The Future of Insurance – Andres Diaz, Ventures Associate, Plug and Play (Live from ITC 2024)

At Plug and Play, Andres has directed his passion for innovation towards P&C Insurtech. Helping some of the largest carriers and brokers navigate the technology ecosystem and bringing projects to life. Having participated in multiple investments, he focuses on creating value through infrastructure, optimization, and digitization. With a unique background in world-class restaurants as a former 3 Michelin star chef and having launched 2 startups, Andres brings a keen eye for detail, unquestionable creativity, and a passion for bringing projects from 0 to 1. Andres holds a master’s degree in entrepreneurship by Uppsala University and a BSc in Gastronomic Sciences and Culinary Arts from Mondragon University. Graduating Cum Laude and top 5% percentile in both of them.

Highlights from the Show

• Andres shares what Plug and Play does for startups. Beyond just investing, they run programs to help startups find commercial success, even if they aren’t portfolio companies and without having to give up equity – both of which are critical to new companies trying to build their business in the insurance industry.
• AI is obviously a specific topic Plug and Play is looking at, whether that’s at ITC or outside of it.
• Rather than going after the type of buzz generating solutions we hear about like Anthropic or OpenAI, they are specifically thinking about different layers of the tech stack.
• That includes the foundation layer, like one of their portfolio companies, Archetype, built the foundation for an IoT solution.
• Andres shared some tips for founders, the biggest one centering around Patience.
  • The speed of change (and sales cycles) in insurance is very long, so you need to have the patience and runway to survive if you want to build something in the industry.

This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook.

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Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.