Meet Luke Fraser: a passionate innovator, entrepreneur, and educator dedicated to transforming the insurance industry through customer-driven insights. With a background in corporate strategy and a deep belief in the power of empathy to drive business success, Luke has spent his career helping organizations rethink their approach to growth and problem-solving. His journey—from working inside large corporations to launching his own ventures—has given him a unique perspective on how legacy industries can make transformative leaps simply by understanding the people they serve.

From Corporate Strategy to Entrepreneurship

Luke's career in insurance began at Liberty Mutual, where he worked in corporate strategy, gaining exposure to different divisions and international markets. However, his entrepreneurial spirit led him to explore opportunities beyond the corporate world. After working at a Boston-based startup and launching his own fintech venture, he returned to Liberty Mutual with a renewed focus on innovation and customer insights.

Realizing the power of human-centered research, Luke eventually stepped out on his own again, founding Stepwise Innovation. Over the past seven years, he has built a company that empowers insurers to move beyond traditional, insurance-centric approaches and adopt customer-first strategies. His motivation stems from a deep belief in the power of customer empathy to drive business success, recognizing that legacy industries can make transformative leaps simply by better understanding the people they serve.

Beyond his work at Stepwise, Luke also teaches Entrepreneurship, Innovation, and Product at Tufts University in the Derby Center for Entrepreneurship. His passion for teaching and mentorship allows him to inspire the next generation of innovators and problem-solvers.

By day, Luke is an educator shaping the minds of future innovators, and by night, he is an entrepreneur redefining how insurers connect with their customers. Through his work, he not only leaves a lasting impact on organizations but also empowers the next generation of industry leaders to drive meaningful change.

Balancing Structure and Creativity

As an entrepreneur and creative thinker, Luke embraces flexibility and exploration. He believes in making space for creativity—whether through hobbies like playing guitar or cooking—and applies the same principles to his work. His approach to innovation involves looking beyond the insurance industry for inspiration, whether by analyzing how astronauts think through planning for the unexpected or how the automotive industry has turned the concept of a static car purchase into an evolving digital product.  

At Stepwise, Luke fosters a culture where team members bring their full selves to the table, integrating diverse perspectives into strategic problem-solving. "We encourage our clients to follow ideas, even if they don’t know where they’ll lead," he explains. "Instead of shutting down new concepts too early, we give them space to breathe."

Tackling Complex Challenges Through Customer-Centric Solutions

Throughout his career, Luke has tackled a range of industry challenges, from improving workplace safety for medical professionals making home visits to helping insurers rethink risk from the perspective of small business owners. One of his most impactful experiences involved working with an insurer to redefine risk management for small businesses. Instead of viewing risk through the traditional insurance lens of fire and business interruptions, Luke helped guide the insurer toward understanding what truly feels risky for small business owners — like not having enough staffing for an event or being concerned about who’s going to take over the business next. This shift in perspective enabled the development of tailored solutions that strengthened customer relationships and enhanced the insurer’s role as a trusted partner.

Industry Trends and the Role of AI

When discussing emerging industry trends, Luke acknowledges the growing influence of AI but emphasizes that true differentiation will come from proprietary data and strategy. "With AI making market data more accessible, the real advantage will come from creating unique, qualitative data sets that competitors don’t have access to," he explains. He also predicts a shift in talent mobility, as employees seek companies with the best AI tools, compelling insurers to adapt their technology strategies to attract top talent.

Advice for Aspiring Innovators

For those looking to enhance their creative thinking and problem-solving skills, Luke offers simple yet profound advice: "Before jumping to solutions, make sure you're solving the right problem. And don’t be afraid to look outside your industry for inspiration. Some of the best ideas come from unexpected places."

As a driving force in the InsurTech New England community, Luke Fraser continues to challenge industry norms and push for a more customer-centric approach to insurance innovation. Through his leadership at Stepwise Innovation, he is not only shaping the future of insurance but also inspiring others to think differently, embrace creativity, and build solutions that truly meet customers' needs.

CLICK HERE to connect with Luke Fraser.