When I started out in 2012 to build a world class IoT company, I never would have imagined I would end up being acquired by an insurance company. In a recent group activity our CEO, Greg Barats, asked some of his leadership team to give a 5-10 minute introduction. I was shocked that not one of his reports in the meeting, myself included, set out to work in the insurance industry. Why did so many ambitious people end up here?
In a world where truth is harder and harder to decipher, insurance offers a safe haven for facts. Is climate change real? While people argue on the topic, insurance has the data to prove it, and help prepare for it. Traditionally, insurance was more reactive, modern insurance is proactive, applying lessons learned to shape the world for future generations. On the cutting edge of technology, analytics and finance, it’s no wonder the insurance industry attracts ambitious people ready to make their mark on the world.
How do you insure a world with ever increasing risks?
Fires, floods, super storms, and pandemics accruing at increasing rates, mixed with aging infrastructure, means we live in a world with increasing risks. Without innovation, the cost to insure these risks could be too large to bear, forcing people to relocate and businesses to shut down. Insurtech takes that challenge head on. We use technology to monitor for and predict future disasters. We leverage IoT data, AI, and other large data sets to predict and prevent damage or catch damage early so intervention can help avoid a devastating loss. Much like those around me, we didn’t set out to solve global issues via Insurtech but have found a great place to build a better tomorrow in a rapidly changing world.