Seeing insurance through the eyes of a dog

Do you like dogs? Life moves faster for them than it does for us humans. According to the American Veterinary Medical Association, the first year of a medium-sized dog's life is equal to approximately 15 years of a human's life.

I am under the impression that insurance is changing. Fast. Faster than many want to believe. Am I seeing this change through a dog’s eye?

As I see it, our industry is facing an increased pace of change in customer expectations, nature of risks, business models, and enabling technologies. Adapting and transforming (some would call this innovation) is becoming increasingly critical to the long-term success of all insurers.

C-level executives wake up one morning to the news that the 30 billion dollar neo-bank (in market cap) with 40 million customers operating in their same market, teams up with one of the leading international multi-line insurers to sell life insurance to its digital native customers.

They find themselves in the need to push the boundaries of their organizations to test new business models such as peer to peer insurance where the customer is in charge of sales, underwriting and claims settlement. Having to respond to market demands of just in time insurance, embedded insurance, on-demand insurance, and the challenges it brings in terms of making partnerships work from a commercial and IT perspective. Having to navigate the challenges of transformation in personal and commercial lines, in Life and P&C.

With this in mind, Celent is gathering a group of C-level executives at ITC[1] for them to share their views[2] on drivers of change, how insurance and insurers are changing, and when and where they expect to land after this change. Through an honest conversation with Luis Ramos – Corporate CIO of Suramericana, Eduardo Iglesias – CEO of Colon Seguros, Ronald Bolanos – CEO Latam of Liberty, and Rodrigo Valiente - VP Head of Digital, Latin America, of Chubb, we hope to share with you some relevant aspects of how things are done and why.

Don’t miss it!

If you plan to attend ITC 2021, I hope you also join us in the pre-conference sessions (October 4) we’ve put together:

• Direct to consumer - moderated by Rob Norris with three D2C insurtech startups
• Touchless Claims - moderated by Andrew Schwartz - with two insurers
• Intelligent Automation - moderated by Keith Raymond - with a vendor and insurer
• Platforms, Exchanges, and comparative raters - moderated by Karlyn Carnahan - with three insurtech startups

We do have access to discounted tickets for you; please reach out and I will share the link.

Hope to see some of you there - or have you participate digitally.

[1]InsureTech Connect — the world's largest insurtech event — is coming up in October 2021. There will be both an in-person option and a virtual option for those who aren't interested in traveling yet.

[2]October 6th, 2021 from 3:40 pm to 4:15 pm - Track 5 at ITC | Transform or Be Transformed