The pandemic has provided a strong tailwind for online retail, and the same pressures will accelerate online insurance buying and digital service interactions in insurance distribution. There are the four key attributes necessary for digital distribution of insurance, and how a particular insurance distributor delivers a customer experience with the four key attributes noted is the key to success.
The MIT Enterprise Forum is offering a series of online classes for entrepreneurs focused on starting a company. Worthwhile.
Insurtech strategies should be viewed in the context of the primary function of insurance and its regulatory environment. Is there positive product/market fit? Not always. Insurtech strategies need to work within industry objectives and constraints.
The property/casualty insurance industry will endure Covid-19 pandemic challenges in the near term, but some of the changes will stay with us in the form of paradigm shifts. These paradigm shifts will drive innovation in insurance and create opportunities for Insurtech organizations.
The pandemic has changed our lives and our businesses. Some of those changes will be permanent paradigm shifts, and some of these paradigm shifts will be opportunities for innovation. Much of the shift to online that has been imposed by the pandemic will remain, and the online shift will accelerate in insurance after this difficult period is past. The most significant paradigm shifts in insurance will likely be technology driven and may begin to create a digital divide, creating winners and losers.
VC-backed companies are eligible for the PPP loans subject to guidelines, which include affiliation rules regarding venture ownership and negative covenants. Link to a summary of applicability.
One outcome of the Covid-19 pandemic could be a significantly more difficult capital raising environment which could threaten startups and early stage companies.
The original article has been split into the Covid-19 virus (Coronavirus) information, which has changed from a week ago, and The Case for Contingency Planning. This article retains the original information on Covid-19.
The Covid-19 virus (Coronavirus) has spread worldwide, and all organizations should be assessing their exposure, specific challenges, and planning steps they can take. The Covid-19 virus may be a survival threat for startup and early stage companies, including Insurtechs, trying to get traction or ramp up sales. The ability to raise capital at a favorable valuations, or at any valuation, may be significantly impacted.
Pitch decks are important for raising capital, and a good pitch deck can get key investors interested, maybe even committed. Explaining your Insurtech company and strategy, along with the investment structure, in a clear, concise and compelling manner can make the difference.