Like businesses in so many industries, those in the insurance and claims management sector are experiencing the need to innovate and evolve. The introduction of on-demand apps, the Internet of Things, blockchain technology and more has opened doors to new possibilities as well as the possibility of disruption.
Instead of avoiding change, we must lean into it and become innovators alongside the bright minds that are introducing the change we are seeing. Legacy companies can no longer be sideline participants, and, fortunately, we’re seeing a shift in thinking that will lead to more technological advances, benefiting us all. In fact, we are seeing companies invest more each year into technology with over $2.3 billion invested in Insurtech funding in 2017, according to a report by CB Insights and Willis Towers Watson.
Reenacting Silicon Valley success is more than thinking outside of known processes and solutions. To build more innovation, mentorship and exposure is necessary to help Insurtech startups reach decision-makers in the insurance industry and align with companies to tackle complex problems.
Through Crawford Innovative Ventures, Crawford has partnered with Hartford Insurtech Hub to not only embrace change, but to lead it. Recently, Crawford hosted Atlanta’s first InsurTech Accelerator event to pair promising Insurtech start-ups with mentors in the industry and facilitate opportunities for companies to invest in them. During the accelerator event, seven innovative start-ups had the opportunity to pitch their services and products to some of the top leaders in the insurance industry and receive feedback on their pitches through mentoring sessions.
Expanding our horizons and exploring new ventures also addresses another challenge within our sector — a waning talent pool. By finding new ways to meet our client’s needs, we also spark new conversations with early career professionals, leaders outside of our industry and entrepreneurs. Our industry is ripe for positive disruption and presents young professionals with an exciting opportunity to grow fulfilling careers with companies that are poised for innovation.
Leading the charge for technology in the insurance industry isn’t optional — it’s a critical enabler of success for everyone, including our future generations.
That’s why we at Crawford are not waiting for change, or even simply embracing it. We’re standing at the forefront to support new innovations that are transforming the claims processing and insurance industry to make it faster, more responsive, responsible, and ultimately to accelerate our single mission of restoring and enhancing lives, businesses and communities.