By Jason Thackeray · September 15, 2022
5 minute read

Innovation in football and insurance

Innovation in football and insurance

Jason ThackerayOne of the many things I do regularly as part of my FintechOS insurance role is to read and note things from our website. There are a number of reasons for this, but one is that I often find it inspirational.

In particular, our Life at FintechOS section has insights from a number of my colleagues. Much of it resonates with me, but the other day I found myself particularly nodding at one of the things our CEO Teo had said. In answer to the question “could you name a passion of yours that’s impacted your life?” he said:

Football. From my early years, when I was not allowed to play it professionally, until later when I got really into football science, tactics, commercial models, people management, etc. I believe sport has a tremendous possibility to make an impact in today’s world, and a lot of successes in football are more about long-term management, rather than just individual talent.

Now, I’ll never claim to have been anywhere near professional (think pub team center back), but I totally agree with the rest of it. I find those things fascinating about the game too and, of course, they can be related to business in general and insurance in particular.

Football management and insurance innovation

Teo and I discussed football just before the start of the new Premier League season because our teams were playing each other on opening day. I won’t name the sides, but let’s just say that this was an undoubted tier-1 name with a huge following, but that may be in decline on the pitch against a new challenger. The big club seems to be stuck in its ways, with no coherent recruitment strategy and working tactics. The challenger is all about trying to break the big boys with innovation. Data-driven recruitment, good coaching, emotional intelligence, and a long-term plan.

Now think of the agility of an innovative managing general agent (MGA) or insurtech. Compare it to a Tier-1 organization that has, perhaps, rested on its laurels for too long. The Tier-1 will still have a huge customer base and financial clout, but will they be heading for a decline?

The answer is, of course, that you don’t have to. Insurance technology is for all organizations – regardless of size – that want to stay ahead, and there are big organizations out there that are still able to launch new lines of business and products. Whether it’s diversifying into pet insurance or considering embedding SME commercial combined with business loans, or term life insurance, home insurance, or conveyancing with a mortgage decision-in-principle (after all, you buy and protect a house, not a mortgage), there are still plenty of innovative plays out there. Let’s equate this to tactics and long-term planning.

The importance of data in insurance

Data is crucial, both in launching the new products (or buying, say, an Ecuadorian international for peanuts) and staying ahead of the competition (measuring the performance of said player statistically – distance covered, shot and pass success, expected goals).

This is where FintechOS comes in, if you are an insurer or MGA, no matter what your size. Our summer release 22.S contains enhanced features that can enable much of the above. It includes a new insurance accelerator for pet insurance to allow distribution of that product extremely quickly in an agile and digital manner. The accelerator gives the possibility of an extremely quick and disruptive launch of a pet product.

Our Evolutive Data Core has always allowed business users to quickly define and extend data models and, of course, having a structured and granular data set can allow underwriters and actuaries to price products, old or new, very competitively. Need some additional data on a particular product? Simply add an attribute, place it on your sales journey, and there it is, instantly available for reporting, interfacing, or both. You could even add a new “footballer” entity with attributes for height, strength, pace, goals scored and meters run, but I don’t think we’re diversifying quite that much!

FintechOS version 22.S

Meanwhile, the journey analytics in 22.S allow statistics to be gathered on conversion rates, drop-out rates (and points), average journey completions, and much more, to allow everyone from the biggest Tier-1 insurer to the newest MGA to deploy A/B journey testing and quickly adapt digital journeys to garner the greatest sales success.

Success on the football field is down to far more than just a manager or coach and eleven players these days, and cutting-edge technology is starting to help a whole group of innovative and disruptive teams not always considered big clubs. Of course, the big clubs who innovate will still stay ahead, but in football, business, and life, you cannot afford to stand still. Constant improvement is a must. At FintechOs we call them “releases”!

Read more about our FintechOS 22.S release.

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