Welcome to the InsurTech Guidance Podcast with Rich Ward

The InsurTech Guidance Podcast

My name is Rich Ward, and I hope people listening will take some confidence and a little knowledge with them. The insurance industry is a broad industry. There are different segments of it. There are different distribution channels and different players, and different layers inside the industry.

And then there's technology in the Insurtech landscape. There are countless venture capitalists who play in that area. So, it's an extremely broad, very deep industry and for companies with a technology idea, capability or solution who believes there's applicability to the things that we do in the insurance industry, navigating that from an outside perspective can be a daunting task.

So, without having a guide, to help navigate some of those waters that you're going to have to get through, and some of those landmines that you may hit otherwise and finding some efficiency and understanding about how the industry works, that's really the role that I'm hopeful to play here. Often, we get one chance to gain the traction we need, and I want to help you get it right…the first time.

And so, anybody listening, I hope that's what they take away. That the listeners know there is somebody out there, and a way to get the knowledge that will help them take an idea they think has applicability in the insurance industry, but they are not sure how or where to start.

I can help them, this podcast is a resource, for anybody who's in the InsurTech industry or wanting to get into the industry. There are different perspectives. If you're wanting to break into this industry and you don't know how or where to start, we can certainly help there. If you have an idea and you want to understand, does this apply? And if you've got a technology idea that you believe can help a carrier either sell a policy, administer a policy, adjust a claim on a policy, and all the processes underneath that affect their ability to do that, we can help.

If you're a carrier who is already in the industry, you’ve got issues that you have to solve as well. And it's the fact that you have new InsureTechs coming in, who are nimble and not weighed down by the traditional way that insurance companies do business. That is a formidable opponent when you have big legacy processes and systems as a carrier that you must support. And you've got this competition coming from all directions in highly creative ways.

So, it's anybody who is in the business today. And from any angle that you're in the business, it's evolving so quickly, leveraging technology and data and capabilities to do those three basic things, sell policies, administer policies, and adjust claims on policies.

It’s important to understand the things that are available, the capabilities that are coming to bear in the market, these latest ideas, and these innovative approaches. Carriers need to understand because that's really what they're competing against for the market share that they currently hold or want to grow.to

For teams with current ideas in InsurTech that want to break into this, they're coming for the same customer. They're coming for that same market share and carriers must develop strategies with how to fend that off. Now if you're on the other side of the coin, and you've got a great technology idea, and you've got capabilities and ideas on how to sell more policies or administer them more effectively or adjust claims on them more effectively, those core competencies that a carrier must do… You're not weighed down by some of those legacy burdens, and you can be more nimble and agile, and you can make inroads.

Finding ways to effectively compete for that same market share whether you're starting up as a new venture, whether you're an existing InsurTech, or whether you're a carrier trying to hold your market share, everybody started that digital transformation journey in a different place. But ultimately, you're trying to get the same thing, which is the heart and mind of your customer.

Get all the links, resources and show notes here: InsurTechGuidance.com

Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share it!

About Rich Ward

Unfortunately, it’s common to feel like you’re missing something in an opportunity with a client or investor. You’ve likely wondered if there was some insight that could give you confidence and credibility instead. We know you want to become an InsurTech leader, and it’s a competitive market and complicated industry to break into.

Rich gets it.

It is overwhelming to launch a startup selling into the insurance industry that’s so traditionally conservative and risk averse. For the past 30 years, Rich has helped startups and Fortune 500 companies overcome the cycle of lost opportunities and gain confidence and distinction in the marketplace.

Rich’s decades in insurance, running every major function of a company, and launching emerging products and services for carriers globally has equipped him with a knowledge of what matters to insurers everywhere. His leadership in Digital Transformation for companies like Cisco, among others, created converted opportunities for sales and investor relations alike. Let Rich and the team at 5 Wards show you how to effectively communicate the distinct value and monetize your offering in a way that you become a critical partner for insurers as well.

Rich is committed to helping you grow in this vertical, so you can stop feeling overwhelmed.

Web/Social Links

• Website: https://www.5wards.com/
• Rich’s LinkedIn: https://www.linkedin.com/in/rich-ward-5wg/
• Business LinkedIn: https://www.linkedin.com/company/5-wards-group-llc/
• Facebook: https://www.facebook.com/5wardsgroup