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/
Special Ep Paul Templar and Sebastian Prosser of VIPR: Stop throwing people at the problem
Special Ep Warren Downey & Lee Anderson of Specialist Risk Group: Building a natural home for specialists
Ep177 Chris Killourhy QBE Re: Balance is critical
EP176 Lorraine Harfitt of Asta: People, Plan, Capital.
Ep175 Julian James, Sompo International: A Degree of Equilibrium
Ep174 James Drinkwater, Amwins: Time and Money
Ep173 Clive Washbourn of Navium: Welcome back, my friends
Ep172 Simon Lightbody CEO Rhodian: Making a home they’ll never want to leave
Ep171 Alex Powell of Aegis: Realistic, but with an added dose of niceness
Special Ep David Cabral: Thinking beyond ESG
Ep170 Simon Wilson, President Markel International: The market will dictate
Ep168 Sean McGovern, Chair of the LMG: On the verge of achieving real change
Special Ep: James York of Peaccce - from inertia to outright hostility
Ep167 Steve McGill: A billion in revenues through organic growth
Ep166 James Boyce CEO Global Specialties Guy Carpenter: Retro pushing peak affordability
Ep165 Bob Kimmel & David Carson of K2: Now hunting all kinds of game
Ep164 Andrew Horton QBE: An injection of pace
Ep163 Richard Clapham & Luis Muñoz-Rojas of DUAL Group: Get the ham, not just the bone
Ep162 Scott Egan CEO SiriusPoint: Re-establishing credibility in the marketplace
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
Aligned Money Show
Gorse Culture PODcast : The H.R. Detective Agency!
HCI Leadership Revolution
The Ramsey Show
Planet Money