The hosts share personal stories, including the joy of becoming a grandfather. They discuss how insurers are finally embracing technology after nearly a decade of Insurtech. Insights on the hurricane season reveal companies to watch and the potential of parametric insurance for managing risks. The conversation touches on wine tasting as a bridge between community and innovation. Looking ahead, they highlight partnerships in the insurance ecosystem and intriguing plans for 2025, sparking enthusiasm for future developments in the industry.
There is a unique synergy developing between technology and insurance sectors, facilitating unprecedented opportunities for innovation and collaboration.
Personal life changes, such as becoming a grandfather, can significantly influence one's outlook on work and the industry overall.
Deep dives
The Collaboration Between Technology and Insurance
There is a growing alignment between technology innovators and the insurance industry, creating unprecedented opportunities for innovation and collaboration. With over two decades of experience, one speaker notes that they have never witnessed such synergy, where the needs of insurance companies align perfectly with the advancements in technology. This has allowed for easier promotion of technological solutions tailored to the industry's requirements. The successful start of companies like Instax is cited as a turning point, highlighting how improved collaboration has made the innovation terrain more accessible.
The Impact of Family on Outlook
Becoming a grandfather has profoundly influenced the speaker's perspective on life, bringing newfound joy and a sense of community. The experiences of caring for grandchildren have reignited a passion for family that had diminished when children left home. This change in personal circumstances is indicated to have contributed to an overall positive mood, which is a refreshing contrast to common industry challenges. Such personal developments remind professionals that success can come in various forms and impact the way we view our careers.
Challenges in Procurement Processes
The speakers express frustration with the increasing complexities and delays in procurement processes, which have become a burdensome part of their business operations. The reliance on meticulous purchase orders can hinder timely payments, affecting overall efficiency. An anecdote is shared regarding a consultant's peculiar requests in procurement, highlighting the sometimes absurd nature of these bureaucracies. Despite these challenges, the dialogue reveals a shared understanding of the industry's struggle with red tape, emphasizing the need for streamlined processes.
The Evolution of Catastrophe Modeling and Insurance Dynamics
Recent developments in hurricane forecasting and catastrophe modeling are changing how insurance companies assess risks. Innovative companies are employing advanced data analytics to predict hurricane behavior more accurately, driven by the necessity for real-time data integration. The speakers note that using new methodologies helps them better understand and respond to climate variations impacting insurance models. The conversation underscores a shift in focus from traditional models to dynamic strategies that leverage predictive analytics for timely underwriting decisions.
This week Matthew and Robin are pointing the microphones at each other and back for our popular "Partners' Chat" as they review the world around us. Find out what is making Robin happy this month - almost 10 years after the term Insurtech was coined are established insurers now finally embracing innovation and technology? What can we learn from the start of the hurricane season and do investors share our enthusiasm for the role that start-ups and scale-ups can play in really changing insurance for the good in 2025.
This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme.
By the end of this podcast, you should be able to meet the following Learning Objectives:
Describe how technology and insurance has aligned better together in recent years and why this innovation and development is important
Identify changes in trends to investing in startups in the industry
Summarise why parametric is a solution to volatile and hard to insure risk
If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 315 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast.
To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.
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