughtful mix of technology and strategic partnership that InsurTechs offer is an invaluable asset to businesses right now.
Lean into the digital transformation
Even before COVID-19, the insurance industry was undergoing a digital transformation. InsurTechs were popping up left and right, leveraging new technologies that provided fresh opportunities to streamline processes, save costs and enhance user experiences.
Throughout this transformation and into COVID-19, customer experience remains at the forefront of what every carrier wants to achieve, and in today’s market, technology solutions such as artificial intelligence and machine learning are the key to efficiency and cost savings.
The pandemic has heightened the need for quick and accurate business insights. Insurers rely on these facts to assess risk, underwrite policies, and fulfill claims. By investing in strategic and innovative technology, carriers will be able to approach day to day operations with more accuracy and efficiency.
One-way Convr is leveraging innovative technology to help carriers right now is through our complimentary COVID-19 management tool, Convr Insider. Built on a platform containing 4 billion data points, this dashboard allows P&C carriers to view relevant COVID-19 insights on health care and manufacturing companies all in one place. From the number of COVID-19 cases and deaths reported on-site, screening procedures in place, visitor restrictions, and more, this data set will help carriers better understand how the business in which they are profiling is currently operating.
A trusted partner
Beyond an InsurTech’s role in helping carriers from a technological standpoint, one of the most valuable traits we bring to the table is an outside perspective. We can bring a different market viewpoint and new ideas to projects, helping partners objectively determine the true ROI of an initiative.
One of the ripple effects the pandemic has had on businesses is that it has forced them to reallocate resources and rethink where to invest. We see this as an opportunity for systemic growth. Digital transformation is a huge undertaking that will not happen overnight. But through strategic partnership, InsurTechs can help advise carriers on how to digitize best, whether that be internally or through a vendor.
While the next few months will continue to be challenging for our industry, I believe the steps that we will take together now will lead to a more advanced industry moving forward. We have an opportunity to gather as an industry to innovate and find new solutions to get back to our core mission: helping our customers and communities thrive.
Bruce Simpson is CEO of Convr. Well-regarded in the technology industry, Simpson is known for his ability to grow businesses by driving strong customer focus and operational efficiency in the insurance, information technology, cloud, mobile and telecom sectors. Simpson previously served as the chief executive officer at Discovery Health Partners, a cloud-based software provider of analytic solutions and services for healthcare insurance organizations. To connect with Simpson on LinkedIn, click here. The opinions expressed here are the author’s own.
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