The Future Of Insurance podcast

36:20

As one of the first Insurtech operators turned investor, Dave leads OMERS Ventures Insurtech portfolio which includes investments in well-known players such as Clearcover, Foresight, WeFox and Joyn. Most recently at Hippo as VP of Growth, Dave oversaw the company's execution and strategy around Smart Home and emerging products. Dave's journey in Insurtech started in 2017 while at Comcast Xfinity where he designed a distribution partnership with Hippo to sell homeowners insurance to Comcast’s 30M+ customers. In that role Dave secured his P&C license and set up a national agency. Dave was also part of the team at Comcast that led Hippo’s $25M Series B in 2018. Additionally, Dave has founded and led several technology startups giving him a deep understanding of the challenges faced by entrepreneurs. Dave is passionate about the intersection of technology and insurance and is a firm believer that we are in the early stages of what will be a watershed moment for the sector. He is an active writer and speaker on the industry. Dave also is a Board Director of Joyn Insurance and a Board Observer for Clearcover, Foresight and WeFox as we well multiple Fintech investments. Dave has a BA in Policy Studies from Dickinson College in Carlisle, PA. He is also a licensed P&C insurance agent. Episode SummaryIn this episode, we dive into the evolving landscape of InsurTech with insights from Dave Wechsler, a seasoned entrepreneur and venture capitalist. The discussion covers the challenges and opportunities within the insurance industry, particularly in the context of technological advancements and market dynamics. Guest Background: Dave's journey through various startups and their transition into the venture capital world. Insights into the role of technology in transforming traditional insurance practices. Dave started the InsurTech Rap weekly podcast because of his feeling of the importance of networking and collaboration among industry professionals. Current Trends in InsurTech: The impact of AI and machine learning on underwriting and claims processing. Discussion on the shift from legacy systems to modern, tech-driven solutions. Embracing Experimentation: The willingness to experiment and learn from failures is crucial for success in the InsurTech space. As [Guest Name] noted, traditional companies often lack the flexibility to innovate, making it essential for startups to leverage their agility. The Role of AI: Artificial intelligence is reshaping the landscape, offering new tools and capabilities that can enhance underwriting processes and customer engagement. However, it also presents challenges as new entrants can disrupt established players with more advanced solutions. Challenges for Entrepreneurs: Navigating the complexities of entering new markets and the importance of adaptability. The significance of building a strong brand and community in the InsurTech sector. Future Outlook: Predictions for the InsurTech landscape in the coming years, including the role of blockchain and smart contracts. The necessity for established companies to innovate and embrace new technologies to stay competitive. Resources Mentioned: insurtechrap.com Join the show live every Thursday at 2 PM EST for more discussions on InsurTech trends and insights. This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance AI Panel – Live at the 2025 PLRB Claims Conference 46:22

9 days ago46:22

46:22

What will the future of our industry look like, and what does that mean for today's Claims professionals? How can adjusters and others prepare for changing dynamics and increasing complexity? Join Bryan Falchuk as he hosts a panel featuring audience questions on the dynamics and technology shaping where insurance is headed. The panel includes: Erik Bahnsen, Director, Industry Analytics, CCC Intelligent Solutions Ramón Lopez, President, Claim Assist Solutions David S. Milton, Founder & CEO, TelaClaims This discussion was recorded live on April 1st at the 2025 PLRB Claims Conference in Indianapolis, Indiana, and was held right after the panelists shared this views on how things like AI are changing the ways claims can be handled – not just in the future, but right now. Episode SummaryThe panel discussion explores the integration of AI in the insurance industry, particularly in claims processing and adjuster workflows. It highlights AI's role in enhancing efficiency and accuracy while acknowledging the challenges of implementation, such as sentiment analysis. The discussion emphasizes AI as a supportive tool that allows adjusters to focus on complex decision-making, ultimately transforming their roles without replacing human expertise. Key Points AI Integration in Claims ProcessingAI is being increasingly integrated into claims processing to enhance efficiency and accuracy. It helps in tasks such as peer review of claims, identifying overlaps, and performing complex calculations, which traditionally required manual effort. Challenges and OpportunitiesAI offers significant potential, there are challenges in its implementation. For example, attempts to use AI for sentiment analysis in customer interactions were not successful, highlighting the complexity of accurately interpreting human emotions. Future of Adjuster RolesThe role of adjusters is expected to evolve with AI taking over routine tasks, allowing adjusters to focus on more complex decision-making. This shift is anticipated to lower entry barriers and enable more people to enter the field. Policyholder ExpectationsThere is a continuous increase in policyholder expectations, which AI can help meet by providing faster and more accurate service. However, the industry still faces challenges in fully aligning technology capabilities with these expectations. AI as a Tool, Not a ReplacementAI is viewed as a tool to assist rather than replace human decision-making. It operates within set guidelines and is used to support decisions, especially in high-stakes scenarios like large claims. ConclusionOverall, the discussion highlights the transformative potential of AI in the insurance industry while acknowledging the ongoing challenges and the need for human expertise in complex situations. This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance – Sarah Russell, Managing Director of Bellwether at Alphabet x 36:48

16 days ago36:48

36:48

Sarah Russell is the founder and managing director of Project Bellwether. Her career has evolved from healthcare into technology more broadly. She is a startup founder, tech executive, and practicing physician working at the nexus of business, planetary health, and machine learning. After founding her first company, she spent the next decade transitioning between entrepreneurial roles and executive management in large organizations such as the VA and Google. Currently, she is focused on understanding our changing natural world and the implications for businesses, states, and communities. At X, The Moonshot Factory, she leads a team of senior-level experts working on complex machine learning problems, using earth observation data and imagining new categories of business. Highlights from the Show Understanding Climate Risks The impact of climate change on severe weather events. The insurance industry's responsibility in addressing these challenges. Focus on Wildfires The growing concern of wildfires and their implications for insurers. Development of targeted solutions to manage wildfire risks. Innovative Products Bellwether Predict A forecasting tool for severe weather probabilities. Bellwether Rapid Response Aerial imagery technology for quick damage assessment post-disaster. Bellwether Insure A product designed to help insurers understand and manage wildfire risk accumulation. Absolute Risk Scores Introduction of absolute risk scores for more accurate risk assessments. Comparison with traditional relative risk categorizations. Future Aspirations Vision for predicting interactions between the natural world and built environments. The role of advanced data analytics and machine learning in transforming risk management. Collaboration in the Industry The importance of collaboration among insurers to effectively tackle climate risks. Potential benefits of an integrated approach for communities facing natural disasters. Conclusion: This episode highlights the significant challenges climate change poses to the insurance industry, particularly regarding wildfires. We explored innovative solutions like advanced forecasting tools and rapid response technologies that enhance disaster preparedness. By utilizing absolute risk scores and data analytics, insurers can make informed decisions to better protect communities. Collaboration within the industry is essential for effectively addressing these challenges and building a more resilient future. This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance – Chris Luiz, CEO, Scout InsurTech 13:13

23 days ago13:13

13:13

Chris is the CEO of Scout InsurTech, a premier network connecting insurance professionals, startups, and innovators to shape the industry's future. Scout's mission is to drive a comprehensive understanding of the companies impacting P&C, Life, and Health and to identify, engage, and profile these innovative companies as they evolve from early concepts to high-growth players. Chris is a multi-time founder with a background that spans the physical sciences, high-tech product development, and the development and delivery of modern AI solutions across the insurance industry. He is also a frequent speaker on innovation, AI, and insurance technology. When not working, Chris can be found at one of Scout’s many networking events at the local CrossFit gym, or at home with his wife and four children, lost in a book. Highlights from the Show The mission of Scout focuses on building private paid membership communities across various cities to foster local engagement and innovation in the insurance sector. Community Engagement: Scount organizes events in different cities, aiming to connect local professionals and provide opportunities for deeper community engagement. Each community hosts an annual event to facilitate networking and collaboration among industry leaders. Startup Support: Chris explains Scout's startup program, which helps early-stage companies connect with major carriers and brokerages. The program includes virtual showcases and opportunities for startups to present their innovations to industry stakeholders. Building Relationships: The conversation touches on the significance of community and purpose in business, contrasting it with transactional models that may lack engagement. Chris expresses his commitment to fostering a supportive environment for innovation and collaboration within the insurance ecosystem. Scout is hosting their two-day conference in Columbus, Ohio on June 17-18, 2025, where various startups will showcase their solutions. Conclusion: This episode provides valuable insights into the evolving landscape of the insurance industry and the role of community in driving innovation. Tune in to learn more about how Scout is shaping the future of insurance through collaboration and engagement. This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance – Melbourne O'Banion, Co-Founder & CEO, Bestow 27:44

30 days ago27:44

27:44

Melbourne O’Banion is Bestow's CEO and co-founder, guiding the company’s vision to modernize the life insurance industry. Melbourne is also a co-founder of BeautyBio and a founding member of Presidio Title, Texas's leading title insurance agency. He serves on the National Advisory Council for BYU’s Marriott School of Management and Southern Methodist University’s Tate Lecture Series board. Melbourne earned a degree in Finance and Ancient Near Eastern Studies from BYU and resides in Dallas, Texas, with his family. Highlights from the Show Founding Vision: Bestow was founded with the goal of bringing modern technology to the life insurance sector, which has historically lagged behind other insurance types in terms of digitization. Market Evolution: The rapid modernization of property and casualty insurance compared to life insurance, emphasizing the potential for growth in cross-selling and bundling products. Strategic Shifts: The company initially focused on direct-to-consumer (DTC) sales but pivoted to enterprise solutions, recognizing a larger market opportunity in partnering with established carriers. Technology as an Enabler: How technology is transforming the underwriting process, making it more efficient and allowing carriers to launch products faster. Role of Agents: Contrary to fears of agents being replaced by technology, Melbourne believes that agents will continue to play a crucial role, especially as tools become more sophisticated and user-friendly. Future of Life Insurance: The conversation touches on the future of life insurance, with a focus on specialization and the need for carriers to modernize their offerings to meet evolving consumer needs. Overall Takeaways Importance of Adaptation: Companies in the insurance space must adapt to technological advancements to remain competitive and meet customer expectations. Collaboration Over Competition: Partnering with technology providers can enhance a carrier's capabilities and streamline operations, rather than trying to build everything in-house. Consumer-Centric Approach: Understanding the consumer journey is vital for developing effective insurance products and services. Growth Potential: There is significant room for growth in the life insurance market, particularly through innovative digital solutions that simplify the purchasing process. Conclusion: This episode provides valuable insights into the intersection of technology and the insurance industry, highlighting how companies like Bestow are leading the charge in modernizing life insurance for a new generation of consumers. This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance – Daniel Aldrich, Professor of Security & Resilience Studies, Northeastern University 33:49

5 weeks ago33:49

33:49

Daniel P. Aldrich was born in upstate New York and spent his childhood (and much of his adult life) traveling and living abroad. While living in Tokyo, Japan, he began to wonder how Japan - the only country to suffer the effects of atomic weaponry - could have built up such an advanced nuclear power program. He wrote up his observations in the book SITE FIGHTS published by Cornell University Press. In 2005 he and his family had their home, car, and all of their material possessions in New Orleans destroyed by Hurricane Katrina and began studying what makes communities and neighborhoods more resilient. He published BUILDING RESILIENCE to share these insights on the role of friends, neighbors, and social cohesion after crisis. After Japan was hit by the devastating triple disasters of an earthquake, tsunami, and nuclear meltdown, Aldrich wrote BLACK WAVE about the factors that helped people and communities bounce back. Highlights from the Show Understanding Resilience: Daniel Aldrich discusses the concept of resilience, particularly in the context of community recovery after disasters. He emphasizes the importance of community involvement in recovery efforts, rather than solely relying on market or state solutions. Market and State Dynamics: The conversation explores the interplay between market forces and state interventions in disaster recovery. Aldrich highlights the failures of traditional insurance models in the face of increasing disaster frequency due to climate change. Impact of Climate Change: The episode addresses the rising frequency and severity of meteorological disasters, linking them to climate change. Aldrich presents data showing a shift from years between significant events to mere months, indicating a new norm in disaster occurrences. Community Networks: Aldrich shares personal experiences that shaped his understanding of resilience, particularly how community networks provided support during crises when institutional help was lacking. Behavioral Shifts in Insurance:The discussion touches on how rising insurance costs are leading to behavioral changes among homeowners, with many opting to drop coverage due to affordability issues. This trend could lead to a cascading failure in the insurance market. Future of Disaster Preparedness: Aldrich emphasizes the need for innovative approaches to disaster preparedness, including rethinking zoning laws and construction practices to better suit the realities of climate change. Overall Takeaways Community Resilience is Crucial: Effective recovery from disasters relies heavily on community support and involvement, rather than just market or government solutions. Insurance Models Need Reform: Current insurance models are inadequate for the increasing risks posed by climate change, necessitating a reevaluation of how insurance operates in high-risk areas. Rising Disaster Frequency: The data indicates a significant increase in the frequency of disasters, which requires urgent attention and action from both policymakers and communities. Behavioral Changes in Coverage: Homeowners are increasingly dropping insurance coverage due to rising costs, which could lead to broader market failures. Innovative Solutions Required: There is a pressing need for new strategies in urban planning and disaster preparedness to address the challenges posed by climate change effectively. Conclusion: This episode provides valuable insights into the intersection of technology and the insurance industry, highlighting how companies like Bestow are leading the charge in modernizing life insurance for a new generation of consumers. This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance – Andrew Horton, Group CEO, QBE 18:09

6 weeks ago18:09

18:09

Andrew joined QBE as Group Chief Executive Officer in September 2021. With a strong focus on bringing the enterprise together, Andrew has driven performance consistency and progress towards QBE’s vision to become the most consistent and innovative risk partner. He was previously the CEO, and before that the Finance Director, of Beazley Group, a specialist international insurer based in the United Kingdom. Prior to this, he held various senior finance roles in ING, NatWest and Lloyds Bank. Andrew’s career in insurance and banking spans more than 30 years and he has extensive experience across international markets. Highlights from the Show Sustainable Profitable Growth Andrew emphasizes the importance of sustainable growth in the insurance industry, highlighting the need for a balanced approach to risk and pricing models. He discusses the pitfalls of rapid growth without considering long-term consequences, stressing that growth should be managed sensibly. Innovation and Client Focus The conversation touches on the necessity for the insurance industry to listen to clients and innovate based on their needs. Andrew mentions QBE's commitment to integrating innovation within the company, ensuring that all teams are aligned with customer needs. Mitigation Strategies Andrew discusses the need for the insurance industry to adapt to new normals, particularly in the context of natural disasters【4:2†source】. He advocates for building back better after catastrophic events, rather than simply restoring properties to their previous state. Market Viability and Affordability The episode explores the challenges of maintaining market viability amidst rising costs and the need for affordable insurance. Andrew reflects on the balance between providing coverage and ensuring that it remains accessible to clients. Diversification and Growth Opportunities Andrew discusses the importance of diversification in insurance offerings, particularly in niche markets. He highlights QBE's strategy of exploring smaller, specialized markets that can contribute to overall growth. Overall Takeaways Balance is Key: Sustainable growth in insurance requires a careful balance of risk management and innovation. Client-Centric Approach: Listening to clients and adapting to their needs is crucial for long-term success in the insurance industry. Proactive Mitigation: The industry must focus on proactive strategies to mitigate risks associated with natural disasters and changing environments. Affordability Matters: Ensuring that insurance remains affordable is essential for maintaining market viability. Embrace Diversification: Exploring niche markets and diversifying offerings can lead to meaningful growth opportunities. This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance – Bonus Episode – Project 55 25:09

7 weeks ago25:09

25:09

PROJECT 55 is a community that empowers both individuals and organizations to proactively improve mental health outcomes in the workplace. By providing actionable information, insightful discussions, and collective learning; we empower individuals to prioritize their well-being and build inclusive workplaces that challenge the stigma of mental health struggles. Co-founders Justin Goodman and Brenden Corr join the show to talk about how they're working to support employee mental health within and around the insurance industry. Highlights from the Show We dive deep into the critical topic of mental health within the insurance industry, featuring Brendan Core and Justin, the founders of Project 55. They share their personal journeys, the inspiration behind Project 55, and the importance of fostering open conversations about mental health in the workplace. Project 55 has a mission to change the perception of mental health in the insurance industry. Brendan shares his personal story of sobriety and how it shaped his perspective on mental health. Justin shares his experiences and the challenges he faced with mental health, leading to the creation of Project 55. The stigma surrounding mental health discussions in the workplace and the need for open dialogue. The lack of resources and training for agency owners and employees to address mental health issues effectively. The importance of creating a supportive environment where employees feel safe to discuss their struggles. The upcoming launch of mental health first responder training and how it aims to equip individuals with the tools to support their colleagues. The role of community in mental health recovery and the creation of a supportive online platform for individuals to connect and share experiences. Brendan and Justin emphasize the importance of addressing mental health openly and creating a culture of support within the insurance industry. Their commitment to Project 55 aims to make a significant impact on the lives of many individuals struggling with mental health issues. Visit Project55.org , A platform for resources, community support, and upcoming training information. This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance – Tim Dillahunt, Head of Personal Lines UW, The Hanover 22:32

12 weeks ago22:32

22:32

Tim Dillahunt is the head of personal lines underwriting at the Hanover Insurance group. He is diverse insurance professional with an Underwriting, Marketing and Sales leadership background. Over 25 years of experience at some of the country's leading P&C Companies. Highlights from the Show When a pipe leaks, a hose breaks or some other preventable source of water damage to your home leads to a claim, you can rebuild, but you can never fully recover because of the likely loss of things like family photos and other personally valuable items. And while your insurer can cover the cost of fixing the damage, the emotional toll of being out of your home and dealing with the situation and uncertainty around it is also not something you can recover. That’s why Tim talks not just about the clear financial savings of using water leak detection and shutoff sensors, but also the innumerable personal savings that come with it. Stopping claims by identifying water leaks proactively saves money for everyone. It can reduce the size of claims, reducing costs for insurers and helping insureds keep their rates from increasing. It keeps businesses open because they don’t need to close their facilities due to water damage or construction. And it reduces the overall cost to insure a pool of risks, helping keep rates lower for everyone. Tim talks about the many ways people and businesses can save from the use of simple water leak detection devices and help control one of the few forms of property claims we cannot easily control, unlike things like wind, flood, hail and wildfire. What kinds of tools can you use to reduce your risk of having a homeowners claim because of a leak or burst pipe? Tim shares ideas from the most basic – a simple sensor that clips onto a pipe and can spot whether you have a slow leak or more catastrophic failure. You may be aware of a burst pipe without the sensor, but slow leaks often happen behind walls and in other hidden places you only notice once they’ve really spread, and may have lead to mold and other issues that are harder to contend with. And you could have avoided the whole thing with a simple solution. What happens with a pipe bursts in a home or business? What about a museum. Tim shares their first hand experience when a museum that had leak detection sensors installed was able to act immediately when a pipe burst, shutting off the water and mopping up what got out before it ruined any of their extremely valuable artwork and other items. And while there may be a monetary value to the lost items, many may be irreplaceable – like family photos or heirlooms if the same thing happened in your home. Water leak detection sensors can be simple and low-cost. A typical home may need $100 in sensors and $100 in monitoring services for those sensors. But what about the cost of a pipe or washing machine water hose leaking in your home? The Hanover sees that these claims average $7,000-10,000 or more, and could have all been avoided. Why does Tim say, “Water sensors are the new smoke alarms”? About 40% of non-weather loss costs are caused by water. It is the single biggest cause of loss than any other non-weather cause. And yet less than 17% of homes have any type of water sensor, while 80%+ have smoke alarms despite those homes being 6-7x more likely to have a water loss than a fire. Because of all of this, Tim is on a mission to educate people to change that 17% and stop people from suffering these losses. Tim wants everyone to look at the educational resources they've made available on their site at https://www.hanover.com/individuals/customer-resources/proactive-protection-against-water-damage This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance – Ryan Vigus, EVP, Personal Lines Product Management, CSAA Insurance Group 33:20

13 weeks ago33:20

33:20

Ryan Vigus leads CSAA Insurance Group’s personal lines products, including auto, home, umbrella, and pet. His team develops and manages insurance products and product experiences that serve the needs of AAA Members. Ryan’s responsibilities include Product Strategy and Development, Product Management, Actuarial, and Data Science. CSAA Insurance Group is a AAA insurer that serves AAA Members in 23 states and the District of Columbia. Ryan has served on the board of directors and various committees for the Insurance Institute for Business and Homes Safety (IBHS) since 2018 and currently serves as the chair of the board of directors. He has a master’s degree in applied mathematics from Bowling Green State University (Ohio) and is a Fellow of the Casualty Actuarial Society. Highlights from the Show California is a massive economy that has had a history of difficult insurance situations. Back in the day, Auto Insurance became a problem, with rates jumping and profitability suffering. California’s insurers looked to Homeowners to make up the difference to remain profitable. And then the wildfire situation changed dramatically, putting great pressure on the industry, leaving many with the need to dramatically increase rates, pull out of the state, or both. Homeowners Associations often put in place rules to govern how homes in the development look to uphold standards and consistency across homes. But what happens when those standards are at odds with the decisions that make a home more resilient to things like hail, hurricanes or wildfire? Can you install a better roof, plant different vegetation (or remove it), etc., if it means your home will still be standing when others may not? Colorado has made laws that ensure HOAs cannot restrict a homeowner from doing something that makes their home safer from losses like hail or wildfire. If your home falls victim to a flood or hail damage, and your insurer pays to repair the damage, what if there was a way to enhance how you rebuild so your house is less likely to suffer a loss in the future? Wouldn’t the time to make such upgrades be when you’re working on those items anyway, like upgrading the type of roofing materials you use when replacing a roof destroyed by hail? That’s not how insurance works today. But what if it could be? Ryan shares an interesting perspective as we discussed ways to combat the spiraling cost of buying homeowners insurance by homeowners and providing it to them by insurers. What can you do to materially impact the chance a home suffers a loss in a weather-related event like a hurricane, flood, hail storm or wildfire?At PLRB, we see the impact of better building codes on losses, and many areas have seen the benefit in how newer construction stands up to these weather events. Ryan discusses one hold up to making your home more resilient at a cost to the homeowner is the availability of subsidized insurance through state FAIR plans that allows people to still get coverage at a low enough cost to discourage investing in hardening your home to loss. This may be contributing to some of the issue states like California have in insurance affordability and viability. What is the long-term solution to making insurance affordable to buy and viable for insurers to sell? Do we have an insurance affordability problem? In California, Ryan believes we don’t. Instead, he says we have a “homes burning down” problem, and we in the insurance industry need to stretch beyond our traditional role of paying after a loss to thinking about how we stop the losses upfront and facilitate that. This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance – Dawn Walker, Associate Director, DUAE, AM Best 27:59

14 weeks ago27:59

27:59

Dawn Walker is an associate director, Industry Relations (DUAE) in AM Best’s Strategy and Communications department. Dawn has more than 15 years of insurance industry and risk management experience, and joined AM Best in 2022, initially serving as a senior financial analyst, conducting performance assessments for Delegated Underwriting Authority Enterprises. Previously, Dawn as a senior risk management analyst at MacAndrews & Forbes Inc., a global mergers and acquisitions firm in New York City. She also previously served as a senior account executive for Alliant Insurance Services, serving its ultra-high net worth book of business. Dawn received her MBA degree with a concentration in Enterprise Risk Management at St. John’s University. She graduated Cum Laude earning a Bachelor of Law degree from the University of Arizona. She holds a Property & Casualty and Life & Health Broker’s license, has earned an Associate in Risk management (ARM) designation and is actively pursuing a Charter Property Casualty Underwriter’s designation. Highlights from the Show AM Best is known for many things, but mainly for the assessments and ratings they perform on players across the insurance industry. For the Delegated Underwriting Authority Enterprise (DUAE) space in particular, they are bringing transparency to help drive continued growth not only of the DUAE segment, but the product innovation that goes on within it. The level of growth in the delegated underwriting authority space has been huge, getting to $77B in the US alone, and making up 10% of the P&C market globally. The key areas they look at when assessing DUAEs includes Operations, UW Capabilities, Governance and Controls, Financials and Corporate Structure. This analysis helps bring transparency to the sector to help facilitate partnerships while also giving DUAEs a blueprint for how to optimize their operations for growth, stability and, ultimately, success Why do insurers work with Delegated Underwriting Authority Enterprises (DUAEs), like MGAs and MGUs? Can’t they just compete in the market directly? DUAEs bring expertise in niches and market segments that incumbent carriers may not be able to build efficiently given their scale, and the relative size of these niches being too small to support the operational cost of a carrier. DUAEs often come with expertise and distribution in the segment, allowing carriers working with them to access new spaces efficiently, quickly and profitably. What can support or stand in the way of the success of a Delegated Underwriting Authority Enterprises (DUAEs), like MGAs and MGUs? AM Best performs assessments of these entities to bring transparency to key success factors insurers would look at when deciding whether to work with a DUAE or not. This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance – Curtis Goldsborough AKA LO$$ Ratio 36:18

17 weeks ago36:18

36:18

Curtis Goldsborough is the President of National Insurance Inspection Services, an evolving technology and field service provider for P&C underwriting, based in Fresno, CA. He cut his teeth in insurance as an agency owner with Farm Bureau Insurance of Michigan, where he became acutely aware of the friction and pain points associated with underwriting inspections. In 2013, he joined National Insurance Inspection Services on a quest to forge a better path forward for personal lines underwriting. Curtis was instrumental in the development and launch of the NIIS self-inspection app and workflow, which is now in production environments with over 18 carriers and MGAs around the country, including three of the top ten P&C carriers in the United States. In his not-so-spare time, Curtis produces insurance video content on LinkedIn under the moniker of LO$$ RATIO, with a goal to engage, educate, entertain and inspire insurance professionals around the world. Highlights from the Show Curtis shares about his work to increase education and understanding through his content is trying to help. His main work is as President of National Insurance Inspection Services, who not only helps carriers by performing underwriting inspections, but also developed a self-inspection app that carriers have embraced to increase their understanding of the risks they write and help homeowners reduce the risk they face. Insurers don’t get it right on every claim. Yet Curtis believes the industry as a whole does not systematically or intentionally get it wrong, despite the popular narrative in the media. There is a general lack of understanding and education out there that is degrading the general public’s sense of the insurance industry and the role it plays in the economy driven by the widespread, negative narrative that is not unlike the narrative that drives engagement in so many other areas. Negativity gets eyeballs and keeps them much better than positivity. Regardless of what drove the current situation with the cost of homeowners insurance and the insufficiency of rates, blame won’t solve the problem. That’s been the driving force behind the work Curtis does under the name “LO$$ RATIO”, including his viral raps and memes. As homeowners continue to struggle to find and afford coverage in many parts of the US and carriers struggle to sell insurance at an economically viable rate, Curtis hopes more understanding and conversation helps change the situation. What if insurers allocated even a small proportion of the overall ad spend of the industry to educate consumers and help improve some of the public perception of the insurance industry, and the knock on effect that has on issues like social inflation. That’s the dream Curtis has to help drive the necessary shift in the negative dynamic we are struggling with today. This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance – Andres Diaz, Ventures Associate, Plug and Play (Live from ITC 2024) 14:39

18 weeks ago14:39

14:39

At Plug and Play, Andres has directed his passion for innovation towards P&C Insurtech. Helping some of the largest carriers and brokers navigate the technology ecosystem and bringing projects to life. Having participated in multiple investments, he focuses on creating value through infrastructure, optimization, and digitization. With a unique background in world-class restaurants as a former 3 Michelin star chef and having launched 2 startups, Andres brings a keen eye for detail, unquestionable creativity, and a passion for bringing projects from 0 to 1. Andres holds a master’s degree in entrepreneurship by Uppsala University and a BSc in Gastronomic Sciences and Culinary Arts from Mondragon University. Graduating Cum Laude and top 5% percentile in both of them. Highlights from the Show Andres shares what Plug and Play does for startups. Beyond just investing, they run programs to help startups find commercial success, even if they aren’t portfolio companies and without having to give up equity – both of which are critical to new companies trying to build their business in the insurance industry. AI is obviously a specific topic Plug and Play is looking at, whether that’s at ITC or outside of it. Rather than going after the type of buzz generating solutions we hear about like Anthropic or OpenAI, they are specifically thinking about different layers of the tech stack. That includes the foundation layer, like one of their portfolio companies, Archetype, built the foundation for an IoT solution. Andres shared some tips for founders, the biggest one centering around Patience. The speed of change (and sales cycles) in insurance is very long, so you need to have the patience and runway to survive if you want to build something in the industry. This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance – Mark Holweger, CEO, Legal & General America (Live from ITC 2024) 17:20

19 weeks ago17:20

17:20

Mark Holweger is President and CEO of Legal & General America’s insurance division, which includes operating companies Banner Life Insurance Company and William Penn Life Insurance Company of New York. He is responsible for the day-to-day operations of the business, ensuring service excellence, continued distribution expansion and achievement of the digital transformation strategy. In 2011, he joined Legal & General Group in the UK where he held a number of senior level positions including Managing Director, Partnerships for Legal & General Insurance and Director of Broker and Intermediary for Legal & General’s General Insurance business. In 2018, Mark relocated to the US as Executive Vice President of Distribution and Marketing for Legal & General America. Prior to joining Legal & General, Mark was a co-founder of Coverwise.com, an International digital insurance broker, and held various senior roles at other insurers including RSA Insurance Group UK where he was Distribution Director for Emerging markets and AXA Insurance UK where he was Director of Corporate Partnerships. Mark is an economics graduate and Chartered Insurer. He lives with his wife Rachel in Potomac, MD and has two daughters. Highlights from the Show Note This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music , available to stream or download on Spotify , Apple Music , and Amazon Music and more.…

The Future of Insurance

1
The Future of Insurance Podcast – Magda Ramada, Global Insurtech Innovation Leader, WTW (Live from ITC) 20:37

21 weeks ago20:37