We participated in The 2017 Tiger ATTACK – Driving Technology and Innovation hosted by TigerRisk Partners last month. INSTANDA was amongst many different InsurTech companies and start-ups that attended the event in Minneapolis to discuss the rapidly evolving (re)insurance landscape.
The rising prominence of technology to facilitate everything from streamlined client acquisition to an improved claims experience has created a unique opportunity for incumbents to seek out partnerships with start-ups to provide a greater experience for customers while simultaneously reducing associated expenses.
The first day of the event was internally focused around TigerRisk and continue to build the innovative culture that will be needed to be successful in the years to come. With breakout innovation workshops, discussions around the evolution of the business and technologies like blockchain, it was a highly engaging day leaving colleagues excited about the future of both the industry and the firm.
On the second day of TigerATTACK the doors were opened to clients and start-ups and began with an overview of the InsurTech landscape where Tiger’s Crosby Branch and Jerad Leigh instilled audience members of the importance of being involved with the InsurTech revolution early and being a part of the journey that will redefine the (re)insurance industry.
With the tone set for the day, attention was then turned to a panel of innovation and strategy experts as AXIS’ Meghan Anzelc, Liberty Mutual’s Dan Robinson, Lighthouse’s Patrick White and Tiger’s Jerad Leigh spent an hour discussing not only the technology trends facing the insurance industry but also the challenges and opportunities each sees for their firm. It was an interesting showcase of the varying strategies between larger and smaller firms and how each of the participants see the industry evolving. The panel was also a great opportunity for companies to discuss in greater detail how they are looking to engage with start-ups and for Liberty Mutual to explain in greater detail their partnership with SnapSheet, a mobile solution which enables customers to take a picture of their claim to expedite and simplify the process whilst letting Liberty Mutual provide the speed and customer experience clients have come to expect.
The panel provided a valuable look at how technology can be used to the mutual benefit of start-ups and incumbents rather than the disruptive force that has been seen in other industries like hospitality, video rentals and transportation. It is likely that the most successful insurance companies of the future will be those that engage with start-ups to provide an improved customer experience while simultaneously reducing overhead.
With this theme of partnership at the front of everyone’s mind, the event concluded with nine start-ups giving the audience a short five-minute pitch about their technology and solutions followed by a breakout room where clients and start-ups were able to engage in further discussions around synergies and partnerships. These discussions were acknowledged as highly valuable for the start-ups and clients alike with several companies looking to take their relationships further.
Partnerships with start-ups will, and already are, helping our clients to build a stronger customer relationship through improving efficiency and the overall customer experience and we are thrilled to have been able to connect our clients with these best-in-class start-ups.
The 2017 TigerATTACK! event was the first to focus exclusively on technology and innovation, but given the rapidly evolving state of the industry and the importance of staying in front industry trends, it sent a strong message that TigerRisk is committed to remaining an innovation leader within the (re)insurance industry.