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 27 How captives insure the uninsurable, with Oliver Schofield of RISCS
Ep 26 Talent and the class of 2020/21 with Dennis Mahoney
Ep 25 Build me a reinsurance broker: Tim Gardner of Lockton Re
Ep 24 Running towards risk: Stephen Postlewhite of QBE Re
Ep 23 Julian Enoizi of Pool Re: Time to become peril-agnostic on non-damage BI?
Ep 22 Casualty, Capital and Covid with Jason Howard CEO of Beach
Ep 21 Covid-19's reinsurance impact with Andrew Newman and Printhan Sothinathan of Willis Re
Special Episode: Biba, the LMG and Liiba respond to Covid-19
Ep 19 Bermuda briefing with Chris Bonard and John Turner of Ed Broking
Special Episode: Covid-19 update with Brendan McManus, Peter Blanc and Warren Downey in association with Specialist Risk Group
Ep 17 P&I primer with Dorothea Ioannou of The American Club
Ep 16 Inside the first syndicate in a box with Stuart Newcombe, active underwriter
Ep 15, Solo 1: Unfair Punishment and Pandemic Re
Ep 14 Early coronavirus thoughts from David Flandro of Hyperion X
Ep 13 The secrets of Jonathan Parry of QBE Re’s success
Ep.12 Navigating the post Aon-Willis, MMC-JLT world with Toby Esser of AFL
Ep.11 How to fix the insurance culture problem, with Nicolas Aubert
Ep.10 Cyber masterclass with Dan Trueman of Axis
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