The Leadership in Insurance Podcast - Insurtech & Innovation

Welcome to the latest edition of the leadership in Insurance podcast with Nik SuhrNik is the CEO and founder of Kasko Kasko is a business that provides Insurtech as a service. Kasko principally works with Insurance and digital businesses to help them create digital insurance products or services.  In this episode we talked about:   Insurtech as a service  What is an Insurance "product"  The technical debt in the insurance space created by COVID19  How innovation can be an excuse for action  How innovation must have a measurable ROI Insurance is a fast follower business   How Intrapreneurship is better than innovation as it implies responsibility  Why make or buy is a meaningless argument  How legacy needs to be taken off the backs of innovation efforts to make those efforts successful  Why most innovation labs have failed against expectation  Acknowledging that consulting is easier than doing  Working out which data points to listen to Innovation can be toxic if not validated  Value means someone wants to pay for it!  Insurance: is it a capacity play vs technology play  Insurtech cant get away from underwriting discipline   How it may look when Amazon enters the insurance market and much more - this was a really enjoyable podcast and Nik was great fun, not afraid to tackle some issues that often get missed.  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.

In the first podcast of the year, we get stuck into all things AI and all things claims by speaking to the team from Tautona AI in South Africa I have a bit of a soft spot for claims as it is where I joined the insurance industry many moons ago.  This was a fun conversation with the first guest pairing as I was joined by both: Philip Cooper and John Holdsworth  We covered lots of ground and also had the first guest screen share (well played John)   We talked about:   How natural language processing was the evolutionary step required to make AI in claims possible   How AI is a tool for claim professional, not a replacement  Artificial intelligence in claims is a route to fairness for both insured and the insurer  AI as not just a cost but an offering of better service in claims Claims as a differentiator  The different challenges faced in different geographic insurance markets to the claims process  The value of Lloyd's lab experience and the power of the "alumni" badge to open doors  Why focus on claims when applying AI techniques  Why claims professionals get frustrated and how AI may help them be happier in their work  The under-representation of claims professionals in the board room  How new entrants are making claims the corner-stone of their offering  The Psychology of insurance buyers How we set the rules - do one-click purchases mean we should offer one-click claims?  Faux-mation and the dangers of applying this to claims and obviously much more in-between including the first (unbelievably) postman interruption during the recording!  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 episode 10 of the Leadership in Insurance Podcast.  In this episode, we are joined by Bob Frady of Hazard Hub  Hazard Hub is a 3rd party data supplier that boasts the most comprehensive property data ever assembled for the insurance industry and works with the industry and helps them to better understand their risk   Bob is a really interesting and engaging guy it was a pleasure to spend some time talking to him, we met through his involvement in Lloyd's lab. In this conversation we talk about:   Data quality and data skill within the insurance industry  The difficulty of obtaining and accessing the right data Data efficiency and using data to distribute labour   How ideas are free but that's the easy part  The importance of end-user feedback early on and the benefits of MVP  How VC money can be easier to get with an idea than actual revenue  The importance of sharing ideas and not being too protective  The slow sales cycle of the insurance market - you need the money or the stomach for the long haul  Use of data analysis after the fact - the lunacy of that process!  What the data says about rate rises - it isn't enough!  The social dilemma around tailored pricing - people can be priced out  The importance of asking the right questions   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 episode we were lucky enough to be joined by John McClelland of MiBroker  MiBroker is an on-demand insurance product for the solopreneur market place utilising technology to buy insurance as you need it.   In this conversation we talk cover a range of topics to include:  Learning new skills outside of insurance led to opportunities within Insurance The rise in on-demand insurance Customer demand being the "right way" to build insurance businesses How consumer journey in any industry is viewed via personal buying experiences and how commercial experiences don't seem to catch up Why we won't see true disruption in insurance How innovation should bring in new business to the insurance market not simply carve profit from existing markets The short term view of insurers and how it can sometimes contradict the willingness to innovation  Value of Lloyd's Lab and collaboration with experts in digital insurance The start-up scene in Canada and virtual meeting burn out  The benefits of virtual meeting and the one to one environment - how it drives efficiency The informal nature of face to face meeting and how we lose opportunities in virtual rooms Businesses growing in the "new normal" by adapting and evolving their service   Thanks once again to John for being part of the LiiP podcast and we look forward to watching his journey  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 (The LiiP). In this episode, we were joined by the brilliant Michael Crawford Michael is the CEO and Co-Founder of Describe Data which uses AI and unique data sets to help insurance businesses make better sense of data and write more profitable portfolios.  In this conversation we talk about:  The Lloyd’s Lab experience – how it evolved and how Describe Data might not now get in The importance of mentors How to productize an idea How feedback refines and defines the product The cultural shift in Insurance needed to adopt a product mindset How business mistakes become your real-world MBA Bootstrapping a good business lesson? Importance of speed in product development The gap in the market vs Market in the gap Smart money vs any money Timing of investment How you need to “give” as much as you take from your networking community Importance of having defined roles in the start-up team Healthy debate and its importance to C-founder relationships How Describe Data came out stronger from lockdown AI and its application to insurance Does Insurance need ML? Over expectation of technology from the incumbent industry Scaling technology solutions? Are the wins big enough? Is long term innovation possible in publicly traded businesses? Do we have the right leaders for innovation? Maturing ideas in Instech  So we covered a LOT of ground. This was great fun to record, Michael is a great guy and a good guest. This is a fantastic podcast for people interested in tech/insurance and entrepreneurship.  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 (The LiiP). This is a brilliant chat with David Hughes   https://www.linkedin.com/in/dapahughes/ David is CEO and Founder of Mulberry Risk which is an Analytics and Actuarial Consultancy to the MGA space  https://www.mulberryrisk.com/ David was very open and honest as a guest - even sharing us the secret of what he was hiding in the background of his recording!  In this we talk about:   His professional rugby career - ditching this for life as a pensions actuary  Getting early inspiration from working with legendary Insurance entrepreneur John Charman  How simple it should be to keep people happy  How the alumni of some successful businesses have an oversized impact on the insurance business   Importance of stepping back to go forward   People as catalysts in your career  How important speed is to innovation  The appeal of the MGA market in its entrepreneurial  Risk of a rate rise to the MGA model  The reputation of the MGA in the mind of underwriters  Importance of making your capital fungible for a capacity provider  MGA vs MGU - American carrier relationships vs UK carrier relationships   Flexibility in MGA model thrived in a lockdown environment  What makes a successful Insurtech?   Simplicity the key to successful insurance solutions    How great businesses come out of the customer journey and customer focus  Is your niche big enough for the investment?   And much more in between.  This I a really interesting chat with an engaging founder with a great business concept.  If you want to find out more about me: Alex Bond you can check me out on Linkedin  https://www.linkedin.com/in/alexbondf...  FinPro is a talent consultancy to the Insurance, Reinsurance and Insuretech markets on a global basis, for more information visit our website  https://www.wearefinpro.com/ Look out for more episodes coming soon and please like and subscribe it really helps the channel out! Hosted on Acast. See acast.com/privacy for more information.

Hello and welcome to the Leadership in Insurance Podcast - Today I am lucky enough to be joined by Mike Minnett  https://www.linkedin.com/in/mikeminett/ Mike is founder and CEO of Portabl an Insurance solution for the gig economy workforce.  https://www.portabl.co/ Mike is a serial entrepreneur and great fun. We met "stalking each other" on Linkedin  (Mikes words not mine). This is a far-reaching chat and in it we cover:  What is an ideas guy? Impact of Covid19 on the gig economy How the gig economy is much more than Uber and Deliveroo drivers Elevator pitches How the workforce dynamic has changed What you don't know about starting a business.....until you do The experience of growing and selling a start-up in the health and benefits space  The challenges of fitting a small, nimble startup into large corporate business How Mike could have been YouTube before YouTube and it still hurts that he isn't! Are we in a bubble behind ideas at the moment in Insurance? Who is right for a start-up? The people that take you the first 3 years are they the right people for the next 3 years? Building a team in a start-up The importance of start-up incubators for networking The importance of storytelling in recruitment Teams by design Direct value versus indirect value in networking Does Networking have a negative connotation?And much more in between.  This I a really interesting chat with an engaging founder with a great business concept.  If you want to find out more about me: Alex Bond you can check me out on Linkedin  https://www.linkedin.com/in/alexbondf...  FinPro is a talent consultancy to the Insurance, Reinsurance and Insuretech markets on a global basis, for more information visit our website  https://www.wearefinpro.com/ Look out for more episodes coming soon and please like and subscribe it really helps the channel out! Hosted on Acast. See acast.com/privacy for more information.

In today's episode of The Leadership in Insurance Podcast (The LiiP) I was lucky enough to be joined by Dr Marcus Schmalbach   https://www.linkedin.com/in/dr-marcus-schmalbach-02667746/ Marcus is the CEO and Founder of the Instech Ryskex. Ryskex is an exchange model that utilises blockchain technology to offer parametric cover for hard to place and complex risks.  https://ryskex.com/ Marcus and I first engaged over some content online and have always had lively discussions about the Insurance market. Marcus is a great guest and didnt disappoint with some interest viewpoints and commentary on the insurance market today.  In this episode we cover: Marcus's journey into insurance Salespeople as a feedback loop - their most important role The caution of solving problems that don't exist How the customer isn't always right Why go into academia? Where did Ryskex come from as an idea? How blockchain fits into insurance  Parametrics and blockchain Fizzy and what we can learn as a use case https://www.axa.com/en/magazine/axa-goes-blockchain-with-fizzy How to "tokenise risk" to share the risk of an exchange How to set Veritas and triggers for a parametric solution The law of large numbers and where insurance fails The Challenge of reputation risk and what it means to associated risks and cost How financial markets are often better placed to provide bespoke, large solutions Alternative solutions do not exclude insurance market How the Lloyd's market will inevitably change and why it needs to Why change will be dictated by leaders we don't even know yet How change is driven by customers and technology Simplicity is the solution And much more in between.  This I a really interesting chat with an engaging founder with a great business concept.  If you want to find out more about me: Alex Bond you can check me out on Linkedin  https://www.linkedin.com/in/alexbondf...  FinPro is a talent consultancy to the Insurance, Reinsurance and Insuretech markets on a global basis, for more information visit our website  https://www.wearefinpro.com/ Look out for more episodes coming soon and please like and subscribe it really helps the channel out! Hosted on Acast. See acast.com/privacy for more information.

Hello and welcome to another episode of the Leadership in Insurance Podcast.   This week I was lucky enough to be joined by Marco Del Carlo   https://www.linkedin.com/in/marcodelc...   Marco is CEO and Founder of Capacity Place.   https://capacityplace.com/ Capacity place is a marketplace that brings together interested parties seeking capacity with businesses looking to provide capacity. It's a brilliantly simple solution to a problem that in my role as a headhunter I have personally experienced.   This was a great conversation that covered a wide range of topics:   Marcos path into insurance from management consultancy The inefficiency of Lloyd's market and therefore opportunities ( I miss the suitcases) The evolution of the banking and hedge fund market and whats it means to the insurance market Algorithmic trading Setting up an MGA Choosing the right partners for starting a business and having clear objectives Setting the right criteria for growth Building networks Finding you are a salesman when you don't think you are Discovering "The Idea" and knowing when to commit to it full time The different objectives of carriers: distribution vs margin How simple ideas are the best Transparent market places and building robust, secure marketplaces  How to grow a  business with multiple customer segments Timing in an acquisition is everything And much more in between.  This is a really interesting chat with an engaging founder with a great business concept.  If you want to find out more about me: Alex Bond you can check me out on Linkedin  https://www.linkedin.com/in/alexbondf...  FinPro is a talent consultancy to the Insurance, Reinsurance and Insuretech markets on a global basis, for more information visit our website  https://www.wearefinpro.com/ Look out for more episodes coming soon and please like and subscribe as it would be greatly appreciated Hosted on Acast. See acast.com/privacy for more information.

Hello and welcome to The Leadership in Insurance Podcast. Affectionately know as the LiiP.  This week we were lucky enough to be joined by Amit Patel  https://www.linkedin.com/in/amitpatel911/  Amit is Founder and CEO of Hlthie  https://www.hlthie.com/  Hlthie is an Insurtech operating in the Health Insurance segment offering a marketplace affordable solution to health insurance.  I was lucky enough to come across Amit at an Instech London ( https://www.instech.london/) event when we could meet face to face and all such exciting things.  In this Podcast we talk about:   Amit's unusual journey into insurance via qualifying as a Surgeon!  The transition in culture from medicine to management consulting  The reaction of friends and family to a career change Taking steps back to go forward Do you need "insurance" people to build a modern insurance business The challenge of financial security vs entrepreneurship The importance of confidence to start-up success Leading in the Tech space without being a "Techie" Domain knowledge vs Getting stuff done The inefficiency of late businesses Cost of health care as we all live longer, need for alternatives Bootstrapping and Investment The optimal time to take investment? Can you take too much investment? or take investment too early? Building a data and technology product - not an insurance product  Simplicity of service as a selling point Choosing the right accelerator for you  And much more in between.  This I a really interesting chat with an engaging founder with a great business concept.  If you want to find out more about me: Alex Bond you can check me out on Linkedin  https://www.linkedin.com/in/alexbondf...  FinPro is a talent consultancy to the Insurance, Reinsurance and Insuretech markets on a global basis, for more information visit our website  https://www.wearefinpro.com/  Look out for more episodes coming soon. Hosted on Acast. See acast.com/privacy for more information.