Paul VanderMarck, Chief Technology and Innovation Officer at SageSure, shares insights from his extensive background in insurtech. He discusses the importance of proactive customer outreach after catastrophic events, enhancing the claims process through technology. VanderMarck explains how AI and aerial imagery are revolutionizing property damage assessment, and highlights the ethical responsibility to ensure adequate coverage amidst industry challenges. His focus on improving customer satisfaction through active engagement reshapes traditional approaches in the insurance landscape.
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insights INSIGHT
Disciplined Growth in Hard Markets
SageSure successfully grows in tough catastrophe markets through highly disciplined underwriting. - They focus on being analytically rigorous and generating underwriting profit to sustain growth.
volunteer_activism ADVICE
Inspect All Properties Personally
Inspect every property in person to ensure accurate underwriting and replacement cost. - Rely on proprietary technology and data science to efficiently manage high inspection volumes.
volunteer_activism ADVICE
Keep Insurance Updated with Inflation
Update replacement costs and inflation adjustments at every policy renewal. - Use data-driven trends, not fixed inflation guards, to keep customers fully insured to value.
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Paul VanderMarck is the Chief Technology and Innovation Officer of SageSure, leading the development of its proprietary technology platform and adopting new technologies to continue to advance the user experience. Previously, Paul was a managing director at boutique investment bank Financial Technology Partners, where he worked with a wide range of high-growth businesses across the insurtech landscape on capital raising and mergers and acquisitions. He previously spent 25 years as Chief Product Officer and as a member of the leadership team that grew Risk Management Solutions (RMS) from a startup into a $300 million revenue business while creating an entirely new market and transforming the way that the global insurance industry manages catastrophe risk. He holds a bachelor’s degree in civil engineering and a master’s degree in structural engineering, both from Stanford University.
Episode SummaryThis interview discusses innovative strategies in the insurance industry, particularly focusing on proactive customer engagement and the use of technology to enhance claims processing. Here are the key points:
Proactive Outreach: The company emphasizes the importance of reaching out to customers after catastrophic events, rather than waiting for claims to be filed. This approach aims to provide timely assistance and mitigate potential damages.
Use of Technology: The integration of AI and aerial imagery allows the company to identify damaged properties quickly after disasters. This technology enables them to prioritize outreach to affected customers, even those who may still be evacuated.
Claims Management: The discussion highlights the need to eliminate inefficiencies in claims processing, often referred to as "leakage." By using innovative solutions, the company aims to reduce unnecessary costs while ensuring that customers receive fair treatment during the claims process.
Market Adaptation: The company has successfully navigated challenging market conditions, including inflation and increased reinsurance costs, by providing valuable products to agents and maintaining a strong growth trajectory.
Customer Satisfaction: The video underscores the importance of customer satisfaction, particularly in claims handling. Engaging with customers during claims processes can lead to higher satisfaction rates, which is crucial for the company's reputation and success.
Overall, the episode presents a forward-thinking approach to insurance, focusing on technology, customer engagement, and operational efficiency to improve service delivery and maintain competitiveness in a challenging market.
This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook.
The Future of Insurance 