FNO: InsureTech

This week, Rob welcomes on Scott Ham, the visionary CEO of Pinpoint Predictive, a groundbreaking AI-driven deep learning product. Scott provides insights into his career journey and the pivotal moments that led him to spearhead Pinpoint. He sheds light on the remarkable capabilities of Pinpoint's AI-powered platform, showcasing its prowess in solving complex real-world problems by harnessing billions of data points within expansive datasets. Scott also shares some of the glowing testimonials that attest to Pinpoint's transformative impact, illustrating how seamlessly it collaborates with underwriters to revolutionize decision-making processes.   Learn More: www.fnoinsuretech.com Pinpoint Predictive  Scott Ham    What You’ll Hear In This Episode: [4:18] Where o’where has Lee been?  [9:01] How Scott’s background at Transamerica and McKinsey led him to Pinpoint and influenced his approach.  [13:45] Pinpoint uses behavioral data from 250 million US adults to predict insurance losses.  [15:04] The importance of preducing claim severity, frequency and loss cost at the beginning of the insurance process to improve solvency and fairness. [18:24] Why underwriters are not threatened by Pinpoint’s technology.  [21:16] Pinpoint currently focuses on PNC.  [23:09] How the legal community has responded to Pinpoint.  [25:07] The importance of addressing fairness and bias in AI models, particularly in the insurance industry.  [27:00] Proactively addressing regulatory concerns by conducting audits.  [30:04] Using Pinpoint at renewal.  [31:51] What is a deep learning platform?  [34:47] Using AI to improve insurance risk assessment and loss ratios.  [37:03] What response has Pinpoint seen by actuaries?  [38:42] How and why Pinpoint is easily deployed and reduces client onboarding time from months to weeks.  [43:43] Growing and expanding Pinpoint in a thoughtful manner.  [45:29] Pinpoint’s future and that they are made up of a team of technologists and the best insurance executives.   

Rob welcomes back Andy Lerner, Managing Director at IA Capital Group, one of the longest running VCs in the InsurTech space. Andy talks about IA Capital Group’s structure, and what positive things he sees in the future state of the Insurtech industry. Andy and Rob also discuss AI in Insurtech, including both its potential impact for good and the limitations. Towards the end of the conversation, Andy and Rob discuss how traditional education has changed, and their predictions in the industry for the next 5-10 years.    Learn More: www.fnoinsuretech.com IA Capital Group  Andrew Lerner LinkedIn    What You’ll Hear In This Episode: [6:22] Andy talks about IA Capital Group and their primary focus on FinTech InsurTech over the past 23 years.  [8:49] What kind of companies does IA Capital Group work with?  [12:40] Who in the industry has had a challenging year?  [14:40] The process of moving to their 10th fund and the reception in the market to their work.  [15:00] How IA Capital’s investment process works.  [17:09] Insurance companies prioritize long-term relationships over quick decisions, valuing loyalty over speed. [20:11] Investments typically have a 5-6 year holding period.  [21:51] The relationship between venture capital and private equity, where they often work together on investments but may have different strategies for selling companies. [25:23] The three major categories: distribution, newer more innovative products, and the service providers to the industry.  [33:32] AI in InsurTech and its potential impact. [39:36] Frontier Risk and investing in cannabis.  [43:57] what effect does it have when a war breaks out in the middle of a business opportunity?  [46:50] As a Wharton graduate, Andy shares his thoughts on how the need for education has changed in the industry.  [49:37] Where does Andy see the industry 5 years from now?   

Alex Martin, CEO and Co-Founder of Clearspeed, talks about their journey from the military sector to insurance, using voice analytics technology to assess risk. They discuss the role of AI in categorizing individuals for fraud and the future of voice technology in insurance. They also explore Clearspeed's work in government defense security, sports integrity, and citizenship by investment. Alex emphasizes the importance of insurance in saving lives and supporting growth in various industries.

Caribou Honig, co-founder of InsureTech Connect, discusses the growth and importance of the conference, the evolution of InsureTech, the significance of finding niche markets, and the impact of mergers and acquisitions. He also emphasizes the importance of understanding insurance regulations for insurtech success. Excitement is expressed about the upcoming conference in Las Vegas and the hosts' involvement in a fund focused on FinTech and InsureTech companies.

In this episode, we're diving into the world of technology and innovation with special guest Paul Donald, co-founder and CEO of Encircle. Paul shares his journey from riding the wave at Research In Motion during the Blackberry era to co-founding Encircle, a company with a vision to bring top technology companies together and create a holistic solution. Join us as Paul discusses the fascinating work his company is doing, from driving efficiency to serving customers by harnessing clean data and simplifying the claims process. He talks about the restoration software system itself, what it offers to the marketplace, and how the technology can give simple, clean results that save time and energy.   Learn More: www.fnoinsuretech.com EnCircle Paul Donald LinkedIn   What You’ll Hear In This Episode: [6:54] Intro to Encircle, a software platform focused on field documentation. [9:51] How the camera and the phone got together. [11:21] What Encircle offers to the marketplace. [13:02] The positive attributes of Encircle’s visual and tactile-oriented process. [13:06] Driving efficiency through their digital format. [16:56] How Encircle’s technology can remove bias and human errors. [20:17] Involvement in the restoration field and what Paul learned after spending 4 months in the field. [22:33] How does Encircle eliminate or streamline some of the many technologies that are out there? [23:07] How fragmented the property claims industry is, particularly from a technology standpoint. [26:28] Encircle’s partnerships with data scientists. [28:48] Trusting data integrity. [32:12] The software provides educational and remote coaching opportunities. [32:36] How are the videos stored? [38:55] What does Encircle do to stand out? Paul talks about their exciting partnerships. [41:12] Research In Motion. [43:10] Where can we find Paul and the Encircle team this year?

Benjamin Lantos, the CEO and co-founder of Rhino, discusses how Rhino is revolutionizing property management, renting, and deposits. Their innovative approach challenges the status quo by integrating insurance products to address the security deposit dilemma, creating a more flexible and customer-centric landscape. They also explore the process for renters interested in using Rhino and the benefits for both renters and property managers. Additionally, they discuss the accumulation of data over 7 years and the company's differentiation in the industry.

We sit down with the insurance powerhouse, Bobbie Collies, the Chief Growth Officer at Coterie Insurance where the grasp of her role, her business, and her clients shines through. Bobbie takes us on a journey through Coterie's model, offering insurance agents lightning-fast quotes through automated self-service capabilities, a technology that's continually getting smarter. She unveils exciting plans for 2024 and proudly wears her title of an "insurance nerd." With two decades in and around underwriting, she reflects on how technology has transformed the industry and shares her current perspective on the ever-evolving landscape of disruption in the insurance world.    Learn More: www.fnoinsuretech.com Bobbie Collies: LinkedIn  Coterie  Ep 183 with David McFarland  And I Quote podcast    What You’ll Hear In This Episode: [6:28] Why is there so much insurance based out of Wisconsin?  [8:40] Bobbie gives her elevator pitch on Coterie and their mission.  [10:02] Of all the many companies that offer insurance to small businesses and startups, why should they choose Coterie?  [10:58] What will automated self service capabilities look like, and what is My Digital Agency?  [12:32] Who is a good insurer for Coterie?  [13:42] Who is the distribution channel?  [18:42] Bobbie proves that she is an insurance nerd, through and through.  [21:11] Bobbie talks about her role overseeing the underwriting side as well.  [24:47] The push and pull between tech and insurance.  [28:19] For Coterie at the present moment, the demand is greater than the supply.  [30:54] Going to the target market.  [31:19] Coterie’s recent deal with ZestyAI.  [33:33] What seems to be the number one concern from carriers?  [34:26] What has changed in underwriting?  [36:03] Is there really disruption in the industry, or is it just meaningful change?   

Will Bazeley, Founder and CEO of Roof Marketplace, talks about how his technology company is revolutionizing insurance for roofing and roof estimates. He discusses the emerging tech in the roofing industry, the solution Roof Marketplace provides to make the customer experience easier, and how it helps roofers work more efficiently. Will also mentions that 94% of insurance carriers using Roof Marketplace give it a thumbs up and reveals that carriers spend about $20 billion annually on roof related claims.

Doug Schaedler, CEO and Co-Founder of Homee, discusses the company's unique approach to insurance, their contractor network, and their pivot into the industry. He also explores Homee's culture and hiring practices, as well as the evolution and expansion of the business.

This week, Lee welcomes Michael Nadel, Senior Director at Simon Kucher and Partners, where he works on the insurance vertical and guides carriers of all sizes through the intricate landscape of insurance. In this episode, Michael talks about some of the hot topics in the insurance world now, including the evolving role of AI in sales and how we can keep that human element alive, along with the strategies insurers employ to tackle the challenges posed by climate change while ensuring profitability. Michael also talks about the importance of listening to your customer base to make sure you are providing the right type of value.   Learn More: www.fnoinsuretech.com Michael Nadel: LinkedIn Simon Kucher   What You’ll Hear In This Episode: [5:02] Michael joins the show and talks about his role at Simon Kucher and what they provide for their clients. [7:01] The two primary levels at which Simon Kucher helps Insurtech. [7:53] Michael talks about the importance of listening to your customers and making sure that what you are offering adds value. [11:35] Are the big carriers still focusing on innovation? [13:15] Michael covers some hot topics in the insurance industry, starting with how we keep things personalized while AI rapidly evolves. [18:02] The use of chatbots in the insurance industry. [20:18] How AI will change the insurance landscape. [29:33] The current conversation around climate change and insurance. [33:53] The impact of personalized marketing on the insurance industry. Does a birthday card from our carrier really make a difference? [37:41] How does a personal carrier compare to a commercial carrier?