After a two-year hiatus, Bindable was excited to return to our hometown event, Insurtech Boston, last month at District Hall in the Seaport, hosted by the team at Ask Kodiak and IVANS. It was so great to reconnect with some of our InsurTech friends and meet some new faces in the industry. I also had the pleasure of speaking on one of the panels about the direction of commercial lines and how to improve the consumer experience (more on that in a bit!).
The event encompassed a series of sessions that included insights from leaders across all different areas of the industry - from brokers, to commercial lines executives, to direct-to-consumer players and startup founders. We covered the importance and evolution of InsurTech ecosystems, the role of data in making more informed decisions and building better consumer experiences, and explored some novel solutions that are solving the industry’s biggest challenges. While we heard many different perspectives, one thing was clear: innovation is what drives our industry forward, even during uncertain times.Bindable CPO, Risa Pecoraro, participates in the panel on commercial lines at the Insurtech Boston event, May 2022.
The first panel of the conference, “Broker Technology Adoption,'' explored a somewhat controversial topic: can brokers and independent agents co-exist with InsurTechs? Panelists proved that they certainly can and they’re here to stay.
While technology undoubtedly streamlines the process for managing client relationships, brokers will continue to be an indispensable resource for consumers and carriers alike. Even the most sophisticated technology integrations cannot replace all the value of a broker relationship, especially for complex needs. Instead, brokers must leverage new tools strategically to clearly and distinctly inform carriers what their needs, and those of their clients, are in order to build stronger relationships.
As an aside – there were more agents and brokers in the room than previous conferences, so it was nice to see them having a bigger role in conversations about InsurTech ecosystems.
Risa Pecoraro speaks on the "The Transformation of Digital Lines" panel at Insurtech Boston, May 2022.
I spoke on the second panel of the conference, “The Transformation of Digital Lines,” alongside Bobbie Collies of Coterie Insurance and John Pegnato of Simply Business, and we had a great discussion on the changing landscape of commercial lines!
The main takeaway from the panel is that while it’s certainly difficult to keep up with new commercial consumer demands, the continued use of data to personalize experiences will help us get there. How we reach our customers has changed significantly these past few years, but the strategy remains the same. It’s about putting the right product, in front of the right people, at the right time to most effectively meet their needs. As the lines between personal and business needs continue to blur, our clients demand more of us. We must embrace innovation in order to not only meet, but exceed their expectations.
Data is a critical component of innovation. But more important than just having the right data is what you do with it.
The “Power of Data” panel examined the role data plays in making better business decisions and creating products and experiences personalized to customers’ unique interests, needs, behaviors, and lifestyles. Combining data-gathering technology with tools like machine learning, AI, APIs, and automation enables providers to use real-time insights to create more accurate and fair products available through omni-channel buying experiences.
At Bindable, we believe that strategic partnerships are critical to gathering key data to drive holistic solutions that will ultimately achieve what’s best for both your customer and your business. We work closely with our partners - insurers, agencies, brokerages, and trusted brands alike - to break down customer acquisition barriers and use data to help create experiences that better meet the expectations of the modern customer.
The insurance organizations that continue to use the latest technology and leverage the most advantageous relationships, are those that will be able to strategically embrace innovation.
The startup session was truly inspiring and made us all reflect on how with hard work and a vision, combined with an empowering community, you can solve important problems that exist in insurance. Kabir Syed of ennabl, Jason Griswold of REIN, Alan Ringvald of Relativity6, and Philip Charles-Pierre of Semsee, all overcame obstacles to present new or improved solutions for problems within the industry. We’re so excited to see where these start-ups go in the future and love that we continue to see more creativity and growth within the Boston InsurTech community!
Bindable team members enjoyed the chance to network with fellow insurance professionals at the Insurtech Boston, May 2022.
And let’s not forget a key part of the night — the cocktail reception! It goes without saying how good it felt to be back among friendly faces of people with the same goals in mind: to shape the future of the insurance industry in Boston and beyond.
Insurtech Boston proved that the InsurTech community is still curious and actively seeking innovative solutions to address the needs of customers. We are thinking about how to solve “right now” problems, like broker technology adoption, and “next generation” problems, like using AI and data to support more efficient and accurate underwriting processes in a digital environment.
Local events like Insurtech Boston are so special because of the sense of community they foster in a room full of people simply trying to learn from each other, help each other, and grow together. Plus, you never know if you’ll meet your next hire, your next business partner, or your next growth opportunity - the development potential both personally and professionally is top-notch.
My advice to the broader industry? Keep an eye on Boston—there’s so much more to come.
The Bindable team is looking forward to attending some more upcoming industry events. Check out where we'll be and let us know if you'll be at any of the same events too - we'd love to see you!