I’ve worked in the insurance industry for nearly 20 years, and I’ve (mostly) been pleased with how the industry collaborates, working together to solve problems and serve the global economy. As former Willis Re CEO, John Cavanagh, said in an interview with Insurance Thought Leadership, “Nothing flies, floats or gets built without insurance….Insurance plays a significant role in society and we need to protect that.” Indeed, the insurance industry is a small world that plays a big role in protecting society at large.
When I first discovered how well the insurance industry collaborates, I was blown away. As an outsider, learning how agents, brokers, carriers, and reinsurers all work together to identify, write, and share risk was both overwhelming and fascinating. I was impressed at how multiple insurers participate in sharing a single risk and how each does so leveraging its unique strategy and specialty. An industry that initially seemed boring to me became artful and fascinating, even noble. I continually reflect on how this level of collaboration and risk sharing makes tremendously ambitious projects—from skyscrapers to city centers—possible. And yet, surprisingly, this industry that is so fundamentally built upon collaboration seems to lag far behind its peers when it comes to technology innovation and collaboration.
2016 has been a year of growth and evolution here at SpatialKey from enhancing our solution for underwriters, actively monitoring catastrophic events that impacted insurers, and bringing on more 3rd-party data partnerships to fuel our solutions. With 2017 on the horizon, now is the time to reflect on the events of 2016 and understand how they can inform your strategy for 2017.
Expertise can mean many things. Our last post from our CTO Brandon Purcell, How collaborating on technology changes the buy vs. build debate once and for all, touched on this important, but often overlooked part of this equation. Brandon pointed out that to obtain a solution that truly helps you understand your data and identify the insights you need to make decisions, you have to collaborate with experts. I wholeheartedly agree. But, I would add that you have to use the right kind of expert—with the right skill set—to successfully build and deploy a data analytics solution that will be readily adopted by your team.
Our last post by CEO Tom Link, It’s time to evolve how you collaborate in a data-driven world, got me thinking about the importance of partnerships. Who you collaborate with to meet your business objectives matters, especially when it comes to technology. Having the right UX, GIS, and R&D resources on your side can mean the difference between amazing usability and software that slows you down.