The Insurtech Leadership Podcast
 

The Insurtech Leadership Podcast

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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. New episodes weekly.

Episodes

Beyond Voice: How ClearSpeed is Revolutionizing Risk Assessment in Insurance

5 hours ago

5 hours ago

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 responses
  • Strategies for implementing new technology in the insurance industry
  • The importance of attracting fresh talent to insurance through innovation
  • Why disruption in insurance is likely to come from outside the industry
  • The role of data ownership in future insurance models

Manjit 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

ClearSpeed

Josh Hollander

 

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Best of the Insurtech Leadership Podcast: Top Three Downloaded Episodes Featuring Tech, Investment, and Strategy Leaders

Thursday Oct 24, 2024

Thursday Oct 24, 2024

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 workflows
  • Bhavan Suri, Managing Director, Technology at William Blair - A leading investment banker tracking where money is flowing in insurtech
  • Michael Nadel, Senior Director at Simon-Kutcher & Partners - A strategic consultant helping companies price and scale their solutions

While these leaders view the industry through different lenses, they align on several key points:

  • Insurance is only in the "third inning" of digital transformation
  • Data is becoming the key differentiator in insurance, but most companies struggle to utilize it effectively
  • The industry needs to balance innovation with practical implementation

They 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 automation
  • The role of deep learning and large language models in handling unstructured data
  • Challenges in integrating new technologies into legacy systems and how to overcome them
  • The importance of pricing strategy and market entry for insurtech startups
  • The intersection of Insurtech and Fintech: automating payments, claims processing, and beyond
  • The role of data in shaping the future of cyber insurance and climate risk management

Key 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 Nadel

About 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

Suri Bhavan

Michael Nadel 

Josh Hollander



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ITC Vegas 2024: Innovating the Conference Experience

Thursday Oct 03, 2024

Thursday Oct 03, 2024

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 discovery
  • New additions like ITC Agents, and the importance of the broker and agent role despite predictions of disintermediation
  • The influence of AI across insurance, from underwriting to customer experience
  • How the shift in climate risks, particularly the impact of water-related events, is reshaping the industry
  • A changing talent landscape: the rise of Gen Z and more diverse leadership
  • Strategies for maximizing your ITC Vegas experience, whether you're a first-timer or a veteran attendee

Key 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 insurance

Notable 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 Harris 

About 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

Josh Hollander

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From Strategy to Execution: Transforming Insurance Operations with Technology

Thursday Sep 19, 2024

Thursday Sep 19, 2024

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 operations
  • Strategies for aligning technology adoption with core business capabilities
  • The rise of MGAs and specialty insurers, and how technology is enabling their growth
  • Balancing onshore and offshore operations to maximize efficiency and client satisfaction
  • The future of AI in insurance, including responsible implementation and regulatory considerations

 

Key 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 challenges

 

Notable 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 Kulkarni

 

About 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 Kulkarni

 

Josh Hollander

 

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The Hidden Heroes of Insurance Data: Transforming the Industry from Within

Thursday Sep 05, 2024

Thursday Sep 05, 2024

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 industry
  • The critical role of data administrators in insurance and why they deserve more recognition
  • How RecordLinker is transforming data management, cutting conversion times from weeks to hours
  • The challenges of bootstrapping an insurtech startup and building a sustainable business
  • The future of AI and machine learning in insurance and why basic functionality improvements may be more crucial than advanced AI applications

In 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 database

 

Notable 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 Stepanenko

 

About 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 Stepanenko

 

Josh Hollander

 

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From London to Hartford: Navigating the CT-UK InsurTech Corridor

Thursday Aug 22, 2024

Thursday Aug 22, 2024

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 hub
  • Focus on the Insurtech Corridor as a strategic initiative for innovation and growth
  • The role of the CT-UK InsurTech Corridor in facilitating market entry
  • Challenges faced by UK companies entering the US insurance market, including regulatory complexities
  • Support provided by MetroHartford Alliance, CT IFS and the UK Office of Business and Trade
  • Importance of tailored strategies and partnerships for successful market entry.
  • How Connecticut-based companies can leverage the Corridor for UK expansion
  • Discussion 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 US

 

Notable 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 Blamire



About 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

John Blamire

Gene Goddard

Michael Hendy

Josh Hollander

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Bridging the Gap: How Insurtech Gateway is Transforming Insurance from the Outside In

Thursday Aug 08, 2024

Thursday Aug 08, 2024

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 accelerators
  • Balancing rapid innovation with the measured pace of the insurance industry
  • How non-insurance sectors are driving change in risk management and insurance
  • Strategies for founders to validate ideas and gain traction in the insurtech space

 

Stephen 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 Gateway

 

Notable 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 Brittain



About 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 Brittain

 

Josh Hollander

 

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Beyond Apps: Reinventing the Digital Insurance Experience

Thursday Jul 25, 2024

Thursday Jul 25, 2024

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 experiences
  • Striking a balance between digital convenience and data security
  • Anticipating the evolving landscape of insurance document delivery
  • Strategies for pivoting a startup and entering the insurtech space

Bradley 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 plans

 

Notable 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."-Bradley

 

Our 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 Links

Bradley Adams

 

Josh Hollander

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Automating Expertise: The Promise of AI in P&C Insurance

Tuesday Jul 09, 2024

Tuesday Jul 09, 2024

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 comparison
  • Striking the crucial balance between AI implementation and human expertise
  • Anticipating the evolving landscape for insurance professionals
  • Strategies for building and leading high-performance teams in an AI-driven environment

 

John 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 startups

 

Notable 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 Loeber

 

About 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

Josh Hollander

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The Future of Insurance: Integrating Technology and Sustainability

Tuesday Jun 25, 2024

Tuesday Jun 25, 2024

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 York

Notable 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 strategy

 

About 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

Josh Hollander

 

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