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Rick Huckstep

Rick Huckstep

Rick Huckstep is chairman of the Digital Insurer, a keynote speaker and an adviser on digital insurance innovation. Huckstep publishes insight on the world of insurtech and is recognized as a Top 10 influencer.

Recent Articles by Rick Huckstep

Insurtech’s Approach to the Gig Economy

Over a third of the U.S. workforce work on a self-employed or freelance basis; a stat that is forecast to continue rising. This is the gig economy and is here to stay. For a recent InsurTech Insights, I looked at the gig economy’s impact on insurance with the rise of ride-sharer platforms like Uber. Only a decade old […]

Renaissance of the Annuity via Insurtech

The notion of paying out an annual stream of income can be traced back to the Romans. It’s a simple notion and one of the earliest forms of wealth management. Today, the simplicity of that notion has been replaced by the complexity of the annuity product. Rooted in a time way before the iPhone, the […]

Metromile: Pioneers in Digital Engagement

Imagine a world where the insured has a continuous digital engagement with the insurer. Where the “insurance product” is a value-add service that offers more than just financial protection. In this world, the insurance brand becomes “sticky,” and churn becomes a function of product development, not promotional pricing. In fact, price is no longer the only […]

10 Insurtech Trends at the Crossroads

The emergence of insurtech has reshaped the strategic insurance agenda. Here are the top 10 insurtech trends as we enter 2018. Insurtech Trend #1 – Automation will replace human effort across the entire insurance value chain This is a trend that is not unique to insurance. But it is a trend that will significantly affect the […]

Lemonade Really Does Have a Big Heart

Twelve months ago, Lemonade opened for business. For me, it marked the start of a new chapter in the history of the insurance industry. To coincide with their launch, I posted this article after speaking with CEO and co-founder Daniel Schreiber. The headline was “insurance will never be the same again!” Of course, it was easy for […]

Distribution: About To Get Personal

The buying of insurance is going to change. The “sold, not bought” view of insurance distribution has run its course for many lines of business. Customer expectations have changed, and the inside-out approach to building silo-ed, exclusion-filled,  fixed-term products just doesn’t cut it anymore. For this month’s InsurTech Insights, let’s look at a new means of distribution that will fundamentally change […]

The Death of Core Systems

Insurance is overweight and unhealthy. For too long, the insurance industry has accepted that it is OK for at least a third of customer’s money to be spent on admin, overheads, sales and marketing. Insurance CEOs have been announcing operational efficiency programs for years, yet the percentage of premium left for the risk pool hasn’t really […]

Lemonade: Insurance Is Changed Forever

On Sept. 21, 2016, at 7 a.m. EDT in New York, Lemonade issued a press release. Paraphrased, it said: We’re open for business! Only time will tell the true impact that Lemonade can have on the insurance industry. Or if we will look back at 2016 in the same way we trace the origins of […]

3rd Wave of P2P Insurance

The P2P insurance model promises to change the conflict dynamic between insured and the insurer. From Friendsurance to Guevara and the eagerly anticipated Lemonade, P2P insurance has already evolved two generations in six years. Now, we see the emergence of the next generation of P2P insurance; the self-governing model. People-to-People Insurance The jury may be out on the […]

Fortune Telling for Insurance Industry

In the world of InsurTech, there are distribution players and there are data players. The data players are essentially doing two things: First, they are enabling and exploiting new sources of data, such as telematics, wearables and social listening. Second, they are processing data in completely new ways by applying data science, machine learning, artificial […]

The 7 Colors of Digital Innovation

InsurTech is now established in a class of its own, no longer a sub category of Fintech. In 2015, $2.65 billion of venture capital was invested in InsurTech. We now have InsurTech-focused accelerators, with the excellent Startupbootcamp in London, the Global Insurance Accelerator in Des Moines, Iowa, (about to start its second cohort) and Mundi Lab announcing its start-ups for its […]

P2P Start-Ups From Around the World

Before the advent of underwriting in London’s coffee houses in the 1600s, civilizations used various mechanisms to provide financial protection within their communities. For example, in the Middle Ages, tradesmen learned their skills through apprenticeships in the guild system. These guilds collected fees, and the wealthier guilds used these fees as a kind of insurance […]

LiveMed Brings Digital Human Touch

Many tasks and actions have been replaced by digital solutions. This is nothing new. However, sometimes nothing beats a face-to-face with a customer. Now, using a VideoTech platform, Silicon Valley start-up LiveMed replicates the physical face-to-face with a digital one. I’ll start with an event that happened to me last year. I’ll skip the details, […]

What’s in Store for Blockchain?

Blockchain, blockchain, blockchain! What does that mean for insurance? No one knows yet, but that doesn’t stop blockchain from being one of the hottest topics in the insurance industry right now. This week, I take a look at the direction this puck is heading. Hype or reality? Last September, the World Economic Forum published a report titled, Deep Shift – […]

Top 10 InsurTech Predictions for 2016

2015 was the year that InsurTech emerged from the shadow of Fintech. This story has been told through my last 40 research notes published on DailyFintech.com over the past eight months. Including 28 interviews with the CEOs and founders of InsurTechs, this story spans the globe from the U.S. to China, from South Africa to […]

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