{"id":12703,"date":"2017-06-27T10:40:03","date_gmt":"2017-06-27T15:40:03","guid":{"rendered":"https:\/\/blog.planview.com\/?p=12703"},"modified":"2020-03-02T10:46:43","modified_gmt":"2020-03-02T16:46:43","slug":"trends-disrupting-the-insurance-industry-part-2","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/trends-disrupting-the-insurance-industry-part-2\/","title":{"rendered":"Trends Disrupting the Insurance Industry, Part 2"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-12704\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/03\/InsuranceIndustry2Blog.jpg\" alt=\"\" width=\"2000\" height=\"1200\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/03\/InsuranceIndustry2Blog.jpg 2000w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/03\/InsuranceIndustry2Blog-300x180.jpg 300w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/03\/InsuranceIndustry2Blog-768x461.jpg 768w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/03\/InsuranceIndustry2Blog-1024x614.jpg 1024w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/03\/InsuranceIndustry2Blog-750x450.jpg 750w\" sizes=\"auto, (max-width: 2000px) 100vw, 2000px\" \/><\/p>\n<p>This is the second in a series of posts, in which we\u2019ll describe the trends disrupting the insurance industry \u2013 and how Lean can help incumbents survive and thrive amidst the disruption. If you missed the first post in this series, read it<a href=\"\/trends-disrupting-the-insurance-industry-part-1\/\" data-ol-has-click-handler=\"\">\u00a0here<\/a>.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blog.planview.com\/trends-disrupting-the-insurance-industry-part-2\/#Trend_2_Emergence_of_High-Tech_Competitors\" >Trend #2: Emergence of High-Tech Competitors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blog.planview.com\/trends-disrupting-the-insurance-industry-part-2\/#The_Lean_Approach_Leverage_Customer_Data_Practice_Lean_Leadership\" >The Lean Approach: Leverage Customer Data, Practice Lean Leadership<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blog.planview.com\/trends-disrupting-the-insurance-industry-part-2\/#How_to_Get_Started_with_Lean_Management\" >How to Get Started with Lean Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blog.planview.com\/trends-disrupting-the-insurance-industry-part-2\/#Learn_More\" >Learn More<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blog.planview.com\/trends-disrupting-the-insurance-industry-part-2\/#Sources\" >Sources<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Trend_2_Emergence_of_High-Tech_Competitors\"><\/span>Trend #2: Emergence of High-Tech Competitors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u201cIt is not typhoons or earthquakes that insurers should fear most, but geeks alert to their businesses\u2019 inefficiencies.\u201d\u00a0\u2013 The Economist\u00b9<\/p>\n<p>Recognizing that the insurance industry is massive, with a reputation for being antiquated and untrustworthy, it\u2019s no wonder tech entrepreneurs have taken interest in reviving it.<\/p>\n<p>With brazen tag lines like: \u201cForget everything you know about insurance,\u201d\u00b2, tech-powered startups are making noise in the insurance industry. Unburdened by legacy systems or mindsets, these companies are leveraging new technologies and innovative business models to meet the demands of the modern insurance consumer.<\/p>\n<p>Take for example, NY-based peer-to-peer insurance company Lemonade, which founders say began when they recognized that the insurance industry suffers from misaligned incentives: Insurers lose money when people make their claims, which creates a system in which brokers and agents aren\u2019t incentivized to work in the customer\u2019s best interest. As a response, customers who are normally responsible and respectful feel justified in attempting to defraud their insurer (something 25% of Americans do).\u00b9<\/p>\n<p>Lemonade revives this broken model by shifting the incentivization structure, while adding in an element of social good: It takes 20% of its customers\u2019 premiums as a fee, and rewards under-claiming customers by giving a share of unclaimed funds to their chosen charity.\u00b2<\/p>\n<p>Instead of underwriters and brokers, Lemonade relies on algorithms and chatbots. Leveraging A.I. technology enables this tech-savvy startup to boast game-changing statistics: like the ability to pay claims within three seconds. This, plus a user-friendly app, appeals to the millennial generation: Over 80% of the 2,000 policies sold in Lemonade\u2019s first 100 days of business were sold to first-time buyers.\u00b2<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Lean_Approach_Leverage_Customer_Data_Practice_Lean_Leadership\"><\/span>The Lean Approach: Leverage Customer Data, Practice Lean Leadership<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Luckily, large insurers have access to the same technology as these startups, and have a clear advantage over companies like Lemonade: data. A.I. bots learn through an abundance of data, something that large insurers have the unique ability to generate given their market share. In order to truly disrupt the industry, high-tech startups will have to grow quickly enough to generate the data needed to develop truly intelligent A.I. systems. If incumbents are able to quickly embrace this and other new technologies, they can still thrive amid the disruption.<\/p>\n<blockquote><p><em>Insurtechs are leveraging cutting edge technology to provide better, more informed customer experiences.\u00b3<\/em><\/p><\/blockquote>\n<p>The biggest challenge to leveraging new technologies will be to transform the culture of organizations who have been conducting business for decades without them. The legacy systems aren\u2019t the true issue \u2013 it\u2019s the legacy mindsets. This is where\u00a0<a title=\"\" href=https:\/\/www.planview.com\/resources\/articles\/lean-management-lean-leaders\/ target=\"_blank\" rel=\"noopener noreferrer\" data-ol-has-click-handler=\"\">Lean leadership<\/a>\u00a0steps in.<\/p>\n<blockquote><p><em>Tech-enabled insurance startups are focusing their efforts on eliminating waste and increasing value for customers.\u00b3<\/em><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Get_Started_with_Lean_Management\"><\/span>How to Get Started with Lean Management<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3>Maximize Customer Value<\/h3>\n<p>At the root of all\u00a0<a title=\"\" href=\"https:\/\/www.planview.com\/resources\/guide\/lean-principles-101\/lean-thinking-lean-practice\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-ol-has-click-handler=\"\">Lean thinking<\/a>\u00a0is the idea that companies exist to maximize customer value. Not to generate profit \u2013 but to maximize the sustainable delivery of customer value. Profitability is a result of sustainable value delivery \u2013 not the other way around. This way of thinking is a direct threat to status quo \u2013 so leaders need to step in to encourage employees to embrace it. Leaders need to create an environment in which investments in maximizing customer value are celebrated.<\/p>\n<p>Because when companies focus on sustainable value delivery, they make decisions that are nimble, informed, and built for growth. Optimizing for value delivery keeps customers happy and profits high \u2013 a true win-win.<\/p>\n<h3>Practice Incremental, Continuous Improvement<\/h3>\n<p>Lean thinking is not something that can be turned on with a switch. It has to happen gradually, ideally led by the guidance of strong leadership. Lean leaders must lead gently, by example, ensuring that Lean principles are being applied with the right goal in mind: To sustainably maximize customer value. It\u2019s the role of Lean leaders to create an environment that fosters continuous improvement, by asking guiding questions, supporting teams as they test hypotheses, and celebrating improvements, in both performance and process.<\/p>\n<h3>Eliminate Waste<\/h3>\n<p>In order to make room for true innovation, insurers need to critically examine their existing systems, processes, policies, and activities, and eliminate anything that will not serve their customer\u2019s needs. This isn\u2019t a job for only leaders \u2013 in order to be lasting and effective, it needs to be part of the mindset at every level of the organization. It\u2019s up to leadership to empower every employee to eliminate waste and set the example by working to eliminate waste at the executive level.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Learn_More\"><\/span>Learn More<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Stay tuned for the next post in this series, in which we\u2019ll describe how Insurtechs are developing creative tech-enabled, human-centric business models \u2013 and what large insurers should learn from them.<\/p>\n<p>To learn more about the topics addressed in this article, we recommend the following resources:<\/p>\n<ul>\n<li><a title=\"\" href=\"https:\/\/blog.planview.com\/trends-disrupting-the-insurance-industry-part-1\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-ol-has-click-handler=\"\">Trends Disrupting the Insurance Industry, Part 1<\/a><\/li>\n<li><a title=\"\" href=\"https:\/\/blog.planview.com\/trends-disrupting-the-insurance-industry-part-3\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-ol-has-click-handler=\"\">Trends Disrupting the Insurance Industry Part 3<\/a><\/li>\n<li><a title=\"\" href=https:\/\/www.planview.com\/resources\/articles\/lean-management-lean-leaders\/ target=\"_blank\" rel=\"noopener noreferrer\" data-ol-has-click-handler=\"\">Lean Management: The Role of Lean Leaders<\/a><\/li>\n<li><a title=\"\" href=\"https:\/\/www.planview.com\/resources\/articles\/lean-business-development\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-ol-has-click-handler=\"\">Lean Business Development: How 7 Lean Principles Guide Sustainable Growth<\/a><\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Sources\"><\/span>Sources<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>The Economist. (2017, March 9). A New York startup shakes up the insurance business [Blog post]. Retrieved from\u00a0<a title=\"\" href=\"http:\/\/www.economist.com\/news\/finance-and-economics\/21718502-future-insurance-named-after-soft-drink-new-york-startup-shakes-up\" target=\"_blank\" rel=\"noopener noreferrer\" data-ol-has-click-handler=\"\">http:\/\/www.economist.com\/news\/finance-and-economics\/21718502-future-insurance-named-after-soft-drink-new-york-startup-shakes-up<\/a><\/li>\n<li>Lemonade (home page).\u00a0<a title=\"\" href=\"https:\/\/www.lemonade.com\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-ol-has-click-handler=\"\">https:\/\/www.lemonade.com\/<\/a><\/li>\n<li>Catlin, T., Lorena, Johannes T., Munstermann, B., Olesen, Peter B., Ricciardi, V. (2017) Insurtech \u2013 The threat that inspires. Retrieved from\u00a0<a title=\"\" href=\"https:\/\/digitalinsurance.mckinsey.com\/insurtech-the-threat-that-inspires\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-ol-has-click-handler=\"\">https:\/\/digitalinsurance.mckinsey.com\/insurtech-the-threat-that-inspires\/<\/a><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>This is the second in a series of posts, in which we\u2019ll describe the trends disrupting the insurance industry \u2013 and how Lean can help incumbents survive and thrive amidst the disruption. If you missed the first post in this series, read it\u00a0here. Trend #2: Emergence of High-Tech Competitors \u201cIt is not typhoons or earthquakes&#8230;<\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[38],"tags":[],"class_list":["post-12703","post","type-post","status-publish","format-standard","hentry","category-work-collaboration"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Trends Disrupting the Insurance Industry, Part 2 - Blog | Planview<\/title>\n<meta name=\"description\" content=\"This is the second in a series of posts, in which we\u2019ll describe the trends disrupting the insurance industry \u2013 and how Lean can help incumbents survive and thrive amidst the disruption.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.planview.com\/trends-disrupting-the-insurance-industry-part-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trends Disrupting the Insurance Industry, Part 2\" \/>\n<meta property=\"og:description\" content=\"This is the second in a series of posts, in which we\u2019ll describe the trends disrupting the insurance industry \u2013 and how Lean can help incumbents survive and thrive amidst the disruption.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blog.planview.com\/trends-disrupting-the-insurance-industry-part-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Planview Blog\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/pages\/Planview-Inc\/89422974772\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-27T15:40:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-02T16:46:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/03\/InsuranceIndustry2Blog.jpg\" \/>\n<meta name=\"author\" content=\"Maja Majewski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Planview\" \/>\n<meta name=\"twitter:site\" content=\"@Planview\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Maja Majewski\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/blog.planview.com\\\/trends-disrupting-the-insurance-industry-part-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/blog.planview.com\\\/trends-disrupting-the-insurance-industry-part-2\\\/\"},\"author\":{\"name\":\"Maja Majewski\",\"@id\":\"https:\\\/\\\/blog.planview.com\\\/#\\\/schema\\\/person\\\/aa59125db5f1ca92768f09b5819a2124\"},\"headline\":\"Trends Disrupting the Insurance Industry, Part 2\",\"datePublished\":\"2017-06-27T15:40:03+00:00\",\"dateModified\":\"2020-03-02T16:46:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/blog.planview.com\\\/trends-disrupting-the-insurance-industry-part-2\\\/\"},\"wordCount\":922,\"publisher\":{\"@id\":\"https:\\\/\\\/blog.planview.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/blog.planview.com\\\/trends-disrupting-the-insurance-industry-part-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/blog.planview.com\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/InsuranceIndustry2Blog.jpg\",\"articleSection\":[\"Work Management for Teams\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/blog.planview.com\\\/trends-disrupting-the-insurance-industry-part-2\\\/\",\"url\":\"https:\\\/\\\/blog.planview.com\\\/trends-disrupting-the-insurance-industry-part-2\\\/\",\"name\":\"Trends Disrupting the Insurance Industry, Part 2 - 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