When I was preparing to move back to the U.S. at the beginning of 2017, I had somewhat of a blank sheet of paper as it related to my future career steps.
A lunch in January 2017 with my friend George Kesselman in Kuala Lumpur first opened up my eyes to the term ‘Insurtech’. Knowing that I wanted to pursue a role in tech (based on my reading of ‘Thank You for Being Late‘), this was a great opportunity to learn more about emerging technologies and their impact on our every days lives. It was in a language I understood; Insurance.
As I was preparing to formally move back around June of last year, the opportunity to write for Daily Fintech came up.
I can recall my first conversation with Bernard. Having never been a writer before, I was extremely scared of the prospect of writing once weekly, on a topic that I had only begun to scratch the surface of, to 23 thousand people globally. He assured me that it might difficult at the beginning and it would get easier over time.
While I did have this initial fear, I did find that this would be a great opportunity for me to not only learn, but also meet a number of people along the way.
And boy, were my expectations surpassed!
Over the past year, I have had the pleasure of meeting remarkable individuals from startups, VCs, (re)insurers and consulting firms.
I’ve covered different lines of businesses, from Life and Health to Auto to Microinsurance.
I’ve studied and reported on happenings in different geographies, from across Asia, Europe, the U.S. and Africa.
It’s been fun to muse with other influencers and industry experts about happenings in the space and a great honor to watch some that I admire greatly share and debate topics based on the articles I wrote.
This writing, plus my consulting business allowed me to 1) settle back into the US, 2) learn what was happening here (and globally) when it comes to Insurtech and 3) have a better idea of what I really wanted to do. I also learned what getting an announcement under embargo means and what a lede para is!
In regards to ‘what I really wanted to do’, I always had an affinity for working with startups. Further, having worked in a primary carrier for the past 8 years, I felt that Reinsurance would be a more interesting place to go. Additionally, Reinsurance, felt to me like an area that would transform greatly (in a positive way) in the years to come. Lastly, while I know there are a lot of cool and innovative things happening within the Property & Casualty space, I didn’t want to get outside my core competency of Life and Health.
With that being said, it is bittersweet that I announce to our Daily Fintech audience that this will be my last post on the site as I will be moving on to a new full-time role with RGAX (bitter because this will be my last post with Daily Fintech and sweet because I am extremely excited about my new role!)
My new role with RGAX is Vice President, Client Experience Lead with a primary objective to drive revenue growth for all RGAX Americas lines of business.
I would like to take this opportunity to THANK ALL OF YOU for the feedback, comments, likes/shares over the past year. As mentioned earlier, this was my first experience in being a writer and all the positive (and not so positive) feedback gave me the confidence to continue week after week.
Writing is a new passion of mine and I will continue to write from time to time in my new role. If we aren’t connected already, please add me on LinkedIn or Twitter. I’d love to continue the conversation.
If you are with a Life Carrier here in the US, Canada and/or Latin America, let’s speak soon too. 😉
While I still will continue to write from time to time, I’d still like to leave a few parting thoughts to the Daily Fintech community.
- Insurtech is here to stay and there will be no ‘winner takes all’. There are so many Insurance carriers and policyholders out there that stand to benefit from Insurtech initiatives. Sure, some will be flushed out and not be as relevant. This will ultimately be driven by our customer’s needs. This leads me to…
- Ultimately, everything that is happening within Insurtech should be focused on customer needs and outcomes. What do they want? We in the industry think a lot of solutions are cool. Do our customers think the same? Much of what we are doing is simply catching up to the experiences they have in other industries. Not only do we have to catch up to the user experience they have within other industries; we also need to rebuild and garner our current (and new) customers’ trust. Our industry does not have the best image in the market. However, for those of us that have been it for a long time (and new entrants to the space too), know how much of a social good Insurance can provide. We need to continue to drive this message, not just through our advertising, but also through the tools, services and outcomes that we provide to our customers. This leads me to…
- Insurance literacy and education is going to be the key success factor for Insurtech. Making things quicker, more seamless and personalized is part of the battle. The bigger thing is – do customers actually understand what they are buying when they purchase a policy, does the coverage fit their needs and will they be able to claim (easily) when an insured event happens? I’ve bought a number of Insurance policies over the past year. Fulfillment aside, I hardly understood half of the policy documents that I received (yes, I did read through them all line by line). If I, someone who has been in this industry for over a decade, has trouble understanding, what about the average customer on the street?
Ok, that’s all for now. Time to do some work 🙂
Stephen Goldstein is an experienced Insurance executive and Insurtech dealmaker with a core focus on growing revenue, launching go to market initiatives and advising industry leaders.
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