Over the last couple of years the industry has been inundated with talk of 'insurtech.' You can't scan LinkedIn or Twitter without reading about how insurtech is a wave that is going to disrupt the entire industry, leaving anyone not on the insurtech boat drowning in its wake.
What does insurtech mean to players in our industry? Does it mean you use chatbots? Or is it that you use a SAAS CRM like Salesforce or HubSpot? Or maybe it's that you use AI. Google is a form of AI so maybe we're all in the insurtech space?
Much of what I've come to perceive about everyone's idea of insurtech is that it's being a start-up. Do you have to be a new company to be an insurtech? I admit, insurtech does sound a lot sexier than incumbent (which is what we are).
If insurtech means any of those things above, then Policy Works Inc. isn't it. And that's just fine with us. Why?
Because for over 25 years we've been coming to work with one vision in mind: to link brokers and insurers to better serve insureds. Our mission is to create the best possible software to help commercially-focused brokers win more business and stay relevant. We do this by providing a consistency of process around the entire commercial lines lifecycle using automation, standardization, and machinable data.
What are we focused on now? Analytics for principals. We realized last year that our reporting tools just didn't cut it. So we hired an analytics consultancy to help us build an analytics product roadmap (you can get it here). The project has moved from the research to the design phase and we expect the first cloud-based analytics product designed for commercial brokers (management and executives) to be ready by the spring of 2019.
We're also focusing heavily on ways to help our customers leverage the standardized, machinable data in their Policy Works systems. We recently completed a data exchange API with RSA to add to the suite of insurer API's we've developed and released a rating API.
At the highest level, we're trying to develop products that help our customers add value, whether that's profitable growth or improved efficiency.
So back to 'insurtech'. The Insurance Journal defines insurtech as involving "…the use of technology innovations designed to create cost savings and efficiency."
Under this lens, we may actually be an insurtech firm. Either way, we don't care. As long as we're focused on providing increased value to our customers, we're happy.