What can the Learning Industry learn from the Insurance Industry?
A radical perspective of education post-Avalanche
This article was originally written as my industry research paper for the Radical Perspective course at Hyper Island APAC. This version has been edited to protect some confidential information. To fully appreciate the article, please consider its intention and flow. It begins by laying-out the future landscape that was predicted in An Avalanche is Coming. It then presents transdisciplinary frameworks to seek inspiration to transform the industry, and then uses it to breakdown and learn from an unusual source: the Insurance industry.
I. A brief background: What happens after the avalanche on higher education?
Snowmelt is the water runoff that is produced when the climate warms up and snow begins to melt. The 2013 essay An avalanche is coming: Higher education and the revolution ahead proposed that an “avalanche of change” (Rizvi et al., 2013) predicted that an avalanche of events will sweep and reshape the educational landscape. Economic power shifting to the east (Competence centre on foresight), developments in technologies like 3D printing (Dumitrescu & Tañase, 2016), wearable computing (Sucharitha et al., 2021), driverless cars (Robbins, 2023), and the rapidly rising cost of education (McGurran, 2023) were the avalanche that happened and reshaped the learning landscape.
I first read Avalanche in 2015. It is now 2024. The avalanche did come and became snowmelt that formed braided rivers of unstoppable force.
Rapid advancements in computing and internet technologies have facilitated increased accessibility to educational platforms, marking a significant shift towards the democratisation of education. The integration of Artificial Intelligence or AI is revolutionising many sectors. Harvard Business Review quoted Karim Lakhani’s assertion that AI will significantly reduce the cost of cognition, similar to the internet’s impact on information transmission. AI will permeate every aspect of work and life, as did the Internet. (Howard, 2019)
Braided rivers
Rivers of technological advancements are disrupting the Learning Industry. Education companies are experiencing declines in stock prices due to AI’s projected impact (Staton, 2023). Education technologies have democratised learning, leading to more equitable distribution of educational resources across the globe (Barger, 2020) highlighted by the adoption of online courses in Asian countries to foster social and economic mobility. Moreover, in recent months, GPT technology pushed the boundaries of Generative AI. We created AI to help us solve problems that human biological intelligence and life spans cannot (Morris, 2023) but it has been influencing us back in various ways. Trust in AI systems is increasing as companies convince users of its value through strategic approaches (Batra et al., 2018). And now, Millennials and Gen Z are reevaluating the value of a college education in light of the democratisation of learning, signalling a paradigm shift in traditional educational norms (Millennials and Gen Z are rethinking the value of a college education, 2020).
Dr. Vivienne Ming, a theoretical neuroscientist and AI entrepreneur, argues that there is a way forward with AI, and that is by treating AI as “augmented intelligence,” a means to enhance our capabilities and capacity. AI has the potential to “turn things on their head” in terms of our ways of working. (PCMag, 2017)
To prepare for a future painted by the said factors, strategic changes in the learning companies need to be made on the following themes:
- Identity and Mission — The mainstreaming of experiential learning and interdisciplinary education has weaked it as a value proposition for schools. Learing companies need to reinvent themselves to address modern challenges, particularly posed by AI and the needs of Industries.
- Product and Service Portfolio — As an effect of changes in identity and mission, service designs need to be revisited to consider integrations happening in the world, and aligning them with changing customer needs, current and predicted.
- Business Development — Rethinking of business models to sustain profitability and operational sustainability in the transformed business landscape.
To help with this, one can look at a different industry which may have conceptual similarities and use it as a reflective surface. In this case I used the Insurance Industry.
II. Conceptual Framework: How can we think about this systematically?
The Insurance Industry’s value is interesting because its proposition is to “reduce financial uncertainty and make accidental loss manageable.” (Insurance Information Institute) The need for insurance is unknown; and yet people say that it’s better to have it than not have it as it “provides financial protection to a person and his family at the time of uncertainty.” (Chaudhary, 2016) During and after the COVID-19 pandemic, the Insurance Industry is predicted to grow at a compound rate of around nine percent per year, or almost 8.4 trillion USD by 2026” (Rudden, 2024). This growth may be attributed to the health and safety anxieties caused by the pandemic. (ET Online, 2020)
This reasoning reminded me of why parents send their children to the best schools they can afford — in order to prepare them for the future — a seemingly identical reason. This led me to think: what else might be similar between insurance and education? And what else might the Learning Industry learn from the innovations of the Insurance Industry?
This form of thinking, looking for similarities or shared features is called Metaphorical Thinking; and it can enhance how people solve problems and become more creative. (Choi & Kim, 2017) It is the process by which features of objects considered to be of different classifications are compared to find similarities or overlaps. (Cuofano, 2024) The diagram below by Choie and Kim illustrates the domain of metaphors. In this model, metaphors can be found when there is a low level shared attributes between objects or as Cuofano puts it “of different classifications” but have high level of shared relations or “bisociations’’ (Koestler, 2014) or similar logical inferences. The diagram below illustrates this concept.
Using Metaphorical Thinking, I drew inspiration from patterns and innovations of the Insurance Industry and applied it to the Learning Industry. The conceptual framework below illustrates my process of exploration. This model which I call a “catamaran model” is inspired by a watercraft with two hulls that makes it resistant to overturning or rolling over.
Metaphorical Thinking bridged the two industries by allowing me to use my knowledge of the Learning Industry, particularly the SAMR model, to understand the Insurance Industry and then use what I learned about it to understand the landscape of Learning.
III. A high-level look at the Insurance Industry
In order to deconstruct and understand the Insurance Industry, I drew its rich picture based on the following conversations with insurance agents, one head of department, interviews with members of experience strategy team of a multinational insurance company, examination of websites of private companies and government agencies, and supplemental readings.
Rich Picture of the Insurance Industry
The core idea of Insurance is to guarantee the customers a defined value when certain conditions are met in the future if they make periodic payments called premiums. The art and science of the Insurance Industry is in managing their risk by calculating and assigning monetary value on a living or non-living thing based on their risk level (Nelms, 2023) and likelihood to claim their guaranteed amount before the company makes full use of their premiums. (Henry, 2023)
There are generally two types of insurance organisations: government, and private, and both offer a variety of Life and Non-life products. Life products pertain to health insurance, life or retirement fund, accident insurance, critical care insurance, and death insurance. These products are offered to both people and animals (pets, not livestock) and can be bought by the person for himself or for a family member.
Government insurance agencies provide social support for citizens of a country through financial aid and government pensions. Agencies like the Social Security System and Government Service Insurance System in the Philippines, Medishield and the Central Provident Fund in Singapore, Malaysia’s Employees’ Provident Fund and Social Security Organization, and Indonesia’s Social Security Agency and Social Security Agency for Health are examples of government insurance agencies. Private companies like Sun Life, AIA, Manulife, DeadHappy, and Lemonade also offer different Life and Non-Life products to customers. Both government and private insurance companies are regulated by their governing agencies such as the Insurance Commission for the Philippines, Monetary Authority of Singapore (MAS), Labuan Financial Services Authority (Labuan FSA) in Malaysia, and Financial Services Authority (OJK) in Indonesia.
Because the Insurance Industry is a highly regulated industry, insurance policies cannot be bought without processes that ensure lawfulness. Processes like “KYC or Know your customer”, background checks, and underwriting processes are conducted by insurance companies to avoid facilitating financial crimes. (Lowe, 2022)
In recent years, the Insurance Industry saw transformational movements. During and after the COVID-19 pandemic, sales of insurance products rose, attributing to people’s sudden consciousness of future health or mortality risks. The explosion into the mainstream of artificial intelligence triggered companies to start exploring including automation and artificial intelligence in various steps in their process. Companies like Ping An Insurance and State Farm Mutual Automobile Insurance have replaced backend processes like manually digitising handwritten application forms with AI- assisted Optical Character Recognition softwares. Human call centre agents are in danger of being replaced by AI softwares (Soriano, 2023)(Quach, 2022); and the underwriting process, a core process in insurance, is being replaced by AI underwriting. (Lorenzoni & Reilly, 2022)
The Edges of the Industry
Borrowing the SAMR model by Dr. Ruben Puentedura, often used in Edtech, I identified Lemonade and DeadHappy as two companies who are reinventing the concept of insurance. SAMR (Substitution, Augmentation, Modification, and Redefinition) stands for four levels of innovation defined by the degree of the change they’re doing with their product or service. I see Lemonade and DeadHappy as being in the Modification and Reinvention stages because they challenge some of their industry’s core principles (highlighted in blue) and critical processes like selling, underwriting, claims, and stocks.
Through AI, Lemonade is able to facilitate their unique chat-based, self-served claims process. This AI-powered process makes it possible for insurance claims to be disbursed instantly, versus the usual 3- 5 days. Aside from technology innovation, Lemonade innovated on its business philosophy and model. Whereas traditional insurance companies treat premiums as payments for their insurance service which the company then puts in an investment fund for it to further grow, Lemonade treats their customers’ premiums as the customers’ own, and charges a flat fee for the service. Lemonade challenges the idea of underwriting by fully automating the underwriting experience, as well as the practice of using insurance premiums to make investments.
Another company that sits at the edge of the industry with its innovation is DeadHappy. Like Lemonade, it’s an insurance startup whose idea is to flip the narrative about insurance. Whereas traditional insurance companies have an ideal narrative and tone of ensuring financial freedom in times of need, DeadHappy tells a more realistic story of making sure that customers’ money goes to where they want it to go when they need it or when they die. As an Insurtech platform, it leverages on new technologies like artificial intelligence. Deadhappy challenges concepts of financial needs analysis and payouts by allowing customers to pick whatever they want to be able to pay for when they die like mortgages, leaving money to somebody, and even send something, even their ashes to space.
The innovations Lemonade, DeadHappy, and many other Insurtech companies are doing are not limitless though. Their businesses are still subject to their respective country’s government regulations.
IV. Finding inspiration by comparing the Insurance and Learning Industries
In the first section I explained the larger context of the Learning Industry. The proverbial avalanche had come and terraformed the industry; and in its wake is snowmelt rivers running as the new Learning Industry. And much like the Insurance Industry, the Learning Industry is seeing innovation happening on the edges.
To show where the edges might be, I drew another rich picture, this time of the Learning Industry. The green boxes indicate components of the industry that are strictly regulated like public schools, teaching licences, curricula for academic programmes and some certifications, and stocks for publicly-traded institutions. The yellow boxes indicate parts that are loosely regulated or not regulated at all (for some regulation is limited to legalising business operations, but not curriculum design) like some private learning institutions that offer certification training, professional training, and short courses.
Edge-ucation
In the rich picture above I highlighted in blue what innovative learning companies on the edges of industry are challenging. Future Learn, a massive online learning platform also called a MOOC, offers stackable credentials. For free, a learner may enrol on any of the hundreds of courses offered on the platform by different learning institutions like Duke University, University of Leeds, and many more. These courses can then be the first of a set of courses that are part of a programme; and several programmes can be credited to a full academic degree by the offering institutions.
Duolingo, a language learning platform uses AI to power its gamified -learning experience. Without the need for any human interaction or intervention, the user is given a personalised learning programme, activities and challenges, and assessments. Using the concept of implicit learning or allowing the learner to find patterns and connections on their own, rather than teaching language rules and instruction, they are able to facilitate more effective learning.
Perhaps at the farthest edge on innovation education is Astra Nova, an “experimental school” founded in Space X. It’s an online-only school for learners from around the world aged 10 to 14 years old. Their courses change every term, based on new programmes developed by their faculty. Their courses are framed differently like instead of algebra I, geometry, and algebra II, they offer Art of Problem Solving, making learning experience more critical, holistic, and phenomenological. Some more examples of their course they offer are “Lost Worlds Workshop”, “Lies, Damned Lies, and Data Science”, “BioEthics: Everywhere”, and “Beginners Stand-Up Comedy”.
Rich Pictures and Patterns
When seen side-by-side, several similarities can be seen between the two industries. I’ve identified and marked by red connecting arrows four similarities which I found to be most relevant.
First is that regulation plays an important role in both industries. But while insurance is strictly regulated as a whole, some learning institutions are only loosely regulated. What is strictly regulated in education are academic programmes and some certification programmes. This is because graduation from these programmes earns the learner legally-binding documents such as academic transcripts, diplomas, licences, and certificates. Second are products. The two industries offer very different sets of products but what is similar is that the products they offer are investments: financial investments for Insurance, and personal development investments for Learning. Third is that both industries’ delivery outlets (offices and campuses) and agents (teachers, trainers, and insurance sales agents) are being challenged by technological advancements. AI and automation, in particular, is making teachers obsolete like in Duolingo, Lemonade, and DeadHappy, or making the experience more “low-touch” like in the case of FutureLearn.
Patterns
After examining the state of both industries, the disruptions that loom over it, and the innovations happening on its edges, I saw the following similar patterns:
- Standardisation and automation of processes — Both companies are moving towards automation of its processes. (Perspective, 2023) (Hurix Digital, 2024) For this to happen, they have to standardise their business processes in order to create automated workflows. For more complex processes, some companies are using AI to make hyper-fast analyses and decisions.
- Regulation as mutually-securing fence — Regulation provides guardrails for both industries to follow, thereby limiting where, how, and with whom they can do business with. And while this might be seen as a deterrent, regulations are also seen as safeguards for customers or their stakeholders as ways to protect them from illegal activities that can endanger their financial or personal development investments.
- Focus on long horizons — Insurance products are usually explained and sold as long-term “investments”, while academic degrees, continuing education, or professional training are sold as “investing in your future.” Observable in advertisements of insurance agencies that buying insurance is being responsible about the future. (Campaign UK) Similarly, ads for schools and training centres communicate optimism, agency, and competency for the future. (Cotw, 2023)
A Key Difference
A key difference between these industries is the “selling process”. Whereas learning industries generally resort to traditional advertising and selling techniques such as productisation of their course offerings and distribution of catalogues, the insurance industry uses a technique called consultative selling which is a customer-centric approach that focuses on understanding and addressing specific needs of the customer through select or bespoke solutions. Insurance companies employ consultative selling methods through different tools (each marked by a purple dot on the diagram) like Financial Needs Analysis, goal setting, and conversations between prospects and insurance agents. Before an insurance product is sold, they facilitate consultations in order to recommend the best product fit.
V. Recommendations for Transformation
From being sold to being sought
A major pivot Insurance companies are doing to attract more new customers is flipping the narrative of insurance from being sold, to being sought. From being a product that insurance agents actively sell to customers, they spend tremendous effort to change the perspective on insirance into something that customers proactively want to search for and buy. One way Insurance is doing this is by financial literacy programmes to spread awareness, and by changing the role of insurance agents from being just sales agents to becoming financial advisors, a role that plays a longer and more significant role in the customer lifecycle.
Learning companies can learn from this role change. Aside from merely presenting prices, they can focus on communicating the value they deliver to their target customers. Business negotiation is about reaching mutually beneficial agreements between the business and the customer. It requires effective communication, problem-solving skills, and the ability to find common ground while advocating for one’s own interests. Current common practice is education requires no need for negotiation as fees are usually fixed, making sales conversion a “Yes or No decision” and not a mutually-agreed deal, except for bespoke B2B training deals. And a black and white decision is not a winning position and may not foster relations.
A powerful narrative shift Insurance has done was to make their products a form of investment rather than a recurring expense. Learning companies can do the same by shifting its business process to support the narrative that learning is an investment that will not only pay dividends in the future, but also a form of future-proofing for individuals and businesses. The table below shows how different business processes can shift from the past and current transitional state to a future state that supports the new narrative:
The table above illustrates how each of the functions of the business can contribute towards a consultative selling approach to selling and developing the business. As shown in the table, consultative selling is not limited to the Business Development function. Other functions create the environment for this approach to work.
VI. Personal Reflection: Be comfortable in cognitive discomfort
The transition towards a new narrative, and all the processes that need to evolve to support it is not an easy task. But tough times require us to change in order to survive. As the writer Rita Mae Brown puts it “Insanity is doing the same thing over and over again, but expecting different results.” And to be able to do things differently, one has to be able to explore other perspectives, especially “radical” ones.
When deep into my own industry I can be difficult to see or consider other perspectives. Studies show that professionals more tenured in their industry tend to be less open and empathetic towards their customers. (Looi, 2008) And that even user-centeredness can have a spectrum of definitions depending on how deep a person is into his practice. (Zoltowski et al., 2012) And when one is deep and sold into a belief or process, others can seem radical.
In political science there is a concept called the “Overton Window” which refers to the range of ideas or policies that are considered acceptable within a defined context. (Mackinac Center) In short, each of us has a window of acceptable beliefs, processes, ideas, or standards; and that the further an idea is from one’s own, the more radical it is.
The graphic below illustrates the concept of the Overton Window:
Often used to understand and even use in propaganda (Astor, 2019), this same concept can help one see the vastness of the landscape that has yet to be seen. By allowing myself to venture out of my own window, I can see perspectives he has never seen before. For example, by venturing out of Learning and into the world of Insurance, I was able to see how it works, how it solved problems, and its common attributes to Learning. And by doing this, the Overton Window can shift towards a certain direction or widen to allow for more possibilities.
But does this make me a better professional?
Yes, and no. Yes because being open to perspectives other than mine lets me learn new things, build myself as more transdisciplinary, and be a more imaginative problem solver. But also not because being more open minded means I need to be more responsible, ethical, and more robust in my views.
I don’t see being radical as like being anarchical. To manage radical perspectives I believe I should be more active to take action, and be more conscious of my actions. If I were to offer my newfound perspectives to my team, I need to be responsible enough to explain to them my process of acquiring that perspective, illustrate my perspective well so that they see it in high-fidelity, open to critique, and constructive in the discourse. Meaning to say, radical perspectives do not result in progress without careful action.
VIII. References
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