Kempton: Insurtech key to Predict/Prevent insurance mindset success

Kempton: Insurtech key to Predict/Prevent insurance mindset success

Nationwide's Personal Lines president Casey Kempton makes the case for customers, agents and carriers to embrace technology to prevent losses

Insurers that want to be successful in 2025 and beyond must lean fully into insurtech and Internet of Things devices. Nationwide's president of Personal Lines Casey Kemptonconveyed that message to attendees of the Insurance Information Institute's Joint Industry Forum in Miami, Florida on November 20.

While discussing the topic of the shift from a "Repair and Replace" model to one that "Predicts and Prevents" with Kate Horowitz of The Institutes, Kempton relayed to the more than 100 conference attendees that solutions like telematics and Smart Home technology are still maturing. Even so, the mitigation actions that they currently provide will play a pivotal part in not only preventing a claim, but also helping customers rethink the role insurance plays in their lives.

"Customers really value trust, confidence and control," said Kempton. "They want to know how the insurance company can help them in their attempts to protect their family, do it in a more holistic way and provide them peace of mind."

Kempton pointed to the various insurtech partnerships that Nationwide has with companies like Resideo, Leakbotand Ting. Those relationships and others make Nationwide uniquely suited to provide their customers with comprehensive SmartHome protection and more control over what's happening in their homes.

"Nationwide believes that engaging in these technologies and bringing them to our customers gives them the control and confidence they're looking for."

Kempton acknowledged there are roadblocks to getting widespread adoption. Issues with privacy and data sharing still loom large in the minds of customers. She feels that agents play an important role in putting their customers' minds at ease. The easiest way to do that in her mind is to have agents use the devices themselves.

"If agents can actually experience these new technologies and learn firsthand about the benefits they provide, they can go to their customers and educate them on all the things that are happening with smart technologies - including the risks they prevent," said Kempton.

The protection these insurtechs provide aren't just limited to homeowners and passenger vehicle drivers in Kempton's mind. Businesses of all sizes can benefit from utilizing them as well.

"We see more innovation right now when it comes to workplace safety. There are technologies that give workers real-time information around how they are picking up items and whether or not they are doing that properly," said Kempton. "There are other technologies you actually can see and map out the inside of the building of a workplace and recognize where there are perils. Business owners can then educate the workforce how to avoid them and keep them safe."