Insurance Covered

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by Antton Peña, Founder of Flock, and we will be looking at the insurance of drones.Antton starts by explaining what Flock do and how they became involved with the insurance of drones. When Amazon first started exploring the idea of drone deliveries Antton identified that potential risks involved with this would require a very bespoke type of insurance cover, something which at that time was not readily available. By tapping into third party data such as Google Maps and real time weather data the level of risk could be adapted, along with the premium. Antton goes on to explain the uses of drones are far bigger than most people realise. They insure anything from small personal drones to 300 pound 4 metre long drones that are flying objects to oil rigs and construction projects or are rescuing people in the sea. Currently there are over 5,500 companies with licenses to fly drones commercially. He then explains why drones can't just be insured as part of a business or home insurance policy, the short answer is the risk is vastly different and more volatile so the insurance solution needs to be flexible and tailored depending on the particular circumstances, for example location of travel, length and distance travelled, time of travel and weather conditions. Flock have 30-40 data points that get collected in real time and all these data points give an understanding of what's going on in relation to the factors mentioned above. Antton goes on to explain that Flock have multiple packages insureds can choose, from pay as you fly hourly coverage, to more regular monthly and annual packages for the more commercially used drones. Finally, Antton looks ahead to the future of the drone industry and what he expects to be the next big changes and developments.We hope you enjoy the podcast! If you did, please  Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by Brendan McGurk, who is a barrister at Monckton Chambers, and we will be looking at the big data and data profiling in relation to the insurance industry.Brendan has recently released an award winning book 'Data profiling and insurance law' and we begin by discussing an overview of what the book covers. One aspect of this is looking at the way in which insurers will use big data and predictive analytics for the purpose of underwriting. Brendan explains that as insurers get more access and involvement in big data, they will be able to more accurately access and price risk. He goes on to explain that competitive advantage will be with the insurers that develop the best algorithms for assessing risks. When looking at where insurers might get this kind of data Brendan explains the 'Internet of Things' (IoT) which is the vast web of devices connected to the internet. Brendan identifies three devices that contribute useful data for insurers; black boxes in cars, wearable technology (smart watches) and smart devices in your home like Google Nest, Amazon Alexa and the devices they can connect to (fire alarms, leak detectors, cctv cameras). The information provided by these devices enable insurers to more accurately assess a situation and determine the risk levels and price accordingly.Away from underwriting Brendan explains how big data can enable big changes in the way claims are handled. If claims handlers have access to the data and can use it in a meaningful way, they are able to paint a much clearer picture and investigate more accurately. Drawing back on the example of the black box in cars, insurers can see when the accident occurred, where, what speed the insured was moving therefore giving them a much clearer indication on the validity of the claim.Finally, we look at the transparency and privacy concerns of big data and using people's data potentially without them knowing or consenting. We look at the duty of good faith, GDPR issues, potential use of protected characteristics and the risk of data breaches from holding this data.We hope you enjoy the podcast! If you did, please subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests.This episode we are joined by industry legend Reg Brown and we will be looking at the Insurance Museum initiative as well as exploring Reg's distinguished career in insurance.We start by talking about how Reg came to work in insurance and the roles he has held, including his time as President of the Chartered Insurance Institute and Underwriter of Syndicate 702. We also discuss the vast change he has seen in the industry throughout his career.We then move on to the main topic, namely the Insurance Museum. Reg explains his role as Chairman, a position he has held since 2019 and why he has given his backing to the campaign. He explains his desire to be a part of establishing an Insurance Museum in London comes from a feeling of wanting to give back to the industry. He calls on his time mentoring young people entering the industry as a driving force behind wanting to create the museum and have somewhere for people to learn about the rich history of the insurance market.  "Insurance is such a key part of London and there is a nowhere for the history to be on display and the stories to be told".Reg explains that the first fundraising campaign for the establishment of the Insurance Museum started on the 7th September and will run until 7th December with the aim of raising £3 million, which will cover the property and running costs for 4 years.  You can pledge to donate here.We hope you enjoy the podcast! If you did, please subscribe to be notified of future episodes Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This week we are joined by Anastasia Dokuchaeva, Head of Partnerships at ClauseMatch and we will be discussing their Lloyd's Lab journey. We start by looking at what ClauseMatch is, what they do, and how they came to work with the insurance industry. Anastasia explains initially the focus was entirely on financial services but experiences looking at Solvency II showed that the insurance industry also had a real need for regulatory technology, the opportunity to then be involved with the Lloyd's lab programme was too good to turn down. She then explains what it was like to be part of the cohort, the opportunity to work with mentor firms, including AXA, QBE and Argo, having unrestricted access to talk to and learn about the industry was invaluable when it came to develop ClauseMatch to be the perfect tool for the insurance industry.Anastasia goes on to explain since their graduation from the Lloyd's Lab in June 2019 they have had the opportunity to work with a number of big insurers and deploy their technology further in the market.  We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests.For this episode we are joined by Simon Burtwell, Head of Insurance at EY and we will be exploring the recently released EY report 'The future of Insurance'.Simon explains that the findings of the report show that the insurance industry is on the precipice of critical transformation and the time has come for one of the oldest industries on earth to reinvent itself. He explains one reason for this the huge shift that has taken place in the asset bases of large commercial businesses, moving from around 30% intangible assets to around 80%. As a result, the insurance industry needs to adapt giving less weight to physical assets and more on the intangibles.He also explains the insurance industry needs to adapt to meet the changing needs of clients. In the current insurance market, the focus is almost entirely on the claims proposition rather than building bespoke relationships with clients. Simon goes on to explain with the vast amount of data now available insurers could begin to look at ways to reduce their client's loss exposures on an individual level. A shift towards a service based industry and away from a claims focused industry, using data analytics to drive reduced risk and better day to day outcomes for businesses.Simon explains using the mass data available to micro-adjust policies could be a way to revolutionise the industry giving the example of the marine industry. With the implementation on blockchain technology ships can be monitored constantly, frequency of use, performance and GPS information on route and destinations is all readily available in real time. With this kind of information available insurers can look to provide insurance on a 'per ship, per voyage' basis with dynamic pricing depending on the expected risk of the specific ship and specific journey.Simon concludes that the key to the insurance revolution is the increased connectivity between insurer and end client. Moving away from a static offering to one that can make use of the big data that is available and create strategic partnerships with clients, working with them to reduce risk of loss.We hope you enjoy the podcast! If you did, please subscribe to be notified of future episodes Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests.For this episode we are joined by Chris Moore, Head of ibott, Deputy Active Underwriter 1971 at Apollo Syndicate Management Limited and our topic is insuring the sharing economy.Chris explains what is meant by the sharing economy, giving examples of ride sharing platforms and platforms that allow for accommodation to be rented as alternatives to standard hotels. These companies are technology focused and provide innovative and convenient solutions to their customers. He then goes on to give insight into how these apps are 'disruptors' that are changing the way some of the biggest companies do business.He goes on to explain that a key driver in the rise of the sharing economy can be attributed to the cultural differences between generation X and millennials. "Generation X is fascinated by assets, owning your first house and getting a car as quickly as possible. Contrast this to the millennial approach where experiences are valued over assets".Chris then gives insight into how insurance of the sharing economy works explaining insurance within the sharing economy can be more flexible and adjustable depending on the current usage and level of exposure. Access to GPS data, telematics, information on average speeds allows for more detailed and accurate measure of exposures at any given time allowing for adjustable rates of insurance.He explains that a key part of what they are doing at Apollo is looking at the innovative companies taking over the sharing economy and trying to create equally innovative insurance solutions for them in an almost bespoke fashion.Finally, Chris gives us his thoughts on what innovative insurance products we are likely to see in the next 2-5 years.We hope you enjoy the podcast! If you did, please subscribe to be notified of future episodes Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests.For this episode we are once again joined by Lee Elliston, our guest from episode 1, to talk about the Lloyd's Market Association (LMA), who they are and what they do as well as getting an update on the implementation of the Lloyd's blueprint for market reform.Lee gives us insight into what the LMA actually is, what their purpose is and how they set about achieving that. He explains that the LMA work very closely with the corporation of Lloyd's but remain a separate entity with a goal of ensuring the success of managing agents operating in the market. Lee explains the vision of the LMA is to establish themselves as leaders in the market that can support continued growth and success in the future.Lee talks about the changes he has seen in his time at the LMA describing the last 18 months as a whirlwind of change, citing the internal changes and updated value proposition being the driving force for positive change both internally and externally.Lee then gives an update on the progress of the Lloyd's Blueprint and how COVID-19 has impacted progress.We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by Scott Seaman, co-chair of the insurance practice group at our US alliance firm Hinshaw & Culbertson. For this episode we will be looking at; social inflation, bad faith and punitive damages in the context of the US insurance market.Scott starts off by explaining what social inflation is and why it has become an increasing issue facing insurers in the US. Scott broadly defines it as 'rising costs to insurers as a result of things like increasing litigation, broader areas of liability and larger compensatory jury awards in favour of the plaintiffs'.We then look at what bad faith is and what is meant when someone is said to have acted in bad faith. Scott explains that bad faith is where a breach of duties takes place in the face of good faith and fair dealings, an implicit part of many states laws when it comes to contractual relationships. Scott then gives a recent example of where bad faith has come into play.Our final topic is punitive damages, Scott gives an overview of what is meant by this, simply put, the additional compensation due as a result of misconduct and wrong doing. Scott explains the different reasons for a punitive damages award and the trend in the US of these kind of compensation claims rising.We finish of by discussing what issues are likely to come to the forefront of US insurance in the future. We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we look at Lloyd's of London, who they are and why they are such a key part of the global insurance industry. Our guest this week is Elliot Maule, Senior Programme & Marketing Manager at Lloyd's.Elliot gives us valuable insight into the history of Lloyd's of London, how it was originally formed and how it has transformed into the globally renowned market it is today.We look at the key benefits of the Lloyd's market to both insurers that are part of it and the insureds that come to mitigate their risks.We also look at the structure and layout of the Lloyd's market place as well as the role managing agents and syndicates have.We finish up by talking about the future of the Lloyd's market, touching on the current plans for transforming and modernizing the market place, Blueprint one, which featured in our very first episode.We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

This episode was recorded prior to the COVID-19 pandemic and as such trends may have changed.Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This week we are taking a look at Lloyd's lab, the renowned insurtech startup programme. Our guest is Ed Gaze, who is the Lab Manager.Ed talks us through what the Lloyd's Lab programme is and what it is designed to do, namely to bring in fresh ideas and technology that can help drive the insurance industry forward. He also gives insight into the overall structure of the 10 week programme. We also look at how the cohorts are selected.We look at some of the success stories that have come as a result of the programme including Floodflash and their parametric insurance product.Finally we talk about the future of the Lloyd's lab, how companies can apply to be part of the next cohort and also how you can become a mentor and help these start ups thrive.We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.