With PLRB 2017 right around the corner, it felt like a good time to share some thoughts on the upcoming conference and overall state of the industry.
The PLRB event is such a great one. It presents an opportunity for many key folks from the industry, both field and administrative personnel, to connect prior to the busy storm periods from April - November. Insurtech was a “novelty” in San Antonio last April. I was reminded of this blog post from Spring 2016 where we described advancements in new technologies including field capture tools and Business Intelligence (BI). We didn’t reference the term “insurtech” in the post because, well, it wasn’t as established 11 months ago as it is now. Spex was positioned in a row of technology start-ups in the PLRB Exhibit Hall. In addition to mobile solutions, there were drones and new sketch and data capture tools. The insurtech exhibitors were all new, in a way, kind of like elementary-aged students showing off their crayon and metallic art pieces to proud parents at the annual art fair. Carriers, IA firms and other potential consumers of the new technology visited with interest–but not quite with an appetite to buy anything yet.
Many of those technologies and insurtech, in general, have grown up now. A number of solutions, including Spex, began solving real problems and creating real value for early adopters over the past year. Mobility and digital technologies have arrived and leading businesses are figuring out how to embrace them and activate them successfully inside their operations. Insurtech was used at events including Fort McMurray and Hurricane Matthew last year and on daily claims in many more locations. Early adopters saw efficiency gains in their LAE and cycle times as well as overall improvements to their profit margins.
This recent Digital Insurance piece highlights a lingering gap between policyholder interest in technology and the insurtech solutions carriers are implementing. Many carriers are pushing for “better, faster, cheaper” solutions from their service provides but are struggling to identify and understand Choice A from Choice B and the value one creates over the other.
So, this year’s PLRB event is expected to have an increased volume of insurtech throughout the exhibit hall and presentations. Solutions will look better now, more mature even. They may also come with real costs at this point but, when activated properly, create powerful ROIs for their users.
The Spex solution is continually evaluated by industry leaders these days and often produces “ooohs” and “ahhhs” when potential partners or customers recognize its value. The heightened interest is typically followed by this question: “how do we get started?” Our answer is always the same: crawl, walk, run. The kind of impact Spex unlocks cannot be discovered overnight in one fell swoop. It takes time and a phased approach to implement the solution and modify one’s workflows and resources.
So, PLRB ‘17 will be a great opportunity to spend time with us, in person, to understand the product in detail and begin to strategize about the best approach to implementing the solution for one’s business. We’ll be at booth # 1702 in Boston on March 27th and 28th or you can schedule a meeting to have a more strategic discussion.
See you in Beantown!
CEO of Spex