Welcome to our twenty-sixth edition of Four For the Week (44TW)! To look through past editions, feel free to view our blog. This week we look at the strength of InsureTech funding, attracting the next generation of leaders, and the importance of cybersecurity. We close it out this week with an article on how texting and selfies could be used in insurance. Enjoy!
1. InsureTech funding strong:
Strategy & Innovation
Claimatic Team
With the current economy, it is even more impressive and reassuring that the InsurTech funding is strong. Before COVID-19 hit, many investors were skeptical about whether Insurtech was worth the investment. However, after the pandemic hit, everything quickly moved virtually. InsureTech had the opportunity to step up and provide valuable options to move typically in-person tasks to virtual and automated tasks.
2. Attracting the next generation of leaders:
Technology & Preparedness
Claimatic Team
Part of growing a successful company is having a variety of ages and minds. Imagine graduating during a pandemic with a failing economy. Unfortunately, that is what a majority of recent graduates are dealing with. The insurance industry has the opportunity to hire some of the brightest minds with little to no competition. The GenZ graduates are known to be driven, competitive, and pragmatic, more so than millennials.

3. The importance of cybersecurity:
Strategy & Innovation
Claimatic Team
If we have learned anything from this year, it is to prepare for risks and threats. With everyone working from home, cybersecurity is important now more than ever. Now is the best time for companies to invest in cybersecurity and engage in conversations about the topic within the office. Data is showing that phishing and hacking have been increased during the pandemic. Cybersecurity is a small investment of time in the grand scheme of things.

4. Texting and selfies in insurance:
Technology & Preparedness
Ven Shanmugam, President & COO
Who would have thought that a selfie could be incorporated into the professional world? Social media is familiar to consumers, but now it has the opportunity to help claims management. Text messaging can be utilized to save time, and it has been found that policyholders are more likely to open a text versus an email. Personal and commercial auto claims have started allowing policyholders to take photos and upload them after an accident. It has shown great success and has reduced cycle times, cost, and time.