Are you using your vehicle to transport people?
That’s just one of the “archaic questions” that insurers might be still be asking, Chetan Kandhari, Chief Innovation and Digital Officer for Nationwide, observed during a recent CM Virtual Roundtable, “Is Insurance Innovation Overrated?”“The key to innovation in the insurance industry is “outside-in” thinking, said the Nationwide executive, who used the term to reinforce the idea that customer-centric mindsets are the best way to move innovation forward.
Panelists Jeffrey Bohn, Chief Research and Innovation Officer, Swiss Re Institute, and Phil Edmundson, Founder and Chief Executive Officer, Corvus Insurance, weighed in as well, reporting on how an abundance of data paves the way for greater innovation.
“Take something as basic as buying a homeowners insurance policy and being asked how much to value your house at,” said Edmundson of Corvus. Most of use can’t do that. “We don’t know what a total loss is on our house. So, we pick a number based on our mortgage value or what the bank needs,” Edmundson said, agreeing that insurers should on customer journeys—applying outside-in thinking to simplify insurance-acquisition processes for customers in the same way that InsurTechs do.
In contrast to traditional carriers, InsurTechs ask, “What is your address?” and they calculate other information they need using other data sources, Edmundson said.
View the full video, Nationwide Exec Makes the Case for Human-Centered Innovation on the Carrier Management channel at InsuranceJournal.TV.