FNO: InsureTech

It is essential to empower your workforce nowadays.  Utilizing things like mobile technology, automation, and analytics can create useable data, operational insights, and business opportunities. But where do you start? How do you start? GoSpotCheck has the answer. On this week’s episode of FNO: InsureTech, we are joined by Matt Talbot, CEO/Co-Founder at GoSpotCheck. GoSpotCheck has enabled over 200 enterprise brands to capture critical data from the field, using web-based reporting & analytics, to make strategic business decisions and impact profitability. Join Matt and the FNO: InsureTech podcast as we discuss the use of automation and analytics; customer development, gig economies, and how GoSpotCheck came to be as a growing insuretech innovator.   FNO: InsureTech Podcast www.fnoinsuretech.com

A startup company can face many challenges in their early stages: fundraising, technology, and developing business relationships.   That is why startups look for help from accelerators, incubators, and partnerships, to turn their possibilities into realities.   That is what KiwiTech is doing for startups: co-building great companies with their startup partners.   On this week’s episode of FNO: InsureTech, we are joined by Ashish Dudani, Vice President - Insurance, of KiwiTech (https://www.kiwitech.com). KiwiTech has leveraged their deep experience and entrepreneurial history to partner with innovative startups, creating state-of-the-art digital products together and bringing fresh ideas and investments.   Join Ashish and FNO: InsureTech as they discuss startup acquisition, insuretech conferences, and innovation within the claims industry.     FNO: InsureTech Podcast www.fnoinsuretech.com

When it comes to innovation, there is a process that is involved in discovering technology initiatives and emerging technologies. When you combine that process of seeking innovation with the oldest mutual insurer of automobiles (as well a provider of other lines of insurance) in the country and winner of 49 J.D. Power Awards, you get Adam Kostecki. On this week’s episode of FNO: InsureTech, we are joined by Adam Kostecki, Senior Assistant Vice President, at Amica Insurance (https://www.amica.com). As one of the highly rated and prominent providers of a variety of insurance products, Amica's mission statement is the core of their culture: customers always come first and to provide responsive products and services that meet customer’s needs.  Join Adam and FNO: InsureTech as they discuss the insurance value chain and organization; insuretech conferences, and innovation within the claims industry.  FNO: InsureTech Podcast www.fnoinsuretech.com

When someone knows the market and listens to the market, they can create a product that is able to provide the solutions desired and needed. In today’s age, the market is saturated with many possible solutions-- but do they have the right data to give you the exact fit of need? Can integration occur, so that both parties can benefit from one another and be beneficial to the industry?  On this week’s episode of FNO: InsureTech, we are joined by Pascal Begin, Sr. Leader, Product Management, at CoreLogic Symbility (https://www.symbilitysolutions.com) CoreLogic, a leading global provider of property information, insight, analytics and data-enabled solutions; recently acquired Symbility, a leading provider of property insurance claims workflow solutions. Together, CoreLogic Symbility is changing the insuretech landscape. Hear Pascal recall the beginnings of Symbility, discuss the CoreLogic-Symbility relationship, and much more on the FNO: InsureTech Podcast.   FNO: InsureTech Podcast www.fnoinsuretech.com

Data is essential in developing a comprehensive claim. It’s about making sense of the information collected. Data, however, can be a pain point. The problem? Traditional claims software is outdated, incomplete, and inflexible.  That’s where A.I. Insurance Inc. (http://aiinsurance.io) comes in. Their aim: bring claim management “to the cloud”. On this week’s episode of FNO: InsureTech, we are joined by Cameron MacArthur, CEO & Founder of A.I. Insurance Inc. They have created an intelligence-backed claims management software that allows immediate access to data for everyone involved in the claims process. Tune in to hear Cameron’s thoughts on being an insuretech start-up, how his company is providing data management solutions to the claims industry, and much more.

“Lyft is essentially an insurance company, that just happens to do rideshares.” - Caribou Honig (click to tweet) Ideas spread through a community. And for many of us siloed in our desk jobs, this phenomenon may be absent in our lives. That’s where the role of conferences come into play. By gathering groups of people within any given industry—ideas are able to bounce between minds, and creativity is sparked. However, this isn’t the case for every conference. Many are filled with long lectures, boring keynote speakers, and stale meet & greets. Not InsureTech Connect. On today’s episode of FNO: InsureTech—we are joined by Jay Weintraub & Caribou Honig—co-founders of InsureTech Connect—the world’s largest insurtech event — offering unparalleled access to the largest and most comprehensive gathering of tech entrepreneurs, investors and insurance industry incumbents from across the globe. Tune in to this episode to hear Jay and Caribou’s insights, so you can understand the insuretech space from a conference-driven point-of-view. You can learn more about InsureTech here “Insuretech as a movement has been a whole new way to draw a generation to this industry.” - Jay Weintraub (click to tweet) The FNO: Tips When building a business, bring the investors together with the regulators Rather than telling, approach people-centric business as being a mirror for the customer There is a rising school of thought that insurance will shift to be embedded inside offerings (ex: Lyft) Create context to open the pathways for information-spreading Lennar Residential Homes is the largest residential builder in the United States Fear of disruption pushes the human instinct to do better   Fourseventy Claim Management www.470claims.com

“It’s not a texting tool. It’s not a chatbot. It’s much bigger than that. It’s a hub.” - Bryan Falchuk (click to tweet) It boils down to customer satisfaction. At the end of the day, if your policyholders aren’t happy—they will just seek out other carriers for coverage. We see this happen in the companies that get lost in the other metrics: annual revenue, marketing budgets, R&D. The bottom is that in 2019, there is too much competition, and customers are too smart to be given average service. Companies have to constantly meet and surpass customer expectations. On today’s episode of FNO: InsureTech, we are sitting down with Head of Customer at Hi Marley—Bryan Falchuk. Hi Marley is a conversation platform that simply and easily connects people with their insurance companies by combining intelligent messaging and human touch to make the experience as easy and efficient as possible. Tune in to this episode to hear  Bryan’s insights on what it takes to create a powerful insuretech in today’s ecosystem. “If you can affect customer satisfaction, you affect loyalty. And when you affect loyalty, your retention rates go up, and that’s where the real dollars come in.” - Bryan Falchuk (click to tweet) The FNO: Tips Studies show a positive correlation between customer satisfaction and claim outcome Distinguish whether your business is trying to be the best platforms or tie the preexisting best platforms together Offer the customer opt-out options in text messaging to bypass the high regulations/laws During the pilot phase, make sure you’re taking onshort-term claims, so all stages of the process can be tested Integrate public rating systems (ex: Uber’s 5-star) on the service provider side to drive higher customer satisfaction Every carrier speaks a different language—learn to speak it during the trial phase For insuretechs, make sure you’re bringing people on with experience in insurance Fourseventy Claim Management www.470claims.com        

“We’re not doing the internet of things. We’re doing the internet of dumb things, retrofitting the smart into place.” - Roel Peeters (click to tweet) Everyone is talking about the internet of things. Turning the physical objects of our home into cloud-enabled, smart devices that communicate with each other seems like the way our society should be shifting. But have we taken it too far with new innovations like smart dishwashers and smart refrigerators? Roel Peeters, the Founder & CEO of Roost says so. And on today’s episode of FNO: InsureTech, we are discussing Roost, the technology behind it, and how his IoT company differs from the rest. Roost is transforming homeowners and commercial insurance with smart, in-home solutions—by partnering with some of the most innovative insurance companies in the world to deliver telematics for the home. Tune in to this episode to hear Roel’s insights on IoT-based insurance solutions. “The concept of the internet of things is not a justification in and of itself to start replacing stuff around the home. That’s why I always focus on: what’s the problem you’re solving.” - Roel Peeters (click to tweet) The FNO: Tips Insurance companies write a combined $42 billion worth of claims checks every year 25% of the insurance coverage cost is from fire-related claims Most of the communication between customer and insurance provider is mutually negative (ex: renewal check, or time of claim) If you want to impact claims, most insurance companies respond, ”Show me the data.” Drill down on the problem an IoT-based solution is trying to solve Fourseventy Claim Management www.470claims.com        

“Know what problem you’re trying to solve. And who you’re trying to solve it for.” - Ted Stuckey (click to tweet) Innovation comes from the startup. But a startup has only so much power to bring those new ideas to life. When first starting out, the labor required to lift the operation above sea level is so immense that innovation gets lost in the noise of to-do’s. This is when it may be time to partner with a corporation. On today’s episode of FNO: InsureTech, we are joined by Ted Stuckey, the Managing Director at QBE Ventures. In this role, Ted looks to invest in technology solutions that have the potential to transform QBE and the international markets in which they operate. Tune in to this episode to hear Ted’s insights on the insuretech space, specifically what makes a fruitful insuretech-corporation collaboration. “Innovation is such a culturally dependent beast.” - Ted Stuckey (click to tweet) The FNO: Tips A corporate venture capitalist is a venture capitalist functioning on behalf of the greater corporation In the age of Insuretech, the carriers that do the best are the ones that are the startup’s preferred partner choice Technology is enabling carriers to do more than they have been able to do in the past Figure out your customer acquisition strategy before getting too far into the weeds of technology If you’re seeking out conferences: Onramp Conference Series, InsureTech Connect, and Future Fintech Carriers continue to implement artificial intelligence more and more Fourseventy Claim Management www.470claims.com        

“If you can track a pizza on Domino’s—surely you can track where you are on your claim.” - James Swayze (click to tweet) It’s hard to quantify just how valuable data is. We hear the news stories about corporations mining our behavior and reselling it as datasets. But really, how valuable can these facts be? It turns out that in the insurance industry, access to all parts of a customer journey with his/her own property—that dataset can significantly improve the claims process. That’s why on today’s episode of FNO: InsureTech—we are joined by James Swayze. James is an Executive at CoreLogic, in charge of claims and the Symbility platform inside the CoreLogic family. James originally planned to get into the film production industry but the insurance sector appeared in his life as an opportunity to quickly pay off his travel bills. Today James is an acknowledged expert on the application of technology in the insurance sector, a regular contributor to key industry publications and a sought-after speaker. Tune in to this episode to hear James distill the often confusing intersection of data and the insurance industry. “Customer choice drives further adoption.” - James Swayze (click to tweet) The FNO: Tips CoreLogic’s objective is to help people find, acquire, and protect their largest asset (which is their home) The more open the API, the more flexibility the customer has Look at how Google offers their applications on Apple devices for why the customer should choose There is a fear in the United States that too much information empowers the policyholder to become litigious The auto insurance has always been about 10 years ahead of other insurance sectors Fourseventy Claim Management www.470claims.com