Insurance Industry Blog

The second annual F3: Future of Freight Festival has come and gone, leaving the freight and logistics industry abuzz with excitement and innovation. As the CEO and co-founder of Tint, it was an honor and an energizing experience to be a part of F3 , held at the Chattanooga Convention Center. The convergence of experts, entrepreneurs, industry leaders, and educators provided an unparalleled platform to delve into the key factors shaping freight markets and explore the latest trends propelling the industry forward.

The last week of October marked an exciting time for Tint and the entire insurtech community. Our leadership team, myself included, descended on Las Vegas for the annual InsurTech Connect (ITC) Conference – the world's leading insurtech gathering. This year, we were incredibly excited as Tint was a proud sponsor of the event, and we had the opportunity to unveil some groundbreaking news. But before I get to that, let’s cover the action-packed and informative week we had at ITC 2023.

Companies today operate in an entirely different world than the one just a few months ago. Now, cash is more king than ever and, top of mind for so many businesses, is how to increase runways and build sustainable positions. Companies no longer have unlimited access to VC capital to pursue growth-only strategies, disregarding profitability until late in their lifecycle.

In recent years, remote-only teams have emerged as a defining structure of the modern workplace, enabling organizations to tap into a global talent pool and offer employees the flexibility they have long requested. Operating entirely distributed, remote-only teams rely heavily on digital communication tools and remote collaboration platforms to carry out their work. While remote work offers numerous benefits, it also poses unique challenges for collaboration and alignment. According to a survey conducted by Buffer in 2023, the top three challenges remote workers face are opportunities for collaboration, loneliness, and working more/impending burnout. Without solutions for these sticking points, the absence of face-to-face interaction and physical proximity may hinder the seamless flow of information, impede effective teamwork, and create difficulties in establishing a shared sense of direction. Proactively addressing these challenges is crucial for remote-only teams to foster a culture of collaboration and maintain alignment toward their goals.

Enter the Company Retreat.

So, you’ve decided to launch an embedded insurance program. Great idea! With the right program, you can increase confidence in your offering, improve conversion rates and even create a profit center for your business.

Tech platforms today face mounting challenges. Chief among them is how to make sure customers have a great experience and feel confident when trying to purchase services - even when it isn’t realistic to speak with a rep from the company. The most innovative tech platforms realized years ago that offering a custom insurance product at the point of checkout increased customer confidence and had positive impacts on the bottom line. This is especially true for marketplaces that offer vacation rental services, asset-sharing apps, and online shippers. 

Today, sharing economy marketplaces miss out on opportunities to improve their risk management performance because they focus too much on user-level verifications, by just running background checks for example. While this is an important part of the equation, the total risk of a transaction is also related to entities such as the asset, the location, the context of the transaction, communications, etc. Therefore, a world-class risk assessment should go beyond just verifying users.

The insurance industry has been ripe for disruption for some time now.