6 Questions with InsurTech Influencer Rick Huckstep
InsurTech is a hot topic among the wider insurance community these days and with a great many fresh ideas circulating the space in social media we think it's only decent that these ideas get shared.
As with every subject, InsurTech has cultivated its own thought leaders and starting with today, we are launching a series of short interviews called "6 Questions with InsurTech Influencer".
If you've been keenly watching the InsurTech space it's likely that you know these people already, but if not keep watching this space and make sure to follow our interviewees on their Social Media accounts.
Without further ado, it is our great pleasure to kick off this series of Q-s & A-s with Rick Huckstep - investor, mentor and thought leader within the global InsurTech Startup community.
1. Please name 3 most promising InsurTech startups, feel free to add your comments why.
ChainThat - while many are talking about it, this startup has actually done it and built a working blockchain platform for placing business in the speciality, wholesale and reinsurance markets.
Spixii - using AI and chatbots for customer engagement will be a big focus in 2017. Look out for Spixii announcing their first implementations with UK insurers
RightIndem - claims handling has to be brought into the 21st century. Using human enabled tech, RightIndem will be at the forefront of redefining the claims process
2. What is the biggest obstacle on the way of insurance startups to disrupt the market?
Time. Many factors have to align before real change takes hold. The process has started but it has a way to go yet.
3. Are you betting more on the innovation from insurance companies or from startups, why?
Disruptive innovation will not come from within the insurance companies. They've had a decade of the Internet being mainstream to truly change through innovation and it hasn't happened. Startups will drive innovation but wholesale change will come from the convergence of many factors.
4. If you were to establish your own insurance startup what problem would you like to solve with that?
Redefine consumer behaviour and change perception of insurance from a necessary evil to an essential safety net.
5. What is your biggest concern regarding the future of insurance?
None. The world could not function without insurance. It just needs to be better at doing it than it is today.
6. What will disrupt the insurance sector in 2017?
Nothing. True disruption is several years off. Maybe Lemonade will succeed and this will be a big step forward in changing thinking about insurance.
Rick Huckstep is a thought leader within the global InsurTech startup community. As an investor, adviser and mentor, Rick publishes many thought leadership pieces on InsurTech with The Digital Insurer and is also the Chairman of The Digital Insurer providing input and advice on the development of the business.
Follow Rick on Twitter @rickhuckstep.
Read also other posts from series "6 Questions with InsurTech Influencer".