Insurance is experiencing a digital shift. Emerging technologies bring the potential for rapid change to one of the world’s oldest professions, and insurance executives are jumping on board. In fact, insurance CEOs are more likely than CEOs in any other industry to view generative AI as a top priority for investment. These executives cite cybercrime, data analysis, and fraud prevention as some high priority tasks – all of which involve using and understanding the powerful tech behind generative AI. 

Insurtech marries one of the world’s oldest industries with one of the newest. Global investment in insurtech hit 4.25 billion in 2024, giving the sector plenty of buzz, but the most exciting parts of this industry marriage happen outside the boardroom. Engineering meetups, hackathons, and competitions build a bridge between time-honored risk management practices and automation, APIs, and AI. 

Developing the new organizational culture of insurtechs

With so many executives on board with tools like generative AI, insurance is well on its way to a new era of digital change. However, there are major differences in the core organizational culture of insurance leaders and tech superstars – and some adapting might be necessary when finding the right blend. For example, Nationwide Insurance values ‘belonging, respect, and fairness’ while tech company Meta highlights ‘high impact, high performance, high reward’. Since insurtech is a mix of both technology and risk management, company values will likely sit somewhere in between (say, purpose-driven, honesty, intelligence, and tenacity).

Engineering and software development teams serve as the backbone for developing and implementing the innovative products and features insurtechs offer. Maintaining strong, well-supported engineering teams is critical, not just for delivery, but for driving future innovation. These teams need to stay on top of industry trends, regulatory changes, and the latest developments in AI, data infrastructure, and security to ensure their products remain competitive and compliant. Encouraging ongoing learning, sharing domain knowledge, and building a deep understanding of the tech landscape helps engineering teams become not only product builders but also strategic contributors to the business’s growth and evolution.

How do you find this perfect blend? For insurtechs, hackathons and engineering meetups boost creative thinking, aid in collaboration, and introduce new ways of working to your team.

How a “hackathon mindset” boosts innovation and supports creativity

What is a hackathon? A hackathon is a social coding event where programmers, software engineers, or other interested participants create a new idea or solve an existing problem within a certain timeframe (say, 48 hours). Within the constraints of a compressed timeline, teams are allowed to iterate and problem solve – allowing employee-driven, out of the box ideas to emerge. The result of these constraints is often more creativity, and more innovation. 

Rather than just ‘thinking outside of the box’, constraints help us create a box we can work in (plus give us the ability to carry those insights home!). And for companies trying to shift deeply entrenched workplace culture norms, hackathons and meetups can be a great tool for shaking things up. It’s no surprise, then, that hosting and participating in hackathons has been a key strategy for insurtechs. For example, the Kenya Reinsurance Corporation hosted a hackathon when they realized there was a gap between the AI knowledge living in academia and real-world insurance teams.

Engineering meetups bring new insights to insurtech teams

In addition to hackathons, engineering meetups, such as Wisedocs regularly scheduled senior tech meetups, have their own advantages in shaping the future of claims. These engineering meetups offer more than just networking: with lightning panels set up to offer quick insights into tech topics, business advice, and discussions tailored to backend, frontend, and machine learning teams. Meetups help deepen industry knowledge and offer exposure to real-world examples in the insurtech world. 

Hackathons and engineering meetups can act as catalysts for change. As teams share insights from the front lines and experiment with new creations, the result is a more informed (and collaborative) approach to insurance, technology, and change.