How Technology is Changing the Stale Insurance Industry

hello everyone, I am very happy to write this article to get acquainted with the insurance industry, the most exciting sector in the world today. yeah well yeah your reactions suggest you think otherwise but the truth is despite the fact that you know I'm very passionate about insurance and I've only dedicated my entire professional life to it I realize that it may not have the most inspiring reputation but as I reflected on my path and my work you know what I realized that my story isn't about insurance my story is about community about how I've tried to help my community and people all over it's also about boldness I know yeah it is insurance is about being bold now you might be skeptical but allow me to explain so despite how thrilling the world of insurance is I did not always longed to be an insurance software executive when I was young I wanted to be a psychiatrist I wanted to help people and I thought that this would be a path that would allow me to support people and help them on their path but you know when I graduated school yeah when I graduated I was met with a non-existent job market and as my job search dragged on and on and on I took the first job that I was offered insurance adjustor both I know yes so early in the gig I had an opportunity to join the catastrophe team or cat's team for short and I jumped at it why you might ask I just wanted to travel I had visions of touring local landmarks some extravagant clothes shopping and of course partying with my new coworkers so the first ever assignment I got was in response to storms in Texas and you can imagine my excitement as I prepared for my outing that's how we caught it I thought of it as an everyday so you can imagine my excitement of being the summertime packing my day including my cutest shorts t-shirts and of course my cowboy boots as I boarded the plane I had visions of cocktails and some serious country line dancing which you're gonna have to believe me that was a thing back in the nine days so as I made my way from the hotel to the neighborhoods would I be working on you know I quickly came to realize that I wasn't there to party I wasn't there to hang out and I wasn't there to look cute I was there to help this community that had been devastated by the storm make their way back to my home I was there to help these families that Lions have been turned upside down find their balance and their way back to normal so that they could survive and thrive in the face of the catastrophe by the end of the first day my plants were hitting up the local barbecue spot had completely evaporated and in their place was a deep and total commitment to helping every family I spoke to I worked dawn to dusk as long as there was light in the sky I hauled my ladder and this body on top her broods in order to inspect the damage the same for the interiors of the homes as well as the yard as well as the offenses I understood that in this moment my job was to provide peace of mind support and help however it could and I understood that my job was to get money into their hands so that they can repair their homes or live in a hotel if they couldn't live in their home and it's because I understood that every penny counted and that speed was key I might have used a little creative license with some of the policy rules so let's say for example that a policy holder couldn't afford a $500 deductible well I might overestimate don't tell anyone because of their repairs she is a little in order to soften the blow for them also if let's say a fence wasn't covered by the policy not a problem now it's a barrier to entry and not a fence in need of repair in short I did whatever I could help these people that needed me so this trip was a turning point for me and that's what I realized that insurance wasn't about sitting at a desk it wasn't about obnoxiously responding to callers way the policy requirements explicitly stay no it was about compassion it was about empathy and that is what I fed on when I would respond to callers on the phone I thought of those families in Texas when I was helping someone with their car accident I no longer had to close the claim as quickly as possible so I could head out to the local pub night instead I stayed as long as I was needed I came in early I stayed late I did whatever I could to help the people that I served and that commitment to community is what allowed me to excel in my role at back time and over the last 26 years it has remained my guide right but my rule is much different now and it requires that I engage in the work in a different way because despite the fact that insurance at its core is about healthy people it's also incredibly conservative in its approach it's about risk management it is about anything but boldness we work to find solutions and we minimize exposures and you know that's fine and that's good but my time is an adjustor allows me to maintain focus on the question that really matters are we helping our customers by balance in security in the best way possible I keep this in my sights and I'm seeing exciting new ways in which technology is provided innovative and important answers to this question and that is where my passion lies ensure tech is creating new pathways in an old industry ensure tech is the confluence of Technology and insurance and it's where insurance meets its fullness for example slice is an insurer tech innovator that ensures Hoover and lyft drivers on demand insurance so the apt triggers the insurance at the start of the ride and it turns it off at the end of the ride it tracks it down to the minute and the second this makes insurance affordable and it just makes sense another integer type innovator is Metro miles they charge buying a mile for automobile insurance you only pay for the distance that you drive I mean why pay for car insurance if you aren't using your car and I have to say one of my personal favorites that is truly transforming what's possible for people is fought by many they are a social broker they serve people who have very unique demands and because of that have a time finding insurance for example let's say travel insurance for travelers with together or pet insurance for one I'd rescue pug mm-hmm well quick seriously life insurance for individuals with diabetes they pool together these underserved consumers so that in larger numbers insurance becomes affordable in ways it's never been before so these are all great examples of bold new ways of serving people and my contribution to this is a chatbot so a well designed chat bot can handle high volume but simple tasks associated with a claim they free people up to do what we're good at which is solve complex problems and provide empathy and a sympathetic ear watch this video to see it in action hi I'm Laura let me tell you about my good leg day I was leaving work texting with my husband on Facebook Messenger and as I approached my new car I smell paint someone had tagged it with red spray paint I couldn't believe it my insurer is on Facebook my sister too so I texted them and they entered right away they asked us this was an emergency situation and I said no and then they verified my phone number they wanted to know when the loss occurred and because the spray paint was still wet I told them now when they checked my policies they realized that this is an amazing brand-new car and they were very sympathetic about it bass would have happened and I selected vandalism they wanted to know where it happened to so I pinpointed my exact location the next part was kind of fun they asked if I could take a quick video of myself explaining what had happened so I did it and then I kept loaded the video the last thing they asked for was a photo of the damage which was great because it gave me the chance to show them just how bad my car looked they responded quickly with all of the claim information that I had given to them and asked me to verify the details I simply hit yes and I confirm and it was done they told me that they were on it and you know what they kept their promise my claim was settled quickly and sent me to a fantastic repair shop and my car looks brand new again so this was my good bad day the company is using this technology are more effectively and efficiently serving their customers when they needed the most yeah so I'm really proud of the role I play to champion this but I gotta say I am incredibly grateful to my boss Steve as well as my CEO Marcus because they took a chance to invest in the future of this industry and lead with vision and innovation so what I see happening in insure tech is why I'm so excited to be here today because I understand you're a generation that's driven by your values you crave the opportunity to contribute in bold and creative ways you're driven not by finding the safest or most highest paying job but by a combination of a job that will support you allow for creativity and allow you to contribute to something greater than yourself your generation is shattering stigmas and you are starting difficult conversations if you are bold I and you're exactly who we need to call on to continue to find solutions for communities and for families college and being a young adult I mean in general it's a time to take risks and be bold you are in Silicon Valley you are watching industries transform what companies have done to the cab industry hotel industry movies music and everything in between is astounding I got a secret for you right now insurance is where some of those industries used to be ten years ago right now insurance is on the cusp of large-scale change there is an opportunity to reimagine how it works there is an opportunity to make it relevant for your generation and how you live there is an opportunity to see this massive industry to refresh new eyes and find a contribution because we need this boldness and commitment to contributing to the greater good now more than ever in the past year the hurricane trio of Harvey Irma and Maria has cost the insurance industry a record amount in 2017 the final insurance bill it's expected to come in at 135 billion dollars yeah that is a huge number it represents hundreds of thousands of families that are displaced it represents hundreds of thousands of homes that are damaged or destroyed and it represents hundreds of communities that are uprooted interrupted and tested in the most harrowing ways possible but that's the work of this industry and that's when we step in and we step up when people are in crisis hours and minutes mad our technology can help or it can hinder but we need boldness to see what is possible insurance is a one trillion dollar industry best with a Chii and that's in the US alone so if you want to make a difference at a truly massive scale insurance and insurer tech is where you can bring your values into the world so the path that I've taken has guided me to a career in insurance oh I never thought I would end up here when I was sitting in those seats I never thought I'd end up here but I'm sure glad I have I have been able to contribute to the world in ways that I couldn't imagine when I packed those cowboy boots and headed to Texas all those years ago I've been guided by an unwavering understanding of who we are working for we are working for people and we are working for communities and by being bold in our pursuit to help these people find better solutions and innovations to better serve them so how'd I do ready to join the wild world of insurance do not answer back don't answer it because my story isn't about insurance my story is of a community and my story is about fullness whatever path you choose you're gonna have the opportunity to serve you're part of this University community how can you serve each other you're part of the community that you grew up in how can you serve them you're going to leave here and you're gonna plant roots in other places and you will have tremendous opportunities to serve those around you you will have an opportunity to Kirk out a purposeful and fulfilling career now I found this in insurance of all places in insurance I don't know where you're gonna find it but I know you can and I know you will just step into your goal that's trust your gut and move with courage and you will find deep fulfillment in your life and in your work you will experience the joy of helping others and you will rest knowing you contributed to the best of your ability and you were there when you were needed thank you everyone