Having a dedicated and effective team is one of the major factors for the perfect functionality of any company. Insurtech is a fairly new concept and should be well equipped with all the members that will be helpful throughout the journey.
As Insurtech always keeps innovating, searching for tech enthusiasts who will help bring effective changes is necessary. First, look for the basic traits that an Insurtech employee should have, and then go deep down for the expertise you require. Giving time for team building is essential, as it will be a massive factor in deciding its success in the long run.
What are the basic aspects of looking for a potential employee for Insurtech?
Before starting to look for technical or domain expertise, there are a few common aspects that you should look for in a candidate. These are well known to everyone, but sometimes due to the rush of searching for the best minds technically, we tend to forget to look at the basic requirements to help a sustainable association with the company. So, here are some of them to look for:
So, having known the common traits to look for, here are some specific team building tips that will help assemble your dream team for Insurtech:
Website Development team:
Having a responsive and bug-free website is probably one of the most important factors for any company. The website is your digital identity and is visited even before trying out your Android or iOS application. For insurtech, a great website is even more necessary, as they are starting in a new domain, and getting people on the website would be much easier than an application.
With the help of this team, we constantly keep improving our website, slowly and steadily adding greater features for a better user experience. Ensure your team has some knowledge of artificial intelligence and machine learning, as they would need to work collaboratively with AI and ML teams.
Android/iOS Development team:
The second most vital feature after the website is an Android or iOS application. As data suggests that nearly 73% of the world’s users use the android system, starting with the android application and then within a few months also launching the iOS version, should be the plan of action for new insurtech companies.
Android development is a language-specific task, so your entire team must be comfortable working with a single programming language, as it will help save time, effort, and misunderstandings.
Look for developers that know about working with new technical languages and software, as insurtech is based on a completely innovative platform, so your team coping with new world changes becomes vital. Java, Kotlin, and Python are the programming languages your team should be equipped with.
Looking for a coding enthusiast is also important, as if you want to find solutions to new problems or solve existing bugs, it will require your team to work continuously and effectively, as if the application breaks down due to technical glitches, it can cause serious financial loss to insurtech firms, and can also lead to unhappy existing customers.
Artificial Intelligence and Machine Learning team:
Insurtech always keeps innovating and uses various new technological reforms for better customer service. Therefore, Insurtech should look for a few people who are well-versed with artificial intelligence and machine learning.
As Insurtech aims to provide customized policy plans to the customers based on their digital activity, these engineers will help create various algorithms that will do this job. In addition, AI and ML engineers can also work together to integrate their algorithms with the website and application with the development team.
This team will also help you work along with IoT, which is needed for the smooth functioning of the telematics insurance system for car insurers and for various wearables that will be needed to track the health of the customer and provide customized health insurance policies. So, looking for people with this expertise while creating your perfect team is also necessary.
Data Analytics Team:
The data around us is growing rapidly. Everyone who is on the internet creates their digital footprints. We need to take advantage of this ever-growing data. When this data is analyzed carefully, many solutions can be obtained and can help bring various reforms to the functioning of Insurtech.
Insurtech should have an impactful team of data analysts and data scientists. They can help analyze all the data that the company collects, understand any trends, and develop relevant solutions for improving or starting new services.
Companies often neglect the data team, but it is the most crucial because it uses strong data, which is fact and not speculation. Your data team can aid you with any changes you are planning and suggest if you should carry on the same changes or tweak some issues. Looking for analysts that know the programming language R and Python, Query language SQL, and Tableau and PowerBi are essential.
Accounts and Finance team:
Insurtech needs a great finance team. Every company is dependent on the finances section, but more so in the case of insurtech. The finance team will help you devise more policy plans to have a profitable run in the long term.
Many companies tend to make riches with their products and services, but the ones who can make it big are the ones who can save the money from going into taxes. Having a great finance team will help you do just that.
The accounts team will be integrating with digital services to help with the most crucial part of claims and settlements. If the claims are complex and the algorithm cannot find any relevant solutions, account teams will quickly solve the matter manually and process the claim further.
Growth Hacking team:
Growth hacking is one of the most crucial parts of any business; with insurtech being a new domain and people solely dependent on their traditional insurance providers, it becomes vital to have a growth hacking team that is aware and experienced in generating results from growth hacking.
There are many aspects of growth hacking, and the fact that every individual would be an expert in each one is a difficult possibility, so having at least two growth hackers will help you get accurate potential results from your inputs.
While looking for candidates, make sure that they trust their instincts, and stick to various campaigns for a significant amount of time, as observing potential results from growth hacking takes time.
Founders and CEOs should spend more time with this team to be on the same page while implementing various techniques.
Assembling a great technical team and not focusing on the design and user experience is not a good option. Your products and services for insurtech should surely be portrayed beautifully. Designing also has many aspects. You would mostly need two design teams. One for UI/UX of the android application and website, while the other team will help design various posters and flyers for your social media. In addition, this team will help create appealing graphics and videos for video advertisements and banner designs for various social media advertising campaigns.
The mass population always appreciates good visuals, providing valuable and interesting content through the means of visuals will help to drive organic traffic towards your insurtech services.
So, look for various experienced designers who can create amazing visuals, as your photo and video content will become your digital identity on social media.
Now that you have all the members for the smooth functioning of your insurtech business, you need to look for the people who will help customers in onboarding and solving issues. Even in times of automated chatbots and voice assistants, having a dedicated customer care team is crucial.
The customer is satisfied when talking to an individual concerned about his problems and is willing to offer solutions. This becomes even more vital in insurtech, as the customer’s financial inputs are involved.
Yes, looking for soft-spoken candidates is necessary, but check if they understand some of the technical aspects and are equipped with knowledge about insurtech. In addition, your customer service team should be active and capable of providing immediate information to the customer.
We have a dedicated customer service team that guides new customers, addresses any ongoing issues, and communicates the same to concerned authorities.
CTA- Choose Mindbowser As Your Ideal Partner For Building InsurTech Software
These are some of the domains that you should start with to build your team for Insurtech. These are the basic aspects and need to be looked into carefully. The task of building a sustainable team is time-consuming, but once you find teammates that have the same thought process and vision as yours, it will be really easy to get along and produce great results within no time. Your team should be as determined and motivated as you and give their hundred percent to their tasks.
Your job does not end after setting up the team; being in constant contact with everyone, understanding their progress, and solving any difficulties, will allow you to maximize the work output and maintain sustainable relations. So, follow these aspects to build your team for Insurtech and work to grow the business rapidly.
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