6 insurance digital transformation stories from executives

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Whether you’re a seasoned veteran with nearly a hundred years in the insurance industry behind you or a new player with a comparatively short history of innovation, insurance companies are working hard to manage the implementation of digital technology in their business operations.

For the senior leaders taking their companies forward, digital transformation is one of their main concerns. Here are the viewpoints of six top executives in the industry on digital and their other key priorities.

Computer Data Tech Following Unprecedented Global Cyberattack
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Embroker Q&A: Cybersecurity, digital transformation

Cybersecurity incidents are on the rise, with small businesses in particular at risk from threats such as business interruption and ransomware. Increasingly, they are looking to protect themselves from exposure by turning towards digital insurance platforms.   

In an interview with Digital Insurance, Steve Prymas, chief insurance officer at digital platform Embroker, discussed bringing cyber insurance products to market, how digital is changing how customers approach buying a policy and why small businesses should be concerned about cybersecurity. 

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The Hartford Q&A: Digital customer experience

Claire Burns, chief marketing and communications officer at The Hartford, considers the customer to be central to all things at the firm and that digital is crucial for preparing the company to face the evolving challenges in the marketplace. 

Burns spoke with Digital Insurance to discuss the wide-ranging scope of her responsibilities at the firm, the top three things she is focusing on as she looks ahead and why she believes she is in the right place at the right time.  

Read more: The Hartford Q&A: Digital customer experience
Lemonade Illustrations Ahead Of Earnings Figures
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Lemonade Q&A: Pet insurance, consumer education

Pet owners are crying out for insurance for their much-loved furry companions, but despite being one of the most in-demand products, pet insurance is often considered confusing, complicated and expensive.

Yael Wissner-Levy, vice president of communications at Lemonade, spoke with Digital Insurance about developing the company’s “dream pet health insurance” product, prioritizing simple policies and hassle-free claims, and leveraging technology to help their pet parent clients. 

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MovinX
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Movinx CEO Q&A: Embedded, global mobility insurance

Technological developments such as e-mobility and automated driving, combined with shifts on the business side from car ownership to vehicle usage, are transforming the auto industry and along with it auto insurance.

Movinx CEO Dr. Caro Gabor spoke with Digital Insurance about the integration of automotive and mobility insurance products at the point of sale, the advantages of fully digital, embedded insurance and the modernization of auto insurance through a reimagining of the customer-focused service. 

Read more: Movinx CEO Q&A: Embedded, global mobility insurance
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State Farm Q&A: Small business support, digital transformation

State Farm has been in business for almost a century and being ‘like a good neighbor’ in the local community is something the company takes very seriously.

“A lot of people think of State Farm as a big company,” said Rand Harbert, executive vice president and chief agency, sales and marketing officer at State Farm. “but we are a company made up of small offices in small towns, villages and cities all over the country.”  

In an interview with Digital Insurance, Rand Harbert discussed the company’s mission to help small businesses succeed, combining face-to-face communication with an easy-to-use digital platform for customers and why the small business community is a natural extension of their personal lines.    

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Booming U.S. Recovery Is Leaving Some Communities Completely Behind
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TypTap Insurance Q&A: Florida, tech, U.S. expansion

Hurricane risk, convective storms and sinkholes are just some of the challenges of doing business as a homeowners insurance company in the Florida market. So, naturally TypTap opened its doors in March 2016 in the Sunshine State. 

In an interview with Digital Insurance, TypTap president Kevin Mitchell talked about why technology is the key to better underwriting, how weather risk creates new business opportunities, and what lies ahead for the firm as it expands into other states.

Read more: TypTap Insurance Q&A: Florida, tech, U.S. expansion