Focused on the future for insurtechs

There have been numerous changes for the insurance industry due in large part to the pandemic, evolving risks such as cybersecurity, and a shift in how and where people work. Inflation is affecting everything from employee salaries to the cost of food, building materials and other necessities.

For insurers, both premiums and claims costs are increasing, so finding ways to operate efficiently while maintaining relationships with policyholders, agents, brokers and vendors has become incredibly important.

In this latest Insurance Speak podcast, Guy Goldstein, CEO of Next Insurance examines some of the factors affecting the industry such as the role of technology, the importance of new product development, and what he sees ahead for 2023.

Goldstein has more than 20 years of experience in various aspects of technology including product development, management and strategy. He served in the Israeli Air Force as a major and fighter pilot, and previously spent nine years working in research and development at Mercury Interactive. He founded Next Insurance in 2016 with a focus on serving small businesses.

The last two years were interesting for the insurance industry, and the pandemic brought challenges to every area of the business from supply chain issues to how insurance was sold and even how claims were handled.

As things settle down a bit, Goldstein says, “Insurtechs will begin to focus on the profitability of their businesses. Over the last few years, insurtechs were focusing on growth and delivering an experience that is unique to their customers, but there is a new focus on the bottom line for these companies.”

Goldstein also predicts that insurers and policyholders will see developments in machine learning and artificial intelligence. “There are a lot of advances in how to speak with customers and how machines will communicate, and we will see many companies using this type of technology.”

He explains that the use of machine learning and technology like chatbots will help create a segue into the future. “They’re not 100% accurate yet, but we will see more and more of this going forward,” he shares.

To hear how Next is serving small businesses and the importance of serving this unique market, listen to the podcast above or subscribe to Insurance Speak on Spotify, Apple Music or Libsyn.

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