The Future of Insurance

Chris Luiz, CEO of Scout InsurTech, connects insurance professionals and innovators to redefine the industry. He discusses building local communities to enhance engagement and networking in insurance. Chris highlights Scout's startup program that helps emerging companies connect with major players in the field. He emphasizes the importance of nurturing relationships and demonstrating value before forming partnerships, advocating for collaboration over transactional interactions. His insights showcase how community-driven initiatives can transform the insurance ecosystem.

Melbourne O'Banion, CEO and co-founder of Bestow, is on a mission to modernize the life insurance industry. He discusses how Bestow leverages technology to revolutionize underwriting, making it faster and more efficient. Melbourne highlights the shift from direct-to-consumer sales to enterprise solutions, tapping into larger market opportunities. He emphasizes that while agents may fear technology, their roles are evolving, not disappearing, as they adapt to new tools. Tune in for insights on innovation and the future of life insurance!

Daniel Aldrich, Dean's Professor of Resilience at Northeastern University, dives into the concept of community resilience after disasters. He shares insights from his own experience with Hurricane Katrina, highlighting the vital role of community support versus traditional insurance. Aldrich discusses the rising challenges homeowners face with insurance in a changing climate and emphasizes the need for a comprehensive approach to resilience that fosters social connections. He advocates for rethinking our disaster recovery strategies, focusing on collaboration and community involvement.

Andrew Horton, Group CEO of QBE since 2021, brings over 30 years of experience in the insurance and banking sectors. He discusses the critical need for sustainable growth in the insurance industry, urging a balanced approach to risk and pricing. Horton emphasizes client engagement and innovation, stressing that companies must adapt to evolving customer needs. He also highlights the importance of resilience in rebuilding after natural disasters and advocates for collaborative strategies among insurers, homeowners, and governments to foster long-term recovery.

Justin Goodman and Brenden Corr, co-founders of Project 55, dive into the pressing topic of mental health within the insurance industry. Brenden opens up about his personal journey to sobriety, advocating for open discussions around mental health. Justin shares his own experiences that fueled the creation of Project 55, emphasizing the need to combat stigma in the workplace. They highlight the lack of resources available for employees and the importance of fostering a supportive environment where individuals feel safe to discuss their struggles.

Tim Dillahunt, Head of Personal Lines Underwriting at The Hanover Insurance Group, shares over 25 years of insurance expertise. He emphasizes the emotional and financial toll of water damage in homes, advocating for proactive measures like water leak detection sensors. These devices not only prevent costly claims but also preserve personal belongings and maintain affordability. Tim highlights the importance of regular inspections and innovative technology in preventing water-related losses, transforming how we approach home safety and insurance.

Ryan Vigus, EVP of Personal Lines Product Management at CSAA Insurance Group, brings a wealth of experience in developing insurance products for AAA Members. He dives into California’s evolving homeowners insurance landscape amid rising wildfire risks and historical market shifts. Vigus discusses the financial pressures insurers face and the need for innovative risk assessment tools. He advocates for a strategic approach that prioritizes policyholders, calling for improved building codes and better preparedness to address climate challenges.

Dawn Walker is an associate director, Industry Relations (DUAE) in AM Best’s Strategy and Communications department. Dawn has more than 15 years of insurance industry and risk management experience, and joined AM Best in 2022, initially serving as a senior financial analyst, conducting performance assessments for Delegated Underwriting Authority Enterprises.  Previously, Dawn as a senior risk management analyst at MacAndrews & Forbes Inc., a global mergers and acquisitions firm in New York City. She also previously served as a senior account executive for Alliant Insurance Services, serving its ultra-high net worth book of business.  Dawn received her MBA degree with a concentration in Enterprise Risk Management at St. John’s University. She graduated Cum Laude earning a Bachelor of Law degree from the University of Arizona. She holds a Property & Casualty and Life & Health Broker’s license, has earned an Associate in Risk management (ARM) designation and is actively pursuing a Charter Property Casualty Underwriter’s designation. Highlights from the Show AM Best is known for many things, but mainly for the assessments and ratings they perform on players across the insurance industry. For the Delegated Underwriting Authority Enterprise (DUAE) space in particular, they are bringing transparency to help drive continued growth not only of the DUAE segment, but the product innovation that goes on within it. The level of growth in the delegated underwriting authority space has been huge, getting to $77B in the US alone, and making up 10% of the P&C market globally. The key areas they look at when assessing DUAEs includes Operations, UW Capabilities, Governance and Controls, Financials and Corporate Structure. This analysis helps bring transparency to the sector to help facilitate partnerships while also giving DUAEs a blueprint for how to optimize their operations for growth, stability and, ultimately, success Why do insurers work with Delegated Underwriting Authority Enterprises (DUAEs), like MGAs and MGUs? Can’t they just compete in the market directly? DUAEs bring expertise in niches and market segments that incumbent carriers may not be able to build efficiently given their scale, and the relative size of these niches being too small to support the operational cost of a carrier. DUAEs often come with expertise and distribution in the segment, allowing carriers working with them to access new spaces efficiently, quickly and profitably. What can support or stand in the way of the success of a Delegated Underwriting Authority Enterprises (DUAEs), like MGAs and MGUs? AM Best performs assessments of these entities to bring transparency to key success factors insurers would look at when deciding whether to work with a DUAE or not. 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.

Curtis Goldsborough is the President of National Insurance Inspection Services, an evolving technology and field service provider for P&C underwriting, based in Fresno, CA. He cut his teeth in insurance as an agency owner with Farm Bureau Insurance of Michigan, where he became acutely aware of the friction and pain points associated with underwriting inspections. In 2013, he joined National Insurance Inspection Services on a quest to forge a better path forward for personal lines underwriting.  Curtis was instrumental in the development and launch of the NIIS self-inspection app and workflow, which is now in production environments with over 18 carriers and MGAs around the country, including three of the top ten P&C carriers in the United States. In his not-so-spare time, Curtis produces insurance video content on LinkedIn under the moniker of LO$$ RATIO, with a goal to engage, educate, entertain and inspire insurance professionals around the world. Highlights from the Show Curtis shares about his work to increase education and understanding through his content is trying to help. His main work is as President of National Insurance Inspection Services, who not only helps carriers by performing underwriting inspections, but also developed a self-inspection app that carriers have embraced to increase their understanding of the risks they write and help homeowners reduce the risk they face. Insurers don’t get it right on every claim. Yet Curtis believes the industry as a whole does not systematically or intentionally get it wrong, despite the popular narrative in the media. There is a general lack of understanding and education out there that is degrading the general public’s sense of the insurance industry and the role it plays in the economy driven by the widespread, negative narrative that is not unlike the narrative that drives engagement in so many other areas. Negativity gets eyeballs and keeps them much better than positivity. Regardless of what drove the current situation with the cost of homeowners insurance and the insufficiency of rates, blame won’t solve the problem. That’s been the driving force behind the work Curtis does under the name “LO$$ RATIO”, including his viral raps and memes.  As homeowners continue to struggle to find and afford coverage in many parts of the US and carriers struggle to sell insurance at an economically viable rate, Curtis hopes more understanding and conversation helps change the situation. What if insurers allocated even a small proportion of the overall ad spend of the industry to educate consumers and help improve some of the public perception of the insurance industry, and the knock on effect that has on issues like social inflation. That’s the dream Curtis has to help drive the necessary shift in the negative dynamic we are struggling with today. 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.

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. 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.