The more time we spend in this industry the more we learn that there is very little that is genuinely new.
Take the insurtech community’s recent discovery of the idea of embedded insurance.
To read some of the posts about this on social media, this is an idea forged in the white heat of technology and so recently-minted that it’s still hot to the touch.
Well, today’s guest puts that idea into considerable perspective.
Keith Meier is Chief Operating Officer of US-headquartered Fortune 500 insurer Assurant and has spent a career of over twenty-five years working in the business to business to consumer insurance space – or B2B2C as it is more often called.
Operating in 21 countries, there is almost nothing that Keith and Assurant don’t know about embedding insurance right into the heart of the product offerings of the world’s largest consumer brands.
So this is a very mature sector and what follows is a masterclass on how to succeed in this specialist niche of the industry.
Keith’s absolute customer-centricity will be a revelation to many listeners from the wholesale world.
What’s clear is this is a long-term business that needs the right cultural approach to work for all parties. You have to offer real value or you just won’t last.
But when it works, it really works. The insurer grows profitable business and service revenues, consumers get great service and added-value products and the consumer giants get new revenue streams and more loyal and better-quality customers.
What’s also clear is that technology is enabling this segment to be so much more responsive than it has been in the past, with new products configurable at scale in a matter of days and weeks at negligible cost.
That’s clearly the part that’s exciting the insurtechs – and the growth prospects are indeed considerable.
But here is one embedded incumbent who is way ahead and is going to be very, very hard to disrupt!
LINKS
We thank our naming sponsor AdvantageGo:
https://www.advantagego.com/
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Ep 45 Selling certainty, with Stefan Golling Chief Underwriter Munich Re
Ep 44 Juan Andrade of Everest Re: An Underwriter’s market
Ep 43 Swimming as the tide goes out, with Laurent Rousseau Deputy CEO of Scor Global P&C
Ep 42 Coverholders in a box: Stephen Card of Carbon Underwriting
Ep 41 A Great Time to be an Underwriter. With Tim Carter CUO of Argo Group
Ep 40 Rule your niche with Andrew Robinson of HIIG
Ep 39 Slaying the myths of Legacy with Tom Booth of Darag
Ep 38 The future of insurance is now, with Stephen Brittain of the Insurtech Gateway
Ep 37 Capital Masterclass with Vicky Carter of Guy Carpenter
Ep 36 Howden plans with José Manuel González and Barnaby Rugge-Price
Ep 35 Re-shaping Aspen with Mark Cloutier
Ep 34 Worldwide ambition with Mike Reynolds of Oneglobal
Ep 33 Seizing a golden opportunity with Franz-Josef Hahn of Peak Re
Ep 32 The mid-year renewals with James Vickers, Chair of Willis Re International
Ep 31 Andrew Horton: Beazley, the hard market and the new Lloyd's
Ep 30 Steve McGill: Rip up your original business plan...
Ep 29 John Ludlow of Airmic: Insurance falling short of high standards and founding principles
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