Montoux’s CEO of North America Geoff Keast spent two weeks across the pond in an immersion series working directly with large life insurers at SBC CoLab in London, U.K.
As one of a short list of insurtech companies selected by Startupbootcamp Colab InsurTech London in this cohort, the Montoux team is excited about the opportunity to explore partnership opportunities with UK-based insurers, who could benefit from using our pricing transformation toolset.
As industry commentators ease off on the “insurtech disruption” hype, Geoff said he really valued the deep level of engagement these life insurance carriers had, and their interest in looking beyond window-dressing solutions to actually solve business problems was evident - even when solutions might mean significant changes for some aspects of the business.
Collaboration is seen as the growing theme in this space, as insurtechs recognize the problems with attempting to oust the legacy players from the industry, and carriers become more and more receptive to partnership models. Integrating technology solutions with industry expertise looks to be the optimal outcome for everyone.
Geoff observed that the insurers represented at Startupbootcamp appeared to be primarily focused on improving the customer experience, and eager to use data to better understand policyholder behaviour, and engage with their customers on an ongoing basis.
It was exciting to see how life insurers were actively thinking about the ways insurtechs could also partner together to be of more value to them, rather than being seen as individual components.
With other insurtechs in the cohort including intelligent mobile marketing platform Denim, and customer acquisition and retention data platform Genus.ai, the opportunities for these complementary insurtech partnerships is an exciting prospect for the whole industry.
The intended consequence of the SBC Colab Programme is the delivery of proof of concepts (PoC’s) with the insurance carriers. Montoux is in active discussions with insurers in the UK to provide our pricing transformation software to help them better optimize and price their risk, so stay tuned!
To hear about the event directly from Geoff watch his latest installment of The Good Life on Youtube here.