The 5Cs of opportunity in life insurance - Fintech Circle (2024)

By FINTECH Books Contributor,Shwetank VermaFollow:@shwetankvInsurance globally is an industry withscale, with USD 4.1 trillion dollars of premium written in 2015 alone. Itis also an industry on the cusp of change- attracting investor interest inrecord numbers with investments totalling USD. 1.4 billion on insurtech firmsin just the first three quarters of 2016However, as I have interacted with variousstart-ups, it has become clear that the breadth and scale of the opportunity isnot clear to many of them. The mental model of ‘insurtech’ seems to be limitedto the claims part of the value chain only. In this article, I outline a 5 Cframework to help start-ups navigate the insurance opportunity landscape. Ihope to convince more start-ups to have a clear strategy for selling toinsurance carriers.The 5Cs of opportunity in life insurance are– communication, customization, connection, cognition and consensus.Collaborating with InsurersInsurance is a heavily regulated industryand insider knowledge is a pre-requisite for success. This makes it hard for entrepreneurs fromoutside the industry to enhance the capabilities of the industry. The smart betis to partner with an insurer. It is a good idea to connect with the innovationlab – usually the easiest way into the organization.Insurance is a large and exciting space. Itcan be a great vehicle for growth if you have a use case that fits one or moreof the Cs.