The Leadership in Insurance Podcast - Insurtech & Innovation

Welcome to the latest edition of the Leadership in Insurance Podcast. In this week's episode, we were joined by Jonathan Shapiro Jonathan is Co-Founder and Director of Optalitix.  Optalitix is an artificial intelligence and data company that works across several verticals of which Insurance is just one so this was an excellent opportunity to talk about AI in a broader context - how are we in the world of Insurance shaping up against other sectors?   We had a great conversation and covered many topics to include:   Being in AI in the 90s  Life of a serial entrepreneur and his winding road to insurance  Tolerating “actuaries”  It's not just insurance that still is obsessed with spreadsheets   How data if not communicated is worthless: Data needs to be operational.  Do we take tech innovation for granted?  Which industries are coping better with data?  The benefits of lab and incubator setups for introducing new to the industry  The scope of the value chain – where are the most data wins?  The impact of how a business structures its staff that work in data dictates the impact  Can data teams become blockers rather than enablers?  Start-ups vs Incumbent Insurers: where are there the biggest data wins?   How "doing" is sometimes more important than planning: Fast fail culture  The importance of data-savvy leaders  What can you do to best embrace change in data management and use?  The importance of being able to communicate the WHY? of your data strategy at a leadership level  Are the leaders we elect in traditional insurance businesses fit for the future? Can an Insurance professional lead a business in a digital/data world?  How new ideas are crucial to business growth  Thanks to Jonathan for being a great guest  This podcast was brought to you by FinPro an executive recruitment business that works in the Insurance and Instech space   Our host is FinPro Director, Alex Bond  Please like and subscribe if you enjoyed this podcast Hosted on Acast. See acast.com/privacy for more information.

Welcome to the latest edition of the Leadership in Insurance Podcast. In this week's episode, we were lucky to be joined by Emilios MarkouEmilios is Executive Director and Co-Founder of Hellas Direct a non-life, full-stack insurer founded in 2010.In this episode we talk about:   The Fintech scene in Greece  Being an Insurtech before Insurtechs  Why and how the team went straight to the full-stack model first  The geographic focus of Hellas direct, seeking valuable markets  Building true value from the fundamentals not jumping on trends  Finding the right - long-term investor for a traditional insurer model  The distribution model - blending digital with traditional  Being Distribution agnostic as a competitive advantage  Can we be guilty of pushing tech where customers do not want it?  True innovation meets the customer needs  How innovation for Hellas means owning more of the value chain  Customers dictate how you need to distribute - listen to your market  How does an insurer engage with their customer - claims and renewal are the only touchpoints  Fintech growth in Hellas direct market - disruption would be welcomed!  Growing fast but sustainably - where does Hellas see value?  Thank you so much to Emilios for being such a great guest.  This podcast was brought to you by FinPro an executive recruitment business that works in the Insurance and Instech space   Our host is FinPro Director, Alex BondPlease like and subscribe if you enjoyed this podcast Hosted on Acast. See acast.com/privacy for more information.

Welcome to the latest edition of The Leadership in Insurance Podcast where we were lucky to be joined by Dr Avi Baruch.  Avi is the Co-Founder and COO of Previsico an early warning flood forecasting company that was borne out of Loughborough University.  Although not exclusively an Insurance focused business Previsico were recent Lloyd's Lab participants so we wanted to find out about the Previsico story and its experience of working with the insurance sector.  In this episode we talked about:  How Previsico was borne out of a university research project  How to move an academic project to a business venture  Avi's unlimited travel budget for "research"  The university business dynamic - the difference with the US system  Benefits of product creation from an academic standpoint vs profit-driven enterprise  How the business has changed and the new talent required whilst moving from an academic endeavor to a business  The benefits of external advisors  How close ties to university helps attract talent  The Lloyd's lab experience - applying too early! and the incredible co-creation  The breadth of application for Proviscos early warning system  Risk prevention rather than indemnification   What Avi learned from the insurance industry  Previsicos work with NGOs and governments  Parametrics and identifying the right trigger on an evolving improving model  Collaboration with other Insurtechs   Thank you to Avi for being a great guest.  This podcast was brought to you by FinPro an executive recruitment business that works in the Insurance and Instech space   Our host is FinPro Director, Alex Bond  Please like and subscribe if you enjoyed this podcast Hosted on Acast. See acast.com/privacy for more information.

Welcome to the latest edition of the Leadership in Insurance Podcast where we were fortunate to be joined by Joel Pridmore  Joel is MD and Co-Founder of Frontier Global Underwriting a UK-based MGA operated out of London and Australia that focuses on the D&O market. We have wanted to get an MGA entrepreneur on for some time and having only started Frontier in 2020 we were keen to hear about Joel's experience of launching a traditional MGA mid pandemic!  In this episode we talk about:   The good foundations of working at a global corporate  Why now is time for an MGA?  Unique distribution and unique products - the MGA golden rules  Knowing your niche - the value of an MGA  How intrusive can we be to truly assess D&O risk?  Utilizing AI tools to better understand the risk  The MGA platform- the opportunities and limitations for you and your capacity providers  Why did Joel decide to raise investment vs plug into an existing MGA platform?  Build vs buy - why did Joel decide to build?  Configuration as a hindrance? can you have too much choice? soft market vs hard market perceptions of the MGA model   Does criticism of MGA ultimately fall back on capacity providers? are they complicit?  Is the capacity relationship inefficient? Should there be longer-term deals?  Why does Frontier only have one capacity provider? The state of the D&O market in 2021  The importance of giving people opportunities into the insurance market  The benefits of joining a small company as a grad - you see the whole business  Syndicate in a box  Should insurance ever be a competition on price?  Volume vs Value  Can we do better in attracting talent to the insurance market?  This podcast was brought to you by FinPro​​​​​​​ an executive recruitment business that works in the Insurance and Instech space   Our host is FinPro Director, Alex Bond  Please like and subscribe if you enjoyed this podcast Hosted on Acast. See acast.com/privacy for more information.

Welcome to the latest edition of the leadership in insurance podcast.   In this week's episode, we were lucky enough to be joined by James YorkJames is the founder and CEO of Worry + Peace which is a review-led marketplace for the insurance market  In this episode we talk about:   Why are worry and peace not a comparison site?  Why would it not want to be  Why insurance should be brought and not sold  The inherent danger of comparison sites   Why reviews aren’t buyer-centric and how Worry + Peace changes this   It's as important to know why you don’t choose a provider as to why you did  The quandary of how we judge insurance vs how we evaluate which cover to buy   The social good of insurance Is the price worth the promise?   How do we give reviews context? What does a 5-star review actually mean?  The importance of being mission-led in a start-up  Failure – the MBA of entrepreneurship!  Transparency in the new insurance model – the key to success?  The benefit in networking and operating as an industry to evolve change   Purpose – why is it important?  Achieving innovation in insurance means we need to think bigger than insurance  The need for a generational change in leadership to embrace innovation  Can you be too profitable to innovate?  What James has learned from being involved in Insurtech UK?  Thanks to James for being a great guest    This podcast was brought to you by FinPro​​​​​​ an executive recruitment business that works in the Insurance and Instech space   Our host is FinPro Director, Alex BondPlease like and subscribe if you enjoyed this podcast Hosted on Acast. See acast.com/privacy for more information.

In this episode of the Leadership in Insurance Podcast we were joined by Ron Glozman  Ron is the CEO and founder of Chisel AI a purpose-built AI-led solution for the Insurance marketIn today's episode we talked about:   How creating an app for students to study more efficiently led him to the insurance market  How the evolution of NLP created the opportunities in insurance  How AI and machine learning can create better jobs for people in the insurance  The talent gap in the insurance market – more people retiring than joining.  We discuss how the cost-saving of Ai will be utilized? Better products? Cheaper products or shareholder value? Is there a moral imperative?  Does insurance do a poor job of attracting new entrants to the insurance market?  Should we focus on the change and innovation of insurance to get more people interested in joining the insurance industry?  Not all AI is created equal? How so – Ron explains to the layman….. me!  Off the shelf vs bespoke – both have uses but we need to understand the limitations.  Where is insurance on the automation spectrum? And where will we be in 5 years!  How machine learning can aid knowledge transfer Insurance stage of evolution vs banking  The macro challenge of education for new businesses   Is the speed of change hindered by human resistance – could you let go of the wheel in an autonomous vehicle?    Thanks to Ron for being a great guest  This podcast was brought to you by FinPro​​​​​​ an executive recruitment business that works in the Insurance and Instech space   Our host is FinPro Director, Alex Bond   Please like and subscribe if you enjoyed this podcast Hosted on Acast. See acast.com/privacy for more information.

Hello and welcome to the latest edition of the Leadership in Insurance Podcast. In today's episode, we were lucky enough to be joined by Amrit Santhirasenan.  Amrit is Co-Founder and CEO of hyperexponential or HX as it's affectionately known.HX is the company you get when you take 2 actuaries with computer science degrees and they find the software landscape lacking! HX provides software solutions for insurance companies with their flagship, next-generation modeling platform, Renew.  In this episode we talked about:   Creativity in actuarial science  Why open-sourced solutions are by nature better – many minds make light work  Googling solutions is a good strategy!  Knowing where to look is as good as knowing.   Good documentation is a competitive advantage  How the tech stack of old insurers hinders their tech teams  HX started because Amrit kept waiting for someone to solve his tech problems – they didn’t so he had to do it  The parallels of starting a business and starting a family – plug for Amrit's excellent podcast “start-up dads”  The gritty reality of start-ups – you HAVE to want to do it. But it can be fun  As co-founders how do you decide who has what role?   We discuss my “less than average” leadership skills  The value of every component of the business – a business as a system and striking binmen!  Why take investment?  The huge importance of trade backing and referrals for a new business  Bootstrapping – is it useful?  How the CEO works for the team, not the other way round!  Sales teams – when to hire one? Do you need one if the product is strong enough?  How the new digital insurers have a huge leveraged advantage – new tech – no legacy   CTO roles at legacy insurers are not incentivized to change   Culture drives change and insurance suffers from Fiefdoms  How it's legitimate for profitable insurers to resist change – it's working why change it!  Thanks to Amrit for being a great guest  This podcast was brought to you by FinPro an executive recruitment business that works in the Insurance and Instech space   Our host is FinPro Director, Alex Bond   Please like and subscribe if you enjoyed this podcast Hosted on Acast. See acast.com/privacy for more information.

Welcome to the latest edition of the leadership in insurance podcast where we joined by Sasha Gainullin. Sasha is the CEO and Founder of battleface a tech-enabled travel insurance and services business offering truly international, customized travel cover.  In this episode we talk about:  Where the "battleface" comes from and why it's not more "travel friendly"  How travel has changed and hence the insurance cover must change with it  The unique demands on the travel claims process   Why he secretly buys travel insurance for his mum!  How the affinity insurance model of distribution can have a dangerous impact on cover  The opportunities and challenges of Covid19 impact on travel insurance  The fundamental challenge of how travel products are rated and marketed  We shouldn't be afraid of price-sensitive markets - consumers will pay for quality  Culture of mistrust between consumers and travel insurers - the impact of the "admin fee"  Why we must empower client-facing staff to make decisions  How can innovation come from C-Suite if they are the mots removed from customers?  Funding an Insurtech - and the impact of the Pandemic  Working with the right partners - "marriage should be easy" a lesson from Sashas Aunt!  How the virtual Xmas party went down - why he got asked to "shut up"  The importance of being Human!  Thank you to Sasha for being a great guest.  This podcast was brought to you by FinPro an executive recruitment business that works in the Insurance and Instech space   Our host is FinPro Director, Alex Bond Please like and subscribe if you enjoyed this podcast Hosted on Acast. See acast.com/privacy for more information.

Welcome to the latest edition of the Leadership in Insurance Podcast.   In today's episode, I was joined by the CEO of Retechnica, Marco IannoneRetechnica is a business that extracts meaning from Data using artificial intelligence offering both a technology solution and consultancy services to a wide range of clients.We originally reached out to Marco because of his participation in Lloyd's lab. Marco had not previously applied the Ingenia service to the insurance market so I wanted to talk with him about his experience in applying AI to not just the Insurance market but other industries that may be more advanced than Insurance with respect to AI and learn about the best practice and its application to insurance.  In today's episode we talked about:   Being invited to Lloyd's lab and how it compares to other lab environments  How AI has progressed infancy to wide adoption  Product creation leading to service creation  What is Co-creation in respect of AI consultancy?   Marco has a great example of how AI can supplement team members  Augmentation vs automation  AI can lead to greater work-life balance and fulfillment  The complexity of insurance suggests a greater use case for augmentation   Many opportunities for AI in insurance: which has the most ROI?  Are insurance participants ready to engage with an external partner in AI?  Challenge of large companies to automate - not just technical Embracing technological change "a muscle" that can be trained  Importance of talent and the movement of talent to helping an industry embrace change  The embracing of change to automation is "grittier" than expected - resilience is required  It's key to define what success looks like!  Automation shouldn't just be on cost reduction it can lead to new products or a premium product  Getting the right people to champion automation/modernization is key to success   Top-down support is required to achieve automation   Beware SNAKEOIL in AI efforts - plenty being sold!   Thank you to Marco for being a great guest.  This podcast was brought to you by FinPro​​​​ an executive recruitment business that works in the Insurance and Instech space   Our host is FinPro Director, Alex BondPlease like and subscribe if you enjoyed this podcast Hosted on Acast. See acast.com/privacy for more information.

Welcome to the latest edition of the Leadership in Insurance Podcast. In this episode, I was lucky enough to be joined by Peter Clarke.Peter is CEO and Founder of Insurecore. Insurercore is a professional networking site exclusively for Insurance practitioners helping improve the market's inefficiencies and encourage networking in a more professional context.   In this episode, we talk about:   Micro-social media networking sites and why Linkedin isn't fit for purpose.  How a social networking site doesn't replace face to face meetings but enhances the relationship  How the pandemic and increased working from home has enhanced the need for social media  Why Insurercore couldn't have been built by someone from outside the market   The nuances of the market and the knowledge aren't being shared - a network is a way of doing that  Peter selling his house to launch a start-up when he had just been promoted!  The challenge of launching a platform - chicken and egg  Your assumptions aren't always correct - the audience dictates how they like to use it  The democratization of opportunity - the importance of enhanced networking within that  Better networks mean more business  Culture biggest prohibitor of change in Insurance  The cost base of Lloyd's shows how resistant to change the market is - it hasn't changed for 50 years  Technology should enhance the best parts of insurance Innovation is challenging everything you do - even your scanning!  By the time you "earn the right" to have your say you are often indoctrinated into the insurance market - this inhibits change  Fail fast isn't useful unless you are learning and find out why you fail!  Getting feedback from clients is key to success BUT... they are not always right!  The secret to successful change - keep trying new things  Training on systems - shouldn't they be intuitive enough?  Using platforms vs fully utilizing platforms  The importance of non-execs - filling the gaps in your knowledge  Thanks so much to Peter for being a great guest  This podcast was brought to you by FinPro an executive recruitment business that works in the Insurance and Instech space   Our host is FinPro Director, Alex Bond.Please like and subscribe if you enjoyed this podcast Hosted on Acast. See acast.com/privacy for more information.