Part of working with Insurtech companies is understanding and accepting that actuaries are moving beyond their traditional roles. Insurtech companies aren’t asking us to come in and perform traditional actuarial work. There are no set formulas in the Insurtech space. Instead, actuaries must take a forward-thinking approach. We must learn how to use traditional tools in a new, creative way to produce better business solutions.
Milliman recently worked with Hippo Insurance, a revolutionary California-based startup providing home insurance for modern households. We helped Hippo understand how traditional insurance works, which has enabled them to fundamentally challenge the status quo using new systems, technology, and business practices.
Insurance contracts are often delivered through old fashioned processes and contain a great deal of outdated coverage and legalese. What Insurtech companies like Hippo are doing is completely modernizing the sales process, and the underlying coverage being purchased. They’re also helping policyholders understand how to better protect their property by installing cutting edge smart home devices that monitor and detect damage before it occurs.
Milliman enjoys working with these innovators, and is capable of helping traditional insurance companies bridge the gap, too. They can rely on us to be familiar with new technology-based approaches to produce modern products for customers.
The following video features Hippo’s leadership team and its modern approach to homeowners insurance.