InsurTech growth strategies post-2023

The Insurtech MGA Model of the Future: It's NOT All About Faster...Easier...Better Tech (Here's where most MGAs are getting it wrong) 👇 The MGA market is booming—and that’s both exciting and dangerous. Right now, venture-backed MGAs are competing to build the next big insuretech platform. They’re banking on advanced quoting systems, building great 'products' and backend efficiencies to win the market. But here’s the catch: all that fancy tech won’t save them. UNLESS...they have the right distribution strategy. My Prediction: In the next 3-5 years, many MGAs will fail. Why? Lack of focus on a winning distribution strategy and agent niche marketing, content creation and sales training support. The Opportunity: MGAs that focus on helping agents actually grow their books of business in the industry niches they serve will dominate the market. This means... 1) Creating industry niche-specific content and tools that help agents build trust, generate high quality leads, fill their sales pipeline, and drive revenue growth. INVEST in marketing, content creation and sales training to help them OWN and DOMINATE their niche. 2) Building world-class risk management programs to ensure favorable loss ratios and profitability. Give them the necessary resources and support they need to uncover problems and strategies to implement real solutions. 3) Focusing on underserved, niche markets instead of competing on speed and price. De-commoditize the market by providing industry niche expertise and a world-class client experience (for insureds). 4) Invest heavily in Producer sales and content creation training, providing resources, workshops, masterminds, and a dedicated community where everyone can collaborate and share insights, knowledge and experiences. My Two Cents... If you’re an MGA leader, now is the time to pivot. Stop chasing the tech race and start investing in the fundamentals: → Distribution: Teach agents how to market and sell your product. → Niche Focus: Build programs tailored to stable, relatively pandemic and recession-proof industries. → Risk Management: Control costs by proactively managing claims and loss ratios. → Producer Training: This is a no-brainer and self-explanatory (yet, very few are investing wisely here) Let's keep this conversation going and continue to push the limits of what's possible for the success and growth of this industry... What do you think the future holds for MGAs? Let’s discuss. Drop your thoughts in the comments!👇 #mga #insurance #insurtech #riskmanagement

Pleased to share our 10 ideas for Insurance CEOs to accelerate value creation in 2024: 1. Prepare for the soft market opportunity: seeing more and more preparation getting underway to preserve growth and profitability within P&C markets as an historically long hard market cycle moderates 2. Upgrade from 'Experiment' to 'Reinvent' with GenAI: 2023 saw hype and ramping up, the opportunity for transformative reinvention is still significantly untapped for insurers 3. Transform Finance & Actuarial into an 'Insights Engine': now that the dust has settled on IFRS and LDTI changes, and given acceleration in the external environment, seeing a lot of focus in this area 4. Evolve as an asset-management led insurer: hard to overstate the scale and pace of change underway in Life on this front. Massive number of new entrants wiring up models - what does it mean to be at scale? 5. Double-down on the 'secret sauce': if you're not an asset-management led player then what's the real source of value creation and are you effectively organized around it? 6. 10x your innovation: developed insurance markets are mature and slow growing; innovation at scale (as opposed to wholesale return of capital) is needed 7. Break the tech poverty cycle: time to define insurers' 'Insurtech 2.0' strategy 8. Turn cost centers into profit centers 9. Drive climate adaptation and resilience: a $71B opportunity to back trillions of dollars in needed infrastructure investment 10. Be a talent magnet for the Bionic Workforce: redefining what it means to work for an insurer Full paper available here: https://lnkd.in/g5ZRUcr5 #reinventinginsurance #innovation #ceos #privatecapital #assetmanagement #actuarial

AI and regulation are shaping the Insurtech landscape in 2025 and if you’re hiring or raising, you can’t afford to ignore either or just focus on one! Insurtech funding rebounded in Q1 and Q2 this year, but investors are zeroing in on AI-native roadmaps. The bar is high and they want to see traction, defensible tech, and a clear AI moat. On the policy side, the mood has shifted from loose principles to hard proof. Nearly half of U.S. states have adopted the NAIC’s Model AI Bulletin, which means insurers and their vendors are expected to have written governance programs and auditable AI controls. Colorado’s rules on algorithmic decision making are already influencing carriers nationwide. Globally, the EU AI Act is now in motion. Many global insurers will align to the strictest standard to simplify operations which means even U.S. only players will feel the ripple effects. 👉🏼 What this means for hiring: Demand is growing for AI governance leads, model risk specialists, ML platform engineers, and hybrid actuary/ML talent. Designers and PMs who can make AI decisions explainable will stand out. 👉🏼 What this means for fundraising: Show a compliance-ready AI pipeline, not just model accuracy. Prove you can scale across geographies and regulatory regimes. Partnerships move faster when you walk in with governance already baked in. Basically in 2025, AI is the growth engine but policy is the gatekeeper and always will be! The companies that hire for both will be the ones still standing in the years to come and attract the better talent on the market! #insurtech #funding #naic #ai #startups #scaling