The role of collaboration in the insurance industry
Bryan Falchuk of Insurance Evolution Partners discusses the importance of partnership between legacy insurers and insurtechs based on research from his latest book.
The insurance industry has changed significantly over the last several years with new risks emerging due to factors like cyberattacks, the sharing economy and the pandemic. Add in the constant technological evolution as carriers streamline their processes to better serve policyholders, and there have been a wide variety of changes. While insurers understand the importance of working with customers to identify and mitigate risks, sometimes it’s easy to forget how important it is to collaborate in other areas, especially when it comes to implementing new technology.
Bryan Falchuk, the managing partner of Insurance Evolution Partners and the president and CEO of PLRB, has written a book, The Future of Insurance Volume III – The Collaborators (available on Amazon), which examines the relationships between legacy insurers and insurtechs, and the importance of partnership between these entities. He shares some insights in the latest Insurance Speak podcast.
For many years, insurers were slow to adopt new technology, however, that mindset has changed significantly. Falchuk shares that the pandemic was a teaching moment for the insurance industry, with insurers transforming their processes and procedures, sometimes in mere days, as opposed to the years it might have taken them previously.
He cautions against “going back to the way we used to be. We’ve done great things and while we are better, there are still things that need to be improved.”
Falchuk also explains the importance of working collaboratively to continue transforming the insurance industry. He outlines three factors that are key ingredients to successful partnerships: making fast and rational decisions, being on the same team, and respecting the different lanes of responsibility for each party.
To hear more about what successful collaboration looks like in the industry, the mistakes to avoid and more, listen to the podcast above or subscribe to Insurance Speak on Spotify, Apple Music or Libsyn.
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