Digital Insurance – How insurtechs can learn from e-commerce

Executive summary :

Perhaps it’s human nature to reinvent the wheel. We tend to see complexity instead of simplicity, creating or over-inflating challenges because solving tough problems is somehow sweeter. I’ve seen this tendency over and over throughout my career.

Big insurers should stop trying to reinvent the platform

Building the engine

While at my third e-commerce start-up, I realised that we were building a new e-commerce platform to solve essentially the same problem as my first two e-commerce platforms: enabling sales online. I came to realise that all e-commerce initiatives start with building an engine to enable online sales, and every engine is a little bit different – even though the primary function is the same.

The customer is king

Fast forward a decade and the e-commerce industry is now dominated by a handful of “engines,” e.g., BigCommerce, Magento, Shopify, etc. Retailers are no longer focused on the engine layer, because the customer experience is what really matters — this is where you can deliver a unique brand experience.

Reinventing the wheel

Today, as CTO of an insurtech, I see the insurance industry going through many of the same challenges that we faced early on in e-commerce. The big insurance carriers are trying to build their own digital solutions from scratch rather than building upon existing technologies. It’s not only inefficient, but it also takes valuable resources away from building the customer and brand experiences that create competitive advantage.

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