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4 Startling Stats Reveal Silicon Valley's Interest in Insurance

Posted on February 17, 2016 by Guy Weismantel

 Digital Insurer Blog

When I introduced our ebook, "Digital Disruption and the Mondern Insurer," I referenced the concept of "gradually and then suddenly." It's the idea that disruption in any industry seems to happen overnight, when truthfully, the process take place over months if not years. The insurance industry is in the middle of one of these transformations as we speak. Investors are dumping funds into insurance startups at an unprecedented rate (43% jump since 2014), and companies like Zenefits, who've recently hit a snag with their business model, are working out the kinks for those to follow. A $2 trillion industry is simply too big for technology investors and innovators to ignore, Zenefit's issues are merely a stepping-stone and wealth of "lessons-learned" for the next company who receives $600 million in funding.  

So while investors sit around in Silicon Valley and try to figure out how to make a return on their investment, I thought it would be helpful to show you some of the numbers and give you some context of the bigger picture so you have a better idea of how it has the ability to impact your business: 

Are you investing in your company's future?

Disruption infographic

The good news is: you don't need to invest $600 million in your business for it to be successful, in fact, you're probably quite successful already. The more important question is: are you prepared to deal with change in the insurance industry when it comes suddenly? Do you have the technology in place to be nimble and change your processes? Are you actively investing in your company's future? 

Investments don't always need to be monetary either, but you and I both know that successful leaders are constantly thinking about how they can ensure the long-term success of their business, it's part of our job. 

Here's another question to ask yourself: have you ever heard of a company attributing their success to "doing things the way they've always been done?" 

Even the Ford Motor Company has had to rethink Henry Ford's original plans for the assembly line since it's original introduction. New technology has allowed for new processes, a different workforce, and cheaper manufacturing. They didn't pick a date on the calendar and decide to come up with new processes, external market forces demanded it of them.

This is the first of many infographics I'll be sharing on the Digital Insurer so make sure you come back next week for more innovation discussion. In the meantime, share this post with your colleagues on LinkedIn. See if they find these numbers surprising! 

Make sure you are making the changes to set your agency up for success in the years ahead in our new free ebook:

Download the eBook

Mr. Weismantel is the Vice President of Marketing at Vertafore. With 20 years of marketing and financial leadership in companies such as Microsoft, Business Objects, Baxter HealthCare, Caremark International, and Expedia, Guy’s career has focused on bringing differentiated products to market and providing the “compelling reason to purchase” for customers and prospects alike.

Guy has a Bachelors Degree in Accounting from the University of Notre Dame, and a Masters Degree in Business Administration from the Kellogg School of Management at Northwestern University.




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