S3E9: Gregory Bailey Presents the Denim Outlook
Denim's point of view on insurtech and where the industry is headed.
Welcome to the first Denim Rivet podcast episode of 2018! You’ll notice we’ve revamped the podcast’s music to better fit the fun and energetic conversations we feature on the show. To start off the New Year, we’re heading back to Denim Summit 2017 to hear a presentation from Denim’s CEO and Co-Founder, Gregory Bailey. In the “Denim Outlook,” Gregory shares Denim’s point of view on insurtech and offers a glimpse into where Denim — and the industry at large — are headed in the future.
It’s Denim’s belief that the insurance industry needs to change in fundamental ways. Growth is the imperative, but there are major issues that need to be addressed when it comes to growing an organic customer base. Consumer expectations are at an all-time high. They want access to real-time information and transparency from their insurers. Expectations for user experiences have also increased as consumers want the ease that Amazon provides, and they want it on their mobile devices, too.
From 2011 to 2016, the number of Americans that were smartphone users increased from 35 percent to 77 percent. The rapid adoption of mobile technology and the services provided through it have been the impetus for this shift.
Four Areas of Focus for Denim & Insurtech
Data – While the importance of data is not new, the opportunities data presents to the front-stage of marketing and distribution are. We announced at Denim Summit 2017 that Denim had just surpassed one billion data points gathered from how consumers interact with ads over mobile and social. Activating this data is the next step Denim is taking to move forward.
Artificial Intelligence (AI) – AI and machine learning, when applied to big data sets, will change how agents and brokers engage with the consumer market, distribute, and go to market. Denim believes in “human-focused” AI – not in displacing droves of agents and brokers. This means using machine learning as a tool rather than a replacement.
Multi-Channel Consumer Experiences – Denim believes multi-channel consumer experiences that begin with mobile and social are the way forward. On average, a smartphone user spends two hours a day consuming social content on his or her phone. The real estate is now a six-inch screen consumers keep in their pockets. Taking advantage of this space in an actionable way is key to meeting new consumer expectations.
Human-Centered Design – Consumer behavior and personality are key considerations in Denim’s roadmap. These considerations are shaping how we design and present our software. This is different than the way many companies have historically developed products — placing a product-centric or distribution-centric view above all else. Meeting the consumer’s needs and wants is at the center of everything we do. With new partnerships and more data flowing in, Denim is positioned to give companies the means to do that, too.