InsTech - insurance & innovation with Matthew Grant & Robin Merttens

McKenzie Intelligence Services (MIS) helps accelerate disaster relief and economic recovery for insurers. Matthew Grant spoke to Rosina, Chief Product Officer for MIS, who shares insights from her MBA dissertation's findings on the adoption of technology in insurance, highlighting the necessity of collaboration between insurtechs, insurance companies, and other stakeholders to drive innovation and effectively address the insurance protection gap.  Key talking points include: Transitioning from working for a large organization to the world of startup and scale up MBA Dissertation - the process of writing and publishing  Managing biases - reconsidering the issue with the protection gap Collaboration and disruption - where do you stand as an insurtech? Evolving approaches for insurtechs What you should avoid in partnerships To read Rosina Smith’s dissertation ‘Barriers to Adopting Insurtech in Natural Catastrophe (Re)insurance’ you can reach out to her on LinkedIn. If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Specify what is the insurance protection gap and why it has historically been misunderstood Identify some reasons why a business partnership between a insurtech start up and an insurer might not be successful Summarise why insurtechs need to reevaluate their strategy when partnering with insurance carriers If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 301 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

KatRisk is a catastrophe modelling company providing global inland flood, storm surge and windstorm loss assessments for some of the largest insurers, reinsurers and brokers in the world.  Taking a macrocosm approach, the company’s models offer an open software architecture, allowing users to better understand correlated risks and to make modifications to suit specific needs. Matthew Grant caught up with Dag Lohmann and Brandon Katz on the company’s development such as taking on strategic investment from TA Associates, and the challenges that come with modelling correlated risks such as tornadoes, tornadoes, straight-line winds and more. Key talking points: The journey to strategic investment Innovating catastrophe modelling with advanced technology Client collaboration and transparency: a core ethos Leveraging high-resolution models for underwriting and risk assessment The future of catastrophe modelling and climate reporting Looking ahead: expansion and new developments If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Define how correlation has changed the methods catastrophe modelling is conducted Identify the different types of government bodies that work alongside catastrophe modellers and why Summarise why catastrophe modelling tornados is difficult and why granularity of data can help If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 300 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

From episodes 68, 227 and now episode 299, InsTech has consistently caught up with Cytora and followed the company’s growth and expansion.  Alongside Google, Cytora supported InsTech’s March event in New York, after which Matthew Grant caught up with Richard Hartley on the company’s growth, entering the US market and its impact on the insurance industry. Cytora focuses on data integration, partnering with numerous data providers to enhance the underwriter's workflow and ultimately transform manual insurance processes into digital ones. Key talking points include: Developing the vision as the technology develops Digitizing risk - rendering it decision read Collating the team - collaging different backgrounds in Cytora Case studies - real-life examples of how Cytora helps carriers including Markel and Allianz Heterogenous data in a homogenous view - ecosystems Judgement and data - subjectivity If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Describe how by partnering with different data sources, a platform provider can help an underwriter understand their data in a simpler, unified way Define what digitization of the insurance industry is and what it could look like Identify how platforms can help underwriters save time and focus on what they do best If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 299 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Optalitix was borne out of the need for ‘optimization’ and ‘analytics’, as Co-founder and Director Dani Katz realized the biggest blocker for insurance companies was converting spreadsheets. Having now expanded beyond spreadsheets, Optalitix offers three software products to UK (re)insurers and MGAs.  Robin Merttens spoke to Dani about the spreadsheet polemic, innovation in the London Market and the permeability of finding solutions to difficult problems in both work and personal life. Key talking points include: Growing out a company - solving challenges for insurers To spreadsheet or not to spreadsheet Reflecting on how far digitisation has come in the industry Suns and roofs - best moment to innovate Underwriting workbenches - where to start? - Find out in InsTech's recent report Joining Google Cloud Marketplace Founding a charity Read Matthew’s tips on being a panel host here. If you like what you're hearing, please leave us a review on whichever platform you use or contact Dani Katz or Matthew Grant on LinkedIn. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Describe how the London Market can adopt digital transformation Explain how an underwriting workbench operates and how an insurer can adopt them Identify the issue with spreadsheets and what are the pros and cons of using them If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 298 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Robin Merttens is joined by Ben Ruddle, Senior Principle in Strategy at Publicis Sapient, to discuss how technology can help insurers cater to customers outside the typical insurance model. The discussion covers the concept of 'Beyond Beige,' focusing on the opportunity to serve individuals and businesses with unique or specialized needs that standard insurance products don't cover. Key talking points include: The rise of comparison sites What is ‘Beyond Beige’ - the opportunities in the market Publicis Sapient's expansion into insurance  Addressing the issue of underserved markets If you like what you're hearing, please leave us a review on whichever platform you use or contact Ben Ruddle or Matthew Grant on LinkedIn. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Specify why comparison sites are not helpful to the customer and their insurance journey Define what markets are typically underinsured and why Identify how incumbents can utilise technology to help better serve niche markets If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 297 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

HDI TH!NX was founded in 2019 by Verena Brenner, initially operating within the German insurer HDI Global, as an incubator for IIoT solutions.  Now providing software to support risk management applications for insurers and insurance clients, tune in to hear Verena discuss the mechanics behind founding a startup within an insurer and the company’s development in providing varying solutions for their customers. Key talking points include: Why HDI TH!NX was launched - from a PhD in global supply chains to utilising the impact of IIoT solutions The centrality of the customer Advice for launching a startup - innovation is not a hobby Growing into the ESG space - evolution in the company’s direction Helping insurers understand their risk better If you like what you're hearing, please leave us a review on whichever platform you use or contact Dr Verena Brenner or Matthew Grant on LinkedIn. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Specify what is required to successfully develop a business model intended to help insurers Define what an IIoT is and how it can help risk managers and insurers in understanding their risk better Identify sectors where IIoT and sensors are valuable in collecting the right data If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 296 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Dr Avi Baruch, Allison Whittington, and Mark Murphy discuss flood risk management with Previsico, highlighting the importance of early warning systems, collaboration with clients like Zurich Municipal and Donaldson Timber, insurance's role in resilience building, and operational challenges in mitigating flood risks. They explore sustainability, ESG commitments, and proactive strategies for managing floods effectively.

Groundwater flooding poses a great risk to properties in the UK but remains much less widely modelled than other types of flooding.  This week, Matthew Grant caught up with Mark Fermor at GeoSmart, a company specializing in flood data analytics in the UK. They discuss GeoSmart's role in providing detailed flood risk assessments, leveraging their advanced modelling tools that cover all sources of flooding and how they are helping other organisations access and understand open-source data. Key talking points: Discovering the hidden cause of flood risk What problems are GeoSmart helping insurers to solve Different ways to experience a flood The issue of groundwater beyond the UK Open-source data - how GeoSmart can help If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Describe what groundwater is and why it is an important factor to model to understand flooding Explain how open-source data can help the insurance industry understand risk better Summarise what flood models are and how GeoSmart produces their models If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 294 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

PwC’s Chris Temple and Christine Brogan join Matthew Grant to discuss transformation in insurance, specifically steering organizations towards achieving their ESG goals.  The conversation covers the role of technology and AI in driving change in insurance as well as building resilient business models for the future. This episode is a great introduction to how ESG operates in the financial sector and how transformation in insurance is made possible through collaboration. Key talking points: Understanding ESG - what are the main priorities business need to consider to be successful in the future Transforming insurance - how AI can help The importance of strategy driven by data How the Life Insurance sector got it right Balancing commercial gain with progress Defining “baseline” - current carbon output The biggest driver of innovation is regulation FSTE 100 and sustainability Our upcoming Investor Networking event sponsored by PwC For more information, please see the following PwC reports: PwC UK 2024 Energy Survey Hold your nerve to maintain momentum: our 2024 actions for sustainability leaders Sustainability Reporting in 2024 Banana Skins Survey Report If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Describe how generative AI can help implement ESG measures in insurance Specify what is meant by ESG and its role in insurance Summarise what companies can do to become Net Zero in the future If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 293 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

The podcast delves into the 'decision economy' and how Indico Data's generative AI solution is transforming decision-making in the insurance industry. Topics include the founding of Indico Data, navigating the AI hype cycle, the importance of generative AI as a language, the role of data in commercial insurance, and the company's entry into the UK market with some football anecdotes.