Why insurance is sexy & other insights from our Innovation Tour
Secondly, if you want to run with the squirrels, make sure you think like the squirrels. Think like them, work with them but don’t expect from yourself to be able to understand them all.
Finally, a shared worry was how incumbents can be fast enough to keep up with the squirrels. Acceptance is the first step to solution and Haden Kirkpatrick rightfully closed: “Be freaking ready once you get your approval ready. You have to be able to roll it out the next day. That’s your job.”
Having visited a lot of fledgling start-ups, it’s always a bit guessing what to expect. One thing it always has in common: you meet really exceptional people. Assad Wand, Founder of MyHippo couldn’t be more convincing. Describing insurance products, services and experiences that he truly hated, he couldn’t demonstrate better how he thought through MyHippo’s offering. What else fuelled it? Having a dad working in insurance and being able to build trusted brands online today. Yes. The momentum plays but the following 4 aspects make it valuable:
1. Data is the fuel
- Plug in data sources that are already available. Instead of asking 70 questions to your customer, prefill what you can. Turns out that’s no less than 90% (!). Often, it’s even more accurate as you use a more objective source.
- Use the weather forecast data or virtual imaging of houses to estimate your risks.
- Instead of building your business on averages, today it’s a big data game in which personalization will win.
2. The customer experience is the journey
Instead of being there when a claim arises, MyHippo wants to be a proactive insurance company. This goes further than close the deal, renew the deal and claim. They for instance warn you when risks - like a storm - are arising. They send you a coupon when you live in your house for a year. They offer you a smoke detector if you buy a house. They alert the customer if there is burglary going on in the neighbourhood.
3. People are the engine
Instead of focussing on the functional aspects first, a person on the phone filing a claim should be empathic. If there is a burglary, you first want to ask if everybody is ok, ask whether there is a hotel room needed for the kids. It starts with hiring the right people and there is nothing more important than culture.
Want to join us on one of our innovation tours? Check our upcoming tours here.