InsTech - insurance & innovation with Matthew Grant & Robin Merttens

Colville Wood and David Fearne from Cognizant discuss the practical applications and benefits of generative AI in the insurance industry. They explore how generative AI can automate manual tasks, optimize processes, and provide valuable insights for underwriters. The key to successful implementation is finding balance between AI and humans. They also touch on data privacy and security considerations. Overall, generative AI has the potential to streamline workflows and improve operations in the insurance industry.

In our first podcast of 2024, Jamie Crystal, CEO of MIC Global, discusses with Matthew Grant their aim to close the insurance protection gaps by offering insurance products tailored to the needs of underserved individuals, including income protection, identity theft protection, and incident coverage.  MIC uses a business-to-business-to-customer (B2B2C) model and all of its products are embedded within other platforms or services. MIC offers insurance products in various forms including embedded insurance methods, aiming to make the process simpler and more relevant to everyday life. Crystal highlights the company’s partnerships with brokers, digital platforms, and other insurance companies to distribute their coverage. The need for these products is global, Crystal insists, and not limited to specific demographics or regions. Key Talking Points Include: Understanding the concept of microinsurance The problem MIC is solving - access to affordable products The role of embedded insurance The future of MIC and the insurance industry Closing the insurance protection gap If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Visit MIC Global here. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co Continuing Professional Development - Learning Objectives InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast, 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: Explain what is the insurance protection gap and how it can be remedied Summarise how an embedded insurance product operates and how it can help consumers Identify key industries where there is an under-insurance problem and why that is the case 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 282 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 InsTech team is taking a break and we’ve outsourced this week’s short podcast to ChatGPT. But fear not - humans will be back in the loop next week. Interested to find out more about how insurers are using AI. Sign up to our Generative AI newsletter here.  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

This Christmas Eve, we bring to you our last Partners’ Chat of the year. Robin Merttens and Matthew Grant reflect on the year and the developments we’ve seen in insurance, particularly those set to define the industry in the next year. As always there are things to celebrate, and some things to be grumpy about. Talking points include: Our increasing understanding of what can or cannot be automated M&A and MGAs - how they fared this year Recognition of interdependence in insurance War exclusions - what are they and why were they relevant in 2023? The data in the hands of risk managers - how can we use it? What to do when there is no capacity available Love for wines If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. 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: Explain what Smart Follow is in insurance, particularly its evolution in algorithmic underwriting practices Identify the positives and negatives of collaborations and acquisitions in the insurance industry Summarise the importance of the untapped potential of Risk Manager data, and how practices can change to accommodate the 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 280 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.

Instabase offers technology solutions to extract information from unstructured data and automate processes. This week Matthew Grant speaks with Bas de Goei, Director of Growth Marketing at Instabase about how generative AI is helping the insurance industry tackle its pain points, and specifically “give people time back to do things that are uniquely human”.  To find out more about how Instabase can specifically help you, visit the AI Hub where you can trial various data extractions from your own documents. Key talking points: Upside down startup - the beginning of Instabase and its journey in insurance The proof is in the statistics - listen to Instabase’s case examples. Why democratising automation is important. Where will generative AI go next? The potential for collaboration. If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. 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: Explain the importance of changing and adapting a business model to operate successfully and cater to the insurance market Describe the impact automating and integrating AI into underwriting workbenches can have on a company and its growth Summarise some of the methods AI is being used in the insurance sector and how this can evolve 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 279 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.

This week we hand over the mic to Robin Merttens as he talks to James Gillespie, Head of Pricing, and Grant Dewar, Client Services Director at Aon’s Strategy and Technology Group (STG). In this episode, they discuss the evolution of Aon STG in the 18 months since it was created, what has been learned and what clients are seeking. It goes on to describe the body of services and resources it is building and the scale of its ambitions. Key talking points include: How the role of insurance brokers is changing The development of the Aon STG ecosystem and plans for that What the data model of the future looks like and how a conjoined approach through the whole value chain could transform insurance The strength of what Aon can offer when the brokerage and STG join forces How the size of the group has attracted new business, not deterred prospects Nostalgia for 70’s prog rock music, art and design Why everyone should do Lego in their spare time If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. 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: Explain the changing role of insurance brokers, moving beyond traditional risk placement to providing value through data and analytics Summarise some of the methods for integration of technology divisions, talent acquisition, and the adoption of emerging technologies such as AI and machine learning in the insurance sector Describe the concept of ecosystems in the insurance industry and how partnerships and collaborations contribute to creating a comprehensive solution for clients 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 278 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.

Experts discuss exciting news topics in the insurance industry, such as Ki Insurance's new partnerships, the wide range of loss estimates from Hurricane Otis, and Howden Group's insurtech ventures fund. They also explore the shift from disruption to collaboration in the industry, the size and risks of wind turbines, and the potential of digitizing insurance policy wordings. The episode wraps up with a potential invite, commercial break, and call for listener input.

Salman Siddiqui from Moody's Analytics and Adhiraj Maitra from Canopius talk with Matthew Grant about incorporating ESG into P&C underwriting. They discuss ESG risks and opportunities, finding the right data, the meaning of sustainability, and the future with carbon credits. They also explore collaboration and learning experiences, carbon reporting in the insurance industry, and recommend conducting an ESG survey.

Founders of Inversion, Jacques Bosch and Piro Vorster, discuss the challenges of starting a business, the importance of excellence and expertise, the benefits of a global workforce, adoption of blockchain and AI technology, and their hobbies in coding and Brazilian jujitsu.

Arbol's CEO, Sid Jha, discusses their partnership with reinsurer Beazley and their plans to target unmet risks in energy and agriculture sectors. They explore measuring carbon offsets, building an ecosystem for climate risk management, and hybrid parametric insurance for difficult-to-insure risks. They also highlight the presence of "climate risk time bombs" in the financial system.