The Future of Insurance: Enablement versus Disruption?  

future of insurance

Rob Galbraith founder of Forestview Insights and best-selling author of “The End of Insurance as We Know It“, joined Bobbie Collies, Chief Growth Officer at Coterie Insurance, for a very insightful discussion on Coterie’s “And I Quote” podcast Rob has an extensive insurance background that led him to publish the book in 2019. His knowledge and insights took him around the globe where he gave keynote speeches and engaged with industry experts about the future of insurance. 

Discovering Insurtech

Rob began his insurance career at USAA after majoring in Economics at Michigan State University. He became more interested in the business and underwriting sides of insurance, eventually advancing to a leadership position. He shares how he became introduced to insurtech when his team was responsible for managing catastrophic risk and writing more business in catastrophic areas. Rob realized that going after such risks tends to lead to more profitability, as most carriers compete for lower risks in non-CAT areas. However, with the use of technologies such as advanced analytics, artificial intelligence, and aerial imagery, he saw the opportunity to take on more risk without jeopardizing the financial underpinnings of the company.  

It was while processing his thoughts on this technology that Rob wrote his book “The End of Insurance as We Know It” in 2019. He discusses how the book is based on his passion, where he synthesizes and curates information on insurtech in an easily digestible way. Whether in claims, loss control, or on the distribution and underwriting side, the book helps drive conversations within insurance organizations about the future of longer-term trends.  

Having a passion for driving change and leading innovation is what exposed Rob to the agent broker space. Similarly to Bobbie, Rob has made the jump from the traditional insurance world into insurtech. Recently founding Forestview Insights, he seeks to rise above the day-to-day insurance experience to focus on current trends for the future of insurtech and help organizations shape their future. Currently offering a newsletter with insights, the goal is to educate and encourage innovation across all levels of an organization. 

Where is the future of insurance?  

Reflecting on his recent experience at Insurtech Connect, Rob has seen a shift from the direct-to-consumer, “who needs agents and brokers” rhetoric to a more mature outlook in the insurtech startup space. With a focus on enabling versus disruption, the agent and broker community is becoming more technology focused. Concepts like enabling transactions and building marketplaces are rising in importance. 

Rob shares his thoughts on Coterie Insurance and its impact on the future of insurance with a focus on speed and simplicity. Whether it’s through independent agents and brokers or embedded partners, consumers want an easy experience where they can be confident in the protection they are purchasing. Reducing administrative burden, leveraging data, and offering service where the customer prefers to engage are all important. The days of the lowest price have been replaced by ease of doing business. Insurance customers want to obtain the most value without a ton of effort. 

Dive deeper into the conversation by listening to the full podcast episode today. “And I Quote” is for agents and brokers seeking expert advice about all aspects of business and relationship building. You can find all our episodes on your favorite podcast platform.   

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