Last year, Falvey Insurance Group hosted its inaugural Falvey Forum in Newport, Rhode Island. This marine and logistics thought leadership conference, coined “A Day of Forward-Thinking,” featured various sessions focused on a wide range of insurance topics, including technology, claims, finance, and loss prevention, along with a panel discussion dedicated to female leaders in the insurance industry.
Falvey’s Vice President of Technology and Innovation, Matt Rebello, led the discussion “Insurance Technology and Trends.”
During his presentation, Rebello spoke about how focused innovation can help drive strategic improvements, from the automation of redundant tasks to the creation of APIs for IoT devices. He explained that true innovation begins with understanding your clients and the challenges within your company. But above all, he explained, the key to innovation is collaboration. That is, collaborating with your peers but also with those who have different views and perspectives.
“Innovation should never happen in a vacuum,” he said. “If it happens in a vacuum, that means there’s only a certain set of people who are actually taking a look at it.” He continued, “How do you end up with the best solution possible if you’re the only one or if you surround yourself with people who are going to agree with you all the time?”
Rebello also addressed industry trends we expect to see take off in the insurance sector, such as moving to the cloud and making embedded insurance part of the purchasing process. He said cloud-based technologies give us the “scalability and adaptability to grow with the market,” while transactional-based embedded insurance allows us to provide relevant insurance options to our customers where and when they need it.
Finally, Rebello stressed the importance of insurance companies embracing informative, accessible data. “Everybody has data,” he said, “but how many people actually have information and insight?” And of those who have information and insight, “How many people actually have access to it?” The future of the insurance industry involves finding ways to access and gain insight from informative data.
Rebello was just one of the many speakers who presented thought-provoking topics at Falvey’s first annual leadership conference last summer. Learn more about Falvey’s technology team with a past interview with Matt: https://falveyinsurancegroup.com/careers/falvey-systems/
