Elephants are strong, wise, and noble. In some cultures they also are a source of good fortune. However, they generally are not flexible, lithe, or quick.
My Insuretech Connect experience last week reinforces a central Celent hypothesis about insurtech: that its most significant value lies in enabling insurers to become faster, cheaper, and better able to serve their customers. In other words, to teach elephants to dance.
The Progressive Corp. headquarters is seen in Mayfield Village, Ohio on Wednesday, January 18, 2006.
John Quinn/Bloomberg News
A new agreement between Progressive Insurance and Slice Labs is an example of marrying insurer power and startup innovation. Later this month, Progressive Homeshare by Slice Labs will launch. Progressive prospects will use the Slice homesharing platform to apply for coverage and obtain policies. The combination of Progressive’s marketing might and the unique Slice product will be interesting to track and may represent a new model for insurtech startups and insurers to partner. (For more on insurtech partnerships, see the Celent report Insurer-Startup Partnerships: How to Maximize Insurtech Investments).
The market will have the ultimate say in the outcome. Meanwhile, strike up the band and let the dancing begin!
Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.
California authorities issued their latest moratorium against non-renewal of residential property insurance after wildfires in Ventura County. It's the eighth this year and 34th since 2019. The state's insurance commissioner authored a law while a state senator to make these moratoriums automatic after a state of emergency.
