Insurtech bolsters the insurance industry and community

Andrew Daniels is the Founder and Managing Director of InsurTech Ohio. In this 3-Questions installment, Andrew provides an expert perspective on the innovative landscape shaping the insurance industry.

3 questions with Andrew Daniels of InsurTech Ohio
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1. You've worked with both traditional insurance providers and insurtech startups. What unique perspectives or insights have you gained from straddling these two worlds, and how has it influenced your approach to innovation? 

If you’ve only been on one side of the industry, I think it’s really hard to understand how there could be examples of shared insights. But, after spending considerable amounts on both sides of the table, there’s really so much that is held in common. I think that the key to innovation is somewhere in between. You need those who run the large companies that do what they do best at scale, and you need those that are trying new things and are not held back by scale.  When those two meet, you have innovation at its finest. 

2. Can you share a success story from InsurTech Ohio that exemplifies the collaborative and innovative spirit of the community, and how it has made a tangible, positive impact on the industry?

I think the biggest example of this is that our organization exists more than five years from the creation date. A lot of community organizations around different industries pop up, serve their purpose (usually business development for the founding company), and then disappear without ever building a true community or ecosystem. InsurTech Ohio would not be here today without the support from those companies in the industry that believe in the long term, organic approach to building a true community, i.e., a community where people connect, share their experiences, and learn from each other. 

3. Looking ahead, what future trends do you anticipate in claims innovation, and how can insurance professionals stay ahead of the curve to remain competitive in the industry?

The industry needs to meet the customer where they are and communicate with them in the channels that they prefer to be communicated in, especially when it comes time for a claim.

It’s really hard to stay ahead of the curve in claims. To be honest, the industry has enough problems just keeping up. Staying ahead would mean an intense focus on understanding where customers will want to be interacting with their insurance companies in the future, and then investing into exploring, and maybe even playing a role in building, those places. 

Curious about the world of insurtech? Join the conversation on LinkedIn or contact us to learn more.

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