This episode of Business Transformation with FBSPL: Insurance Edition features Bryan Falchuk, the founder and managing partner of Insurance Evolutions Partners, a company that helps insurers and solutions providers navigate the shifting dynamics in the industry, and the president and CEO of PLRB.
The conversation between our host, KB, and our Guest Bryan takes us through a range of changes that the Insurance landscape is undergoing, while also making room for light inspirational chat.
Insurance companies are increasingly adopting cloud-based systems as a way to enhance connectivity, integrate APIs and microservices, utilize data analysis tools, and leverage AI. This transition to the cloud is regarded as a favorable trend and a mutually beneficial cycle for the insurance industry, facilitating improved operations and technological advancements.
Get a glimpse of the latest trend of insurance companies moving to the cloud and the benefits it brings, as well as the concept of embedded insurance and the importance of customer engagement and satisfaction while putting together the bigger picture of macroeconomic challenges faced by the insurance industry.
The insurance industry faces challenges from both macro and internal factors. Macroeconomically, there are cost-related pressures, natural catastrophes, climate change, weather instability, inflation, and political unrest that impact the industry.
The societal consequences of extreme partisanship and litigation practices have led to a society where people hate and villainize each other. This societal atmosphere is undesirable and has personal implications for the author, who wishes for a more harmonious society for their family to grow up in, and these aren’t entirely away from affecting the Insurance landscape.
There is a trend of insurance companies moving their core operating systems to the cloud, which enables easier connectivity, integration of APIs, microservices, data analysis tools, and AI. This shift to the cloud is seen as a positive momentum and a virtuous cycle for the industry.
Despite the benefits of cloud adoption, some carriers still make core system decisions on-premises due to concerns about the cost of the cloud. However, the passage emphasizes the importance of considering the long-term value and enabling the future by leveraging cloud technologies.
The concept of embedded insurance is gaining traction, focusing on making insurance protection more seamless by integrating it with the products or experiences that require insurance coverage. This holistic approach aims to enhance the buying experience, reduce risks, and provide more control to customers.
Improving customer engagement and satisfaction requires actively listening to customers and aligning strategies with their needs. The important bits are customer feedback, survey results, and avoiding the pitfall of assuming what customers want without proper validation.
Kuldeep Bhatnagar: This is an inspiring story and reminds me of a line.
Bryan Falchuk: So, we need the tools to live as ourselves rather than thinking...
Bryan Falchuk: I think we have a number of macroeconomic factors that are really coming down on the industry
Bryan Falchuk: What I do see in the near term is more of a shift to the cloud...
Kuldeep Bhatnagar: We were talking about customer experience
Bryan Falchuk is a visionary leader and industry expert. As the founder and managing partner of Insurance Evolutions Partners, Bryan assists insurers and solutions providers in adapting to the ever-changing dynamics of the field. With impressive experience in his field, he also serves as the esteemed president and CEO of PLRB, demonstrating his commitment to driving innovation and growth within the sector. He is a trusted name synonymous with expertise, transformation, and success in the insurance world. Renowned for his expertise, transformative approach, and achievements, in the world of insurance and insurtech, he is also a thought leader, best-selling author, and speaker.
Kuldeep is a people's guy with a decade of experience in managing operations. Heading sales and marketing initiatives, he looks forward to bringing his passion for people and processes to the table! With the goal of empowering clients and their teams to concentrate on high-level business endeavors, he works diligently behind the scenes, steering the entire sales cycle. Behind the scenes, he guides the entire sales cycle, right from finding the prospects to closing a deal. Currently serving as the Chief Sales and Marketing Officer at FBSPL, Kuldeep boasts over a decade of experience within the insurance sector, making him well-versed in its intricacies and nuances.