Insurers Need to Identify Issues Before Investing in Insurtech

Creating a roadmap for technology integration is a must for carriers interested in successful insurtech innovation, according to Wesley Todd, a former insurance defense attorney and creator of CaseGlide, a collaboration, workflow, and analytics platform for insurance litigation departments.

In the third in a series of exclusive podcasts for Claims Journal, Insights on Insurtech: Picking Your Insurtech Battles, Todd explained that carriers must consider the problems they want to solve before they can evaluate technology options.

To do so, he suggested three value-related questions to assist insurers:

1. What is the initiative that could have the biggest financial impact?
2. What is the initiative that touches on a pressing operational need?
3. Which initiative will enhance the ability to use analytics?

“You find a technology that successfully answers those questions then you have a home run,” said Todd.

Another set of questions answers how the technology will impact employers and the company.

1. Is it a good fit for employees and the company?
2. Will this technology engage employees?
3. Will it have a difficult, long implementation process?
4. What impact will this decision have on other projects?

He offered some common carrier priorities as examples, such as improving customer portals and the customer experience, as well as back office operation tech overhauls.

He cautioned insurers to recognize the questions are just suggestions and that “something can be a home run vision on value and not be a good fit for the company.”

Read/listen to prior podcasts in the series:

How to Cancel Out the Insurtech Noise

Retaking Control When Dealing With Insurtech Choices