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Is voice analytics the next frontier in insurance risk assessment and fraud detection? How can military-grade technology transform insurance operations? In this episode of the Insurtech Leadership Podcast, host Joshua R. Hollander sits down with Manjit Rana, Executive VP for UK, EMEA & APAC at ClearSpeed, to explore how their innovative voice analytics technology is revolutionizing risk assessment across multiple industries.
Key Insights:
How ClearSpeed's military-derived voice analytics technology identifies risk in vocal responsesStrategies for implementing new technology in the insurance industryThe importance of attracting fresh talent to insurance through innovationWhy disruption in insurance is likely to come from outside the industryThe role of data ownership in future insurance modelsManjit shares ClearSpeed's journey from military applications to insurance, offering valuable insights into their go to-market strategy and the challenges of introducing innovative technology to a traditionally conservative industry. The episode also examines how non-insurance sectors could potentially disrupt the insurance landscape through unique data assets and customer relationships
In This Episode:
[01:11] Career journey and transition to ClearSpeed
[04:34] Explanation of ClearSpeed's voice analytics technology
[12:03] Discussion of risk scoring and comparison to FICO scores
[16:04] Implementation strategies and use cases
[21:12] Go-to-market approach and creating FOMO in the marketplace
[25:31] Addressing industry objections and concerns
[30:27] Examples of industry disruption from outside players
[36:28] Attracting talent to the insurance industry
[38:34] The difference between digitization and true innovation
Notable Quotes:
"I honestly believe a few years down the line, this is going to be as common as a credit score. Now you're applying for a job and people are going to say, have you had a ClearSpeed test?" - [11:27] Manjit Rana
"If three of them manage to solve that problem or reduce that fraud, those fraudsters are not going away. They're just going to move to the other seven. If those other seven were already drowning anyway, this is just going to push them over the edge." - [24:39] Manjit Rana
"We don't promote that enough. We don't make insurance sound interesting and sexy enough to that next generation of smart talent, which we're absolutely going to need if we want this industry to stay relevant." - [37:04] Manjit Rana
About Our Guest:
Manjit Rana is the Executive VP for UK, EMEA & APAC at ClearSpeed, a company specializing in voice analytics technology for risk assessment. With over 13 years of experience as an InsurTech and Insurance Innovation thought leader, Manjit brings a unique perspective from working across multiple industries and roles, including technology companies, insurance carriers, and consultancy. He is also the Co-Founder of Synapse Ecosystems and serves as an advisor to various InsurTech companies
Resources:
Manjit Rana
https://www.linkedin.com/in/manjit-rana/ClearSpeed
https://www.clearspeed.com/Josh Hollander
https://www.linkedin.com/in/joshuarhollander/https://www.horton-usa.com/https://www.linkedin.com/showcase/insurtech-leadership-show/?viewAsMember=true https://www.insurtechassociation.org/ https://innsure.org/ -
Fresh from InsurTech Connect 2024, where the industry gathered to discuss insurance innovation's past, present, and future, host Joshua R. Hollander brings you a special episode revisiting our three most downloaded episodes of the last year:
Tom Wilde, CEO of Indico - At the forefront of bringing AI and automation to insurance workflowsBhavan Suri, Managing Director, Technology at William Blair - A leading investment banker tracking where money is flowing in insurtechMichael Nadel, Senior Director at Simon-Kutcher & Partners - A strategic consultant helping companies price and scale their solutionsWhile these leaders view the industry through different lenses, they align on several key points:
Insurance is only in the "third inning" of digital transformationData is becoming the key differentiator in insurance, but most companies struggle to utilize it effectivelyThe industry needs to balance innovation with practical implementationThey also offer contrasting perspectives on critical issues:
The readiness of AI for insurance (Wilde argues it's ready now, while others suggest a more measured approach)The future of insurance distribution (differing views on the role of traditional channels versus digital-first approaches)How to prioritize innovation investments (varying perspectives on what should come first: customer experience, middle office, or core systems)Key Insights:The evolution of AI in insurance, from mobile transformation to middle-office automationThe role of deep learning and large language models in handling unstructured dataChallenges in integrating new technologies into legacy systems and how to overcome themThe importance of pricing strategy and market entry for insurtech startupsThe intersection of Insurtech and Fintech: automating payments, claims processing, and beyondThe role of data in shaping the future of cyber insurance and climate risk managementKey Topics Covered:[00:05] Intelligent intake challenges in insurance operations [03:42] Evolution from PDF scraping to AI-driven processing [07:12] The role of generative AI in insurance [10:18] Investment trends in insurtech [14:08] Insurtech-fintech convergence [15:21] Data's role in new insurance products [17:03] Tech-enabled MGAs and market evolution [18:40] State of insurance digitization [21:06] Growth strategy pillars [23:03] Insurance pricing considerations [27:07] Market entry strategies Notable Quotes:"In insurance, data has always been king. But today, the challenge is turning unstructured data into fuel for decision-making." - Tom Wilde"The big breakthrough in AI is its ability to handle context. That's why large language models are changing the game." - Tom Wilde"I think by and large, digitization is still in the third inning for most carriers... When you get to life with annuities, that's probably first inning in terms of actual digitization." - Bhavan Suri"We’re just starting to see the convergence of Insurtech and Fintech, especially in areas like payments and claims automation." - Bhavan Suri "Pricing is really just a measure of value, the same way that a foot is a measure of distance. When you're pricing your products, it's really all about what the customer values in this product and matching that value to the price relationship." - Michael Nadel"If you're leaving pricing to chance, you're leaving money on the table." - Michael NadelAbout Our Guests:Tom Wilde: CEO of Indico, Tom has over 25 years of experience in solving complex digital content problems and is an expert in applying AI and machine learning to insurance workflows.
Bhavan Suri: Managing Director at William Blair, Suri focuses on technology companies operating in the insurtech space, advising them on mergers, acquisitions, and public offerings.
Michael Nadel: Senior Director at Simon-Kutcher & Partners. Michael specializes in growth strategies and pricing for insurance carriers and insurtech firms.
Resources:Tom Wilde
https://www.linkedin.com/in/tomwilde/https://www.linkedin.com/company/indico-data-solutions/Suri Bhavan
https://www.linkedin.com/in/bhavan-suri-074113/https://www.linkedin.com/company/william-blair-company/Michael Nadel
https://www.linkedin.com/in/michael-nadel-13656123/ https://www.linkedin.com/company/simon-kucher/Josh Hollander
https://www.linkedin.com/in/joshuarhollander/https://www.horton-usa.com/https://www.linkedin.com/showcase/insurtech-leadership-show/https://www.insurtechassociation.org/https://innsure.org/ -
Fehlende Folgen?
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In this episode of the Insurtech Leadership Podcast, host Josh Hollander sits down with Bill Harris, Co-Founder and Chief Customer Officer of ITC Vegas, to discuss how the event has evolved to support the continued growth and development of the InsurTech industry. With the 2024 event just around the corner, Bill shares exclusive insights into what makes ITC Vegas a must-attend experience and why those still contemplating attending should register for the 2024 event.
Key Insights:
How ITC Vegas has transformed from a startup-focused event to the "CES of Insurance"The introduction of curated "neighborhoods" to enhance networking and discoveryNew additions like ITC Agents, and the importance of the broker and agent role despite predictions of disintermediationThe influence of AI across insurance, from underwriting to customer experienceHow the shift in climate risks, particularly the impact of water-related events, is reshaping the industryA changing talent landscape: the rise of Gen Z and more diverse leadershipStrategies for maximizing your ITC Vegas experience, whether you're a first-timer or a veteran attendeeKey Topics Covered:
[00:15] Introduction to Bill Harris and ITC Vegas[02:49] What's new at ITC Vegas 2024: Cosmic theme and curated experiences[05:19] Evolution of networking opportunities at ITC Vegas[10:05] Growth and diversification of sponsorships and attendees[19:53] Tips for getting the most out of ITC Vegas (especially for first-timers)[32:50] Key industry trends shaping InsurTech's future[36:25] Adapting the event for younger generations in insuranceNotable Quotes:
"We think of ourselves as the CES of insurance. We're here to explore innovation and create real value for the ecosystem." - [03:26] Bill Harris"AI dominates every conversation, from the front end of underwriting to the back end of claims." - [32:50] Bill Harris"The broker or the agent is really a key part of that selling process, that education process of insurance and how important it is to understand this is why your premium is what it is." - [42:30] Bill Harris “Most of these weather events are now driven by water. And it's a completely different ballgame when you're talking about wind and fire versus water." - [41:33] Bill Harris"Gen X, because we're such a small cohort of the workplace, we're being quickly replaced by millennials. And now you see the up and coming Gen Zs." - [43:34] Bill HarrisAbout Our Guest:
Bill Harris is the Co-Founder and Chief Customer Officer of ITC Vegas, known for hosting one of the largest Insurtech events in the world. With a unique background spanning digital marketing and event management, Bill has been instrumental in growing ITC Vegas from a startup-focused gathering to the world's largest InsurTech event and creating valuable opportunities for the community to connect, innovate, and grow.
Resources:
Bill Harris
https://www.linkedin.com/in/billharris3ubiq/https://vegas.insuretechconnect.com/register/ (Registration Still Open!)https://vegas.insuretechconnect.com/app/ (Event App)Josh Hollander
https://www.linkedin.com/in/joshuarhollander/https://www.horton-usa.com/https://www.linkedin.com/showcase/insurtech-leadership-show/https://www.insurtechassociation.org/https://innsure.org/ -
In this episode of the Insurtech Leadership Podcast, host Josh Hollander sits down with Sachin Kulkarni, EVP and Head of Americas for Commercial, Specialty, and MGA at Xceedance. With a unique background that spans from IT strategy at Marsh to leading operations at a fast-growing insurance technology services provider, Sachin offers invaluable insights into the evolving landscape of insurance technology and operations.
Sachin discusses Xceedance's journey as a domain-focused service provider, emphasizing the critical balance between technological innovation and core insurance expertise. He shares candid perspectives on the challenges of change management in the insurance industry and provides strategic advice for companies looking to leverage technology for competitive advantage.
Key Insights:
The shift from people-based to technology-led engagements in insurance operationsStrategies for aligning technology adoption with core business capabilitiesThe rise of MGAs and specialty insurers, and how technology is enabling their growthBalancing onshore and offshore operations to maximize efficiency and client satisfactionThe future of AI in insurance, including responsible implementation and regulatory considerationsKey Topics Covered:
[00:41] Xceedance's foundation as a service provider and Sachin's career evolution from Marsh to insurtech leadership [03:11] Debunking the myth of insurance industry's resistance to innovation [07:25] Ensuring technology solutions drive real business value, not just novelty [13:42] Market segments leading and lagging in technology adoption [18:03] How Xceedance supports insurers at various stages of growth [21:38] Practical applications of Gen AI in insurance operations [23:04] Navigating the complexities of AI regulation and responsible implementation [25:31] Lessons learned in expanding from India to the US insurance market [30:50] Advice for capitalizing on industry changes and overcoming challengesNotable Quotes:
"We didn't want it to be a people-based engagement, but we wanted to be a technology-led engagement." - [04:06] Sachin Kulkarni "Technology is enabling business, enabling the insurance process. It is not the business process." - [07:36] Sachin Kulkarni "If a company does not take a step back and see how this change is being incorporated, very soon there can be no value coming out of it." - [06:15] Sachin KulkarniAbout Our Guest:
Sachin Kulkarni is the EVP and Head of Americas for Commercial, Specialty, and MGA at Xceedance. With a background in IT strategy at Marsh and extensive experience in Property and Casualty Insurance, Sachin brings a unique perspective on leveraging technology to enhance productivity and drive innovation in the insurance industry.
Resources:
Sachin Kulkarnihttps://www.linkedin.com/in/itexecutivesachinkulkarni/https://xceedance.com/Josh Hollander
https://www.linkedin.com/in/joshuarhollander/https://www.horton-usa.com/https://www.linkedin.com/showcase/insurtech-leadership-show/?viewAsMember=truehttps://www.insurtechassociation.org/https://innsure.org/ -
In this episode of the Insurtech Leadership Podcast, host Joshua R. Hollander sits down with Roman Stepanenko, founder and CEO of RecordLinker, to explore the often-overlooked world of insurance data management. Roman shares his journey from writing software at age 13 to co-founding RiskMatch, and how that experience shaped his vision for RecordLinker.
Discover how RecordLinker is addressing critical challenges in the insurance industry by focusing on the unsung heroes of data management - the data administrators. Roman shares how his time as CTO at RiskMatch provided a window into the complexities of insurance data aggregation and led Roman to identify a critical gap in the market - the need for specialized tools for data administrators. Roman also provides insights into the complexities of data standardization, the impact of mergers and acquisitions on data integrity, and the future of AI and machine learning in insurance.
Key Insights:
How Roman's experience at RiskMatch revealed the widespread data standardization issues in the insurance industryThe critical role of data administrators in insurance and why they deserve more recognitionHow RecordLinker is transforming data management, cutting conversion times from weeks to hoursThe challenges of bootstrapping an insurtech startup and building a sustainable businessThe future of AI and machine learning in insurance and why basic functionality improvements may be more crucial than advanced AI applicationsIn This Episode:
[01:01] Roman's journey from software development to co-founding RiskMatch[01:30] The birth of RecordLinker: Lessons learned from RiskMatch [06:13] The hidden world of insurance data administrators and their challenges [10:15] RecordLinker's unique approach to sales and customer acquisition [18:43] Common data issues across agencies[23:25] The challenges of bootstrapping versus raising money for a startup[25:18] Roman shares what he looks for in candidates beyond technical skills[26:10] The impact of being a solo founder vs. a co-founder in the insurtech space [28:32] The future of technology in insurance and the need for core system vendors to open up their platforms [29:20] A shocking revelation: 800 variations of a single insurance company name in one databaseNotable Quotes:
"If you remember anything from this conversation, please find your data admins and just say thank you. You know, say thank you. Take them out to coffee or dinner, buy them flowers, because your organization has those people and they are very hardworking." - [08:37] Roman Stepanenko“I wanted to build a business, not a startup. To me, being a startup was a way of building a business from day one. My focus was being a business that can support itself first and foremost.." - [21:07] Roman Stepanenko"The attitude is, to me, the most important thing. You can learn new technology, but I just don't know if the person will work out well or not, even if I feel good after the interview" - [25:19] Roman Stepanenko“When you are a solo founder, you have to know before you do that you are going to be the one driving the truck and figuring out how to keep track inside the truck.”- [26:10] Roman StepanenkoAbout Our Guest:Roman Stepanenko is the founder and CEO of RecordLinker, a leading machine-learning solution for seamless data linkage and conversion in the insurance industry. With a background in software development and experience as a co-founder and CTO at RiskMatch, Roman brings a unique perspective to the challenges of data management in insurance. RecordLinker simplifies record matching across disparate systems, normalizing various data types such as coverage and job titles. By integrating with AMS360 and Applied Epic, it auto-maps up to 90% of records, significantly reducing data conversion timelines. A Vertafore Orange Partner and Guidewire Insurtech Vanguards Member, RecordLinker supports diverse industries beyond insurance.
Resources:
Roman Stepanenkohttps://www.linkedin.com/in/romanstepanenko/https://recordlinker.com/Josh Hollander
https://www.linkedin.com/in/joshuarhollander/https://www.horton-usa.com/https://www.linkedin.com/showcase/insurtech-leadership-show/?viewAsMember=truehttps://www.insurtechassociation.org/https://innsure.org/ -
How can UK insurtech companies successfully enter the complex US insurance market? In this episode, we explore the CT-UK Insurtech Corridor through the journey of Programmable.AI, showcasing how this initiative creates pathways for international growth and innovation.
Host Joshua R. Hollander brings together John Blamire, CEO and co-founder of Programmable.AI; Mike Hendy from the UK Office of Business and Trade; and Gene Goddard from MetroHartford Alliance and the CT IFS. They discuss how the Corridor is bridging the insurance technology landscapes of Connecticut and the UK, fostering transatlantic opportunities for insurtech companies.
Key Insights:
Programmable.AI's journey from the UK to Connecticut's insurance hubFocus on the Insurtech Corridor as a strategic initiative for innovation and growthThe role of the CT-UK InsurTech Corridor in facilitating market entryChallenges faced by UK companies entering the US insurance market, including regulatory complexitiesSupport provided by MetroHartford Alliance, CT IFS and the UK Office of Business and TradeImportance of tailored strategies and partnerships for successful market entry.How Connecticut-based companies can leverage the Corridor for UK expansionDiscussion of risk analytics and fraud detection technology in the insurance industry.Emphasis on the significance of collaboration among startups, established companies, and government entities.Key Topics Covered:
[01:57] Programmable.AI's risk analytics and fraud detection technology[05:41] Challenges in insurance industry[10:16] MetroHartford Alliance's role in supporting incoming companies[12:06] Insurtech Corridor strategy[14:00] UK Trade Office's assistance for UK companies expanding to the US[16:24] Benefits of the InsurTech Corridor for companies[19:13] Regulatory environment challenges[20:17] John's firsthand experience navigating the US market entry[25:38] Bespoke services provided by MetroHartford Alliance[26:25] CT IFS initiative[29:06] Regulatory advantages in Connecticut for insurtech companies[31:00] Opportunities for Connecticut insurers in the UK market[33:24] Programmable.AI's progress and future plans in the USNotable Quotes:
“As a small British company, entering the US is not for the faint-hearted, and if you don't prepare properly, you prepare to fail. The InsurTech Corridor provided us with invaluable support and connections.” - [19:28] - John Blamire“Our partnership with the companies that are in the IFS space, in the tech space, is to help attract new talent into our great state and into the Hartford region.”[13:26] ] - Gene Goddard“The Insurtech Corridor was a very logical agreement between the UK and Hartford, Connecticut, because Hartford is the self-styled capital of the US insurance industry, and London is the capital of the insurance world.” - [14:57] - Michael Hendy“I think they're very lucky to have Gene and Susan in MetroHartford Alliance and all of their members. It's a really interesting partnership and I think it's very, very successful.” - [19:48] Michael Hendy“We want to see more Insurtech startups coming into the corridor because the more startups that come, the more the ecosystem builds, the more power it has, and the better we can actually help each other.” - [34:00] - John BlamireAbout Our Guests:
John Blamire: CEO and co-founder of Programmable.AI, a company specializing in risk analytics and fraud detection in the insurance sector.
Mike Hendy: Senior Trade and Investment Officer for the UK Office of Business and Trade, focusing on supporting UK companies' expansion into the US market.
Gene Goddard: Chief Business Investment Officer for MetroHartford Alliance, dedicated to promoting economic development in the Hartford region.
Resources:
InsurTech Corridor
https://www.insurtechcorridor.com/John Blamire
https://www.linkedin.com/in/john-blamire/https://www.fraudgraph.ai/Gene Goddard
https://www.linkedin.com/in/genegoddard/https://metrohartford.com/https://connecticutifs.com/Michael Hendy
https://www.linkedin.com/in/mikehendy/https://www.flowcode.com/page/ukinbostonJosh Hollander
https://www.linkedin.com/in/joshuarhollander/https://www.horton-usa.com/https://www.linkedin.com/showcase/insurtech-leadership-show/?viewAsMember=truehttps://www.insurtechassociation.org/https://innsure.org/ -
In a world where technology drives daily innovations in industries from travel to health care to manufacturing, why should insurance be any different? How can innovators and insurers collaborate to create meaningful, sustainable change?
In this episode of the Insurtech Leadership Podcast, host Josh Hollander sits down with Stephen Brittain, Director and Co-founder of Insurtech Gateway, to explore their unique approach to incubating and investing in early-stage insurtech startups. Stephen, with his product design background and entrepreneurial spirit, offers valuable insights into the intricacies of nurturing innovation in an industry known for its caution.
Based in London and Sydney, Insurtech Gateway is an incubator and venture builder dedicated to supporting early-stage founders in refining their business models, achieving product-market fit, and navigating the complexities of distribution. They also manage a series of early-stage venture funds to facilitate this journey.
Key Insights:
The distinction between Insurtech Gateway's incubator model and traditional acceleratorsBalancing rapid innovation with the measured pace of the insurance industryHow non-insurance sectors are driving change in risk management and insuranceStrategies for founders to validate ideas and gain traction in the insurtech spaceStephen shares Insurtech Gateway's journey from its founding in 2016 to its current role in nurturing startups and building a resilient insurtech ecosystem. He offers a candid look at the challenges of introducing disruptive ideas to a risk-averse industry and the strategies they've developed to bridge that gap. The episode also examines how a strong product background influences InsurTech Gateway's methodology.
In this Episode:
[00:34] Insurtech Gateway's mission and unique position in the market[02:37] The origins of the incubator and its evolution[05:34] Insurtech Gateway's bespoke collaboration strategy with startups[12:31] Examples of successful portfolio companies (e.g., Flood Flash)[19:37] How Stephen's product background influences their approach[21:31] Changes in the insurance industry since 2016 and ongoing challenges[25:08] The role of innovation partners from outside the insurance market[33:35] Strategies for working with both insurers and non-insurance partners[37:05] Emerging trends in corporate risk management and self-insurance[40:50] Opportunities for listeners to engage with Insurtech GatewayNotable Quotes:
"We saw the speed of innovation and change of digital, and we were seeing the lack of agility in the insurance market. The first thing we should do would be to find a place to attract those innovators from outside." - Stephen Brittain“'The hardest thing to swallow for me has been the indicators that I get early and get super excited about, but I'm still five years ahead of the decision-makers who are going to make this happen” - Stephen Brittain“The last eight years have been a huge growing up exercise for me, making me realize quite what a battle I've been trying to fight over attracting disruptors and then settling disruption into the big scale of insurance” - Stephen BrittainAbout Our Guest:
Stephen Brittain is the Director and Co-Founder of Insurtech Gateway. With a background in product design and innovation, Stephen brings a unique perspective to the insurtech space. He has been instrumental in shaping Insurtech Gateway's approach to identifying, nurturing, and scaling early-stage insurtech startups. Stephen's experience spans from creative direction at Hambro Perks to supporting numerous startups through early-stage development and testing.
Resources:
Stephen Brittainhttps://www.linkedin.com/in/stephenbrittain/https://www.insurtechgateway.com/Josh Hollander
https://www.linkedin.com/in/joshuarhollander/https://www.horton-usa.com/https://www.linkedin.com/showcase/insurtech-leadership-showhttps://www.insurtechassociation.org/https://innsure.org/ -
Is there a future for insurance document delivery beyond mobile apps? Discover how Aerogami is revolutionizing the industry's digital experience and what it means for insurers and policyholders alike.
In this episode of the Insurtech Leadership Podcast, host Joshua R. Hollander sits down with Bradley Adams, co-founder of Aerogami, to discuss the innovative approach to digitalizing insurance documents. Bradley, with his unique blend of partnership expertise and product development skills, offers valuable insights for industry leaders navigating the shift towards more user-friendly digital experiences.
Key Insights:
Transforming insurance policy PDFs into engaging mobile experiencesStriking a balance between digital convenience and data securityAnticipating the evolving landscape of insurance document deliveryStrategies for pivoting a startup and entering the insurtech spaceBradley shares Aerogami's journey from its origins in higher education to its current focus on insurance, offering a candid look at the challenges and opportunities in implementing digital solutions for complex insurance documents.
The episode also delves into practical applications across various insurance products, examining how Aerogami's solution is streamlining processes and improving the policyholder experience in an increasingly digital world.
In This Episode:
[00:22] The startup ecosystem in Providence, Rhode Island[01:38] Aerogami's pivot from higher education to insurance[03:43] Entering the insurance industry with a digital solution[05:11] Initial product development and evolution[08:12] Engaging with insurance domain experts[13:35] Go-to-market strategy in the insurance sector[17:36] Future strategy and product development plans[18:44] Integrating AI into insurance policy experiences[20:02] The future of apps and technology in insurance[23:04] Navigating the complexities of the insurance industry[24:59] Balancing customer feedback with product development[27:17] Aerogami's fundraising strategy and growth plansNotable Quotes
[17:36] "There are plenty of other products suffering from the same problem with insurance, and the good news for us is that many of these products are already connected to some type of insurance organization."-Bradley[20:25] "Apps could be a dangerous business. You've seen the security leaks and other ways that data has been compromised through these experiences."-Bradley[26:29] "If we try to go too hot too fast, we're just going to spend a lot of other people's money without really building anything that anyone's going to use."-BradleyOur Guest
Bradley W. Adams is the co-founder of Aerogami, a company transforming insurance policy PDFs into engaging mobile experiences. Formerly Director of Partnerships at KeynectUp, he excels in partnership and product development, user experience, and team management. A Bryant University alumnus, Bradley emphasizes turning innovative ideas into impactful solutions through collaboration and organization.Resources and LinksBradley Adams
https://www.linkedin.com/in/bradleywadams/https://www.aerogami.co/Josh Hollander
https://www.linkedin.com/in/joshuarhollander/https://www.horton-usa.com/https://www.insurtechassociation.org/ https://www.linkedin.com/showcase/insurtech-leadership-show/?viewAsMember=true -
Is AI the future of P&C insurance? Discover how generative AI is revolutionizing the industry and what it means for industry leaders.
In this episode of the Insurtech Leadership Podcast, host Joshua R. Hollander sits down with John Loeber, co-founder and CEO of Limit, to discuss the transformative potential of AI in the insurance sector. John, with his unique blend of mathematical expertise and AI innovation, offers invaluable insights for industry leaders navigating this technological shift.
Key Insights:
Leveraging AI for enhanced document analysis and policy comparisonStriking the crucial balance between AI implementation and human expertiseAnticipating the evolving landscape for insurance professionalsStrategies for building and leading high-performance teams in an AI-driven environmentJohn shares the development journey of Limit AI, offering a candid look at the challenges and opportunities in implementing AI solutions for complex insurance tasks.
The episode also delves into practical applications across underwriting, claims handling, and customer service, examining how AI assistants are streamlining processes and improving accuracy in an increasingly complex regulatory environment.
Key Topics Covered:[00:44] The evolution of AI in insurance: from concept to reality[01:48] The ChatGPT effect: Catalyzing generative AI in insurance[03:19] Limit AI launch: Reimagining brokerage and underwriting[08:09] AI in specialty lines: Tackling complex risk assessment[10:25] The AI-human synergy in insurance operations[15:25] Navigating data privacy and ownership in AI-powered insurance tools[20:07] Overcoming technical hurdles in developing insurance-specific AI models[23:12] Leadership strategies for driving AI transformation[27:30] Building resilient, adaptable teams for the AI era[29:52] Fostering trust and vision as a leader in times of change[32:24] Organizational design considerations for AI-focused startupsNotable Quotes:
"Generative AI is really good at reading and analyzing documents and answering questions, which is tremendously exciting and transformative for our customers." - [05:42] John Loeber “All of those insurance professionals are super busy, and most of them don't have assistants, but they would benefit from having somebody that's always available and helpful.” - [11:24] - John Loeber“Almost everyone wants to know that they are working toward something, and so as a leader, it's really important to present a clear and cohesive vision of what is being worked toward.” -[29:56] - John LoeberAbout Our Guest:
John Loeber is the co-founder and CEO of Limit, a company at the forefront of bringing artificial intelligence to the insurance industry. A graduate of the University of Chicago with majors in Mathematics, Statistics, and Computer Science, John combines a strong technical background with a passion for innovative software development. His academic focus on artificial intelligence and machine learning, coupled with diverse interests in quantitative finance, climate science, visual arts, and ethics, brings a unique interdisciplinary perspective to his work in insurtech.
Resources:
John Loeber
https://www.linkedin.com/in/jloeber/https://johnloeber.com/https://www.limit.com/Josh Hollander
https://www.linkedin.com/in/joshuarhollander/https://www.horton-usa.com/https://www.linkedin.com/showcase/insurtech-leadership-show/?viewAsMember=truehttps://www.insurtechassociation.org/https://innsure.org/ -
In this episode of the Insurtech Leadership Podcast, host Josh Hollander interviews Valkyrie Holmes, CEO and co-founder of Faura, a company providing climate and property analytics to help insurance companies and homeowners reduce natural disaster risk.
During the conversation, Valkyrie discusses her company's innovative approach to reducing natural disaster risk for insurance companies and homeowners. With a background in data science and space technology, Valkyrie pivoted to sustainability after receiving a grant, initially focusing on wildfire prevention. Faura provides climate and property analytics, helping insurers make informed decisions on premium pricing and risk reduction. Valkyrie also touches on the importance of hyper-personalization in insurance policies, the integration of Faura's technology into existing systems, and the company's business model.
Key Topics Covered:
[02:15] Valkyrie's background in data science and space technology, including internships at SpaceX and NASA[02:31] How Faura pivoted from wildfire suppression hardware to software-based risk analytics after receiving a grant focused on sustainability [06:06] The shift towards hyper-personalization in insurance, moving from life and auto to property insurance[09:52] Faura's approach of using digital self-assessments and a "resilience score" to help price policies and incentivize risk reduction[35:57] Expansion from wildfire risk to other perils like wind and flood[13:15] The challenge of pricing risk in an era of increasing natural disasters[26:26] Integration options, including APIs and policy management system connections[29:13]Attracting young people to the insurance industry by highlighting its underlying role in society[32:28] Valkyrie's approach to LinkedIn content and social media engagement[36:52] The MetaProp accelerator program Faura is participating in in New YorkNotable Quotes:
"Insurance underlies everything we do. It's hard to realize that it underlies everything we do." - [29:47] Valkyrie Holmes"The more value you give people in your content and the more you believe in that content, the more it will speak to people." - [32:51] Valkyrie Holmes on social media strategyAbout Our Guest:Valkyrie Holmes is the CEO and co-founder of Faura, with a background in data science at SpaceX and NASA. She pivoted to sustainability and insurtech after receiving a grant from 776, developing Faura's climate risk analytics platform.
Resources:Valkyrie Holmes
https://www.linkedin.com/in/valkyrieholmes/https://www.faura.us/Josh Hollander
https://www.linkedin.com/in/joshuarhollander/https://www.horton-usa.com/https://www.linkedin.com/showcase/insurtech-leadership-show/?viewAsMember=truehttps://www.insurtechassociation.org/https://innsure.org/ -
Have you ever wondered why financial operations within the insurance industry are notoriously complex? The intricate processes involved can be overwhelming, from data reconciliation to commission payouts.
In this inaugural episode of the Insurtech Leadership Podcast, host Josh interviews Qiyun Cai, CEO and co-founder of Fintary, a financial operations platform tailored for the insurance industry. Qiyun shares her remarkable journey from technology investing and AI product development to the insurance sector, where she co-founded Amplify, a digital brokerage for life insurance. The challenges of financial operations in insurance, such as data reconciliation and commission payouts, inspired the creation of Fintary in 2023. Fintary focuses on life and health insurance brokerages, offering AI-driven automation to streamline financial processes and drive business outcomes. Qiyun emphasizes the importance of industry-specific solutions, the need for modern tools to attract young talent, and the potential for technology to transform long-standing industry practices.
If you're interested in the intersection of finance and technology, this is a conversation you won't want to miss!
In This Episode:
[00:09] Qiyun's background and decision to start Fintary[01:33] Challenges in financial operations in the insurance industry[03:56] Focus and segmentation of customer segments[05:09] Product capabilities and industry-specific workflows[08:38] Use of AI and newer technologies in financial operations[09:03] Product roadmap and comprehensive approach[13:39] Target customer segments and organization size[14:32] Multi-line platform and expansion into different lines of business[15:45] Unique needs and use cases for different insurance lines[17:25] Incorporating technology and product development principles[19:04] Funding and customer agreements for company growth[21:14] Opportunity and challenge in innovating in the life insurance industry[22:27] Go-to-market strategy and product adoption[22:44] Typical entry point and ultimate buyer in organizations[23:33] The product delivering business outcomes[24:53] Evolution of the industry[27:41] Attracting talent to the organization[28:56] Closing remarks and call to actionNotable Quotes
[02:45], "I just realized how cumbersome it is to run financial operations in the insurance industry."-Qiyun[06:28] "A lot of these companies have been looking for solutions; it just doesn't solve their end-to-end workflow needs."-Qiyun[21:21] "When we show our product to our customers, people say, 'This is what I've been thinking about, and you've built what would solve my problem.” -Qiyun[25:08] "When I started in the industry, I realized how it has been around for many years, with organizations running in a very specific manner for quite some time."-Qiyun[26:08] "Now is the time where there has been a lot of consolidation, and many businesses are going through a phase where they want to professionalize the business."-QiyunOur Guest
Qiyun Cai is the founder and operator of Fintary, focused on building automation solutions that make a meaningful impact on businesses. Previously, she co-founded Amplify Life Insurance, a digital platform enhancing financial security. She was the first product manager at Spoke, creating an AI-enabled service desk, and an investor at Scale Venture Partners, specializing in B2B enterprise SaaS, IT infrastructure, and mobile technologies. Qiyun excels in combining technology and business innovation. Resources and LinksJosh Hollander
https://www.linkedin.com/in/joshuarhollander/https://www.horton-usa.com/https://www.linkedin.com/showcase/insurtech-leadership-show/?viewAsMember=trueQiyun Cai
https://www.linkedin.com/in/qiyun-cai-b3837315/https://www.fintary.com/ -
Michael Nadel is a Senior Director at Simon-Kucher & Partners, an insurance veteran with over a decade of experience consulting with insurance clients to solve their most difficult challenges.
Michael has helped large insurance carriers with topics spanning areas such as innovation, strategic road mapping, Insurtech partnerships, digital distribution strategies, and large-scale digital transformation efforts. He has a deep expertise in property and casualty space, as well as the warranty and surety business.
Michael talks today about how work with insurtechs to find new growth opportunities and bring innovations to market effectively. Carriers and other incumbents' biggest asset is their customer base and they can leverage these relationships to get direct market feedback on the value, price and fit of new offerings before committing to implement and scale them.
Previously at CNA Michael led the innovation function focusing on Insurtech partnerships and growth opportunities, and at Accenture led large scale digital transformations for fortune 500 financial services firms.
Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.
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Bhavan Suri is Managing Director at William Blair, an advisory services firm that helps companies including insurtechs to secure growth liquidity and financing. Its team of technology bankers has deep ties to the insurtech sector with more than $20 billion in capital raised across 50 M&A and capital markets transactions.
Bhavan worked for several tech companies including Elytics and Answerthink and has developed a deep understanding for the industry forces shaping the tech market. He now focuses on advising technology companies that operate in the Insurtech space. Some of the companies he advised include Guidewire, Duckcreek, CCCS, Intelligent Solutions, and Sapiens.
Bhavan talks through straight-through-processing, the key domains and verticals in the insurance space today, and how they stack up on digitalization. His insights dive into combining business and technology into new offerings, how to work with IP ownership and developer teams, and proving out new market opportunities.
Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.
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Randel Bennett is founder and Principal Consultant at Qixent Insurance Services, turning insurance concepts into tangible, successful products by bridging gaps in pricing, underwriting, and coverage.
Randel describes the common thread of insurance being highly regulated. Product managers are the "mini-CEO" of their state, which creates a product-centric approach and change is driven by regulation. The product manager has high knowledge of the minute details about their product.
He talks about insurtech entering the scene and working with product managers to satisfy the requirements and also satisfy what the customer needs and wants as that changes. He says electronic paperwork is an example of the legacy insurance experience that is being changed with departments of insurance. During 2010-2020 the incumbents were still using paper, but in the past few years since Covid the acceleration towards digital finally found mass adoption.
At Qixent Randel is taking insurance ideas to product and process. For example if agents and other incumbents already work with construction & contractors, Randel and his team help them delve deeper into the risk and offer new insurance products. He says solutions providers need to review their offering vs. existing profitability of that business and how it fits within the target customers' budget.
Prior to forming Qixent, Randel was Vice President Strategic Partnerships at Swiss Re, co-founder at Sigo Siguros, and a product management leader at various insurance brands. Randel is a results-driven insurance industry professional with a proven track record in strategic partnerships, product development, and startup ventures. Randel resides in Chicago with his wife. When he is not evangelizing for insurance he is following sports, seeing a new museum exhibit, or planning for the next dinner he is cooking for friends.
Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.
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Meet David Contorno, CEO E Powered Benefits, giving employers navigable, understandable, and affordable health plans. E Powered Benefits was born out of the continuous cost increases and a lack of transparency within their existing health plans, and gives employers a real alternative to the traditional broker-carrier model that costs too much and pays too little.
David's passion for changing this problem stems from 30 years of experience of client renewals, which showed him that the annual 'bad news meeting' and sense of dread when meeting employees and explaining cost increases to employees had to be fixed.
David says the reason is that health insurance was created to prevent humans from catastrophic loss, so wonders how why it does not protect people from bankruptcy when they face high medical bills. David's realization that broker commissions and carriers claims payments increase as the total premiums written and claims paid increase was a game changer that directly led to creating this business.
David explains that since 60% of Americans get their health insurance through their employers, the financial incentives to reduce benefits and increases costs and claims lead to worse outcomes and dissatisfaction every year for insured members. David likens the big publicly traded insurance carriers to the "house" in gambling, as long as members are playing in the house the rules are such that the house always wins.
David talks through how he went about launching the business, by studying the total healthcare costs and money outflows to build customized health plans that cost up to 65% less than traditional employer health plans. E Powered Benefits pays faster and more on claims, in particular saving money on pharmacy benefits and hospital claims, and explains why he is able to do that. Forbes has named David "One Of America's Most Innovative Benefits Leaders" for his advocacy of transparency in health plans.
Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers. -
Peter Tilbrook is Founder & CEO of Loro, a web-based toolset that provides digital product distribution. Loro acts as a policy administration system for MGAs, Insurers and Brokers, or a complimentary system to existing processes to supercharge digital distribution.
Loro addresses two key points, unlimited distribution, either through brokers or direct to consumers, without any sacrifice to underwriting control. The company is headquartered in the USA with a solution for clients on four continents and team members in five countries. The service is product agnostic, perfect for specialty commercial lines, or consumer products.
Peter talks about having been both on the underwriting and broking side of insurance, software felt too limited, too slow and too expensive. His team built Loro as “the product we all wished we had” in the insurance industry, to allow distribution of all products through one intermediary or many, reaching customers directly, or immediately selling on any website. This power of distribution is what helps our customers bind the new business they are looking to reach, today, without risk or substantial investment. He also describes what "no code" truly means to insurance teams in terms of having full control over their business process.
Peter describes himself as a “true insurance nerd/ professional,” having worked as a Broker for Marsh and Willis, as well as, leading an Underwriting team in Tokio Marine HCC.
Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.
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John Paul Sutrich is Co-founder of Certificate Hero, a SaaS platform for issuing certificates of insurance.
Certificate Hero compares contractual insurance requirements to the insured's policy data, automating the certificate issuance process, enhancing certificate processors' capabilities, ensuring the consistent and reliable delivery of certificates in the fast-paced landscape of the commercial insurance industry.
The product reads the contract, finds and parses an insurance clause into its most meaningful components to issue a correct certificate, then compares this to the data in the agency management system, and flags areas of non-compliance for processor action. This leads directly to saving time at agencies and insurers as hundreds of millions of certificates a year.
John Paul delves into the historical roots of certificate issuance, tracing it back to the era of typewritten forms. He emphasizes how this traditional process has struggled to keep pace with the complexities of today’s contractual insurance requirements. All parties to the certificate have an interest in its being accurate, yet by the time most policies are received the policy has been signed and there is no room for corrections. Certificate Hero doubles as a lead generation tool by pinpointing inconsistencies and highlighting opportunities for brokers to engage with their clients and upgrade coverages.
Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.
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David Embry is the founder and chief executive officer of Mylo, an insurtech leader that brings its unbiased, insurance quoting engine, Mind of Mylo, to distribution and agency partners to connect business owners and individuals with top-rated insurance products. He is responsible for the overall vision and financial performance of the business as well as developing strategic partnerships. Embry is a seasoned entrepreneur with 20+ years of experience leading financial and insurance companies. He brings deep expertise and innovation to Mylo. Previously, Embry served as the president of SelectQuote Benefit Solutions and managing director at J.P. Morgan.
Belen Tokarski is the president and chief operating officer of Mylo. She is responsible for optimizing Mylo’s leading-edge technology platform to deliver expert solutions to small business owners and individuals. Tokarski is a recognized leader in the insurtech industry with 20+ years of leadership in commercial operations and insurance automation strategy. Previously, she was the president of Platform Solutions for Insureon and vice president of Automation Strategy and Agency Solutions at CNA Insurance.
Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.
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Joseph Schneier is CEO of Trusty.care, connecting sales, marketing, and member engagement for 150m Americans that receive insurance through Medicare, Medicaid, or Marketplace plans. The company provides an enterprise SaaS solution to the country's most direct-to-consumer health insurance sector.
Joseph says that most insurtech founders do not have personal experience in this space but that it has a disfragmented distribution network and many similar challenges as the private insurance sector. Just as a refresher, Medicare's coverage is 85% for people over the age of 65 and 15% for people living with chronic conditions, Medicaid covers low-income individuals and marketplace plans or Obamacare Plans that primarily focuses on small businesses or people who work for one.
These plans comprise a whopping 150m Americans or almost half the country's population, making the US one of the largest socialized, government-connected healthcare systems in the world. Although the government is the payer, most of the underlying plans are in turn managed by private insurers (think Aetna, Humana) and marketed through TV ads.
Joseph previously built and exited companies in the education space and is now applying the same lessons to the healthcare space. Mr. Schneier has been at the forefront of innovations in global and domestic education, government, value-based healthcare, and insurance technology for over 20 years. He has built companies and products studying value-based care with complex populations, co-founded and exited two companies, and is a Fellow at Columbia University’s MBA Entrepreneurial Program. He continues to focus on care for older Americans and has founded two other companies in this space—Cinematic Health, which trains CNAs, Home Health Aides, and Personal Care Assistants, and BellAge a company working with Area Agencies on Aging on longevity initiatives.
Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.
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John Morlan founded Smarter Risk that simplifies and streamlines the assessment, reporting, and development of risk control programs. Smarter Risk is a self-serve platform for communicating and improving insurable risk. It enables small business owners to qualify for the best rates, insurers to offer their most competitive prices, and agencies to leverage risk control as a competitive advantage.
The product helps small and medium sized business assess their risk controls to inform surveys and the underwriting process. The self-assessment workflow auto-generates recommendations for improvement, and dynamically changes the risk report. Insurers can evaluate how the business has improved over time.
John describes how the company is confirming new applications markets such as risk control consultants by streamlining the onsite examination and report-writing processes, and brokers/agencies treating risk as a blue ocean opportunity.
John talks about being a first-time founder, building a product that humans can easily adapt to and use. He takes enormous value out of the "Insurtech 2.0" community and the support and advice they have given over the past year since company founding.
Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.
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