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  • Mark Seich has many years of experience with major national and super regional P&C carriers in the industry. Starting in early field management roles, then operational roles leading to leadership responsibilities. Prior to joining Berkley Fire & Marine in January 2020 as Vice President of Marketing, Sales & Distribution, he served as regional vice president overseeing distribution responsibility for a 5 state, over $250 million book of personal and commercial lines business. In his current role as Chief Customer Experience Officer, Mark leads the digital transformation of our products, systems, distribution, and overall experience of our agent and broker partners and policy holders. He also leads all marketing and sales driving initiatives through the field teams and our online distribution channel.

    Mark received his Bachelor’s Degree from Indiana University of Pennsylvania, an M.B.A. focused on executive management from Ashland University, and holds the CIC designation.

    Highlights from the Show

    Berkley Fire & Marine is the specialty niche market for Inland Marine within W.R. Berkley, including Builders Risk, Truch-based Cargo - basically anything that's property, moving around, in a short-term fashion Mark joined to focus on their digital distribution efforts, but the company realized that the customer experience was a critical success factor in digital, so his role broadened Specialty Commercial hasn't had much of a CX focus so far, especially as compared to Commercial Lines more broadly or especially in Personal Lines That means Specialty can take lessons learned from Personal lines to see where to focus efforts to catch up Unlike Personal or much Small Commercial, Specialty Lines like what Berkley Fire & Marine write is even more distant from the customer or the end user Claims is an area where experience really matters and can ensure an account doesn't get marketed because of the expertise a specialist within Claims brings Not only are the product specialized, the customers for each product are highly specific, making it hard to find scalability in approaches or solutions, and it complicates the persona work for someone focused on customer experience like Mark and his team That means working for find what can be consistent, while also looking for flexibility in any solution to speak to the highly specific needs of each product and segment Looking ahead, there's a need for Specialty to get a push on having more of a CX focus More broadly, what customer buying patterns are, expectations are permeating from personal experiences to commercial and complex experiences, and for most insurers in any line of business, the post-bind experience generally falls off a digital, seamlessness cliff The flexibility in Inland Marine to manuscript and adjust the form for each risk also creates complexities for automation and scalability to make things easier and smoother for customers, brokers and internal resources because each policy may be different and highly-manual

    This episode is brought to you by The Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • Ty Sagalow is recognized as one of his generation's most influential insurance professionals, developing an unprecedented number of new products for the world’s largest insurance companies.

    Ty is currently the Chief Insurance Officer and co-founder of Assurely, an insurtech providing rapidly growing companies with the insurance protection they need to continue innovating and scaling.

    Before co-founding Assurely, Ty was a founding member of Lemonade and served as its founding Chief Insurance Officer. Ty spent 25 years at AIG and was the Chief Innovation Officer for Zurich following that experience. He is considered the creator of Entity Coverage Directors & Officers Insurance, Cyber Insurance, Reputation Insurance, Y2K Insurance, Collectible Authenticity Insurance, and Intellectual Property Collateral Insurance.

    With his unique background combining management and professional liability legal, underwriting, and policy drafting, Ty is one of the industry’s most sought-after experts in D&O/E&O coverage disputes. He is the author of three books, including The Making of Lemonade.

    Highlights from the Show

    Ty had a long career in the industry, including time at AIG, Zurich and Towers Watson He joined Daniel Schreiber and Shai Wininger as the third employee, and first Insurance employee to join Lemonade He has now co-founded Assurely, which is the next chapter in the long road of closing the gap between insurance and societal tech advances Tech has always been about how insurers can make more money or reduce expense ratios rather than helping customers Lemonade was the first step in this movement, by using technology to make a better customer experience Assurely is the next step by embedding insurance to make the experience even more seamless InsurTech has two parts of it, Insurance and Tech, and you must have both David Carpentier and Ty both know Insurance well, and also understand Tech As they've grown the team, they've grown both types of talent They've also ensured that their insurance business is profitable for them, and for their partners, with their MGA business never losing their capacity providers money The way Assurely is trying to improve the customer experience is by being invisible, like E-Zpass Rather than making a bad process better or smoother, perhaps the best answer is to remove the process entirely Rather than finding easier ways to take cash from drivers at a toll booth, E-Zpass now just lets you drive through, at speed, without stopping Ty doesn't see distribution going away, but it does need to change, just like with travel agents Travel agents didn't go away, just those who didn’t shift with what it means to be a travel agent, like the move to online travel services rather than those that require you to go to an office and get a ticket printed in person Everything Assurely does is tech-related, in the offering and the focus, with an insurance product embedded into a platform like a share management solution or rental or lease platform or website They write D&O for tech startups They have rental deposit replacement in commercial and residential leases Sneaker collection coverage through Unboxed Ty wrote a book about the early days of Lemonade, called The Making of Lemonade, to give insights on building a startup like Lemonade Many things are changing in the industry, including the move to embedded (also called Insurance as a Service), which Ty thinks is just how insurance should be Ty leaves us with a beautiful and inspirational thought on opportunity – "As long as you believe in the human spirit, human creativity and innovation, there will always be something new"

    This episode is brought to you by The Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

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  • Tanner founded Counterpart to help small businesses navigate the ever-changing insurance landscape with innovative tools, proactive services, and leading coverage. He has deep expertise in scaling large, data-centric businesses after co-founding two successful ventures including the Malaysian arm of Lazada, which quickly became the largest e-commerce company in Southeast Asia and was purchased by Alibaba for $3.5bn in 2018. He subsequently co-founded Button, which has become the world’s largest mobile-first affiliate platform, partnering with global brands like Amazon, Walmart, Booking.com, and Uber. In addition to his entrepreneurial endeavors, Tanner is active in mental health research, having started Openminded.org as a means of accelerating research, collaboration, education, and awareness for this critical societal issue. Tanner is a member of the Edmund Hillary Fellowship, a New Zealand Government sponsored community of global problem solvers focused on making a lasting positive impact on the world.


    Highlights from the Show

    Counterpart initially started as HR tech, meant to create better corporate culture to drive down risk and drive up employee experience and engagement, but it was hard to get potential customers to act on this today They pivoted to insurance looking at ways they could reduce the risk of claims rather than just paying for them after they happen In learning about the space, they saw that the product itself needed to be rethought to be able to drive different behavior and improve underwriting, so they built an insurance product in addition to the risk mitigation tools they were developing Tanner comes from outside of insurance, which allows him to lead by asking questions, but also means he's made a point of building a strong insurance team around him because it is a complex and expertise-driven space
    This is part of why Markel and Aspen, their capacity providers, have signed on to back Counterpart's product Counterpart pairs outside data to better understand risk in more nuanced ways than the industry has been able to through applications, and iterates its rating model based on what they're actually seeing every 30 minutes
    This has allowed them to have best-in-class loss ratios despite focusing on the higher-frequency small end of the market Beyond underwriting differently, Counterpart's strategy focuses on interacting with the insured to make them a better risk
    There's self-selection in this approach, too, as insureds who choose an insurer like that are likely to be better risks Small businesses need the help, especially now, given that they've gone through COVID and all that means for employees, then facing supply chain and labor constraints Similar to the way data can help in underwriting, the same should be done in claims given the trends and data out there on claims and how you can use it to make better decisions and intervene differently Building Counterpart taught Tanner that the best product doesn't necessarily win in insurance because relationships matter, and no one has time in small business to scrutinize the product differences That means respecting and supporting how things have been done, and recognizing you need to give brokers what they need to make their work easier because they're stretched too thin today, so insurers need to make things easier on brokers, too This approach of better underwriting and making small businesses better risks should drive the cost of coverage down for everyone, increase the total addressable market, which is better for everyone
    Better value for insureds More insureds can afford coverage and see the benefit in buying it Easier for brokers to sell the product Better loss results for insurers

    This episode is brought to you by Pinpoint Predictive (pinpoint.ai) and The Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • Richard (Rick) W. Spinrad, Ph.D., was sworn in on June 22, 2021 as the Under Secretary of Commerce for Oceans and Atmosphere and the 11th NOAA Administrator. Dr. Spinrad is responsible for the strategic direction and oversight of the agency and its over 12,000 employees, including developing NOAA’s portfolio of products and services to address the climate crisis, enhancing environmental sustainability and fostering economic development, and creating a more just, equitable, diverse, and inclusive NOAA workforce.

    Most recently, Dr. Spinrad served as a Professor of Oceanography and Senior Adviser to the Vice President of Research at Oregon State University (OSU). He was also Vice President for Research at OSU from 2010-2014.

    Dr. Spinrad served as NOAA’s Chief Scientist under President Barack Obama from 2014 until 2016. He also led NOAA’s Office of Oceanic and Atmospheric Research and National Ocean Service from 2003-2010. While at NOAA, Dr. Spinrad co-led the White House Committee that developed the nation’s first set of ocean research priorities and oversaw the revamping of NOAA’s research enterprise, including the development of the agency’s Scientific Integrity policy.

    Prior to initially joining NOAA, Dr. Spinrad held leadership positions at the U.S. Office of Naval Research and Oceanographer of the Navy, where he was awarded the Distinguished Civilian Service Award — the highest award given by the U.S. Navy to a civilian. He has held faculty appointments at OSU, the U.S. Naval Academy, and George Mason University; served as Executive Director at the Consortium for Oceanographic Research and Education; was President of Sea Tech, Inc.; and worked as a research scientist at OSU and the Bigelow Laboratory for Ocean Sciences. He also developed the National Ocean Sciences Bowl for high school students. In the international arena, Dr. Spinrad served as the U.S. permanent representative to the United Nations’ Intergovernmental Oceanographic Commission from 2005-2009.

    He is the recipient of Presidential Rank Awards from presidents George W. Bush and Barack H. Obama. Dr. Spinrad is past president of The Oceanography Society (TOS) and the Marine Technology Society. He is a Fellow of the American Meteorological Society, Marine Technology Society, TOS, and the Institute of Marine Engineering, Science and Technology (IMarEST), and an IMarEST Chartered Marine Scientist.

    Dr. Spinrad received his B.A. in Earth and Planetary Sciences from The Johns Hopkins University, and his M.S. and Ph.D. in Oceanography from Oregon State University.


    Highlights from the Show

    NOAA has been around in various forms since 1802, when President Thomas Jefferson setup a survey of the coast to understand the risks to shipping, coastal communities and more, and it was President Nixon who established NOAA by brining together the various environmental intelligence organizations In the late 20th and early 21st century, NOAA added advanced capabilities and tools like satellites Today, NOAA is an almost $7B agency with over 12,000 people (which only costs about $0.06 a day per taxpayer) Lives, Livelihoods and Lifestyles are all impacted by weather and ability to forecast what will happen with it to know what its impact will be and how we can respond In inflation adjusted numbers, in the 1980s, there were 82 days between $1B disasters or worse; today, it's 18 days
    There were 21 billion-plus-dollar disasters, and we're at 9 now (early August) Hurricane Ida last year brought $30-40B in losses, and this isn't an anomaly anymore They rolled out the heat.gov website that could help insurers and reinsurers in looking at the forecasted impacts of heat on health and other factors around the country The hazards aren't new – floods, draughts, hurricanes, etc – but we're putting so much more energy into the system, which is resulting in unprecedented scale of these hazards
    In the last 30-40 years, we've been adding the equivalent of 2 Hiroshima atomic bombs worth of energy into the oceans every second They're now understanding the teleconnections, meaning the impact of weather activity in one part of the world's impact on the activity in another, like weather events in Australia and how that ties to weather events in New England One of the ways insurance companies can engage with NOAA on this is to think about what kind of forecasting and predictions are most helpful, like the timeframe we'd need to see data for There's a lot of value in talking about the future of insurance and prediction, and Insurance is a sophisticated participant in that conversation
    Government has responsibilities to say where people can't build (for example) From there, it's up to the market to decide the cost of risk where we can build, which means insurers understanding and pricing that risk The impact of Climate Change is a foregone conclusion at this point, and the science has gotten so good that it can tell you exactly what impact you'll see by when (like 10-12 inches of sea level rise in Norfolk, VA by 2050)
    Rather than giving up, we need to think about what we can do to adapt and protect given that fact, while we have time to mitigate Dr. Spinrad did this himself with a prior home he had in Oregan that didn't have a fire exposure initially, but did over time, so he cut back brush and trees to reduce the risk Part of NOAA's responsibility is around communication, and being the authority to turn to so people know who to trust for clear, actionable information, like going to the top doctor for a second opinion Get involved and collaborate with NOAA at climate.gov

    This episode is brought to you by Ecopia (ecopia.ai) and The Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • Community is a critical success factor for the future of the insurance industry. Austin, Texas has seen a growing InsurTech community emerging from within its broader Tech and Insurance communities, and InsurTech ATX is at the center of that push. Andrew Correll and David Perez from InsurTech ATX join the show to talk about what’s going on in Austin, and how community can fuel progress.

    Highlights from the Show

    Dave Perez, co-founder, is a former military guy who was looking for the right path after getting out, and landed on the commercial insurance agency world, broadened out to other spaces, and started his own company, Lumen Insurance, an agency built to help startup and tech companies with their insurance needs Andrew Correll, co-founder, was an underwriter in professional lines, with a passion for technology, and is today working at Security Scorecard, a Cyber tech solution for the industry InsurTech ATX started as a meetup group of people in insurance and tech to make some local connections in Austin, and grew from there Given their location, they're a little more startup leaning than other communities may be, but try to match that to traditional insurance experience and resources to foster and build the industry in Austin for generations to come There is a good mix of focus areas, with personal lines companies like The Zebra and Hippo, commercial and benefits focused players, and distribution focus, as well There's also a lot of tech in general, with players like Meta, Apple, Tesla, Google and others, so InsurTech sometimes ends up flying under the radar There also a strong move of VCs into the area Texas has a favorable regulatory environment, too, making the area attractive to InsurTechs, too The other InsurTech hubs, like InsurTech NY, InsurTech Hartford, InsurTech Ohio, InsurTech LA and others, have been supportive and collaborative Looking ahead, they want to see ATX as a launchpad location for new companies and help them connect and grow in Austin to help make the scene even more attractive

    This episode is brought to you by The Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • A proven leader in the insurance industry specializing in benefits technology, Jennifer Daniel has an established track record of developing and fostering teams that drive innovation and deliver positive impact to sales results. As National Practice Leader, Benefits Technology and Partnerships at Aflac, Jennifer is responsible for the distribution of Aflac products through third-party platforms. In her current role, she leads a team of technology forward individuals who are responsible for identifying and leveraging technology solutions that support the company’s customers, brokers and sales team, as well as introducing innovative technology solutions that help solve internal challenges.

    Guided by the belief that the insurance industry must embrace opportunities created by digital transformation, Jennifer is a strong advocate for using technology to provide a better experience to all stakeholders. Over the course of her career, she has developed a diverse skillset that includes strategic planning, product development, benefit administration, voluntary product support, marketing, relationship management, and customer service training and execution.

    Jennifer is a frequent and sought-after speaker at industry events on topics related to technology, enrollment trends, benefits and benefit administration. She is passionate about mentoring young professionals and serving as an advocate for other women. In her free time, Jennifer enjoys spending time with her family, traveling and riding her Peloton bike.

    Highlights from the Show

    Jen started as an Advertising major in college and found a role in Insurance, and never left Jen spent her career focused on Employee Benefits, and has a passion to help employees understand the benefits they have so they can take advantage of what they have access to Jen’s work focuses on the platform partners that Aflac distributes their Group offerings through, which is all about being easy to do business with for the platforms Carriers and platforms have had to change to focus on employee experience and decision support for people who don’t understand the benefits and insurance they have access to Health Insurance and Voluntary Benefits are sold together, but they’re different in practice since the employee gets paid with Voluntary Benefits whereas doctors get paid by Health Insurance, so providers like Aflac need to think about engaging with the insured more than health insurers might Aflac has both direct, individual products as well as their Group offering of Voluntary Benefits, where the products are similar, but the distribution and the buyer are different With Group, employers are going to their technology or platform provider, sometimes before they go to their broker, to see who works well on the platform, gives employers the data, etc, making the platforms an important client of Aflac as much brokers, employers and employees are With 150 platform partners, Aflac has had to look at how to give options people want while also being sustainable and scalable, which they’ve found through simplification of the offering rather than unlimited options and flexibility Giving people too many options for something they don’t understand well in the first place ends up creating more problems than it solves by offering something for each individual preference This is where the new decision support tools come in to ask simple questions and let people choose These tools are either being provided by the platforms or solution providers just doing decision support, and Aflac needs to work with both by making their products easy to build into the tools Claims is another focus area for innovation, and trying to get to a place where payment can just happen automatically, which would take permission to access health data from employees APIs are just starting to come on the scene in the space, with a few areas of focus to replace EDI file transfer Looking forward, Jen sees a need to change in As more people are solopreneurs or gig workers, Aflac looks at how they can serve that space (they have individual products that serve them today, but also need to think about how people’s situations are evolving and what that means for Aflac and their space)

    This episode is brought to you by Marble (marblepay.com/partners) and The Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • Jim Fowler is Executive Vice President and Chief Technology Officer of Nationwide. In this role, he is responsible for the company’s technology strategy, IT capabilities and business transformation programs.

    Prior to joining Nationwide in 2018, Jim was Chief Information Officer for General Electric, where he led the company’s global information technology strategy, services, operations and internal digital transformation program. Prior to his 18-year career at GE, he held IT roles with NCR and Accenture.

    Jim holds a bachelor of science degree in management information systems and marketing from Miami University and a master of business administration degree from Xavier University. He is also a certified Six Sigma Black Belt.

    Jim serves as a national board member for YearUp, on the business school advisory board at Miami University, on the Columbus State Community College board of trustees and on the Columbus Collaboratory board of managers. He is well recognized for his results-oriented leadership style and his ability to drive innovation—and was recently recognized by Forbes with the CIO Innovation Award.

    Highlights from the Show

    Jim came to Nationwide after 18 years at GE, where he was most recently CIO, and was not interested in a role in insurance when he was approached about Nationwide He was swayed when he learned how forward-thinking the company was When interviewing, Jim learned about how the company has always been innovative, including using projected slide shows in client presentations in the 1900s before mixed media and AV was even considered for things like that Jim identified three reasons why Nationwide has been highly innovative despite its size and complexity
    Leadership that is willing to disrupt what they've done to protect their relevance in the future, regardless of how long they've done it for or how successful they may have been before Mutuality helps them make decisions that protect their members into the future Technology is about becoming the preferred partner for customers and intermediaries, giving people the space to focus on people They've been able to move faster on innovative ideas because of how they structure innovation
    The team has dual-reporting to Jim and their Chief Strategy Officer They incubate ideas within the innovation team to try the idea free of the constraints of the bigger business and make a go-no-go decision after giving something a real try If it passes the initial test, then they can move it to the business at large That is, innovation is thought of as incubation Jim sees a future where insurance will be more personalized for each customer, given data they give you permission to use to serve them Regulators want us to figure this out, we just need to show them how this benefits consumers He also sees a shift to coverage being fluid across people's lives , with more telematics-driven options in various coverages rather than seeing Auto separate from Life from Home, etc

    This episode is brought to you by The Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • Matteo Carbone is the Founder and Director of the IoT Insurance Observatory, Co-founder of Archimede Spac, Global InsurTech Thought Leader, and an investor.

    He is internationally recognized as an insurance industry strategist with a specialization on innovation. Matteo is author and world-renowned authority on InsurTech - ranked among top international InsurTech Influencers - and he has spoken to audiences in twenty different countries. He published the first bestseller dedicated to InsurTech: “All the insurance players will be insurtech” and is member of the Forbes New York Business Council.

    Matteo has advised more than 100 different players in ten insurance markets around the world and has wide insurance experience which includes set up of industrial and commercial plans, growth strategy definition and support in the start-up of new initiatives, digital strategy development, insurance products innovation, channel strategy and commercial model definition, startups mentorship and advice M&A deals. He has worked directly with players accounting for more than 80% of the international IoT insurance volumes (number of policies on auto telematics, smart home, and connected health).

    Before creating the IoT Insurance Observatory and co-founding Archimede, he spent eleven years in Bain & Company’s Financial Service practice. Matteo received his degree in Business Administration from Bocconi University, Milan.

    Highlights from the Show

    Matteo's entire career has centered around Insurance innovation, and he's specifically focused on IoT and Telematics since 2012 From the early days, when people were skeptical, Matteo saw the promise in the data behind IoT, but was skeptical of the buzzword activity around it and some of the ideas generated by that buzz One of those buzzworthy ideas is UBI or pay-per-mile, which has not taken off for carriers offering it over more traditional telematics offerings that just give you a fixed discount for driving behavior observed during a set period (like three months, or your prior year with the carrier) One reason is that people don't like the uncertainty of their final cost that comes with UBI It's not unlike the old days of cellphone plans where we paid per minute, whereas now, people generally prefer unlimited plans COVID changes things a bit as people drove less and heard more about how they could save money through UBI programs, making them more attractive, and therefore grow significantly However, large incumbents with both basic telematics and UBI offerings saw that the traditional telematics offerings is 2-4x larger than UBI still He still advises carriers to have a UBI offering on their shelf, but it will be the second telematics offer rather than the primary for some time, if not indefinitely Some wonder if IoT will make pricing so transparent that people no longer see the need to buy insurance, but Matteo points to the concept of risk pooling as a reason against this because losses will still happen regardless of your certainty around them, and individuals cannot generally afford the cost of losses, while a pool of risks can Instead, the level of mutuality is reduced as you move down to smaller pools of similar risks that are more homogenous than you can get to without IoT and the data is provides Matteo has been more open in his doubts about some of the InsurTech carriers' ability to survive, which he addressed, saying that he does think some will survive, but some are more storytelling than delivering a sustainable business But he still appreciates even these more questionable startups because they are pushing incumbents on a number of fronts, and that's a good thing for the industry as a whole; he just advocates for a more pragmatic lens on what they're doing that's free of the marketing hype Matteo believes in innovation, and that we should be pragmatic in looking at ways data from IoT can improve customer experiences, products, tools and opportunities to upsell, cross-sell and insure new kinds of risks

    This episode is brought to you by Marble (marblepay.com/partners) and The Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • Steven has over 25 years’ experience as an actuary in financial services which has included leading Close Brothers Wealth Management during the launch of their non-advised offering; creating the world’s first art-focused wealth advice offering for Christie’s; working as part of the team that formed Barclays Wealth and heading the McKinsey UK Savings and Investment Group.

    Steven founded ManyPets (www.manypets.com), which is disrupting the world of pet insurance through the innovative use of tech, and is building a business to become an irresistible employer that is obsessive about customer service.

    In April 2019 Steven was included in the London Business School Review of 30 People Who Are Changing The World.

    Highlights from the Show

    Steven is an Actuary, who has worked in several different larger, corporate businesses to build startups within them before leaving to start his own business Steven did a lot of work for insurers, but intentionally never went to work for one after leaving consulting because of what he saw as an unfair way consumers were treated by large corporate insurers He talked to a close friend and colleague about leaving their corporate jobs to do something different and better in 2011/2012 The idea they came up with was to build communities inside of insurance to help individuals with niche insurance needs get access to better coverage than they'd be able to get on their own Better, to them, meant better around price, product and customer experience What they were building, which they called Bought by Many, was a digital broker before that was really a thing, with a hope of getting better access to product for their customers, but they still struggled to get them a better customer experience, so the solution was still not really solving the problem they focused on They discovered that the underlying brand of the insurer didn't matter as customers kept thinking Bought by Many was their insurer, and would complain to them when the insurer was doing a poor job on claims, which suggested to them that they could get into insurance despite a lack of an insurance brand They surveyed their various community members across all the spaces they had coalesced around, like pet ownership, cycling, travel and more, to see what products seemed to have the most interest, and what needs their members had around those products to know what needed to be developed to have something successful BBM's biggest and most engaged community was pet owners, and their needs lead to seven new pet insurance products that had not existed on the market yet They also needed to define a totally new customer experience, taking six months to define a totally different customer journey, launching in 2017 They added travel in 2018, and then small business coverage They struggled to manage the growth across these three product spaces, and refocused on pet insurance, and set a vision of being the leading pet insurer in the world, leading them to expand to Sweden (where pet insurance had originated), and then to the US They are a tech-focused business, using the scale they've built to leverage their tech investment to deliver a more efficient, smooth customer experience, using the data their tech generates to keep doing better When the pandemic hit, they saw many things change, firstly that they easily went remote while most of their competitors couldn't They also realized many people would be struggling financially, and may not be able to pay for the existing products, so ManyPets created a more stripped down coverage that met the basic needs people would have to avoid catastrophic pet health bills They also launched in the US in the midst of the pandemic in March 2021, and 6 months later, had a half million pets insured

    This episode is brought to you by The Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • As CEO of SIAA, Matt Masiello has responsibility for executive management of the largest alliance of independent insurance agencies in the United States and its related companies, providing leadership to senior executives of SIAA and Master Agencies across the country.

    His more than 28 years of experience at SIAA and SAN Group have instilled in him the skills, knowledge, and expertise to lead SIAA and SAN Group (SIAA's original and largest Master Agency operating across the Northeast). Matt has responsibility for the overall success of both companies, as well as providing strategic vision and leadership for their futures.

    SIAA has 48 master agencies covering all 50 states with 13% of all U.S. independent insurance agencies as members, which write over $10 billion in premium, making SIAA the largest national independent insurance agency partnering network.

    Matt is also the author of the book, Insurance Agency 4.0, available now.

    Highlights from the Show

    Matt has been in the independent agent channel for nearly 30 years, for his entire career SIAA started in 1995, and is a national alliance of independent agencies with 48 master agencies, and has three focus areas: Market access, which has become table stakes today Generating top line revenue for agencies beyond commission to help them thrive Agency development services to help agencies when starting up, through to the most mature agencies They also help carriers interact with and manage relationships with independent agents by providing scale and coordination to the carriers, as well So much of the economy is concentrated in small businesses, and that's true of agencies, too, where 70% of agencies are under $1.2m in revenue With all the talk over the years of threats to the independent agent channel, Matt is extremely excited about the prospects for the channel today Some of acquisition and consolidation at the upper end of the channel has helped to spark innovation and entrepreneurialism on the smaller end, including the starting up of new agencies He's lived through other threats that were supposed to end the channel, like banks moving into insurance in the 1990s or the internet in the early 2000s Today, there's a lot of talk about Embedded insurance, which is being talked about as putting agents out of business Matt sees Embedded taking some sales But he also sees a lot of situations where Embedded isn't designed to respond, like people with more complex needs, multiple policies across lots of products (Home, multiple Autos, Umbrella, Life, etc) Part of the way agents will survive is through being purposeful in the kind of customers they target, and ensuring they have the tools to serve those customers and offer them value That goes for the value agents offer to carriers, as well, including market access but also providing the advice, guidance and other valuable services that carriers need agents to do Some advise agents to pull back from spaces where direct or digital are too threatening, like personal auto, but Matt sees that being the wrong answer We talked about how US car makers pulled back from selling sedans, but consumers still buy them from other manufacturers – the US car companies just weren't making sedans people wanted to buy People are still buying personal insurance and need protection, so just be sure your offering meets their needs The key is not to go after the price-sensitive, monoline shopper, but look for the one who needs multiline protection and values advice, guidance and support You have to know your segment, but then recognize that its changing and has evolving needs, so you must interact with it differently The days of just quoting someone's auto policy are gone as 70-80% of people are starting their insurance journey online, so an agent needs to be digital to interact with those people, and then take them on the rest of the journey for the broader insurance needs they have rather than just thinking about the single policy SIAA acquired Ryan Hanley's Rogue Risk, bringing Ryan into the fold This is about having an incubation path for people who want more freedom but aren't yet ready to own their own agency yet It also gives SIAA a test bed or sandbox to try the new digital tools and processes or ways of working that could help the channel thrive Some of the startup insurtech carriers/MGAs may or may not be solving an insurance problem, but they've created something within their transaction or experience capabilities that traditional carriers haven't solved for, which is valuable for the industry The core challenge of the industry is that we're doing things based on the constraints of our processes, but the consumer doesn't care This isn't just about the end consumer, but agents, too – carriers need to think about the cost of doing business with that carrier as agents will avoid carriers who make their lives harder or more onerous Matt sees this as the greatest time to be an agent as he's ever seen It may look different from how it's looked in the past, but that's true of any period in time, and that's ok – as long as you're willing to embrace what's changing Now is the time to come out swinging, implementing digital capabilities and be on the offense in demonstrating the value your provide your customers and your community

    This episode is brought to you by Ascend (useascend.com/futureofinsurance) and by The Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • John, who was named a 2020 Mid-Atlantic Entrepreneur of the Year, has been responsible for overseeing all aspects of Pie since its establishment in May 2017. He brings over 20 years of experience in tech-enabled insurance and financial services businesses. Prior to Pie, John served on the Esurance executive team for 13 years, where he initially led all of the financial functions from 2000-03 and then became the company's first Chief Marketing Officer. Under John's leadership of the marketing team, Esurance premium volume grew from $50 million in 2003 to $1.3 billion in 2013. Esurance was sold to Allstate in 2011 for $1 billion. John holds a B.A. in Economics from Haverford College.

    Highlights from the Show

    John started in insurance through his family's business while he was in college, making his way to Esurance in 2000, ultimately leading the Finance team and then as Chief Marketing Officer until 2013 After swearing he'd stay out of Personal Auto because of the competition dynamics, he met his co-founder, Dax Craig, in 2016, who together created a different vision for small business commercial insurance buyers They wanted to make their offering as easy as pie, hence their name, Pie Insurance Small Commercial is a target market for so many, yet few have really been serving it well, despite how well it performs They found Small Commercial to be an underwriter-driven space even though most businesses in the space don’t have the loss history and complexity to require that kind of attention Instead, Pie was built to look at the data available about the business and think through the risk with an algorithm; they still have underwriters behind the algorithm They've found this to be critical in their lines, starting with Workers Compensation, because there is a lot about a risk that isn't available in data or as finite as it would be in Personal Auto or some other lines That makes it hard to figure out what the business actually does, and therefore what the exposure behind it is This is especially problematic in Workers Comp because you're on the risk, whether they or you mis-categorized the business as the injured worker isn't a party to the policy, and therefore can't be denied coverage Pie therefore looks at taking in the 'digital fingerprint' of a business through its online presence, to develop a more accurate picture of what the business actually does than you'd get on an app The net result of inaccurate underwriting when the market is making money is that insureds are being over-charged, or at least many risks are being over-charged to make the total risk pool profitable for the carriers writing the business By being able to more accurately segment and price risks, Pie is able to charge less for risks it understands better and yet still earn a competitive return Pie's algorithms are working to distinguish rate within a class, while the rating agencies like NCCI are determining it between classes at an average level for a given class This has allowed them to grow rapidly and profitably because they price accurately to win the right risk rather than doing what others have done, which is just under-price to sell They've doubled the book in the last year, growing to over a $300 M run rate as of earlier 2022 They also sell direct, through agents and brokers and partners John learned lessons from his first go-round with Esurance: Underwriting comes first, so you need to build a profitable book, especially if you're using someone else's balance sheet because you must have that support to do business It is all about the people (which they call Pie-oneers) Looking forward, line of business matters, so there are lines Pie isn't considering (like Cyber), but they recognize that their customers have additional needs like Commercial Auto, Liability and Property Where they can have a data and analytics advantage, it makes sense to think about expanding But they couldn't start with so many lines up front because you have to have vision and focus to execute successfully The market will continue to digitize, but that's not the same thing as everything going direct

    This episode is brought to you by Ascend (useascend.com/futureofinsurance) and by The Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • Vernon Steiner was appointed President and CEO of State Fund on June 9, 2014. Vern has 30 years of insurance industry experience, the majority in workers’ compensation. As the President and CEO, he reports directly to the Board of Directors and is responsible for the day-to-day operations at State Fund.

    Vern began his career in 1990, as a Claims Examiner. Early in his career, Vern experienced the workers’ compensation system from the point of view of a third party administrator, a self-insured/self-administered employer and a managed care organization. In 1995, Vern joined AIG as a Service Center Manager, and by 2003, when he left AIG, he was the Regional Vice President, Northwest. He worked for CNA from 2003 to 2007, starting as the Vice President, Field Operations and ultimately Vice President, Workers’ Compensation. Prior to joining State Fund, Vern served as Senior Vice President, Claims at Zenith Insurance from 2007 to 2014.

    Vern was a member of the Workers’ Compensation Research Institute’s (WCRI) advisory board from 2009 to 2016, and he served as the California Workers’ Compensation Institute's (CWCI) Board of Directors Chairman and as a member of the Fraud Assessment Commission from 2014 to 2016. He is currently on the CWCI board, the executive committee of the board, and has served on the WCIRB Governing Committee since 2014.

    Vern received his Bachelor of Arts in Philosophy from the University of California, Los Angeles. He also earned the Leadership Fellow designation from the National Association of Corporate Directors (NACD).

    Highlights from the Show

    The State Comp Fund was setup to provide Workers Compensation insurance to businesses in California that weren't able to find it elsewhere What they've really focused on over the past few years, they've realized they can't just be a market of last resort if they wanted to genuinely meet the needs of businesses that turn to them for coverage SCIF swelled to being the largest carrier in California, and the country overall due to market conditions Due to restrictions on hiring and investment in tools, they weren't able to scale their staff to meet the surge in business, and feel they were not serving the market acceptably, and that hurt their brand and the organization's morale For the past 8 years, they've been working to transform the culture and brand by accepting their past shortcomings and working to do better They started an effort around innovation that engaged the entire organization, training everyone on design thinking (which they called Experience by Design) and running Challenges for employees to come up with new ideas to improve the company They also took a look at their 10 core values, like Honesty, that were good, but were hard to identify with or see how they really applied to the business; they come up with four new ones that came from the people and were more action-oriented, like Be Innovative They also embrace the ideas that don't move ahead for various reasons like prioritization calls that have to be made, and ensure people are still engaged even if their idea isn't taken up We discussed SCIF's innovation in their direct business, which was essentially the same process and approach as their broker business, but without an advisor to guide you through something very long, arduous and confusing for most business owners SCIF realized that the way people buy insurance will be disrupted and change, and they need to able to engage in that shift themselves Simplifying things a bit, SCIF doesn't actually underwrite since they're a Take All Comers market; instead they just need to develop a price, allowing them to cut out more questions than a carrier doing risk selection in addition to pricing might have to do When they built and launched their new direct, digital journey, they learned that people buy insurance around the clock, even on Thanksgiving and Christmas They've since found additional ways to simplify the process and automate things like post-bind data validation and re-underwriting so they make better calls about what risks need to be reworked, and then to do that more effectively One major lesson they learned from all of this is the need for the right person to own and champion an innovation project, who has the appetite to take risks and push the team to keep moving ahead even when it's tough, while also staying open to feedback and insights from all around them They also created Innovation Design Centers, a team that is dedicated to looking at what's out there through the lens of the problems and needs of the business, and it's tended to have more success on specific solutions for specific parts of the business than things that look across multiple functions of the business at once They also played with a metaverse-like solution to help with remote working and the way that can make casual collaboration tougher, but people didn't really take to it despite there really being a need Part of this is likely because it was yet another change on top of lots of others during the pandemic But it was still worth trying, learning from it, and making good decisions about what you keep doing and what you realize won't be a winner and need to move on from Vern things the future will vary by market segment, and most of their business is small business, which is generally more interested in self-service than perhaps larger accounts are, so you need to meet those on-demand needs digitally today

    This episode is brought to you by The Future of Insurance thought leadership series (future-of-insurance.com).

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • As a veteran in the insurance industry, Sean brings nearly 30 years of experience and expertise to Lemonade as Chief Claims Officer. In this role he’s responsible for claim handling policies, procedures, and execution across all US and EU territories for Lemonade’s full book of insurance products spanning renters, home, pet, car, and life.

    Prior to joining Lemonade, Sean spent more than 25 years at USAA holding various leadership positions, the latest being Chief Claims Officer where he had oversight of claim handling for all personal and small commercial lines of business. During his tenure, the company doubled in size, becoming the third-largest homeowners and fifth-largest auto insurer in the US, all while delivering industry-leading loss adjustment expenses and being consistently recognized as the highest rated in claims service by JD Power.

    Highlights from the Show

    Sean has spent nearly 30 years in P&C, all of which was with USAA where he was Chief Claims Officer, before joining Lemonade earlier this year to serve as their Chief Claims Officer What attracted Sean to Lemonade is a view of being there for customers throughout their life and needs rather than a single product or life moment, the technical capabilities to deliver that, and then the people and culture that embraces change and possibilities Lemonade built its own tech, from the start, from the ground up, and tries to be vertically integrated in their tech, which Sean sees as enabling a lot of advantage to what they can do and how they do it Balancing the outside mindset from Tech and the Insurance expertise of industry veterans is hard, but important so you can have the expertise but still stay open and flexible Lemonade is launching their Car product, which coincided with Sean joining, which is a huge undertaking, but an important one to covering the complete picture of their customers It also represents a big opportunity around telematics, which makes sense given how digital Lemonade's customer base is, which yields a 90% take rate for telematics-based coverage Moving into Car will help Lemonade grow given the premium, but also given the importance to their customers Acquiring Metromile also helps here because of the data Lemonade gains through the acquisition after years of insuring cars and collecting telematics data on them that Metromile brings Lemonade day one Telematics can help with claims by better informing what's happened and how to help as quickly and appropriately as possible Sean's first day on the job, he talked to an adjuster who shared that claims are 70% done by the time she gets it, meaning she can really focus on helping the customer and using her expertise rather than dealing with the administration of handling a claim Sean talked about the shift from being so price-driven to being trust-driven, knowing there's someone who stands with you throughout your life AI is not about people losing their jobs, it's about letting people focus on doing the work that matters and having the space to engage personally rather than being overloaded with process Lemonade doesn't just measure customer satisfaction, but also measures empathy they got from the advocate at Lemonade

    This episode is brought to you by The Future of Insurance thought leadership series (future-of-insurance.com).

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • Angie Klett is Senior Vice President of Corporate Development leading Ventures, Mergers & Acquisitions, Strategic Partnerships, and Brokerage Solutions. This set of shared Enterprise competencies focuses on investing in, buying or divesting, and partnering with outside parties to create enterprise value. The team is focused on new ways to acquire customers and partnering to share capabilities, such as data and technology. Corporate Development advances and enhances near term business outcomes while also conducting tests as building blocks into the future.

    Previously, Angie served as IT CFO and Chief Procurement Officer (CPO). As CFO, she was a strategic business partner to Jim Fowler, Enterprise Chief Technology Officer, providing financial planning and reporting on the $1B+ IT budget. Since a great deal of technology spend is sourced externally from suppliers, there was a tight link to Angie’s responsibilities as CPO, where she led $4B of strategic sourcing and procurement for Nationwide.

    Angie began her career as an accountant in the financial services side of Nationwide. She has spent half her career in the property and casualty business and half in various finance roles. In the property and casualty business, Angie held leadership positions across sales and service centers, marketing, and product management. She has held roles in corporate finance, as well as property and casualty finance.

    Angie holds a bachelor’s degree in accounting from Ohio Wesleyan University, a Chartered Financial Consultant designation, and is a CPA. She currently serves on the governance committee for Berger Ohio Health and holds a seat on the finance committee of Ohio Health.

    Highlights from the Show

    Angie is responsible for things in the Build, Buy and Partner side. Corporate Development, which includes M&A, Partnerships and Ventures Nationwide has been an early and bold mover on partnering with OEM car makers on connected insurance This includes partnerships with Ford, Rivian and others Nationwide modernized their core system, moving it to the cloud, allowing them to launch 55 partners on their new platform and the API library they've built on it
    They have 385 internal APIs and 52 public APIs that allow a partner to go all the way through API Those APIs get over 10 billion pings annually It also allows them to manage things like PCI compliance for payment, or other regulatory considerations that need to be handled at different moments of the process When a customer is in the partner journey, the partner brand is front and central, and then once the insurance is in place, Nationwide's brand is central to the insurance experience We talked about why a car maker would want to embed insurance, and it's not about the commission or marketing consideration they'd earn, but rather the impact on the customer experience of problems securing insurance or an embedded insurance experience that isn't good enough The take rate on the partnerships has been very strong, but the experience and the customer's level of trust in the process dictates the adoption The customer will dictate the speed of adoption and what ways of working will prevail, not us, so we need the flexibility to learn from what they want and provide it, adjusting as their desires change Retention and cross-sell have also performed better than expected Nationwide has explicit learning plans when they partner, and this has allowed them to find new offerings and new products that their openness allows them to see and respond to, like their recent partnership with Assurant on digital coverage verification What does embedded mean to agent distribution? Angie says that we need to let customer dictate how they want to transact, and some will definitely want agent help no matter what
    That means carriers need to support agents as they become more digital so they can support customers as needs evolve and change In terms of the future, customers will set the pace and adoption rate, and if we can meet their needs as they arise, that transition will be easier for us
    But trust will be critical, so we need to meet the true needs as they're really being asked for rather than how we want To respond to that means having the flexibility in your platform to respond to each opportunity and have the customization in how you deploy it to meet that specific partnership's needs; if you try to build a new solution each time, you'll find that the economics never work out, but if you lack the ability to really customize efficiently, you'll also fail because you won't meet the market needs

    This episode is brought to you by Guidewire Software (guidewire.com). And by the book series, The Future of Insurance: From Disruption to Evolution by Bryan Falchuk (future-of-insurance.com).

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • Jason Kaminsky is the CEO at kWh Analytics. Just prior to joining kWh Analytics, Jason spent more than three years as a Vice President of Environmental Finance at Wells Fargo Bank. As a senior member of the Wells Fargo deal team, Jason originated, underwrote, and financed tax-equity investments during a time when the bank added nearly $1bn of solar assets. Prior to joining Wells Fargo in 2011, Jason worked at SPG Solar, where he supported the CEO on strategic corporate initiatives.

    Jason received both his B.S. in Mathematics and his B.S. in Atmospheric, Oceanic, and Environmental Sciences from UCLA. He holds an M.S. degree in Environment and Resources from Stanford University, and also completed his M.B.A. at the Stanford Graduate School of Business. He is from Thousand Oaks, California.

    Highlights from the Show Jason's background is on the finance side of solar and alternative energy kWh was founded to create a data ecosystem that could be used by the financial industry They created a data co-op model with solar asset owners who would share the data with kWh and get insights back, allowing kWh to use that data in its products to the financing world In 2015, they collaborated with the Department of Energy to see what could be understood about solar production, to see if there's a better way to forecast than the tools on the market so far This also enabled an entry into the insurance space because of what kWh understood about the solar projects they could apply their data to These solar projects needed to generate enough power to pay for their construction and operation, and insurance can be used to cover the risk that they fail to cover their costs Project Finance is nothing new, but when it's in new technologies like solar, it's inherently riskier and more expensive, so insurance can help ensure the flow of financing, allowing these new technologies to take hold While the entity doing the project is the one that takes out the coverage, the lender needs to understand the insurance, too, so they can provide more favorable loan terms, so that creates a need to educate both sides of the risk equation, not just the buyer Projects started to have trouble getting Property insurance in 2021 due to climate risk, especially in markets like Texas, where a large hail event lead to a multi-million-dollar loss at a solar project kWh wondered whether they could do a better job of understanding these risks than existing insurers, and find a way to insure these projects They go a step further, though, because they also have data on the success of projects, including weather-related losses a project suffers, and actions project owners take to protect against these losses, so they can give proactive insights and advice to insureds to reduce their risks and enhance the project's performance Having come from the renewables space, the kWh team is better positioned than the broader insurance market to understand and support these risks, just like specialist financiers can do a better job choosing and supporting projects than the general lending community As we look at power production being built, 3/4 is renewables, so this may be a small space today, but it is very quickly ramping up My ESG paper can be found at future-of-insurance.com/esg

    This episode is brought to you by Pinpoint Predictive (http://www.pinpoint.ai) and the book series, The Future of Insurance: From Disruption to Evolution by Bryan Falchuk (future-of-insurance.com).

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • Christian W. Mitchell is executive vice president and chief customer officer at Northwestern Mutual. His executive responsibilities include the company’s planning philosophy and experience, consumer insights and experience strategy, and the development of digital tools and processes to deliver a distinctive client experience throughout a client’s journey.

    He serves on Northwestern Mutual’s Senior Leadership Team and sits on Northwestern Mutual’s Future Ventures investment committee.

    Highlights from the Show Christian wrote a piece about this moment in the middle of the night when he was stress eating a pepperoni pizza and realized that a project for a new client-centric platform that they had launched was not working as they hoped and they needed to pivot The initial launch of the MVP was intended to get something out and learn quickly, which proved to be the wrong approach for something so critical to customers and advisors where they should have talked to these end users and learned more before deploying something given the stakes at play in the situation By bringing their distributors into the process, you meet them where they are but also learn what they depend on daily given that they've worked with clients for decades, so you can learn the details and insights you would never get otherwise One thing that helped them stop the path they were on and reset was why they were doing it, which wasn't about the system ROI so much as building the right long-term way to engage with customers and drive their experience Freeing them up to build the long-term solution actually allowed them to come back to some very tangible financial benefits from doing things different ways that they learned about and can enable through what they ended up building that they could never have done with their original approach The culture it takes to change like this starts at the top, with CEO John Schlifske not wanting to just be a steward of the company, but rather about making the tough choices needed to set the company up for long term relevance and success This was also helped by their acquisition of LearnVest, which gave them smaller company DNA and mindset when it comes to change and how to use technology Bringing new thinking into the company can be about learning something, but also about changing the historical approach of building things yourself and being a closed system to one of partnerships and working with companies with better ways of doing things The future of CX is wide open, with space for solving things like The underwriting process in Life insurance, where what your advisor already knows about you may be sufficient to underwrite you without having to gather any other information Ecosystems of solutions and partners can be curated to support your needs at different moments in your life through one central relationship Christian sees technology as an ebb and flow, where it comes in and blows up or disaggregates a space, but then over time, it pulls the pieces back together again If you think about incumbents vs. startups, the incumbents have so many resources and assets, but they lack the speed and agility of startups If you're not willing to acknowledge mistakes of the journey you've been on, you won't get faster But if you are, you can get to a point where the incumbents get so fast that there's no room for FinTechs to disrupt them


    This episode is brought to you by the book series, The Future of Insurance: From Disruption to Evolution by Bryan Falchuk (future-of-insurance.com).

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • Abel Travis is currently the Vice President and Head of Fundamental Underwriters at AF Group, located in Lansing MI. Abel Travis has deep subject matter expertise in the insurance Industry, with over 17 years of experience. Travis is an expert in innovation, designing new products and business models to drive growth and transformation. Travis has provided leadership and guidance in all aspects of the insurance industry from technology, underwriting, product management, innovation, strategy and product development.

    Travis is an award winning, international keynote speaker at events including InsurTech Insights, InsurTech Connect, Dig In, InsurTech Rising, ACORD Conference, Society of Insurance Research, NAAIA Conference, Women in Insurance, and is a featured industry contributor to Reuters, The Economist, Carrier Management, Digital Insurance, Insurance CIO Magazine, etc. Travis has also contributed to numerous industry white papers including the most recently published “Reinsurance That Connects.”

    Travis has a deep affinity for Insurance Innovation and seeing the proliferation of innovation change this Industry. He hosts the Insurance Innovators Unscripted podcast (http://www.InsuranceInnovators.co/blog) to provide and engage in thought leadership with #insurtech innovators, influencers, and executives in insurance. Travis serves as an advisor to regional insurtech startups, provides consultation for private equity firms investing in the insurance sector and mentor’s future industry leaders and innovators.

    Travis has been the recipient of many industry awards, including the 40 under 40 from the WBJ, and a top 50 Executive Leader by DiversityMBA. He was named to Digital Insurance’s top Innovators to Watch, was named a Hot 100 by Insurance Business America, and was awarded the Diverse Leader of Change in Insurance recognition.

    Travis earned an M.B.A. from Long Island University (Brookville, NY) and a B.A. in Finance from Clarkson University (Potsdam, NY).

    Highlights from the Show

    Abel runs Fundamental Underwriters, which is the diversification unit within AF Group to help bring non-correlated risk to complement the group's Workers Comp business Innovation isn't just about new tools, but thinking about what the customer of the future will need from an experience and preferences standpoint, and then building things to speak to that That means having the analytics tools to see the trends developing and then having ways to interact with prospects and insureds to deliver the insights from those trends. Innovation, in Abel's eyes, must be looked at holistically, including the business, its need and the business model. To overcome the negative inertia for change, you need to see where people are on the journey and help them move forward For Abel, that meant recognizing that people in the business didn't necessarily know what InsurTech was when he joined, so he needed to find ways to expose them to new solutions and ideas that could support the business in achieving its long-term aspirations and vision He launched something called InsurTech Day, where he brought in new solutions to do presentations and demos so people in the business could get exposure and understanding of new solutions available in the market They did this in two tracks, one with the executive team to be sure the leadership was getting deep understanding and exposure to InsurTechs, and one for the broader organization to get exposure Thinking about what the future looks like for the industry, Abel starts by taking insurance out of the equation, and just understanding what's happening with the economy and the world more broadly, for example Socioeconomic and geopolitical shifts Economic and work-related shifts like the gig economy Then he looks at what we need to enable to compete in that changed context, in terms of tools, distribution solutions, etc

    This episode is brought to you by OneClick Code (oneclickcode.com). And by the book series, The Future of Insurance: From Disruption to Evolution by Bryan Falchuk (future-of-insurance.com).

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

  • Auto Insurance has faced an existential threat before, when analysts predicted the market would evaporate in the 2020s as people stopped buying cars and instead just rode around in shared, autonomous pods. That didn't happen, of course.

    But the market is going to face another major shift thanks to the coming together of three major developments – Connected Cars, Embedded Insurance and Subscription Business Models.

    In this special report, "The Future of Auto Insurance: Connected, Embedded & Subscribed" Bryan Falchuk shares the impact these three drivers will have on Personal Auto Insurance, and what we in the industry should be doing about to ensure we not only stay relevant, but find a way to thrive.

    Falchuk turns to Guidewire's Chief Evangelist, Laura Drabik, to host this episode as he talks about this ideas in this report and how the Insurance industry should plant the seeds today to thrive tomorrow.

    You can download the report for free at http://future-of-insurance.com/auto thanks to the support of Guidewire Software.

    Highlights from the Show

    Thanks to Laura Drabik, Chief Evangelist of Guidewire Software, who graciously agreed to host this episode so I could share some thoughts with you Auto Insurance will be dramatically impacted by the development of Connected Cars, Embedded Insurance and Subscription Business Models being adopted by OEM car makers Connected Cars – using a wealth of sensors and high speed data connectivity, new vehicles allow for a real-time view of each exposure, which can transform how we look at and price risk, as well as how we can intervene to reduce it; with nearly 80% of new cars sold in the US being connected, this sets the timescale for when materially all cars will be able to be looked at in this way, which will come in the late-2030s. Embedded Insurance – rather than being a separate, friction-filled process, embedding insurance into the sales process of the asset or experience you need insurance for can not only benefit carriers, but allows those selling that car asset (like a car) to reduce the risk of problems getting insurance has on the success of their core business model. Subscription Business Models – OEM car makers are turning to subscription revenue to drive valuation, especially traditional OEMs competing with the valuation of Tesla and the market pressure that creates for them; most major OEMs have announced plans to shift to subscription revenue models, and many of those have explicitly called out Insurance as a core component of that offering. Combining these three drivers, we see OEM car makers using embedding to sell insurance offerings that take advantage of the advanced, connected features they are including in their vehicles to help drive adoption of subscription services (like autonomous driving, vehicle charging, and more). OEMs are not likely to be interested in transferring risk to their own capital base, but rather ensuring risk transfer does not jeopardize their core business or quest for recurring revenue, and therefore will look to distribution partnerships to embed insurance into their offerings. That means carriers who want to participate in this new Auto Insurance market should think about three things: Building partnerships with OEM auto makers, as several carriers have been doing (like Nationwide, State Farm, Liberty Mutual and more) Evolving their Underwriting ethos to embrace real-time, connected, dynamic pricing rather than historic-based, Actuarial pricing where rates move in arrears as loss patterns emerge Have flexible core systems that are Cloud-native and capable of agile, broad API deployments to connect to a wealth of data sources, external tools, and insert themselves into the customer flow of OEMs and others they may seek to embed into or partner with. Lastly, this is not just about Personal Auto, with examples already happening in Homeowners, Commercial Property, Renters, Jewelry, Travel, Personal Accident and More. You can download the report for free at http://www.future-of-insurance.com/auto This episode and the report in it are brought to you by Guidewire
    (guidewire.com). And by the the book series, The Future of Insurance: From Disruption to Evolution by Bryan Falchuk (future-of-insurance.com). Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

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  • Ramón Lopez has the honor and privilege to lead a team of 4,700 claims professionals looking to provide best in class service for the military community. In his role, he and the team are focusing on making insurance simple, easy and more importantly relevant to the USAA membership. This can better be defined as humanizing and scaling our own digital capabilities, modernizing our technology, personalizing interactions and ultimately delivering the world's best insurance claims experience through service and accuracy. Ramón has over 18 years of insurance industry experience that spans across property and auto insurance and is a graduate of Texas State University. He recently graduated from The University of Texas at San Antonio (UTSA) completing his Executive MBA. Ramón also represents USAA on the board of the San Antonio Hispanic Chamber of Commerce. Ramón is passionate about building diverse teams and sees this as the most significant competitive advantage in the innovation ecosystem.

    Highlights from the Show

    Ramón has been in Claims at USAA for 18 years, joining right out of college, starting as an adjuster One of Ramón's roles was to setup and lead the Claims Innovation team, which I featured in the first Future of Insurance book USAA built a number of tools for customers with the military member in mind, given that they could be anywhere in the world with questionable connectivity When the pandemic hit, that helped their ability to respond to customer needs in a new environment with much higher customer expectations That wasn't just because of what they built, but rather because they had a plan and a strategy in addressing situations like this Because USAA members often engage with them in other ways, like banking, that means they're more likely to have their app on their phone, which is helpful at deploying digital solutions for insurance and for Claims in particular As the bar rose for customer expectations, they realized they had to reimagine the process and experience against these new standards rather than what would have sufficed a few years ago, and that could lead to totally new experiences and solutions USAA partnered with State Farm on a blockchain solution in subrogation, which lead to lots of learnings How do you write the right type of contract with another insurance carrier that will ultimately be better for the whole industry? If you're building technology at two carriers, how do you align how the tech groups at each so they can be on pace with delivery with each other given the different approaches and pace at each company? How do you bring the entire industry along? Everyone's cost of admission to new technology is different given where everyone is starting from, so how you get companies to prioritize and engage can be hard. If you want everyone to join up, you need to find a way to build it so everyone can benefit from without massive cost. At USAA, Claims is a strategic part of the P&C business, so they move together in lock step; this has allowed them to deliver major technology projects and transformations faster than if Claims was fighting for priority, support or attention For Ramón, how you innovate and change really depends on where you are in your innovation journey If you're early on, you have a broad and big innovation strategy as you're in an expansion moment where there's a lot you can do As you get further in, the realm of possibilities contracts to being clearer and more defined, so you can contract to focus in more This episode is brought to you by HOMEE (homee.com). And by the the book series, The Future of Insurance: From Disruption to Evolution by Bryan Falchuk (future-of-insurance.com). Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

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  • Andrew Toy is the President at Clover Health (NASDAQ: CLOV), where he is responsible for driving the vision for how technology and analytics can improve the lives of Clover's members. Andrew joined Clover from Google, where he coordinated enterprise activities for the Android team and ran Machine Learning, Enterprise Search and Analytics for the G-Suite team. Before that, he was the CEO and co-founder of Divide, a company focused on creating a split between work and personal data on mobile devices, which was acquired by Google in 2014. He earned his BS and MS in Computer Science from Stanford.

    Highlights from the Show

    Clover Health is a health insurer focused on Medicare Clover's mission is to use technology to drive better health outcomes, therefore reducing the total cost of healthcare, allowing more people in more places to be covered The US is fairly unique in that healthcare is almost exclusively provided through an insurance mechanism, meaning there's a provider, a patient and a payer involved, complicating our ability to get efficiencies as a market The mechanism Clover is using to change outcomes is The Clover Assistant, which ingests different data points from all the various places and ways people get care to provide insights and advice to primary care physicians to help them in providing care to patients Clover does this without limiting patients to only certain providers, and they not only don't charge providers for access to Clover Assistant, but actually reimburse them at higher rates if they use Clover Assistant Because Clover is focused on helping the overall outcome, it allows them to make longer term decisions on spending on care because they realize, not paying for something today to save money may mean you spend much more tomorrow In P&C, if you don't have a burglarizing of a home today, that has nothing to do with whether you will or won't tomorrow, but healthcare is different since not providing care today can mean health is worse (and more costly) tomorrow Why is an insurer best positioned to solve this health issue? Insurers are incented to reduce total healthcare costs, so their incentives are aligned Insurers see all care, regardless of who provides it Insurers have the mechanism to spread health benefits because any savings in one area can be spread to other areas, broadening care For most commercial health insurers, they don't control members joining or churning since it's usually driven by people's employment, so it's not surprising commercial insurers would be less inclined to build what Clover is building because of their natural tendency away from long-term views This episode is brought to you by VPay (vpayusa.com), part of Optum Financial. And by the the book series, The Future of Insurance: From Disruption to Evolution by Bryan Falchuk (future-of-insurance.com). Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

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