Recently, our partner Matt Hagen, Director of P&C Sales at Assurance, sat down with us to share more about his company, his role, and his experience working with the Bindable team. Read on to learn more about Matt!

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!).

It seems that everyone is always in a rush to declare the next big thing, and the InsurTech space is no different. According to some recent declarations I've seen, embedded insurance is the "new affinity". The only problem with this take is that traditional affinity is still going strong, and embedded insurance is anything but new. 

The complexity of insurance policies and the often-deferred, if ever realized, benefit for the end user have traditionally meant that insurance is a product that is sold and not bought. But, as consumer preferences and buying behaviors change, insurance providers must be prepared to move toward a middle ground, aligning distribution strategies to meet the modern customer at the desired point of purchase.

Today, your business is only as good as your customers’ last great experience with you. Business competition has grown from direct competitors to any brand your customer interacts with - regardless of industry or vertical. As soon as your customer has had a wonderful experience at a department store, a restaurant, a bank, or even a grocery store, they will begin to have heightened expectations for all places they choose to spend their time and money. So if you’re an insurer who is not focused on delighting, connecting with, and having more meaningful interactions with consumers, you risk not only lost revenue, but also lost customers.

Today, March 8, is International Women’s Day (IWD), a global holiday that recognizes women’s incredible achievements, raises awareness, and encourages others to advocate for gender equality across the world.

Insurers who continue to meet their customers where they are, using the latest technology and leveraging the most advantageous relationships, are those that will always be prepared for whatever’s next.

As the insurance industry has begun to embrace technology to better serve customers and attract new ones, there’s still somewhat of a disconnect between companies and the people they serve. Many people still think of buying an insurance policy as a confusing and overwhelming experience; in fact, our research has shown that 68% of consumers have purchased policies not fully understanding what coverage they are getting. However, there are some people out there looking to bridge that gap, including the car insurance company LOOP.