The Future of Insurance

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.

Mark Holweger is President and CEO of Legal & General America’s insurance division, which includes operating companies Banner Life Insurance Company and William Penn Life Insurance Company of New York. He is responsible for the day-to-day operations of the business, ensuring service excellence, continued distribution expansion and achievement of the digital transformation strategy. In 2011, he joined Legal & General Group in the UK where he held a number of senior level positions including Managing Director, Partnerships for Legal & General Insurance and Director of Broker and Intermediary for Legal & General’s General Insurance business. In 2018, Mark relocated to the US as Executive Vice President of Distribution and Marketing for Legal & General America. Prior to joining Legal & General, Mark was a co-founder of Coverwise.com, an International digital insurance broker, and held various senior roles at other insurers including RSA Insurance Group UK where he was Distribution Director for Emerging markets and AXA Insurance UK where he was Director of Corporate Partnerships. Mark is an economics graduate and Chartered Insurer. He lives with his wife Rachel in Potomac, MD and has two daughters. Highlights from the Show Note 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.

Magdalena is a Senior Director and Global InsurTech Innovation Leader at WTW’s Insurance Consulting and Technology (ICT). She leads ICT’s inorganic growth strategy as well as its interaction with the external insurtech ecosystem globally. She joined the firm as a Senior Economist at Watson Wyatt’s Research and Innovation Center in 2005. She has 20+ years of experience in R&D and international strategy consulting and was WTW’s Global Head of Research and Analytical Services. Magda holds a M.Sc. in math. Finance and a PhD in Quantitative Economics and Finance. She also holds a professional certificate on Innovation from the MIT Professional Education Program. For the past 10 years she has been solely focused on innovation and strategic consulting for the Insurance Industry, especially around digital transformation, advanced analytics, blockchain, emerging risks and #insurtech. She was among the first to publish and discuss blockchain in the context of insurance and has focused almost exclusively on helping the insurance industry to understand and deploy new technologies since 2014. She is a well-recognized thought leader in insurtech and the implications of new technologies for the risk transfer industry. She has been a prolific public speaker in the past 10 years and in the past couple of years alone, Magda has had over 100 public speaking engagements specific to insurtech and blockchain at various international conferences and summits. She has also published multiple articles, blogs, interviews and audio/visual media on the topic. She sees herself as a blockchain and technology governance crusader and devotes significant time to educational activities, ranging from workshops for executives to sessions at elementary schools and trainings to empower #womenintech. Her main areas of expertise include blockchain, technology and innovation, advanced analytics, MNC internationalization and innovation strategies, emerging markets, global governance, macroeconomic and socio-political risks.  Further, Magdalena has 14 years of teaching experience at European (Germany, UK) and Latin American universities. She also led many research projects for multilateral organizations on microinsurance, financial inclusion and innovation, including pre-2009 projects on alternative currencies. Highlights from the Show Note 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.

Wesley is CEO and Co-Founder of Sola Insurance based in Atlanta, GA. Wesley comes from a tech background and jumped into the insurance industry at a flood insurance startup where he was tasked with working on the data side with private and FEMA flood maps. Realizing this data was telling us exactly where the damage is, Wesley became obsessed with how data can be used to automatically trigger an insurance claim payout. Sola is starting with supplemental tornado coverage for homeowners but plans to expand into every type of natural disaster to help people cover their deductible and immediate expenses. Sola has already been approved in 15 states as the first ever admitted personal lines parametric product, is fully reinsured through Lloyd’s of London, and has partnered with hundreds of insurance agencies across the Midwest and Southeast. Highlights from the Show Wesley came on the show in Season 5 to share more of Sola's story, so be sure to listen to that for more background They recently launched a Wind & Hail product that like a hybrid Parametric/Indemnity proiduct in that it is data-triggered, but has validation of the loss through on-site inspection Their product speaks directly to an issue many insurers and homeowners are facing where providing traditional coverage is no longer financially viable yet homeowners are struggling to afford even high-deductible offerings that leave them excessively exposed – and mortgage lenders aren't comfortable with the coverage gap being created Sola's Wind & Hail product is cheaper than the money most homeowners would save by increasing their Wind & Hail deductible if they live in a hail-prone area, meaning they can get back to more complete coverage while saving money over what that coverage would have cost otherwise 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.

Dennis is general manager of insurance at Intuit Credit Karma, where he oversees the company’s fast-growing business unit that encompasses auto, life, home and renters insurance for Credit Karma’s more than 120 million U.S. members. Dennis joined Credit Karma through the acquisition of Zendrive, which will enable Credit Karma to accelerate Karma Drive, the company’s usage-based insurance product. At Zendrive, Dennis served as CEO where he oversaw the team and company strategy in pursuit of making roads safer through the power of data and analytics. Dennis is a seasoned technology professional, having held leadership roles at LiveRamp, Bertram Capital and Google X. Dennis holds an MBA from Stanford Business School and a bachelor’s degree from Virginia Tech.  Highlights from the Show Dennis joined Intuit Credit Karma through their acquisition of ZenDrive, where he was CEO With credit being such a huge part of Auto insurance, it makes sense for a business like Credit Karma to be focused on the space, and help consumers manage their auto insurance rates and coverage as their credit score changes Credit Karma is not exclusively set on Auto insurance, but thinks instead of areas where consumer education and support in navigating something complex can yield better outcomes for them, so there are other possibilities for the business in insurance down the road One key thing to manage will be the issue of Privacy, which has been especially fraught in telematics and IoT-based coverage; Credit Karma thinks transparency and clarity are critical to be sure consumers always know where they stand when it comes to their data  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.

Bobbie is Chief Insurance Officer at Coterie - prior to this role, she was Coterie’s first VP of Distribution, and Chief Growth Officer.  At Coterie, Bobbie oversees underwriting, capacity, distribution, marketing and agency experience.  Prior to Coterie, Bobbie was the VP of Strategic Distribution at Grange Insurance, cultivating successful strategic partnerships with established, new and emerging distribution partners – with a strong focus on strategy and innovation.  Bobbie started her insurance career as a Commercial Lines underwriter and manager at Society Insurance, and held leadership positions at QBE, SECURA, and Grange Insurance. Bobbie holds a BBA in Marketing & Human Resources from the University of Wisconsin Oshkosh. Highlights from the Show Coterie is a Small Business-focused MGA offering core P&C products via agents, founded by David McFarland, who was on the show earlier in their journey to share their story Bobbie Collies joined to lead up distribution, and her responsibilities expanded into her current position as Chief Insurance Officer She gave an update of Coterie's business, including: Evolved distribution efforts that are more focused, scalable and effective, with them now having onboarded 40,000 agents Success in deploying APIs throughout the process, with 50% of transactions happening over API today (and growing) The continued use of AI and ML in their business, which has always been very data and analytics-focused, but they look at new and better ways to evaluate risk and operate the business Growth in average premium from $800 to $1800 over the past couple of years ITC is a great chance for Coterie to meet with a lot of their agent partners to talk about planning for the year ago and to keep a pulse on new technologies and innovations that could move the market and support their business going forward. 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.

David Embry, CEO of Mylo, a digital, independent insurance broker that uses AI and people to connect clients with the right coverage for their needs. He is responsible for the overall vision and financial performance of the business as well as developing strategic partnerships. As a seasoned entrepreneur with 20+ years of experience leading financial and insurance companies, David brings deep expertise and innovation to Mylo. Previously President of SelectQuote Benefit Solutions and Managing Director at J.P. Morgan. Highlights from the Show Mylo is a digital broker that was built from within a big, national broker, and today uses technology to match small business and individual insurance customers with coverage They currently write about $4m in premium per month; 65% being small commercial, and the rest being personal lines, plus benefits for small businesses They use AI to keep up with changes in coverage and appetite in real-time rather than having to manually recode their algorithms through some regular review process 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.

After ITC Vegas 2024, I had to do a quick recap of the themes that stood out to me, and what I took from it. Highlights from the Show The winner for most-talked about buzzword? AI, obviously The focus, however, was on AI for efficiency An AI-enabled data company talked about the difficulty they have talking about improving UW results, so they only talk about efficiency when meeting with carriers, or they lose the audience (even though they have proof of positive L/R impact) As an industry, I challenge all of us to actually push on the core of the business and not just go for the "easy" sell of efficiency  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.

While the show is on a break for a few weeks, I wanted to be sure you knew two things about ITC Las Vegas 2024: You can save $200 on registration thanks to the deal I scored for my listeners! Just visit http://www.future-of-insurance.com/itc for the discount code and a link to register If you're an insurance company executive, drop me a DM on LinkedIn if you'd like to be a guest on the show while I record in-person episodes at ITC on October 16th 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.