09 Jul HOW CAN AN INSURTECH FUTURIST HELP INSURANCE FIRMS STAY COMPETITIVE?
Why hire an insurtech futurist or keynote speaker? Simple – they focus on the future of the insurance industry, particularly where it intersects with technology, with an eye towards helping life, property, casualty, medical, auto, and home insurers stay one step ahead of the curve. Pros’ primary goal is to anticipate, envision, and often facilitate the future transformations of the sector, both in terms of products and services and operational processes. Types of work a insurtech futurist is generally called on to perform would encompass:
Business Intelligence: Researching and considering current trends and advancements in technology, regulatory changes, demographic shifts and consumer behavior within the insurance industry. This data is then used to predict the future trajectory of insurtech.
Scenario Mapping: Insurtech futurists help companies strategically plan for future trends. For instance, experts may identify potential opportunities or threats, suggest new business models or assist with long-term strategic planning.
Advocacy Work: As thought leaders, insurtech futurists share their predictions and insights about the future of the business through various channels. Think blog posts, articles, speaking at conferences, participating in panel discussions and more.
Outreach Efforts: Such working pros push for innovation within the insurance sector, urging companies to adopt emerging technologies and methodologies. Perhaps, for instance, you’ll find them promoting the use of AI, machine learning, blockchain technology, or other innovative tools in insurance.
Professional Services: Many work as consultants or advisors, providing guidance to insurance companies on how to adapt to and thrive in the changing insurtech landscape. Picture them recommending specific technologies, engaging in strategic planning and helping with change management.
Upskilling and Training: Some insurtech futurists work in an educational capacity, preparing the next generation of leaders or helping current professionals update their skills and knowledge to stay competitive.
Regulatory Insight: Futurists may work with regulators and policymakers, providing insights into how emerging technologies could impact the insurance industry and how to regulate them effectively to foster innovation while protecting consumers.
In a nutshell, insurtech futurists play a key role in shaping the future of the industry. Put simply, the types of insights provided help to ensure that insurance companies are ready to capitalize on new opportunities and tackle emerging challenges.
