The Insurtech Leadership Podcast

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

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.

An Extremely Motivating Story of Insurtech Success to Start 2024 - How We Built a Business That is Growing 30% a Year (w/David Embry & Belen Tokarski, CEO & COO of Mylo)

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.

The US Has One of the Largest Socialized Healthcare Systems for 150m Americans But Insurtech Largely Ignores It (w/Joseph Schneier, CEO Trusty)

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.

The Blue Ocean Opportunity for Insurance Agencies (w/John Morlan, CEO Smarter Risk)

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.

Why Actuaries Who Aspire to Become Leaders Need to Have a Point of View (w/Jessica Leong, CEO Octagram)

If you are an actuary or lead actuaries or data scientists in your organization, this is episode is for you!

Jessica Leong is the CEO of Octagram, a consultancy that brings together a deep knowledge of commercial insurance and data analytics to drive results. Octagram focuses on pricing for P&C carriers, making sure that insurers getting value out of data analytics and AI.

Jessica says building AI models isn't that hard, it's just about math and coding. But learning new behaviors, changing ways of working and driving value for the organization is much harder. She has been exploring how to measure and replicate successes in making part of the organization successful.

Jessica expresses that having a point of view as a leader is what brought her from contributing team member to team leader. She focused solely on the business problem whether such as improved premium, reduced loss and expense ratios to drive a successful team, unlike most carriers who let their actuaries and data scientists build models. Then it's down to the company's leadership to decide whether they value solving problems more than shiny models, and the durational patience over years to measure success and failure and turn those into learnings.

Jessica previously led Data & Analytics at Zurich North America and was also President of the Casualty Actuarial Society serving over 9,000 members. There she understood how actuaries were reserving and helping point the development of the actuarial profession to solving business problems. 

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.

What’s Different About Securing Insurance Data from Generative-AI Cyber Attacks? (w/Ian Paterson, CEO Plurilock)

Serial entrepreneur Ian Paterson is CEO of Plurilock a publicly traded cybersecurity company. Plurilock identifies and prevents, "insider threats" securing the enterprise and ensuring compliance with requirements in financial, healthcare, and government.

Plurilock works with financial services as a heavily regulated industry. Ian says insurance is different than banking because of the heavier load of data such as personal health information. The data creates another layer of risk to secure, for example in veterans health claims an insurer has added technical complexity that goes beyond just writing a policy. 

Ian says insurance companies strategy needs to address these technical complexities including strategy, the types of business coverage insurance, security controls and training.

Ian also talks about the use of generative AI to create modern cyber attacks. Plurilock uses behavioral biometrics such as keystroke to invisibly authenticate users without added friction. The product addresses work-from-home on a continuous basis, so if someone walks away from a computer during a remote session, the software detects a change in behavior and can instantaneously decide to re-secure the session and data exchange.

Ian previously founded data monetization platform Exapik (acquired), and was Director of Insights for Terapeak (acquired), a venture-backed analytics firm. He is an author of three patents on digital identity and data analytics.

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.

Notarization - The Last Holdout from the Paper Age and How to Fix It (w/Joshua Stankard, CEO NotaryLive)

Joshua Stankard is the founder and CEO of NotaryLive, a pioneering remote online notary software company. NotaryLive makes document notarization instant, secure, and paper-free, helping businesses go digital and free themselves of paper.

Notarization has been the last archaic step for businesses to digitize.  Now small and large businesses can easily notarize documents online. NotaryLive started as a side project to digitize the last holdout of the paper-bound era, and became so popular that Josh launched another company to make this a core product.  It's legal and acceptable in every state.  

In terms of compliance, a business from any state can now legally use a notary from any state using an online service. A few states require approval of the digital platform for use by notaries, but this is the minority of states and already has been resolved in those states.

NotaryLive provides large enterprise integration, white label or direct small business services. The use case for notarization has a place in insurance but applies equally across any industry. The company differentiates pricing depending on whether a company uses its own internal or network of notaries, or provide the notarization services via a subscription model. 

Josh formerly founded State Vital Records over a decade ago—a platform that revolutionized how users order medical records.

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.

Spend Underwriters Time Wisely - They Are Your Key to Running a Profitable Book (w/Paul Monasterio, CEO Kalepa)

Paul Monasterio co-founded Kalepa in 2018 with the mission to help commercial insurance underwriters bind business with confidence. Kalepa's AI-powered Copilot software enables underwriters to focus their time on the highest ROI opportunities and to quickly evaluate and optimally select risk.

Paul talks about finding the balance between underwriters saying yes to everything versus saying no to everything, to focus their time on selecting exactly the right opportunities that bring profitability and reduce claims risk. The first decision an underwriter has to make is where to use their time - so Copilot helps triage opportunities based on their attractiveness and alignment to the strategic book priorities. 

Paul also discusses technology tools and changes applicable to commercial insurance, focusing on the right opportunities and understanding risk exposures in the right context. He sees that underwriters need to be better armed to address the complexity and nature of claims and new lines. He does not see a world in which there are fewer underwriters, or less work to do. instead, he sees winning carriers and MGAs as those who understand where to use technology to augment their underwriters' skills and not fall into the trap of thinking tech will drive personnel cost savings.

Kalepa is backed by IA Ventures, Inspired Capital, and leaders in technology and financial services. Kalepa was recognized as one of the most innovative insurtechs in the world as part of FinTech Global Insurtech 100 in 2022 and 2023, one of Benzinga's Best Insurtechs in 2021, and as a Cool Vendor by Gartner in 2020.

Prior to founding Kalepa, Paul was an executive at Facebook/Meta, Mastercard, and Applied Predictive Technologies, developing novel applications of data and technology to solve the most critical problems of Global 1000 firms in insurance, banking, and the public sector in the US, Europe, Asia, and Australia. Paul also founded Forg, a microfinance organization fostering micro-entrepreneurship in South East Asia. Paul graduated with a PhD in Nuclear Science and Engineering at MIT and holds Bachelors degrees with Highest Honors and Highest Distinction in Mathematics and Nuclear Engineering from the University of California, Berkeley.

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.

Why I Bet on Evolving the Insurance Model rather than Technological Disruption (w/Jeff Shi, Insurtech Groups)

Jeff Shi is founder of Insurtech Groups, connecting consumers with industry partners. by help consumers to better understand their policies in an effort to meet each of their unique needs. 

Jeff talks about insurtech enhancing client experience vs. disruption. Insurtech Groups is consumer-facing technology that seeks to evolve the $100B insurance space across claims, service, billing and brokers. 

Jeff foresees many more people joining from the insurance world and insurtechs becoming really good at making money from insurance rather than technology. Enhancing the client experience for the customer, carrier and agents is more important than 'aiming for the fence' with a new disruptive model.

Jeff describes how Insurtech Groups has stayed more conservative working with a fixed cost model rather than trying to scale too quickly on highly variable costs. The team builds revenue and growth into everything they do. He talks about the amazing leadership at innovative large carriers like Geico, Progressive and Liberty Mutual, and how he hires on those same principles.

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.

How a Claims Processor Morphed into a Leading Insurtech - It’s All About the Workflows (w/Troy Stewart, COO Brush Claims)

Troy Stewart is President and COO of Brush Claims an insurtech that is streamlining the claims management process. Troy describes having started as a claims adjuster to now serving as President & COO of this successful business model, with his vision of tech driven, human-led claims.

In 2015, the company started building its own proprietary technology to remove bottlenecks, solving for escalations and time delays. By 2019 this traditional claims company had already fully transitioned from its legacy claims management system to its homegrown Hub applications, with a secure claims portal for policyholders, and a scoping application used by adjusters and contractors to pass information to the desk adjusters. 

Troy recently spent eleven weeks at Lloyds of London's seventh innovation lab cohort, and brought back that knowledge to the US market, to refine its solution and create a consistent interface across carriers. It all starts with taking a holistic view across an entire process, and not cause disruption downstream. Technology can help bring more speed but the time savings of a new workflow may cause consumer pain and more calls to the call center.   

Troy says that in a catastrophe situation, customers want to move quickly past the uncertainty after filing a claim and have certainty around what is coming next. Technology allows better communication and more options to correspond with claims teams and move the process forward more effectively, using a more data-driven indemnity methodology to make a determination. 

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.