InsurTech Amplified’s Post

🇬🇧 7 Highlights from the Insurtech Insights Conference 2024, London. 20,000+ meetings, 6,000+ insurance experts, 400+ speakers: From keynote addresses to panel discussions, the conference showcased the cutting-edge advancements shaping the future of #insurance. Our co-founder and partner Christiane Jauch highlights 7 main insights from the panel discussions: 1️⃣ The power of AI needs to be harnessed: Zurich Insurance Group's Head of AI, Dr. Christian B. Westermann, delved into the practical applications of AI, urging industry players to embrace innovation to stay ahead and providing valuable insights into leveraging AI for industry advancement. Ericson Chan, Group Chief Information & Digital Officer at Zurich Insurance, highlighted AI as a catalyst for change in the insurance industry. Mark Klein, CDO at ERGO Group AG, stated, "We are at the beginning of a journey we must approach with sensitivity, but which will bring us many advantages." 2️⃣ “#Innovation, everywhere, for everyone”: In an era where technology, connectivity, and new forms of consumer behavior substantially transform the insurance sector, Generali leads the way by igniting a movement that democratizes innovation. In their panel, Emanuele Colonnella and Danilo Raponi from Generali showcased how Generali plans to further prioritize innovation with a €1.1 billion investment dedicated to their digital & technological transformation, enhancing and promoting innovation through an Innovation Fund, Innovation Training, Innovation Tools, CorpUp/Innovation Studios, and External VC Funds. 3️⃣ Technological innovation: Ash Jokhoo, CIO Direct Line Group, and Romaney O'Malley, bolttech’s Group CFO, underscored the importance of technological innovation and clear communication in navigating the evolving insurtech landscape. 4️⃣ Human expertise vs. #AI: The sparring session between ChatGPT and Insurance NED CEO Artur Niemczewski showcased the evolving relationship between technology and human expertise in insurance: While AI continues to advance, human ingenuity remains a crucial element in the industry's success. 5️⃣ Revolutionizing contracts: David Ovenden, AXA Commercial’s Chief Underwriting Officer, explored the emerging concept of modular computable contracting, highlighting its potential to revolutionize insurance operations. By reimagining contracts, Ovenden emphasized the opportunity for transformative change within the industry. 6️⃣ Data and parametric insurance: Sabine VanderLinden, Founder of Alchemy, discussed the role of AI in underwriting emerging risks and the potential of parametric insurance in a data-driven world. Her sessions undermined the importance of leveraging #technology to address evolving industry challenges. 7️⃣ Agility is a must: Drawing lessons from tech giants, the need for insurance companies to remain agile and adaptable in the face of change was underscored as a pillar of success, highlighted Johanna von Geyr from ALAIKA Advisory. #ITI2024

🎙️ 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

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.

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

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. Additionally, Bobby highlighted the importance of strong agent relationships and company culture. Rainbow’s focus on agent success through personalized support and seamless quoting experiences helps agents deliver exceptional service. Bobby also underscored the significance of specialization in underwriting, which allows Rainbow to deeply understand the unique risks of specific industries, like restaurants. This specialization, combined with a culture of kindness, intelligence, and teamwork, positions Rainbow at the forefront of modernizing insurance through technology.

1Fort launches AI-driven platform to revolutionise insurance broking 1Fort, a leading VC-backed InsurTech, has announced the launch of its cutting-edge AI platform that enables brokers to instantly quote from leading specialty markets. Renowned for its innovative solutions in the sector, the firm has introduced the platform to help independent brokers save time and place more commercial risks effectively. The newly launched platform allows brokers to interact with policies and answer complex questions from clients using a proprietary GPT chatbot. This AI integration saves brokers up to 8 hours per week, previously spent on manual quoting and coverage comparisons. The efficiency gained has resulted in brokers increasing their bind rates by 20% with higher-quality proposals. The reason behind the launch of this new platform is to alleviate the manual burden on brokers, allowing them to focus more on client relationships and growing their business. By automating the quoting, comparison, and recommendation processes, 1Fort’s platform significantly streamlines operations for brokers. Additionally, 1Fort’s technology supports hundreds of leading insurance brokers, including major firms such as IMA, INSURICA, and High Street Insurance Partners. With admitted and surplus licenses in all 50 states, 1Fort provides market access to major insurers across all specialty lines, enhancing the value offered to brokers and their clients. Anthony Marshi, Co-Founder and CEO of 1Fort, stated, “For too long, insurance brokers have been burdened with manually retrieving and analysing quotes, costing them hundreds of hours every year. Recent breakthroughs in AI have allowed our platform to give our broker partners all those hours back for what truly matters: strengthening client relationships and growing their book of business.” News credit FinTech Global #news #trendingnews #fintechnews #financenews #finance #viralnews

Insurance needs InsurTech! And InsurTech needs insurance. That's the core takeaway from Angus McDonald's op-ed for Digital Insurance. One of the key points: new generations (firstly Z – 25% of the U.S. population) have new insurance needs. And the industry can't keep up with them if companies don't open up to innovation. Insurance needs InsurTech! And InsurTech needs insurance. Just 10 years ago, insurers didn't trust the “spontaneous approaches” of IT, preferring time-tested methods. They distributed their traditional services through traditional channels: direct sales, brokers and advertising. But times are changing, and changing fast. McDonald believes that risks and disasters have increased in recent years (I think Florida would agree), and customers are no longer satisfied with "good old" services. They need ones more adapted to the new reality. They need new approaches to implementing the old ones. And if you say that Gen Z isn't massively insuring homes and cars yet, they'll eagerly insure online purchases in an age of supply disruptions. And they'll quickly move to others if your digital tool isn't transparent, convenient, and flexible. Capco clearly reflected a cross-section of Y and Z respondents' needs. Tech philosophy preaches direct and effective contact with consumers and constant monitoring of new solutions and trends. Which is especially relevant in the new AI era. And even from this perspective, there's a lot to learn from the tech business. This is without even touching on distribution, data storage and analysis (are your underwriters not burned out yet)? InsurTech is growing at a rapid pace, and it’s clear that traditional insurers are starting to realize they need to adapt. We’re seeing a promising dialogue open up between the old guard and new technology. The question is — are they moving fast enough to meet the demands of today’s consumers? #AI #AIinInsurance #InsurTech #AIInnovations 

PeppercornAI partners with ICE InsureTech to revolutionise insurance with AI PeppercornAI, an emerging InsurTech firm, announced its inaugural strategic partnership with ICE InsureTech, a provider known for delivering innovative insurance technology solutions. Read the story here: https://loom.ly/vp2iuWI #InsurTech #Insurance #FinTech

#CompetitiveData #Builds #CompetitiveMoats for #InsurTech #Porch #InsurTech ----- https://lnkd.in/ggjewFEz ----- The #insuranceindustry, long perceived as a slow-moving behemoth, is #experiencing a #seismicshift #thanks to the #emergence of #InsurTechcompanies. These tech-driven firms are revolutionizing the way insurance is bought, sold and managed, bringing unprecedented levels of efficiency, customer satisfaction and innovation to the sector and signaling its digital transformation and positioning within the connected economy. But smaller InsurTech startups are still subject to the same volatile macro events that their policyholders and peers must deal with. And on Tuesday’s (Aug. 6) second quarter 2024 earnings call, the homeowners insurance and vertical software platform Porch stressed both its nimbleness and the unavoidable occurrence of catastrophic events. “The team delivered a solid performance this quarter. Despite a May hurricane-like event in Houston with 100 miles per hour sustained winds that caused catastrophic weather claims worse than historic experiences and expectations, our results are still broadly in line with plan and showed solid year-over-year improvement. Our insurance profitability actions continued to result in attritional losses performing better than anticipated and substantial improvement in our gross combined ratio year-over-year,” Matt Ehrlichman, CEO, chairman and founder of Porch, said during the call. The company reported total revenue of $110.8 million for the most recent quarter, an increase of 12% or $12.1 million compared to the prior year (second quarter 2023: $98.8 million), driven by the insurance segment, including a 28% increase in premium per policy and lower reinsurance ceding. Porch’s financials flagged that its 21% attritional loss ratio for the quarter, an improvement from 35% in the prior year, was driven by the insurance profitability actions. #DataDriven #OperationalLeverage One of the biggest advantages of InsurTech companies is their ability to harness big data and advanced analytics to improve underwriting and pricing accuracy. Traditional insurers often rely on limited datasets and outdated actuarial models, resulting in generalized pricing and risk assessments. InsurTech firms, on the other hand, leverage vast amounts of data from various sources, including social media, telematics and connected devices, to gain a comprehensive understanding of individual risk profiles. “Our focus remains on deepening our long-term competitive moat by expanding our data platform, monetizing data products such as Home Factors in the market, and executing the reciprocal exchange to structure our insurance operation in a way we believe scales rapidly and profitability with lower volatility,” Ehrlichman explained to investors.