InsurTech Amplified’s Post

“I would say that that is the number one thing that agents tell us they love about Rainbow, and that they believe differentiates Rainbow. It’s this idea that I think if you look at the sort of the last 10 to 15 years with InsurTech, there have been more like religious decisions. We do not hire humans, because we have software to do everything. And I think as the standard again, it goes back to sort of how things change as the market evolves, as the role of technology becomes more sophisticated. Sort of the expectations of people are, we also want to be able to talk to someone if we have a question.” – Bobby Touran In this episode of InsurTech Amplified with ⁠Bobby Touran⁠, co-founder and CEO of ⁠Rainbow⁠, we explored how technology is reshaping the insurance industry. Bobby emphasized the need for integrating software development DNA into decision-making processes within insurance companies, advocating for a continuous underwriting approach. This method allows for real-time risk assessment and premium adjustments based on dynamic data from businesses, particularly in the restaurant sector. By leveraging data from POS systems, online reviews, and other sources, Rainbow ensures precise risk evaluation and tailored insurance solutions. #technology #innovation #insurtech #insurance #restaurants Theresa Blissing David Gritz InsurTech NY Listen to the full conversation here: https://lnkd.in/gYrcxMby

Check out Gordon Wintrob discussing how we are leveraging technology to reimagine the commercial insurance experience.

We're excited to see our co-founder and CEO, Aaron Letzeiser, featured on InsurTech Amplified! 🎙️ In this episode, Aaron dives into how Obie is transforming the investment property insurance landscape. By digitizing the underwriting process, providing instant quotes, and embedding our solutions into transaction platforms, we're making insurance faster, more transparent, and more efficient for real estate investors. Facing economic headwinds and evolving market trends, Obie’s innovative approach is proving to be a game-changer. Our seamless integration into existing homebuying workflows simplifies the insurance process for both lenders and buyers, reducing administrative burdens and ensuring accurate coverage. Aaron’s insights highlight our mission: "How can we make this [insurance] easier for you [the lender] and how can we make it easier for your consumers as well?" Tune in to the podcast to learn more about how Obie is leading change in the insurtech industry and setting new standards for service and innovation. #InsurTech #Innovation #RealEstate #ObieInsurance

We had a lot of fun speaking with ⁠Stuart Winchester⁠, the CEO of ⁠Marble⁠. Stuart shared his unique path into the insurance industry, initially diverging from his family’s insurance background to explore other fields, ultimately coming home to roost in the insurance space and leading to the inception of Marble. Our discussion underscores the importance of leveraging diverse experiences and cross-disciplinary skills to foster innovation in the traditionally conservative insurance sector, highlighting Marble’s mission to revolutionize insurance distribution through technology. Our conversation highlights the opportunities and challenges in engaging customers and personalizing the insurance experience in an era dominated by digital interactions. Stuart’s insights into using real-time data for developing responsive insurance solutions, and the potential for future integration and co-creation with tech giants and consumers, imagine a promising picture for the InsurTech industry. This conversation not only sheds light on the evolving landscape of insurance distribution but also emphasizes the critical role of technology in bridging the gap between traditional insurance models and the needs of the modern consumer, signaling a shift towards more accessible, engaging, and tailored insurance offerings.

In this episode of “InsurTech Amplified”, Andrew Johnston, the Global Head of InsurTech at ⁠Gallagher Re⁠, shared some his most recent insights from the Gallagher Re Global InsurTech Report for Q2 2024. The discussion covered a wide range of topics, including investment trends, partnerships, the role of AI, and the potential challenges and risks. Here are six key insights that stood out: 1. The Shifting Landscape of InsurTech Investments Andrew highlighted a notable shift in InsurTech investments during Q2, where the total investment reached $1.27 billion. This was a significant increase compared to previous quarters, despite a decrease in the number of deals. Interestingly, this uptick wasn’t driven by a few large deals but rather by a general increase in the average deal size, which now hovers around $10 million. 2. Partnerships as a Key Strategy In the evolving InsurTech landscape, partnerships between traditional insurers and tech companies have become crucial. Andrew mentioned several strategic partnerships, such as those between Allianz and ClearSpeed, HSB and WINT, and MassMutual and Genomics. These alliances are not just about technology adoption but also about integrating innovative solutions to enhance efficiency and customer experience. 3. The Role of AI in Underwriting and Risk Management A major focus of the discussion was on AI’s transformative role in underwriting, pricing, and portfolio management. Johnston emphasized that while AI can process vast amounts of data to predict risks more accurately, it should not replace human experts. The concept of “bionic” underwriting combines AI’s computational power with human expertise to improve decision-making. This hybrid model not only speeds up processes but also ensures that the nuanced understanding of risks remains in human hands. 4. Data Quality and Bias in AI Models One of the most critical challenges in leveraging AI is ensuring data quality and avoiding biases. Johnston noted that AI models often rely on large datasets, which may include unverified or biased information. This can lead to skewed risk assessments and pricing models. 5. Case Studies: Concise and Ki Two examples that were discussed on the podcast were the companies Concirrus and Ki. Concirrus, originally focused on marine and cargo insurance, uses behavioral data to predict risks better than traditional demographic data. Their underwriting tool, Quest, has expanded to other areas like workers’ compensation, showcasing the power of AI in diverse insurance domains. On the other hand, Ki, a digital underwriting platform at Lloyd’s, illustrates how AI can streamline the underwriting process by allowing certain business types to be automatically bound if they meet specific criteria.

In this episode of InsurTech Amplified, ⁠Aaron Letzeiser⁠, co-founder and COO of ⁠Obie Insurance⁠, shared his journey from a non-traditional insurance background to transforming the insurance process for real estate investors. Aaron and his brother Ryan identified a significant problem in the industry: the lack of transparency and control in obtaining insurance for real estate investments. By leveraging their combined expertise in business and real estate, they created a solution that digitizes the underwriting process, provides instant quotes, and empowers customers to make informed decisions. Aaron’s story underscores the importance of empathy, curiosity, and leveraging existing skills to solve real-world problems. Aaron also emphasized the value of good partnerships and the impact of embedded insurance. By partnering with strict lenders and integrating the insurance purchasing process into real estate transaction platforms, Obie Insurance ensures compliance and eliminates delays. This innovative approach, called Embedded 2.0, benefits both lenders and buyers, simplifying the insurance process and reducing administrative burdens. Aaron’s experience highlights how technology can transform traditional industries, making processes more efficient and user-friendly, and offering valuable lessons for entrepreneurs and industry professionals alike.

Today’s Wall Street Journal column titled “Silicon Valley Needs to Accept That Insurance Is Boring” paints a gloomy picture of insurtech. And sure, if your goal is to replace legacy insurance carriers, you’re going to face an uphill battle against these companies with decades of operating history, significant capital, enormous customer-service infrastructure and underwriting models used over decades. But for companies who can partner with insurers to improve the industry for carriers and customers alike, there are plenty of opportunities to win. Let’s start with the customer experience. Clearly the old model of insurance shopping is broken. No one wants to call around to multiple carriers or put their personal information out there to be sold and resold, resulting in incessant sales calls. In 2024, people expect to shop with a few clicks, entirely avoiding other humans if they want. Insurance needs to deliver that experience. It’s what we’ve built and continue to improve upon at Jerry. Companies that are investing in AI to dramatically simplify and speed comparison shopping and buying for insurance customers are poised to become the go-to option. On the carrier side, profitability has been a struggle over the last 18+ months. Companies that can help carriers use all the data now at our fingertips to manage risk will be in high demand. At Jerry, our AI-based tools protect our carrier partners’ profitability while still delivering savings to our customers. This helps our partners grow their profits. As we heard from one carrier partner at a recent meeting, “It’s really nice to talk to an agent that cares about our profitability and isn’t just begging us to let them sell more policies.” Startups are fast and nimble. This is the advantage tech-first companies can bring to carrier partners. Last, and most critical, is the ability to serve customers. This is where start-ups and established companies alike can quickly lose. Customers need advice. Policies need updating. Payment methods need to be changed. If you’re not innovating, you can hire and hire and hire, building up operating expenses that will tank your profitability. We’ve built our own technology – automation and AI-based chatbots – to improve our customer service while cutting operating expenses. Our customers are able to submit service requests using our app that are automatically processed by our proprietary automation systems. Our AI-based chatbot fully resolves over 65% of our customer inquiries. This is the kind of innovation that can change the game for the industry. Using innovation to solve problems for customers and businesses will determine who remains standing among insurance industry disruptors. Don’t discount those companies who are doing it right.  https://lnkd.in/g23jGGkA

🎙️ Insurance Unplugged: October Podcast Recap Throughout October, IRYS Insurtech proudly sponsored Lisa Wardlaw’s Insurance Unplugged podcast series, exploring how AI, data, and innovation are transforming the insurance industry. Here’s a look at the conversations that shaped this series: 1️⃣ Florian Graillot – Founding Partner, astoryaVC (10.02.24) 🔍 Discussed insurtech trends and venture capital’s role in driving innovation. 🔑 Key Takeaways: AI enhances agent productivity and unlocks $50B in potential impact. Young talent is key to future industry growth. 🔗https://buff.ly/3YrlRnd 2️⃣ Margeaux Giles – CEO & Co-Founder, IRYS Insurtech (10.09.24) 💡 Explored the evolving complexity of insurance distribution. 🔑 Key Takeaways: Generative AI boosts sales and operations. Continuous tech investment is essential for growth. 🔗https://buff.ly/4fpHefv 3️⃣ Scott Dykstra – CTO & Co-Founder, Space and Time (10.30.24) 🌐 Discussed tamper-proof databases and Web3’s impact on insurance. 🔑 Key Takeaways: Decentralized data enhances security and scalability. Smart contracts can transform insurance processes. 🔗https://buff.ly/3YlrIKO 4️⃣ Austin Przybysz – CTO, Instruxi (10.23.24) 🌐 Explored the intersection of Web3 technology and insurance, focusing on HTAP databases and secure data sharing. 🔑 Key Takeaways: Web3 shifts data ownership to consumers, enhancing control and trust. Intent and consent are critical for ethical data handling in the future of insurance. 🔗https://buff.ly/48v0Yfp 5️⃣ Bhaskar Kalita (BK) – Global Head of Financial Services and Insurance, Quantiphi (10.30.24) 🤖 Delved into the transformative impact of generative AI on the insurance distribution value chain. 🔑 Key Takeaways: AI as a service offers scalable solutions for insurance companies. Agents and brokers need to embrace AI now to drive efficiency and transformation. 🔗https://buff.ly/3YjKbas These episodes challenge the status quo and offer bold strategies for building the future of insurance. Missed an episode? 🎧 Catch up now and join the conversation shaping tomorrow’s industry. #InsuranceUnplugged #IRYS #AI #Web3 #Insurtech #Innovation

🔍 Unlocking the potential of embedded insurance demands a keen understanding of evolving trends and strategic maneuvers. Dive deep into the dynamics shaping the insurance sector through the latest shared article https://lnkd.in/d6mJtfBr 📈💼 While embedded insurance presents a lucrative avenue for revenue growth, it also poses a disruptive force to traditional distribution channels. With potential shifts of up to US$50 billion in premiums by 2030, adaptation is paramount for industry incumbents. At Redkik, we're dedicated to empowering insurers to navigate this transformative landscape. Our innovative technology solutions are poised to help you capitalize on the promise of embedded insurance and drive sustainable growth. #EmbeddedInsurance #Insurtech #StrategicAdaptation #Redkik

How about risk-free innovation? Innovation in insurance, whether it's about re-inventing processes, developing new IT solutions, or shifting from the usual, often appears full of risk. What if the results fall short, users resist, or costs spiral out of control? I understand these concerns. Why expose yourself and your company to risk when your current processes seem sufficient? But how much better could they work? What increased value, insights and cost reduction could you gain? How can you know if you don’t explore new ways of working? I believe the status quo isn't sufficient for a changing industry as important as ours. That's why we've introduced risk-free trials for Mavera DSS, designed to limit time and cost commitments to a minimum. It's as simple as this: • Together, we define clear KPIs for a specific timeframe • After a quick onboarding, you'll dive into the capabilities of Mavera DSS • Our customer success team supports you throughout • We'll assess the results together If you're not satisfied, there's no obligation to proceed. You’ll return to your previous processes, now enriched with new insights. Yet, in 90% of cases, insurers experience substantial process improvements, efficiency gains and new business insights. Then they opt to continue with us. The ability to mitigate the risks of innovation is just one reason I believe Insurtech is essential for driving progress in the traditional insurance sector.