How New Product Categories Can Define Your Career

New product categories are things that have not been done before. They solve real problems in new, inventive ways and their market is just starting to adopt them.

Microsoft had many new product categories, largely encompassed by Windows and Office, offering us advanced ways of working and playing. Oracle had its relational databases, providing us with the latest ways of organizing information. Amazon gave us a new way to shop in a trusted marketplace online. I can still remember the first time I used a credit card to make an online purchase – it was a little uncomfortable to say the least. Then, more recently, we had Facebook and various evolutions of social media apps (Twitter, SnapChat, TikTok, etc.) that are connecting us in ways that we would have previously thought impossible.

By 2025, the impact of the automation of knowledge work is estimated to reach as much as $6.7 trillion per year.

In the insurance world, there is an exceptionally transformative new product category emerging: decision automation using AI. When applied in commercial underwriting, this category promises to be as core to the operation of an insurance company as policy, claims and billing systems are today. It will literally save thousands of hours of manual work, tighten up underwriting accuracy and elevate the customer experience for both agents and insureds to a whole new level.

That is one of the reasons I decided to join Convr two year ago. I saw it as a chance to be part of an organization that is bringing disruption in an industry that is ripe for change by creating and selling a new product category. Seeing the vision of what is being built and actually working on creating that vision, piece-by-piece, each day, has been an incredibly rewarding experience.

Being part of building and selling a new product category like this has a remarkable effect on one’s career and horizon for success. Can you imagine creating and selling some of the first few policy administration systems decades ago? That is what underwriting decision automation is today: it’s the beginning of a fundamental shift in the industry that will forever change the way business is done.

These are the opportunities that can elevate a good career to a truly exceptional one. It is a chance to be part of creating a new era and tie your name to history as it’s being made. At Convr, those are the types of people we are looking for – the disruptors.

If you are interested in learning more, take a look at Convr’s open positions and lets have a chat about bringing your career to the next level!

 

*https://www.statista.com/statistics/826712/worldwide-disruptive-technologies-economic-impact-forecast/