Insurance Innovation is not a Game, Treat it Like a Business (w/Andrew Rear, Chairman of Buckle)

Until 2015 Andrew Rear worked in all facets of insurance in a 30-year career and turned that into an Insurtech second-half, convincing the board of MunichRe to partner and invest in Insurtechs. From 2021 'Andy' has been chairing a few Insurtechs including Buckle, and working with a private equity fund on its investment strategy. 

✅His approach to partnering with MGA-insurtechs has always been deploying patient underwriting capital, in return for investing in early-stage entrepreneurs.

✅Andy believes there will be no 'Uber of insurance,' however there is already an Uber of the speciality areas of insurance such as small business insurance, or of gig economy insurance. 

✅Andy uses an example of insurance innovation in the credit score space, with those above 650 correlated to paying bills on-time and fewer auto accidents as not being the 'end' of the insurance focus, but digging into the <650s to find those in that group who are hard-working aspiring high-credit behavioural customers.

✅Buckle has shown insurers Can differentiate insurance for these people in the gig economy and produce products that really work for both sides, for example a gig driver who retains auto insurance and leasing to enable their business, and how having access to that combination is a virus cycle increasing your risk profile and credit score.

✅Andy sees insurance in the fundamental early stages of change (beyond our lifetimes) but that in 30 years time people will look back and realize the seeds of change were sown in the last five years. 

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