Big insurance companies can build anything they want. They’ve got the internal resources, the budgets, the technical expertise. It’s enough to make a small insurance company shrug its shoulders in resignation. How can we compete with that?
Two forces are changing everything: nimbleness and innovation.
Big Insurance Companies Can Build… But Implementation is Brutal
Yes, they’ve got the resources, but when it comes time to implement new technologies, big insurance companies often do so at a glacial pace. A single change can impact dozens of business units across multiple countries. There’s extensive documentation, training, troubleshooting, a dedicated support system… The list goes on. New tech implementation at a large insurance company can take months, if not years. It just comes with the territory of being big.
Small insurers, however, are nimble by design. They can typically implement new tech exponentially faster than their bigger competitors. Fewer people, fewer systems, fewer business units and fewer geographies make implementation easier. The rub, though, is that most small insurers struggle with the step that comes before implementation; the step big insurers don’t sweat…
More often than not, small insurers don’t have the internal resources to build new tech, nor do they think they have the budget to outsource or purchase. (After all, only the big insurers can afford that, right?)
But Things Have Changed
Insurtech is flipping the ecosystem on its head.
Insurtech? Yep. Insurtech.
Insurtech is the use of modern technology innovations designed to unlock cost savings and efficiencies from within the current insurance industry model. It’s akin to what the tech space did – and continues to do – in the financial services world, thus creating the term, “fintech.”
In the insurance world, Insurtech is leveling the playing field. Companies – particularly those that are not mega corporations – are taking advantage of new innovations to better meet the needs of agents and policyholders alike. They’re processing claims more efficiently, underwriting quicker and more accurately – all at a stunningly fast and cost-effective pace that doesn’t overtax their staff or take eons to implement.
So if You Run a Small Insurance Company and You’re Thinking, “Yes. This is Where We Need to Go,” Here’s What You Do
You talk to us. At Trailblazer, we’re a group of insurance veterans turned Insurtech innovators, committed to democratizing access to modern, game-changing technology that small insurance companies deserve. From our agent-policyholder collaboration platform, Portal, to our end-to-end invoicing and collections product, Billing, Trailblazer’s suite of products makes it easy to integrate innovative new insurance technology without requiring an entire IT department, without eating up tons of time, without excessive business unit impact, and – most importantly – without breaking the bank.