New ideas are everywhere in insurance right now. There is a democracy of opportunity thanks to tech, which means you can build, develop and launch a new product in weeks, not months. As one person at Lloyd’s Lab told IE recently, `I used to think insurance was boring but after a few years here I think it’s really cool, you can create stuff really quickly.’
IE is always keen to learn more about people building their dreams, so we caught up with Dan Pender, CEO at Insurian to find out more.
IE; Dan you recently launched Insurian, what’s the general reaction been like?
DP; Over 14,000 views on LinkedIn of the news update, loads of positive reaction and comments. Really exciting to have that level of feedback and it reinforces what I’ve thought for years now; the UK is a great place to both develop new products and build insurtech businesses.
IE; Tell us more about Insurian, why now, how does it work?
DP; The pandemic has made people realise they need something different from their day-to-day insurance, especially flexible cover that can cope with things like lockdowns. So the timing is right for new products. From the feedback that I’ve had from across the industry, there’s an over-riding sense that Insurian is approaching things in the right way. People need to create new products in a separate process, so that it doesn’t become bogged down in a lengthy and probably costly general transformation exercise.
Sometimes you can have a situation where an ideas or innovation hub can come up with an idea. Brilliant, everyone loves it. Then the development of that idea needs staff and cash resources, lots of time. Then it can become a problem within a company with all the demands it has on all of these resources.
We unblock all those internal obstacles by taking on the design, build, launch and management of new insurance products in just weeks, enabling insurance providers to turbo-charge the speed of their innovation and expand the breadth of their proposition. By partnering with Insurian, they can deliver and learn at insurtech speed.
IE; So this is a separate track, not like a skunkworks, or the BIBA approach where teams do the whiteboard insurtech Hackathon thing?
DP; Exactly, we aren’t a Sandbox or a development test bed. What Insurian do is build real products, from scratch and take them to launch. We can design and build really fast too, we have standardised propositions that can bring something to market really quickly.
IE; You’ve been working with Genasys Technologies on some projects, tell us more about that.
DP; The great thing about Genasys and the reason Insurian partnered with them, is that they have experience in creating an ecosystem that works primarily for the customer, it solves problems and delivers a good experience online – at scale too. It’s one thing to build new products and launch them, but Genasys always have that customer outcome right at the top of their list. In the end the customer just want stuff to work and if you can build a system that does that flexibly, without accidentally creating a legacy system along the way, then you’re doing it right.
IE; Talking of legacy, do you think that there is still a bit of reluctance in some sections of the insurance industry to completely change their IT systems and processes, a little fear factor?
DP; Maybe so, and in some ways it is understandable because people have been told that installing a new system will be the last time they need to do it, it will be easy to upgrade etc. Across the industry there has been a focus on front-end upgrades and builds for sure, which often leaves the admin or back end untouched, so it just refreshes things for the end user.
Insurian is focused on proposition innovation delivery. New propositions can be delivered by us, for our client, without the need for the usual internal resources and because we are configuring our own system it is fast, low risk and avoids technical legacy. You don’t need to solve your existing IT problems if you launch with Insurian.
There has never been a more exciting time in the market and Insurian wants to play a part in getting better and more joined up propositions out to customers. Our platform means we can combine many interesting insurance risks together with a single monthly premium – which means it is seamless for the customer. I think all insurers are now looking at growth areas after the pandemic, plus problems that consumers are flagging up. With Insurian you can access that innovation at speed , in a way that doesn’t affect an insurance provider’s day-to-day operations.
Lots of systems are now talking to each other online, so that offers insurers, MGAs and brokers the capacity to build the best solution to any particular problem. We think there is a real shift of attitude in the insurance sector now. People really want to create new products that work for the consumer and the level of insurtech investment that we are seeing now shows how much faith VC and banks have in that entrepreneurial spirit.
It’s an exciting time.
IE; It is, Dan thank you.