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 111 Rinku Patel CEO Pine Walk Capital: helping underwriters be in their last job
Ep 110 Rick McCathron President, Hippo: A path to profit, but on our own timeline
Special Episode: Seeking quality premium in motion with Madhu Tadikonda, President, Corvus Insurance
Ep 109 Bronek Masojada: Just the same, but completely different
Ep 108 John Cavanagh Beat Capital Partners: Building a perpetual business
Ep 107 David Walsh and Graeme Newman of CFC Underwriting: Build your own
Ep 106 Lucy Clarke President Marsh Specialty and Global Placement, Marsh: Enough is enough
Ep 105 David Flandro: Secondary perils driving just about everything at 1.1
Ep 104 David Ibeson Apollo: Success brings the right to remain independent
Ep 103 Adrian Cox CEO Beazley: No natural endgame to where we can be
Ep 102 John Fowle CEO Chaucer: A great time to be someone‘s growth engine
Ep 101 Caroline Wagstaff CEO The LMG: Always a campaigning body
Ep 100 Sian Fisher CEO The CII: The strategy is already on the wall
Ep 99 Mark Wheeler Mosaic Insurance: No Exit Plan
Ep 98 Richard Watson CEO Inigo Insurance: Low ego and high collaboration
Ep 97 Stefan Golling: If we don’t achieve our margins now why should we stay?
Ep 96 Patrick Tiernan Chief of Markets Lloyd‘s of London: A vision bound by logic
Special Episode: New Trillion dollar markets wherever you look. How insurtech can improve climate resilience with Robert Lumley and Stephen Brittain of The Insurtech Gateway
Ep 95 Jean-Paul Conoscente CEO Scor Global P&C: True partnership isn‘t about being accommodating
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