In a digital world where innovative, UX-enhancing tech is king, insurance professionals might find themselves glancing over the fence to see what insurance start-ups are doing, or exploring new opportunities outside of traditional organizations and roles.

There are major shifts at play in the insurance industry. We’re stepping into a new era where disruptive players are changing the rules of the game. For example, in the same way that fintechs changed the ways in which mainstream banks must operate, insurtechs have made inroads into the insurance sector – in fact, investment was at an all-time high in 2021.

Ultimately, this doesn’t mean that employees and candidates at traditional firms should look to abandon ship, but see this as an exciting opportunity to evaluate their career goals. In the same respect, leaders of more traditional firms could see this change as an opportunity to head in a more digitized direction. That direction, for example, could include taking on a Chief Technology Officer.

How to recognize that a move from a traditional insurer or broker to the start-up space is right for you

1. You want a more creative space where your impact can be felt

Smaller, start-up firms are exactly that – small. Should you choose to up sticks and downsize, you can expect to play a more dynamic role within an agile, flexible organization where your impact is heard, seen, and felt.

2. Your career progression is subject to a senior colleague retiring

It’s no secret that gender and age parity is still very much an issue in the insurance sector.

The C-Suite is still helmed by the white male, which many employees find discouraging. In some instances, your career path progression might be conditional on the retirement of someone more senior than yourself.

In an insurtech, teams tend to be younger and more tech-savvy with an appetite for innovation and offer growth opportunities you may not have access to at a traditional firm.

3. You seek direct one-on-one mentorship
Just a few years ago, the majority of global insurtechs had just one to 10 employees. This lack of numbers and noise within each organization gives you a unique opportunity to learn directly from the best in a more intimate environment – and conversely, you’ll have the opportunity to mentor others.

4. You see your career values better reflected in start-ups
The next generation of top-level talent has strong values. They don’t just want “beer fridge Fridays,” they want to enact change for a better world, they want to work for ethical organizations and they want to use their talents to achieve rapid growth and success.

For that reason, you might see your own values reflected more clearly in an exciting insurtech or start-up.

5. You desire a stronger culture of diversity and inclusion
As we covered above, insurtechs are small. They are also adept at providing exemplary service to global clients and customers. That means their smaller teams need to be multi-talented with enough skills to compete with the traditional mainstayers. Ultimately, this demands diverse teams to provide smart, innovative thinking.

6. You’d like to work in a specific industry
Passionate about crime prevention? Want to work in fraud and identity theft? In the disruptive insurance sector, you’re more able to pursue these types of interests. In fact, an MGA client of mine has recently created a product to secure non-profit organizations in activities such as rehabilitation, after they received a hard no from traditional carriers.

7. You simply want to take a more innovative approach to insurance
As the new generation of digitally-savvy millennials and Gen Zers begin to overtake the era of business-minded baby boomers, they want things to be more flexible, on-demand and less rigid. A premium is now placed on convenience.

Many candidates I’ve worked with are proving that you don’t necessarily need to be technologically gifted to work in an insurtech, just passionate about making the insurance process smoother and more convenient for consumers.

Interested in a move to an insurance start-up? Get in touch with me and let’s schedule time for a call.