Justice Technology Association’s Post

Can’t believe its almost a week since Insurtech Insights. ! spoke on panel on embedded insurance with Gregor Mandt, Nicholas Sando and Gonzalo Rodriguez where we exchanged insights on successful strategies. Stripe and our partners @buddyinsurance conducted a series of demos bringing embedded insurance experiences to life. The Stripe team met with dozens of partners, users and clients across 3 action packed days. My overall impression is that the industry has switched from contraction to expansion at a faster clip than ever before. Some further thoughts War for distribution insurers are building increasingly complex networks fusing new forms capacity and product development with diversifying channels and partnerships. The purpose is of course to more effectively reach customers and serve their needs, and these customers are getting more demanding. Payments and digital money movement are crucial ways for both meeting customer expectation and managing complexity Constrained innovation capacity: Strong desire to move fast with embedded, AI, payments and personal risk solutions, but legacy systems and in some cases culture constrain execution. Insurers need to embrace not just the jigsaw pieces but the glue in stitching new digital architectures and businesses together. And crucially we must remember that while innovation poses challenging technology questions, this is not just about technology but involves build the right talent and partner pools Breaking cost/scale economics: The crucial technology equation is how to gain new sources of growth without adding marginal cost. Beyond digitization of customer experiences, this will also involve automation of premium collections, reconciliation and settlement, as well as automating underwriting, accounting and back office processes Thank you to all of the Stripes, clients and partners who joined us Meghan Shaw Barbara O'Beirne Clare McCartney Valentina Buitron Soniya Sapre Richard Wall Meg Walsh Emma Hatch Michael Magabo Charles Merritt David Vogeleer Alix-Anne Farque Adrian Jones Adam J. Benjamin Hindson Duncan Cockburn Louw Hopley Noon Ali Mary Tobin Graeme Dean Florian Eisele

High Peak, a Prudential Financial-backed startup, readies AI solution for long-term healthcare and wealth planning for life insurance policyholders. “We are delivering the most personalized data-driven insights that are available in the market, specific for individuals as well as their dependents, parents and children,” said Sharon Rodriguez, CEO. “We recognized when we had a gap and we augmented our data sets to increase the level of accuracy in our predictions.” https://bit.ly/3A7kQIL #insurtech #AI #lifeinsurance

Life and Annuity Startup Innovation Award - APPLICATIONS DUE JULY 31st Every year we highlight an ecosystem of companies dedicated to revolutionizing the Life and Annuity space that is constantly expanding, and we can't wait to shine a spotlight on new additions.The Life Insurance and Annuity Startup Awards will be showcasing the most innovative startups in the industry. Applications are about to pull a disappearing act - If you know a company who's a perfect fit, send them the link to apply before time runs out! https://hubs.la/Q02JjBlk0 Don’t forget you can always download the latest 2024 Life Insurance and Annuity Ecosystem map here: https://hubs.la/Q02JjBRl0 #InnovationAtAwards #LifeInsurance #Annuity #WhosNext

🎙️ "Hello LinkedIn community! Today, I want to share with you an exciting development in the world of insurtech. I recently came across an article that discussed how AI and customization are revolutionizing small business insurance. It's truly fascinating how technology is transforming the insurance landscape, and I couldn't wait to share it with all of you. In this era of Insurtech 2.0, companies like Foxquilt are leveraging the power of artificial intelligence to provide tailored insurance solutions for small businesses. Gone are the days of one-size-fits-all policies that may not adequately address the unique needs of each business. With AI, insurers can now analyze vast amounts of data to create personalized coverage plans that truly protect small businesses from potential risks. What makes this even more exciting is the level of customization that AI brings to the table. Small business owners can now have a say in the coverage they need, ensuring that they are not paying for unnecessary or irrelevant protections. This level of flexibility empowers entrepreneurs to make informed decisions about their insurance needs, ultimately saving them time and money. But it's not just about the technology; it's about the impact it has on small businesses. By providing tailored insurance solutions, AI is enabling entrepreneurs to focus on what they do best – running their businesses. With the peace of mind that comes from having the right coverage, small business owners can confidently pursue their dreams and take calculated risks, knowing that they are protected. This article reminded me of the power of innovation and how it can transform industries. It's incredible to see how AI is not only disrupting traditional insurance models but also empowering small businesses to thrive. As we continue to embrace technology, it's crucial that we support and encourage these advancements that benefit entrepreneurs and the economy as a whole. I would love to hear your thoughts on this topic. Have you come across any other examples of AI revolutionizing industries? How do you think this will impact the future of small business insurance? Let's start a conversation and share our insights! #Insurtech #AI #SmallBusinessInsurance #Entrepreneurship #Innovation" 🚀

Exciting news in the InsurTech landscape! ClaimSorted has just raised $3 million to revolutionize the $200 billion insurance claims industry. With a focus on leveraging AI, this ambitious startup aims to transform the sluggish claims process into a speedy, accurate, and customer-centric experience. Founded by seasoned insurance professionals who recognized the inefficiencies plaguing traditional claims administration, ClaimSorted is determined to cut processing times by up to tenfold while reducing payout errors by over 20%. This innovative approach not only addresses long payment delays but also aims to enhance overall customer satisfaction. With heavyweight investors like YCombinator backing them, ClaimSorted is on track to make waves across the US, UK, and Europe. Their success will redefine efficiency in insurance claims and provide a transparent alternative that consumers have desperately needed. Keep an eye on this game-changer!

A great strategy to support the economic development in our region.

“Investors… are like, well, if Marsh hasn’t done this before, and Microsoft can’t do it, and Google doesn’t have anything… How could you possibly, some chick in insurance in Florida, think you’re the smartest person?” – Margeaux Giles In a fascinating conversation with ⁠Margeaux Giles⁠, CEO of ⁠IRYS InsurTech⁠, her unconventional entry into insurance to building a technological revolution within the industry highlights how entrepreneurship and innovation can drive real change. Margeaux’s journey, marked by a pivot from founding a startup focused on mitigating late-night driving risks to addressing inefficiencies in the insurance sector, underscores the industry’s openness to innovation. Her transition not only highlights the importance of diverse experiences in enriching the sector but also showcases the potential of entrepreneurial thinking in identifying and solving problems. The creation of IRYS stems from Margeaux’s realization of the fragmented and legacy processes that have long characterized the insurance industry. By centering the customer in IRYS’s operational model and harnessing technology to improve efficiency and responsiveness, Margeaux details a vision for modernizing insurance. IRYS’ approach, advocating for customer-centric models and technological adoption, presents a blueprint for transformation. Furthermore, Margeaux’s insights into the demographic shifts within the insurance workforce suggest an impending knowledge gap, one that technology, and platforms like IRYS, can bridge by facilitating knowledge transfer and enhancing the skill set of new entrants. Margeaux reminds us that the path to innovation is often paved with challenges, learning, and an unwavering resolve to make a difference.