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