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

Thursday Jul 25, 2024

Beyond Apps: Reinventing the Digital Insurance Experience

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

Tuesday Jul 09, 2024

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

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

Tuesday Jun 25, 2024

The Future of Insurance: Integrating Technology and Sustainability

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

Wednesday Jun 12, 2024

The Most Innovative Solutions for Financial Operations in Insurance with Qiyun Cai

Wednesday Jun 12, 2024

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 action

Notable 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."-Qiyun

Our 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 Links

Josh Hollander

Qiyun Cai

Monday Feb 19, 2024

Bringing New Innovations to Market Means Asking Your Customers First (w/Michael Nadel of Simon-Kucher)

Monday Feb 19, 2024

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.

Tuesday Feb 06, 2024

The Fundraising Environment in Insurtech Remains Healthy if You Focus on the Following Things (w/Bhavan Suri, Managing Director at William Blair)

Tuesday Feb 06, 2024

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.

Monday Jan 29, 2024

Bringing New insurance Ideas to Market By Understanding Existing Market Profitability & Product Solutions (w/Randel Bennett, Qixent Insurance)

Monday Jan 29, 2024

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.

Tuesday Jan 23, 2024

What Does Disruption Look Like in Employer Health Insurance? A Call to Arms (w/David Contorno, CEO E Powered Benefits)

Tuesday Jan 23, 2024

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.

Tuesday Jan 16, 2024

Designing for Scale: How We Built a Solution for Hundreds of Companies (w/Peter Tilbrook, Founder & CEO Loro)

Tuesday Jan 16, 2024

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.

Monday Jan 08, 2024

Using Generative AI to Issue New Certificates of Insurance and Create a Lead Generation Opportunity (w/John Paul Sutrich, Co-Founder Certificate Hero)

Monday Jan 08, 2024

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.