The Insurtech Leadership Podcast

Three Reasons Why Digital Insurance Is Different than Traditional Insurance (w/Alex Frommeyer, CEO Beam Dental)

Alex Frommeyer Co-Founder & CEO at Beam Dental is a super-inspiring founder who is at the head of the pack in digital dental insurance.

Three value-added propositions that set digital insurance fundamentally apart:

🥇1. Easy: The whole digital infrastructure and user experience including customers and brokers is just simple to use,

🥈2. Smart: Underwriting blending traditional actuarial concepts with data science and machine learnings to develop their own proprietary actuarial models that better predict and manage risk,  

🥉3. Preventive: Active health and wellness offer with access to BeamBrush that rewards customers for using it.

✅As a leader who has grown a company from 3 to over 270 employees, Fro shares some of his experience from transitioning from a builder role into a CEO.  

✅"Fro" and his technology-experienced team observed a large problem in that 100M Americans don't have access to dental insurance. They found their 'edge' in #machinelearning and #gamification, using lots of unstructured data to optimize returns in the risk of dental claims.

✅Beam's entire organization has been created following the customer journey, so the team can do its best job at each touchpoint  

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.

Alex Frommeyer is CEO and founder at Beam Dental, an AI-powered dental benefits provider that offers an easy-to-use online platform, tailored pricing based on dental hygiene behavior and the Bluetooth-connected Beam Brush toothbrush that tracks brushing habits.

Finding the Biggest Opportunities in Life Insurance (w/Brian Kass, President CMFG Ventures at Cuna Mutual)

Brian Kaas is President at CMFG Ventures the M&A and corporate venture capital fund for Cuna Mutual, and is Board Member at multiple #insurtechs. Brian is leveraging his insurance law background to lead the deals that will help drive the industry forward.

✅Brian sees insurtech as still 5 to 7 years behind where fintech is today, with more early-stage entrants than maturing companies to scale

✅Direct-to-consumer insurtechs in life insurance have a particular set of challenges, where name-brand recognition plays a major role

✅With auto insurance, you renew your policy every year, whereas with life insurance you have less frequent meaningful touchpoints to the customer

✅Brian sees interesting trends/opportunities in embedded financial services, being present at the merchant-customer point-of-sale 

✅Insurtech investing has a significant problem with ensuring diversity and so Brian helped launch a second fund purely focused on providing capital to companies founded by underrepresented demographics across the board

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.

Brian Kaas is President and Managing Director of CMFG Ventures, LLC and oversees all aspects of CUNA Mutual’s venture capital program. Additionally, Kaas serves as the Senior Vice President of Corporate Development at CUNA Mutual Group.  He is responsible for evaluating and executing a broad range of acquisitions and other strategic transactions for the organization.  He serves as a board member for several financial technology start-up companies and is a frequent speaker on emerging fintech trends.  Kaas joined CUNA Mutual Group in 2012.

Prior to joining CUNA Mutual Group, Kaas was a partner at the national law firm of Foley & Lardner.  Kaas has a broad range of legal and corporate experience, particularly in the areas of complex commercial transactions including mergers, acquisitions, reinsurance and corporate restructurings.

Kaas graduated from the University of Wisconsin Law School with a Juris Doctorate. He also received a Bachelor of Science degree from the University of Wisconsin-Whitewater in Public Policy and Administration with an emphasis in Legal Affairs.

Insurtech is Transforming the Way Employees Interact with their Healthcare (w/Guy Benjamin, Co-Founder Insurights)

Guy Benjamin is working on digital health, formerly having trained in the Israeli Air Force, Yale and McKinsey. His Insurights is exploring the potential for digital transformation in the healthcare space.

20 years ago you'd go to a bank, later on you'd call a call center, and now you use an app. Health insurance is still at step 1 of transformation with call centers but has not yet truly digitized. 

✅Insurights 'Zoe' takes on average 650-pages of coverage information and simplifies every question, enabling 'Customers' to become 'Consumers' for the first time 

✅Zoe uses AI to understand the context and intent of every policy sentence, and will reach out proactively with specific benefits in specific impact areas such as 'diabetes' 

✅This not only helps consumers better manage health it helps employers optimize benefits for the consumer interactions, and lowers the overall costs for the insurer

✅Insurights transforms the way employees interact with their healthcare, getting healthier while spending less time searching information and on the phone 

✅As co-CEO, Guy focuses on the people, product and pipeline, by showing the mission and impact having great access to healthcare will have on society 

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.

This week's guest biography:

Guy, the youngest of four brothers, was born and raised in Israel. He spent 12 years as an officer in the Israeli Air Force, getting his BA in Information Technologies and Physics from Ben Gurion University. Following his career in the Air Force, Guy graduated from Yale School of Management and joined McKinsey & Co. immediately after where he was an Associate Partner, focusing on transforming old processes with Digital and Analytics. Guy co-founded Insurights following his own experience trying to navigate his health benefits and his aspiration to help people be healthier by transforming their healthcare experience. 

 

Insurance is Not a Commodity (w/Ben Grosser, Co-Founder Telivy)

Ben Grosser is Chief Insurance Officer at Telivy having elegantly mastered the jump from insurance to the technology and insurtech side to create new growth for the industry,

✅APIs allow us to now vertically integrate the insurance supply chain using one digital process from broker to product and servicing

✅Building APIs on both the insurtech and insurer side is accelerating the pace of learning and integrations

✅Ben puts focus on delivering an ultra-high quote ratio that partners can trust 

✅The increasing frequency and severity of claims in cyber combined with the need to service the small business segment is catalyzing premiums in the area to over $25B in the coming years 

✅Ben sees retail agencies as retaining a critical role in the distribution of cyber solutions 

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.

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. 

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.

 

Big Data‘s Big Impact on Worker‘s Compensation and What to Expect in the Next Decade (w/Heather Wilson, CEO CLARA Analytics)

Heather Wilson was the first Chief Data Officer at AIG and Chief Analytics and AI Officer at LBrands before taking the role as CEO of Clara Analytics. 

✅Clara helps deliver 10x-40x savings back on worker's compensation claims processing using AI and API integrations.

✅Clara's interface helps understand the complexity and nuance of claims including medical records, allowing the adjuster to recalibrate and choose the right specialist to review the injury in that exact location, predicting and preventing litigation.

✅The next decade will see a focus on speed and efficiency and 'no-touch' claims in the personal lines, and a transformation of commercial lines from back-office processing to front-end customer-facing businesses.

✅Heather sees a fantastic opportunity partnering claims organizations with Insurtech's using the best talent and ecosystem to transform the industry.

✅Heather acts as a strong champion for Diversity Equity & Inclusion by helping young women understand what they do best and how to develop their own path to success in business, and CLARA aligns with this mission having a strong female C-suite presence across multiple top roles.

Heather H. Wilson, Chief Executive Officer of CLARA Analytics, has more than a decade of executive experience and leadership in data, analytics, and artificial intelligence. She was Enterprise Chief Data Officer of AIG, Global Head of Innovation and Advanced Technology at Kaiser Permanente, and Enterprise Chief Data Officer of Citigroup. She currently sits on Equifax’s Board of Directors and is a member of the Audit and Technology Committees. While at AIG, she was named the Insurance Woman of the Year by the Insurance Technology Association for her data innovation work. Ms. Wilson is recognized as a world-class expert and pioneer in data, analytics and AI. She has been a steady supporter of diversity throughout her career. She launched the Kaiser Permanente Women in Technology group, focused on mentorship and retention for women in math, technology and science. She was an Executive Member of Citi4Women at Citigroup, leading predictive analytics around retention. At AIG, she launched Global Women in Technology and served as Executive Sponsor of Girls Who Code.

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.

The Emergence of Chief Data Officers and their Importance to Insurers (w/Rob Rowello, Oracle VP Cloud Transformation)

Rob Rowello works with CXOs to use cloud to innovate at Oracle today, and was previously Cognizant's VP of Digital Transformation.  

Insights in today's episode include:

✅How to get more intimate relationships with customers beyond using mass advertising to establish your brand

✅How insurers are using AI/ML models to better price risk into their products  

✅New customer acquisition via mining social media data to micro target ads to individual consumers 

✅The importance of providing enabling tools to 3rd-party agents and brokers to succeed in their market

✅Recognizing and embracing the importance of the Chief Data Officers' role at insurers

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.

 

Insurance is Just One Big Crowdfunding (w/Allen Kamrava, CEO Eusoh)

Meet Allen Kamrava Founder and CEO at Eusoh, community-based veterinary care. Allen is a physician, surgeon and avid businessperson. 

✅ Insurance is one of the most successful global crowdfunds, however the financial reimbursements incentivize various stakeholders to act in certain ways, not always for the benefit of the others.

✅ Any predictions about your startup business will prove wrong so staying focused on growth and doing what you need to sign partnerships and customers is key.

✅ Being deliberate and get your regulatory setup right will pay huge dividends in the longer-term sustainability of your company and convincing investors to double and triple down.

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.

Understanding Business Goals and User KPIs to Create a Better User Experience (w/Richard Alvarez, Saggezza)

Richard Alvarez leads the user experience practice at Saggezza, and says UX is not always about heuristics or how people work with computers. 

✅When it comes to user interactions, not being an insurance expert can be a huge asset to dig deeper and understand why customers do what they do and leads to building a better product.

✅The essence of user experience is about helping make the experience to be seamless and enjoyable and not frustrate customers. 

✅The large volume of data now being exchanged in many user interfaces such as those using telematics or AI mean that the humans involved on the insurance side need to be able to use that data effectively to evaluate claims for better processing or fraud.

✅Great UX allows the system to automate all processing and allows the human to focus on interacting with other humans rather than do manual preparatory tasks.

✅When it comes to large data using IoT, AI/ML or RPA, this means having these technologies run in the 'background' to harnessing the power of doing jobs that would require thousands of people to do, whereas UX empowers the individual users be productive and add value through making decisions. 

Follow 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.

Why to Innovate the Simplest Things First (w/Itai Ben-Zaken, CEO Honeycomb )

Itai Ben-Zaken, CEO Honeycomb - enabling real-time rating for small commercial real estate. 

Itai started his career at Intel as a software engineer and did his MBA at Wharton, gained experience in an insurance company, then started a digital marketing company in social media campaigns.  Now he's back to innovate insurance using big data and AI. A few highlights from today's pod:

✅ The sweet spot is smaller commercial lines because in high-volume businesses, multiple hours saved on customizing coverages is just money in the bank for insurance brokers.

✅ Itai says providing the digital experience is easy, but working with insurance markets and their incredibly complex limits on types of exposure and coverage is hard.

✅ He believes AI will actually make its biggest image in greater than ten years from now - the connectivity to diverse data just isn't there yet. 

Follow 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.