Rob Galbraith is once again supporting the Qorus Innovation in Insurance Awards. Author of a landmark book on the future of insurance, The End of Insurance As We Know It, as well as a Qorus Voice of the Insurers report entitled ‘Innovation in insurance: The end of insurance as we know it’, Rob will be one of the judges for the international Qorus awards. We asked him what he was looking forward to, and what advice he could give participants.
Tell us more about yourself.
I spent over 25 years in government and corporate roles as an analyst, leader and innovator before founding my own consulting startup two years ago, Forestview Insights. I am passionate about modernizing and enhancing insurance products and services around the globe because I believe in the value that the sector brings to the security of individuals, businesses and societies.
What do you see as the key trends in insurance this year?
Generative AI is getting the lion’s share of attention, and rightly so because of the enormous potential it offers across multiple use cases. With the maturity of technological advances such as cloud computing, miniaturization, and all flavors of artificial intelligence, I think we’ll continue to see a shift from new product innovation that prioritizes revenue growth to automation that streamlines existing processes and prioritizes expense reduction without sacrificing customer experiences. I’m seeing a lot more enabling of the traditional models in areas such as broker tech and a lot less disruption, mostly due to the macroeconomic shifts and challenges in fundraising.
What kind of innovative projects would you like to see submitted this year?
I love cheap ideas that open up new opportunities in previously underserved or non-existent markets. For example, traditional insurance models come with historically associated costs that limit certain product and service offerings. Through innovation, people who find ways to make a new offering or greatly enhance an existing one that leads to a significant leap forward and meaningfully improve customers’ lives are most noteworthy as opposed to incremental improvements.
In your capacity as a judge, you have read many innovation submissions. What do you look for in a winning entry? And what qualities have stood out for you in previous innovation entries?
I recommend taking a ‘Goldilocks’ approach and crafting a story with enough supporting evidence that you can convey what your innovation is, what challenges you overcame, and what the impact is today and expected to be in the future. Too little detail leaves us guessing and does not compare favorably with other, stronger submissions. Too much detail, especially an overwhelming amount, makes it easy to lose focus on the actual impact. Screenshots and photos or videos, along with the most impactful metrics that quantify your achievements, are very helpful. Projections are okay if you provide some basis to support your calculations and assumptions.
What is the one tip you have for those preparing innovation entries this year?
My biggest tip is to have people not associated with the team submitting the innovation read your write-up and provide feedback, preferably outside of your organization. As judges, we read a lot of submissions in a short amount of time, so it’s hard to stand out. People make the mistake of putting too much detail in their descriptions because they experienced the journey and have so much to share, but an outsider can help separate which portions are compelling and impactful and which are excessive or confusing.
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