Age of innovation in insurance coverage brings loads of alternative
“I’ve increasingly focused on infrastructure, connectivity, and data availability as the engine for all of the cool innovative things people wanted to do,” said Goggin. “It was the No. 1 area that could unleash speed, creativity and innovation in space.”
That focus led to Goggin, who will speak about innovation during the upcoming Women In Insurance California event, become CEO and co-founder of Noyo, the social benefits software API solution. Noyo “is creating this critical layer of technology to transform the exchange of data across the insurance ecosystem,” she said.
Many of the group’s benefits businesses need an easy, scalable way to transform legacy systems to take advantage of all of the exciting growth that is happening in digital marketplaces. In other cases, companies need to get to market quickly with the most advanced API technology in order to be more competitive, create amazing products, and lead the market.
“Noyo today offers a one-to-many solution for these use cases, whether you’re a performance platform looking to streamline data connections with carriers or an insurance company looking to transform systems behind the scenes,” said Goggin.
There are a lot of innovations and changes going on in the insurance industry right now, an industry that needs to find its way into the future – or really the present, noted Goggin – and that is reflected in the services it offers and the way people do it access them, discover them and evaluate value products. One tension that Goggin often sees is that people are trying to change the way consumers experience their insurance: how is data efficiently, reliably, and securely transferred between different parties? When developing a new product or service, how do you feel about underwriting, compliance and regulations? For a heavily regulated industry, these things are important and “must be linked to the innovation side so that we as an industry can move faster into this future that everyone can see”.
“The reality is that in everyday life, when you try to achieve this, you have to go through a lot of things to do it carefully, carefully and well,” she said. “Noyo is focused on enabling innovation and giving people the tools to try things faster, so consumer experiences can keep pace with people’s needs and demands.”
Goggin tries to understand how things worked in the past and why and how things work today and why, “to inform how we want to do things in the future”. It is important to have this knowledge as you develop new solutions to ensure that you are taking the things that work or are important and leaving behind the things that no longer serve you.
As an infrastructure company, Goggin is focused on building a strong foundation for everything they do, and that approach influences how they build scalable products.
A priority for Goggin is diversity, and because of Noyo’s position in the industry, “we are trying to create a company that is representative of the whole country – everyone we try to serve – and as we partner with insurance companies, we can help too. “They are moving forward.”
“Benefits are financial instruments that serve everyone. So if an industry doesn’t have people to build, drive, and lead it, who mirror the people it seeks to serve, you will inherently not be able to serve them properly in a manner, ”she said.
Although Goggin is often the only woman in the room with clients and partners – something she would like to see, she noted – she has had the pleasure of working with incredible female executives in the insurance industry and said it was a great time to participate in the industry.
“There are so many changes – it’s a phenomenal opportunity for non-insurance folks to get to know the space, work in it, and contribute. It’s time to get involved, ”she said.
Learn about the much-needed deep dive into insurance innovation by visiting Shannon at the upcoming Women in Insurance California event.