I’ve been fortunate to have been a technology-focused insurance industry analyst since 1997 launching and/or guiding analyst practices in the US and the UK. I’ve been even more fortunate to work with solid and thoughtful technology-focused insurance analysts at The Meta Group, Financial Insights (IDC), and Ovum (now known as Omdia).
I pledge to my LinkedIn network and people from companies that read my WordPress blog posts, LinkedIn posts, and whatever other writing I do, to:
- Never take the statements of VCs, entrepreneurs, or management of startup firms (whether they are insurance startup firms or technology startup firms) at face value that their vision, dreams, and hopes will actually happen.
- Wait until the metrics of the insurance line(s) of business a startup insurance firm conducts commerce are generated before believing, even in the slightest degree, that the firm may have a chance of success.
- Always remember that whatever technologies the startup firms use to get-and-keep customers will not negate or otherwise nullify the financial metrics of the insurance line(s) of business the startup firm conducts commerce needs to accomplish.
- Continually remember and remind startup insurance firms that regardless of the technology they use to get-and-keep customers that the firms remain insurance firms … and can never be transformed into any kind of technology firm.
- Always consider how any current or emerging technology could be used to impact insurance commerce including customers, claimants, and channels.
- Always remember that the portfolio of any insurer’s customers will not necessarily all want to conduct commerce the same way. There may be customers that may want to communicate, wait for the horror of it … with their agent/broker or insurance firm using fax machines and not using mobile solutions.