It’s that time of year again, when we all feel compelled to simultaneously look back at what has been and ahead at what is still to come.
This has been a great year for insurtech growth. Global investment in insurtech start-ups totaled $10.5 billion in the first nine months of 2021, according to a Willis Re report. I’m confident that when the numbers come out for the final quarter of the year, they will be just as strong, and I’m proud and excited that our own latest round will be included in that tally.
Reading Deloitte’s insurance industry outlook for 2022, I found myself nodding in agreement with their perspective, especially two key findings:
Insurers need to find ways to balance technology adoption with maintaining the human touch
We’ve been saying this for years! Smart technology does not replace people – it changes the way they work. McKinsey concurs, concluding in a recent article about top tech trends in insurance that “AI will disrupt distribution, underwriting, claims, and service as core processes become AI-enabled, creating a “human in the loop” model that increases productivity and allows for higher-quality touchpoints with customers.” Our goal has always been to make agents’ lives easier by helping them to see more and sell better. We’re gratified that the industry has embraced our approach and we look forward to announcing some key integrations with agent partners in the coming months. And we’re thrilled to see industry experts validate the importance of this balance!
Attracting (and retaining) talent in an evolving hybrid work environment will be key
As addressed in the Deloitte report, “future of work considerations have also multiplied as carriers seek to create flexible return-to-office strategies while simultaneously struggling to retain and recruit high-level talent in a very competitive job market—particularly for those with advanced technology and data analytics skills.” Agencies that use AI will be more attractive for recruitment; tools like LeO, which give agents the ability to do better work, will help draw strong candidates.
Personally, I believe that women represent the future for our industry, and I’m keen to recruit strong, talented women from within the tech community to come work with us in 2022. (Sound like you? Check out our latest job listings here!) We’re very proud of our involvement with programs like She Economy and DiveIn, and we urge the entire insurance industry to join us in upping your diversity game in 2022!
I’d love to add one prediction of my own to round out this list:
Agents must take control of their data in 2022.
Brokers and agents have valuable data from so many sources these days: in their Agency Management Systems, from their own book of business, in targeted local and industry news and even third-party data sources. But even though the data is there, it’s not instantly available. We’ve seen brokers and agents struggle to get simple data points that can make a big difference to their success. It is my hope and prediction that 2022 is the year that brokers and agents learn to maximize all those dashboards and statistics to increase their retention and grow their businesses without turning data mining into a full-time job. At LeO, we’re committed to helping to facilitate that process, making it simple and fast for you to make the most of your data. We look forward to being part of your success in the coming year.
With warm wishes for the holiday season and high hopes for 2022,
Liri Haperin Segal
Founder & Ceo, LeO