We joke that insurance isn’t rocket science. But what if it isn’t in a way we hadn’t contemplated?
What if insurance is more difficult?
Anyone who has stood up an MGA, insurance program or launched an insurance solution knows this. There are so many moving pieces from the overall thesis, to the strategy around underwriting, the technology (and cost) to execute that underwriting, the distribution (and cost) to market and sell the product, to the determination of the pricing strategy (and cost), to the regulatory impact (and cost) and so on…
All for a product that the buyer would rather have a root canal versus!!!
Most insurance products fall flat. It’s not due to a miscalculation about the pain points or demand. Its mostly around errors and mistiming around strategy, tactics and execution.
In this episode of Profiles in Risk (E462), Tony speaks with JoAnne Artesani, Founder and CEO of Sproutr Incorporated. Sproutr helps companies plan, design, execute and successfully launch insurance products, programs and solutions. They bring the expertise to know how the seemingly infinite pieces of rating, form, strategy et all need to be executed, in what order and with what time frames needed to be successful and effective. Other industries have neatly incorporated the benefits of design principles into their respective solutions and now Sproutr is doing the same for program business.
PS – Some great great kernels of insight and wisdom about career development from Joanne!! If you learn anything from this interview…volunteer for internal projects…especially the messy, undesirable ones!