INSURICA, a brokerage with a 50-year history, is making strides in innovation by focusing on return on investment (ROI) rather than just novelty. Kylie Hubbard, the firm’s Director of Innovation, shared insights on their approach during a recent discussion. Over the last six years, INSURICA has embraced data analytics to enhance targeting, improve operations, and create sustainable revenue streams.
Hubbard emphasized the importance of data in understanding which clients to pursue and which industries to focus on. This strategy has been particularly beneficial for small commercial accounts, which have traditionally been challenging to profit from. By utilizing data and automation, INSURICA aims to provide better services across the board, making it easier to support these smaller businesses.
The firm’s focus on analytics has also improved performance in the middle market. Hubbard noted that the data helps allocate resources more effectively, allowing the team to concentrate on clients that are likely to yield higher returns.
However, driving change within a long-established organization has not been without its challenges. Hubbard acknowledged that INSURICA’s traditional structure sometimes leads to resistance when trying to implement new ideas. To address this, the firm has adopted a pilot approach, testing new technologies with smaller teams before rolling them out more widely. This method helps demonstrate the benefits of innovation and gain buy-in from the rest of the organization.
Leadership support is crucial for successful innovation. Hubbard pointed out that having a committed leadership team is essential for maintaining momentum. She advised executives to reassess their long-standing technology investments, even if it means moving away from outdated systems.
With numerous insurtech vendors emerging, Hubbard stressed the need for a disciplined approach to evaluating new technologies. INSURICA prioritizes solutions that address specific business challenges and provide clear ROI. The firm looks for defined problems, testable hypotheses, and stable vendors before proceeding with any new technology.
Digital transformation is another key area of focus for INSURICA. Hubbard believes that firms must embrace technology to remain competitive, especially in back-office operations that are often overlooked. Automation can significantly enhance efficiency, helping to streamline processes like payments and document handling.
Data and analytics will play a pivotal role in the insurance industry’s future, especially as new data sources become available. Hubbard highlighted the importance of leveraging this information to understand market trends and customer behaviors.
Customer experience remains a top priority for INSURICA. Hubbard stated that a positive experience is essential for the agency’s value proposition. Ensuring that customer satisfaction is at the forefront of their efforts is critical for long-term success.
One area where Hubbard sees a need for improvement is access to premium and loss data by state, year, and carrier. This information could greatly enhance risk assessments and management for clients. However, obtaining this data is challenging, as it is often not readily shared by carriers.
Hubbard will share her insights on innovation and disruption at Insurance Business’s Future Festival in Santa Monica on July 11, where she will discuss how firms can adapt in a rapidly changing industry.