Re the comments on Data in this piece: Yes, insurance is an industry suffering from perpetual information overload. I worked at a large insurance company for 5.25 years. I processed claims and we relied heavily on systems for looking up endless information. They would totally overhaul the system for doing that every few years. I think it occurred two or three times in the time I was there and I heard from other people that, yes, this seemed to happen every two to three years. It had all kinds of problems. What was supposed to be a new and improved, more user-friendly system meant that all the old timers who had figured out how to find everything were now lost, even with training. It also meant that some things were not compatible and not findable anymore. It was truly bad.
I have a certificate in GIS. As a claims processor, I worked with multiple databases all day long. This included such things as looking up names and addresses for providers (doctors, hospitals, etc -- the people providing medical care). I suggested we create a GIS based system to make this easier. The idea did not fly.
But if you want an area of opportunity in insurance tech, try finding solutions to some of their back end problems. Managing information overload is a serious and ongoing problem in the insurance world. I was there 5.25 years and I only know a thimbleful of information about the industry. Laws and regulations vary by state. In order to sell in all 50 states, you need to get licensed in every state individually and we had to be able to look up "state exceptions" which were laws that impacted how claims were paid in each state and on and on.
People in insurance are absolutely not stupid. It is just overwhelmingly complicated and no one can keep up with all of it. And, yes, it is very fragmented. But if you want a good business opportunity in this space, consider trying to build back end solutions to help them better manage the information in which insurance companies are simply drowning.
I have a certificate in GIS. As a claims processor, I worked with multiple databases all day long. This included such things as looking up names and addresses for providers (doctors, hospitals, etc -- the people providing medical care). I suggested we create a GIS based system to make this easier. The idea did not fly.
But if you want an area of opportunity in insurance tech, try finding solutions to some of their back end problems. Managing information overload is a serious and ongoing problem in the insurance world. I was there 5.25 years and I only know a thimbleful of information about the industry. Laws and regulations vary by state. In order to sell in all 50 states, you need to get licensed in every state individually and we had to be able to look up "state exceptions" which were laws that impacted how claims were paid in each state and on and on.
People in insurance are absolutely not stupid. It is just overwhelmingly complicated and no one can keep up with all of it. And, yes, it is very fragmented. But if you want a good business opportunity in this space, consider trying to build back end solutions to help them better manage the information in which insurance companies are simply drowning.