Legacy insurance companies with robust historical datasets coulddevelop valuable underwriting capabilities if used properly. According to <a href=https://beinsure.com/>Beinsure Media</a>, groundspeed relies on Artificial Intelligence & ML and text mining to help commercial insurers extract value from internal unstructured datasets such as application submissions, written policies, exposure schedules, and loss runs. This data has the potential to help insurers improve loss ratios, customer retention, and underwriting capabilities.
Insurtechs are the driving force of this evolution, and investors are taking note. Venture capital (VC) investment has grown faster than the more mature private-equity or public-markets funding. In 2023 total amount of VC invested in insurtechs surpassed $16 billion, $14 billion in 2022.
This has created significant pressure on insurtechs to scale—and to do so quickly. While some insurtechs may choose to merge with incumbents, others will focus on scaling independently. The path to accelerating growth differs depending on the type of insurtech player. In this post, we focus on two common types: emerging carriers and distributors, and ecosystem players.

How Phill uses his understanding of consumer behavior to create compelling content

When it comes to creating content that attracts and engages, Beinsure Media Phill has a unique approach that sets him apart – curiosity about why we do what we do, also known as buyer psychology. His interest in the field sparked his journey as a creator, so he understands how to apply psychological principles to content creation. "You have to get into the consumer's head, understand their pain points, and then offer a solution that they didn't even know they needed," Phill says.

Phill believes that creating an emotional connection with the audience is crucial. "People don't just buy products – they buy feelings. If you can make someone feel seen or understood, you've won half the battle," he explains. This emotional resonance is what turns casual viewers into loyal followers. One principle that he uses to boost this connection with his audience is the “labor illusion” principle – giving a behind-the-scenes look at how much work went into what you’ve created to add authenticity and increase the work’s perceived value.

“Making something look "too easy" can hurt your content performance. It's why artists and creators often share their process or the "making of" their work. If people think you just snapped your fingers and something amazing appeared, they're less likely to appreciate the skill and effort that went into it. It's a fine balance, though. You don't want to make your process look so complicated that people think they could never achieve what you have, but you do want to show enough to earn their respect and admiration,” he explains.

Creating a sense of urgency or exclusivity can drive engagement like nothing else," he says. Whether it's a limited-time offer or exclusive content, Phill leverages FOMO to keep his audience coming back for more.

Not all his experiments with psychology principles have succeeded, though, as he shared an interesting story about an experiment he ran with the “curiosity gap” principle on TikTok. He found that people might be super engaged on one platform but unwilling to jump to another, even if they're intrigued. It's a lesson in understanding the user journey and the commitment level required at each step. On TikTok, people are scrolling quickly and consuming content in bite-sized pieces. Asking them to switch to a 20-minute podcast is a big leap.