According to experts, nearly all insurance companies are engaged in technology advancements to make sure they not only remain relevant, but also get ahead of competitors in new and innovative ways. Growth in insurance technology can also be evidenced with the explosion in attendance at the annual Insurtech conference in Las Vegas, which humbly started with under 1,000 attendees in 2015 and nearly doubled in size each year boasting 8,000 attendees in 2019.
At Velocity Risk Underwriters, innovation has always been one of our core values, and in 2019 we kicked things into high gear by launching an innoVators committee and an online platform to make it easy for our employees to share their ideas and highlight the innovative work they do every day.
Close to 50 ideas were submitted through the platform, ranging from ideas around culture, communication, technology and disruption. Nine ideas were selected for implementation including quick wins that were launched in 2019 and large-scale projects that will launch in 2020.
Quick wins included a bot to help make a mundane assignment easier, saving the employee time to work on more important tasks; improving our recycling habits to be a little kinder to Mother Earth; rewarding employees for volunteer work throughout the community; donating gently used building supplies to charity; and engaging employees in creative networking activities.
The large-scale ideas are all technology related, some inspired by insuretech vendors we met at the Las Vegas conference and some inspired by our own creative team members who know what it takes to get ahead of the curve. Stay tuned for more detail later as we get closer to launching these leading-edge initiatives.
Another example of innovation at Velocity is our partnership with Cognizant, who launched a unique way to use artificial intelligence to give us “the ability to process large numbers of claims stemming from natural disasters or other catastrophic events in record time.” We are the first P&C insurer to partner with Cognizant and have been successfully beta testing the program and are ready for the next large-scale hurricane that makes landfall in the U.S. Click here for the full article.
As we wind down the decade, we are excited to see what the next ten years bring in innovation and positive change in the insurance industry. We can’t wait to see what’s next.