Ep. 64: Wanted Insurtech Partners: Insurance Industry’s Quest For Digital Transformation
Abel Travis serves as the Head of Commercial Lines Product Management for the AF Group. He is known to innovate traditional businesses through integrating Insurtech which helped him become recognized as a 40 Under Forty Business Leader in 2017. In addition to being a champion of change, Abel also hosts his own podcast called the Insurance Innovators Unscripted which reflects his philosophy on education and industry innovation.
Abel joins us to discuss why he believes businesses should embrace change and why Insurtech is at the center of this transformation. He shares his life before he began working in the insurance industry, the companies he worked for, and how he helped improve their systems. He also explains why people are critical when it comes to innovation and how the industry can benefit from blockchain technology.
“When you’re talking about innovation, you have to be willing to fail. You also have to be willing to test, to pilot, and to learn from the failure.” – Abel Travis
What you’ll learn:
- How Abel started in the insurance industry.
- The processes involved in innovating a company’s business methodologies.
- What traditional firms used to think of the word “InsurTech.”
- What InsurTech can do for brokers and agents.
- What their startup bootcamp is all about.
- His thoughts on how blockchain can help the insurance industry.
- Regulatory hurdles he’s faced in product development.
- Challenges in bringing a new product to market.
- States that are difficult and easy to work with.
- How he became a podcast host.
- Change starts first not with the technology; it starts with the people.
- People who are resistant to change will cause failure within the process of moving and innovating.
- Challenging the status quo is what will help drive the change the industry has been seeking.
- There are regulatory bodies that don’t understand the transformation that is happening in the industry.
This episode was brought to you by
Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.