Insurance Industry News & Views - January 21 2021
Paul Tetrault is Executive Director of The Insurance Library in Boston, and author of Insurance 101 for Innovators, a primer on fundamental concepts in the field of insurance and risk management, published by Insurance Nerds. Proceeds from the book’s sales go to support The Insurance Library, a 501(c)(3) nonprofit that serves the insurance community by providing research, education and opportunities for engagement. We connected with Paul to talk about why he wrote the book, who it is for, and how Insurtech innovators often go down the wrong path when developing solutions for the insurance industry.
Paul, congratulations on the publication of Insurance 101 for Innovators. When we last spoke back in November 2019, you argued that, “there seems to be a foundational misconception that the insurance industry was created over a century ago and has been static ever since, and now it has to deal with this new thing known as innovation.” Was setting the record straight about how insurance and innovation have always gone hand-in-hand an impetus for writing the book?
Thanks for the opportunity to discuss the book and innovation in insurance. The perception I referred to may be a bit less pervasive as time goes by, but it persists. It’s not hard to find offhand references along the lines of “the insurance industry has been slow to accept change,” or “not known for innovation, the insurance industry…” While there are issues regarding legacy systems and instances of sticking to doing things as they have always been done, it is nevertheless true that insurance – an innovation itself – has always been an area where innovation flourishes.