The Leadership in Insurance Podcast - Insurtech & Innovation

We talk often of pivots in the start-up world but I have yet to speak to someone that truly pivoted - often I would argue it's a deviation.  Today I was lucky enough to sit down with Meeri Rebane, Co-CEO of Inzmo, an insurance provider born out of a motorbike tracking business.   In the ultimate example of listening to customer feedback, Meeri told me how the business was born from the feedback they got from their original business model - tracking stolen bikes.   In this episode we discuss:   How to spot a gap in the market - listen to your customers  The benefits of being an outsider - no pre-loaded restrictive attitude  The importance of luck How supportive insurance companies can be?  Time to build new products in Insurance can kill a new start-up! You need a plan!  How owning the customer experience is key to success  Benefits of the MGA model in product design and testing product  Why Inzmo moved to Berlin - talent. market size and investability (if that's a word?)  Why go B2B2C?  Talent challenges of Berlin - how to attract talent to a start-up?  Gamification of Insurance - can we make insurance as fun as other financial services?  Why can't we make money in certain lines of business - we need to challenge the status quo!  Marketing and advertising in personal lines - how to surpass that  The importance of strong partnerships and maintaining relationships  How to spot applicable trends in Insurance in a pandemic world  Thank you Meeri 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.

This is one I have been looking forward to for a while. We have talked often about insurance trading platforms but most platforms focus on insurance with the reinsurance market slightly underserved. In this week's episode, I was joined by Jerad Leigh and Ben Rose, Co-Founders of Supercede.Supercede is a platform for stakeholders in reinsurance to network and trade with software made exclusively for the reinsurance industry.   In this episode, we discuss:  Supercedes goal of being the Zoopla of reinsurance and why it's such a good analogy  The role of the broker in a world of digital networks and marketplaces  How our personal experience as consumers must impact how we view technology in our professional lives  What can we learn from consumer tech and take into the commercial market  The importance of clearly defining the problem you are trying to solve  Codifying the uncodified - the culture of insurance and how it can be intrinsically anti-tech  Is there an optimum moment in your career to launch a start-up? Know enough to do it, not so much to be fearful  Tech roles in incumbents - Maintenence vs innovation   Raising money for a nuanced business  The importance of angel investors  Sticking with your solution in the face of investor feedback - when to update the deck  The responsibility of taking investment  Sacrifice for success - do you owe it to your investors and staff?  Thanks to Jerad and Ben for their time.  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.

Digitally distributed MGAs have been a popular topic on the podcast as it's been the basis for many Insurtechs to go live in the industry so I was pleased to speak to MGA veteran Philip Cabaud. Philip is CEO of Now Insurance an AI-driven insurance platform to providing professional liability cover within 3 minutes.   This was a far-reaching conversation where we discussed: The importance of driving your own traffic - not leaking money on acquisition costs How do you build an AI underwriting solution - where do the people fit in The importance of speed and customer journey to the small business customer Why launch as an MGA first? Why go full-stack? Challenges of building new products in an MGA USA capacity cycles vs Lloyd's The ironic balance between SME business - great business for underwriters but the bad experience for the consumer The importance of digital marketing to the success of SME business Why there are no cheap costs of customer acquisition  The broker model means that the insurer focuses on the broker as the customer, not the consumer We discuss how to create more touchpoints with the customer - add value I NEARLY get a scoop on some patented tech - but don't! How to run a tech-enabled platform as a non-tech person The creative challenge of insurance businesses  Thanks to Philip 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.

One of the most prominent discussions on the Leadership in Insurance Podcast is Investment - how to get it and who to get it from. I wanted to speak to people who really know the process: the VC.  I was very lucky this week to be joined by James Tootell.  James is the investment director of Insurtech specific venture fund - Eos Venture Partners. This is a talk I have wanted to engage with for some time. In this conversation we discussed:   The formation of the Eos Venture Partners How they engage with their Investors, how does it differ between each company?  The importance of independence   What makes a good strategic relationship?  Why investments into portfolio companies are more than just money  SMART money - what does it mean?  We make some attempt to define Insurtech - in the broadest sense  I get to understand the scale of the investment opportunities - 5 new companies a week  Why they have only made 7 new investments?  The importance of referrals and references within the VC community  At what point does Eos want to be involved with a portfolio company?  What are the indicators for a good investment?  The importance of the Angel investor model the USA vs European investing?  The challenge of getting beyond early adopters   What makes a good and engaging pitch?  The importance of a good team  Challenge of start-up culture for people coming from a corporate environment  Raising money in the pandemic?  How has Eos been impacted GTM strategy - the key question to answer  The importance of sales - turning interest into cash  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 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 joined by David George. David is CEO of Bikmo a specialist cycling insurance business that enables and protects the world's cycling enthusiasts. Bikmo is a values-led and mission-led business and whilst we wanted to talk all things insurance I wanted to discuss purpose and culture - it's not often you get to speak to a person who has taken a hobby and made it into a business - especially an insurance business.  In this conversation we discuss:  Why cycling needed a specific insurance provider  The bike geek hierarchy at Bikmo - is there bike bullying? (No - obviously)  The impact of Covid on the growth of cycling Ebikes and the changing nature of cycling demographics   Why not extend your home policy?   How David followed his passion when he had a successful career as an engineer  How Bikmo originally started as a comparison engine  Focus on getting people back on the road vs indemnifying them  Becoming a B-Corp - why do it? What does it entail?  Values led - how it delivers ROI How to maintain values as you grow?  We try and define "Insurtech" vs tech-enabled  Utilizing tech shouldn't it always centre on the customer?  This is a conversation I have wanted to have for some time - values-led organizations especially set up around something that you love to do sounds to me like the goal all businesses should aim for.  Thank you to David 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 this week we were fortunate enough to be joined by Dror Katzav. Dror is the CEO, Co-Founder of Atidot. Atidot is an AI & Machine Learning solution for life insurers that provide real-time, actionable insights into customer behavior.  In this conversation we talked about:  Developing his data skills in the army  Why he focussed on Insurance as a business sector: Inefficiencies!  Insurance is a rabbit warren of data opportunities Life insurance is data!  Understanding the data is the secret recipe  Running towards the biggest fire - the biggest challenge often means the least competition  Looking for inspiration outside of insurance - who looks after and understand the customer  If insurance doesn't create more touchpoints how can it differentiate itself?  Creating effective partnerships in business   Does better data mean the rule of large numbers ceases to apply?  Better analytics allows us to create long-term value in the customer base   Is there much focus on acquiring customers vs keeping them?  Who controls data and who should? (Dror catches me out thinking old school?  How the actuarial skill set is changing Narrative over facts - talk in stories, not statistics!   How to be the "fly to the elephant! working with big companies as a small business  Data ethics and regulated industries - unique challenges to overcome  Thank you so much to Dror for being a great guest - really great fun and super interesting.  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 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.