How Do We Innovate for the New World Ahead? With Sean Kevelighan

May 26, 2021

Sean Kevelighan is the President and Chief Executive Officer of the Insurance Information Institute (III), a position he’s held since 2016. He has served in various public sector posts in Washington, D.C. As a political appointee in the administration of President George W. Bush, he served first in the Department of Treasury as a spokesperson for economic issues, and eventually became Senior Advisor for the Office of Tax Policy. In this week’s episode, Sean shares his perspectives on where the insurance industry is headed and some of the upcoming climate and economic risks that could occur if we don’t position ourselves correctly, and the importance of educating the public in matters of insurance and how it affects their everyday lives.

 

Key Takeaways

• A bit about Sean and how he found himself in insurance.
• When Sean became exposed to the insurance industry, it really opened his eyes as to how it impacts and benefits so many people’s lives.
• How does III help educate the public about insurance in simple language?
• Sean shares how III helps companies identify risk.
• What do we need to know about climate risk?
• As more and more people move into harm’s way (for example relocating to a state that’s prone to natural disasters), it’s important that III thinks of ways to bring more awareness of these risks to the general public.
• How can we better brace ourselves for economic risk?
• Sean shares his hopes for the future and where the future of this industry is headed.
• People know that innovation and disruption are the way forward.
• As new emerging risks happen, we need to have better standardization processes in place.
• What does Sean wish he’d learned sooner about the insurance industry?

 

Keep Getting Better

iii.org

Sean on LinkedIn

 

Quotes

 

“Value is a moving target, so you need to be moving with it. Consumers want to understand how they can be more resilient to the risks and the changes that are happening in our climate today.”

 

“Close to five years ago, there was a big discussion whether or not innovation was a threat or opportunity. I think people really dug in. All industries are in line with digital innovation.”

 

“One of the problems we’re facing today as a society is over 50% of IT costs are going towards legacy systems.”