Insurtechs & Incumbents are Pushing the Industry Forward Together

Andy Cohen, Snapsheet President, and COO spoke onstage at ITC 2022 about how mutually beneficial partnerships will drive the insurance industry’s future.

Snapsheet President and COO Andy Cohen recently joined a panel of insurtech and incumbent leaders at ITC 2022 in Las Vegas to discuss the future of insurance. The panel covered No/Low Code Claims Management, with Cohen rounding out a powerhouse panel of insurtech and legacy leaders from Benekiva, MIC Global, and Aon.

With a focus on innovation, ITC is a conference where ideas flow freely, and debate is welcomed. How technology can be used in new and different ways to solve legacy problems and improve the insurance ecosystem form the basis of discussions.

The Next Insurtech Revolution is Here

Forward-thinking leader Cohen spoke about the next insurtech revolution. He described how legacy carriers and insurtechs are poised to create more dynamic partnerships that will benefit everyone — customers, employees, carriers, and insurtechs.

Insurtechs have learned they cannot be generalists. Trying to be everything for every customer dilutes the value insurtechs can bring to an organization. Instead, Cohen explained that insurtechs should focus on their strengths — getting even better at the things they do best to drive innovation forward in their legacy carrier partners.

For example, Snapsheet is focused 100% on the claims experience with their claims management platform, virtual appraisal workflow, and payments system. By becoming the expert in this area, Snapsheet can drive innovation and success in claims for its legacy carrier partners. Carrier partners can take advantage of the robust partnerships with other insurtechs Snapsheet can connect to — creating an ecosystem to handle any claims challenge.

Cohen explained, “It’s amazing — everyone thinks they need to use one insurance platform. But there’s tons of value in diversifying solutions and combining your tech stack to find the most value. The value is more in having a platform configured to specific use cases rather than a monolithic platform that applies to all cases.”

Change Management is a Significant Part of Technology Success

Using technology in new ways is often a significant change for legacy carriers. Workflows are different, some processes may be abandoned altogether, and employees may have to shift gears and work differently. Overall, managing this change is a critical part of the success of any innovation project.

Cohen explained more about change management: “One of the biggest changes the industry is going through is we used to think IT was in charge of driving and implementing projects. Now, these critical projects are moving to business owners and experts within the workflow. The real opportunities and challenges now are preparing the business for change. Change management is understanding that the opportunity to drive change lies within the individuals in the business.”

Without people to initiate, test, and reiterate changes, technology can’t improve outcomes. People remain an integral part of the change equation — and with strong partnerships between legacy carriers and insurtechs, driving change to improve the customer journey becomes possible.

Cohen closed the session with a progressive statement about the future of the insurance and risk management industry, saying, “Insurtechs and legacy carriers working together is the future of insurance. We’re pushing the industry forward and will succeed together.”