Carpool Conversations at ITC Vegas with Manjit Rana, InsurTech Scout

Cruising by all the glitz and glamour, bathed in neon along the inimitable Las Vegas Strip, FF News’ Doug MacKenzie carshares the ride to ITC Vegas in his Porsche Taycan with some of Insurtechs best and brightest thought leaders, disruptors & innovators.

First up in the passenger seat is Innovation Thought Leader and Co-Founder and CEO of InsurTech Scout, Manjit Rana.

Currently on a mission to make collaboration across the insurtech ecosystem more effective and efficient for all stakeholders, Rana gives us his view on the future of insurance and explains why even after a career spanning over three decades, he still finds it the most fascinating industry to work in.

Along the way we talk about everything from his work with Nottingham University to how he very nearly became a fighter pilot.

The industry is on the verge of a groundbreaking tech-driven shift, and in the spirit of good timing (as they pass a self driven car), Manjit gives us the insights of how a new vehicle in 2022 can provide up to 4 gigabytes worth of data a day. That’s data that an insurance company can use to do the heavy lifting for you. 

As AI and data technology becomes more deeply integrated in the industry, providers must position themselves to respond to the evolving landscape. How AI will reshape claims, distribution, underwriting and pricing is what insurance executives must work hard to keep up with – but with people like Manjit around it becomes nothing more than a creative process, creating the culture and perspective needed to be successful players in the insurance industry of the future.

“This is the most fascinating industry you could ever be involved in. And if I have one wish it’s that we communicate it to those next generation university students”

It’s true – we don’t really think of insurance providers very often, if at all. 90% of customers never need to claim, and it’s only the 10% that do that companies will gain interaction with. But how will evolving the customer experience help companies push the industry forwards? According to Manjit, that interaction should be the focus.