As recently as five years ago, the insurance industry was relatively unchanging. Carriers, brokers, agents, reinsurers all knew their place in the industry and stayed there. Aging core systems, ripe for refresh or replacement, sparked gargantuan, slow-moving multi-year projects entailing significant capital investment. Cloud was still a big unknown, and even the most adventurous insurers were just dipping their toes in the water.
Flash forward to the present. Insurtech is creating new business models, industry players are redefining their roles, and core system replacement projects are straining the patience and budgets of companies across the insurance spectrum. Competition has risen to an all-time high, and insurers are striving for the agility and technology that can help them adapt to a changing industry.
Into this industry in flux, enter The New Insurance Analyst, equally comfortable in the complex world of insurance and the fast-changing landscape of web-enabled technologies. The new insurance analyst is multi-talented, delivering a balance of three competencies: industry expertise, technology acumen, and business savvy.
Understanding the complex insurance market takes time. The New Insurance Analyst is already familiar with the industry, including its multi-state regulatory landscape, and has no trouble staying ahead of the new updates that can affect an insurance company’s existing products. Rolling those changes out without disruption is a key competitive advantage in the Darwinian Economy.
With deep industry experience, The New Insurance Analyst also provides insight into the competitive playing field. It’s no secret competition has heated up in the past few years, and new technology developments have enabled further industry segmentation with more personalized products. Everything is niche, and spotting new market opportunities requires someone who knows both the industry and insurtech, and how the two interconnect.
The latest technologies have finally started to permeate the insurance industry, and with them a new skill set is required. The New Industry Analyst understands the basic concepts of cloud-based systems. They are software visionaries who are forward thinking, with a Silicon Valley mindset and a willingness to learn about and sample the new technologies through combinatorial innovation. We’ve already begun to see the examples of this experimentation, in the form of drone-based claims adjusters and on-demand insurance like Lemonade. In this era of plentiful capital, anyone can be funded, and any good idea can become a reality.
The New Insurance Analyst can also spot areas in which new, affordable technology can fill the gaps in an organization’s processes. Advancements like straight-through processing and smart underwriting, for example, have accelerated the pace of business, and there are now less-costly implementations for these approaches that can help companies running on antiquated processes catch up to their industry peers.
New market opportunities have been created for agencies and carriers alike, as outside investment has targeted the insurance industry, and powerful enabling technologies have become freely-available commodities. The New Insurance Analyst considers the relevance of these market and technology shifts in the context of the businesses they affect.
Tying together basic insurance knowledge and technology acumen with an understanding of what makes businesses tick, the “what if” analyst can spot new opportunities that others might miss. Inquisitive in nature, they aren’t averse to trying new things that result in cutting edge solutions that can help keep a company competitive.
If you aren’t sure whether you are currently employing New Insurance Analysts, look around. Are your analysts actively looking for new ways to fix old problems? Without a willingness to learn and try out new business methods, a company will hemorrhage. Seek out new talent, and bring on flexible, talented individuals who can help deliver value to your organization. You will need these New Insurance Analysts to navigate the future competitive landscape, especially if the pace of innovation continues.
Dorene Morgan joined Instec in 2010 with more than 25 years of human resources experience both in U.S. and Canada in mid-sized and large corporations, specializing in the equipment leasing and financing business. Holding a Senior Human Resources Professional certification through the Society of Human Resource Management since 2001, Dorene as an officer of the Company, provides both strategic and operational direction for human resources, facilities, and office management at Instec.