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in 2010, Jane Wang, CEO of Optimity tragically lost her mother. Jane was already working in Pharma Mortality and felt like there was more that could have been done based on what she knew and felt an urgent need to share information about wellness. Jane co-founded Optimity, a company that seeks to maximize your physical, mental and financial wellnes…
 
It's a big task to underwrite insurance. It's a big task to also to provide quality advice on coverage. It's an even bigger task to do both effectively, at scale while at the same time limiting yourself to just a handful of questions in order to do this. B2Z doesn't bother with superficial AI slogans. Yes they are digital, yes they use AI, but they…
 
The majority of bankruptcies in the US are due predominantly to medical bills. Even with health insurance many of us are one bad event away from financial hardship. In this episode, I spoke with Veer Gidwaney, Mike Zarrillo (of Brella) and Scott Grandmont (of RGAX) about the critical importance of supplemental health insurance. We discussed how SHI…
 
When the topic of life insurance underwriting comes up in our podcast conversations, there is generally a lot of handwringing about the friction & complexity in the buying process. In this episode, I spoke with Ken McNair and Al Mele of SCOR's Velogica underwriting platform for life carriers. We discussed a bit of the history of life underwriting, …
 
Building and selling new products for which no market exists in insurance and finance is incredibly difficult? Why? Partially it is the same reason why any new product is difficult (recall the Henry Ford quote - "If I had asked my customers what they would have wanted, they would have said faster buggy whips") Consumers don't always know what they …
 
We all have something to sell. It could be ourselves, our product, our ideas. As someone who has gone through an investor pitch several times, I can tell you from experience that the dynamic is much much different when the people at the table know each other versus a first time meeting. Having emotional relevancy and trust in that situation can mak…
 
For many reasons, catastrophe insurance is very expensive. Aside from being bad for the property owner, this is a horrible outcome for communities as society as one of the easiest quantifiable benefits of a robust insurance market, is that the market mechanism helps communities bounce back from natural catastrophes. Enter Kate Stillwell and Jumpsta…
 
In this episode, Nick spoke with Travis Hedge, co-founder of Vouch. Vouch is an insurtech which helps other startups manage their risk and insurance. We discussed the challenges of measuring the exposure to risk for companies that are growing rapidly and potentially changing over time, where insurance and risk-management might be the last thing on …
 
"Clients don't understand that their success is related on standing out, not fitting in....you want to be the needle in the haystack, not the haystack" - Don Draper On some recent This Week in Coverager episodes, I have asked this question, if a local mutual disappeared, would anyone notice or care? The majority of people I survey say NO! Why is th…
 
Part of the conflict between insurance buyers and insurance carriers is that while both stakeholders WANT the same outcome (neither the homeowner nor the insurer WANT a fire, neither the life insurance company nor the policyholder WANT a death) there is a disconnect of communication. Policyholders don't understand what they can do to lower risk...o…
 
How should industry incumbents and technology solutions provide engage? What should industry incumbents be asking themselves and potential solution providers about business solutions beyond what is immediately pressing? How should tech providers position their products and solutions and presentation so that their relationship are less transaction a…
 
What's it like to be the first insurance professional hired by a tech company looking to create an ambitious tech solution for insurance? In this episode, I spoke with Mke Gulla of Hippo. Mike and I discussed what it was, what he dynamic is currently like and why it makes such a big difference. If you have a tech background and are looking to make …
 
This is a podcast on Dental Insurance...but before you dismiss dental as just a small subset of insurance or employee benefits, you may want to listen in to this episode. Beam Dental is the first digital native dental insurer. They use data to underwrite risk in the same other insurers underwrite their exposures, which is a departure from the slot-…
 
In Peter Thiel's book Zero to One, Peter talks about during the modernization of China, as they copied and pasted technologies from the Western world, they were able to leap over many of our legacy technologies and skip to our modern ones, like skipping landline communications and directly install digital mobile infrastructures. This seems quite si…
 
Tammy Schwartz was VP of Underwriting & Operations at the California FAIR plan when she noticed that many of the properties that were arriving there were being non-renewed by the incumbent carrier for wildfire exposure, when, those exposures actually had minimum wildfire risk. This got Tammy to dig deeper and Black Swan Analytics was formed. In thi…
 
Small business has been an underserved area of insurance. Compared to larger commercial accounts, small businesses generally have low premiums and above normal back-office activity (think, certificates of insurance). Those who have side hustles are even more underserved as until recently, they were automatically grouped into the "small business" ca…
 
We are now in the heat of the hurricane season, so there are lot more property owners, brokers and insurance professionals who are thinking about and worried about flooding. Yet, as discussed in this episode, everyone is in a flood zone. You can live in a desert or up on a hill, like Ellicott City, MD, and be exposed to major and catastrophic flood…
 
It is well known that the insurance industry has a lot of IT legacy debt. Replacing those systems could cost individual companies tens of millions of dollars. In this episode I spoke with Wendy Aarons-Corman, CEO of OWIT about using microservices to extend AND enhance current legacy IT systems. Connect: Wendy Aarons-Corman (LinkedIn) - https://www.…
 
In this episode I spoke to Steve Williams of Oli Insurance Services and Heffernan Insurance Brokers. We discussed how agents/brokers should be redoubling their efforts to focus on the business activities that are most valuable to their companies. We discussed how Oli Insurance Services can help agents with this by allowing those agents the capabili…
 
An eye-opening episode where Jay Bregman, CEO of Thimble and Nick discuss how the post-pandemic economy will shift how a lot of small business gets done and will open the door for more on-demand insurance products. A lot of new entrpreneurs will emerge. Business for them will be inconsistent and uncertain and so for these business, insurance must a…
 
The COVID 19 pandemic has quickly forced the insurance ecosystem to reexamine its IT infrastructure. In this episode, I spoke with Ravi Krishnan of Innoveo about what this reexamination will mean. Ravi's central conclusion is that siloed business operations within insurance organizations will need to break down as data will become endemic throughou…
 
In this episode I spoke with Stacy Varney, Global Head of Sales and Marketing at ClaimVantage. ClaimVantage has created a cloud based solution for Life and Health insurers. We discussed their solution and how they build a new product line in leave management by listening to their customers and jumping on an opportunity created by complexities in fe…
 
We have now seen them. Photos and videos that look so real that it seems impossible that they could be fake...but they are. Imagine making underwriting or adjusting decisions based on doctored or fraudulent imagery. In this episode, I spoke with Nicos Vekiarides, CEO of Attestiv. Attestiv is using blockchain technology to certify aspects of digital…
 
In this bonus episode, Bryan Falchuk, insurance professional and author, sat with me as we discussed his new book The Future of Insurance: From Disruption to Evolution. Bryan researched how innovation was occurring in insurance and with the use of case studies, detailed how 7 different companies are innovating within the space. We discussed the 3 k…
 
In this bonus episode of The Coverager Podcast, Nick spoke with Jeff Kleid of Elite Risk on how they were able to get a pandemic specific insurance product to market in this environment. Connect: Jeff Kleid (LinkedIn): https://www.linkedin.com/in/jeffkleid/ Jeff Kleid (email) jdkleid@eliterisk.com Musical Credits: Shadows by David Cutter Music: htt…
 
Voice technologies have made major strides in just the past few years. In this episode of The Coverager Podcast, Nick spoke with Alexander Martin, CEO of Clearspeed and former Captain in the Marine Corp. Alex and I discussed how Clearspeed is using voice technology to flag risk. Using simple yes/no questionnaires, Clearspeed can quickly flag suspic…
 
As insurance professionals we do a fairly good job of assessing the value of a building. Why? We can see it. The walls, the size and now we can use third party data and visualizations to scale all of that. Where we fall flat is what is happening within those walls. Satellite imagery is not going to help. Third-party vendors can't help us with that.…
 
Just Auto is perhaps the first truly telematic auto insurance company. Monthly subscriptions, no long-term contracts. Targeting drivers who would benefit from the technology to make them better drivers so that they can afford auto insurance. Targeting low-income drivers who struggle to acquire auto insurance and where one incident could financially…
 
Obviously, COVID-19 is affecting the entire insurance industry. As we all debate the near term impacts, Lance Poole of Juniper Labs, David McFarland of Coterie, and Nick discuss the longer-term implications of the pandemic on the insurance vertical. What does this really mean long term for auto? How will workers comp rates be affected by massive sh…
 
Internal water damage losses dwarf fire-related losses and yet, most underwriters still focus on fire primarily. In this episode, Nick speaks with Laurie Conner, CEO of The Detection Group about how they are using modern smart, IoT, tech to drive loss costs for internal water damage down. These devices have truly become smart...and economical. So m…
 
Jack Kudale, CEO of Cowbell Cyber and met in Des Moines a year ago. With minimal funding and no team...a year later, he has a Cyber product in 5 states (soon to be 15) and a very innovative proprietary model for determining a company's cyber risk, now and ongoing in real time. We discussed what makes quantifying cyber risk so difficult. Why it is e…
 
In this episode, David Mocklow and I discuss how we can link risk management and insurance together in order to tackle some of the costliest disasters we are (and will be) facing. Securitization has forever changed the nature of (re)insurance. David thinks that combinations or securitization along with the use of captives and other risk management …
 
Commercial Auto Insurance has really struggled. A very large market, where insurers just can't raise rates fast enough to keep up with insurable losses that are rising even faster. Unlike personal auto, commercial auto is complex, with ever-changing exposures, mobile across state lines and until recently, the inability to find technology that could…
 
Continuing on our theme of using captives to provide pandemic coverage for businesses, I spoke with Clay Ogden and Van Carlson of Strategic Risk Alternatives, a firm dedicated to helping small-to-mid-sized businesses get access to insurance captives. A captive allows businesses to own their own insurance company. A risk management strategy when cov…
 
Continuing on our theme of using captives to provide pandemic coverage for businesses, I spoke with Clay Ogden and Van Carlson of Strategic Risk Alternatives, a firm dedicated to helping small-to-mid-sized businesses get access to insurance captives. A captive allows businesses to own their own insurance company. A risk management strategy when cov…
 
As the insurance industry and society meander through the conflicts of whether pandemics are and excluded or covered peril when it comes to business interruptions, the ability of companies to proactively plan and arrange for the risk management of pandemics will be top of mind and item #1 for every off-site (if they will exist) going forward. One t…
 
Insurance as easy as it should be. A lot of companies are talking about simplifying the insurance experience. In this episode I spoke with Attune Insurance CEO, James Hobson, about how Attune is tackling it. Attune is helping small businesses get tailored insurance, specific to their unique needs, in minutes. Find out how by watching or listening t…
 
In this episode, Nick spoke with Dr. Gleb Tsipursky, CEO of Disaster Avoidance Experts and Author of Never Go With Your Gut. In this discussion, Dr. Tsipursky explains why gut instinct introduces all sorts of unknown biases into the decision making process. He further explains how crucial it is for individuals and teams to comprehend what their bia…
 
When we discuss "legacy" technology for (re)insurers, we usually mean policy administration systems. This is the backbone of the insurer. Policy issuance, payments, claims, data management all fall within this bucket. Re(insurers) can't move to the next stage without this backbone. In this episode, I spoke with David McFarlin of Sunlight Solutions.…
 
80-90% of all data within an insurance company is unstructured data (audio, video, notes, photos, etc). This means insurers are running their businesses on less than 20% of all data within the firm. SD Refinery is looking to change all of that. SD Refinery AI is turning unstructured data into useful information. Listen in as Rock and I discuss how …
 
There are lots of publicity for American and UK based insurtech startups, but what about on the European continent? In this episode, I spoke with Joao Cardosa, founder and CEO of Lovys, A French based writer of bundled insurance with big aspirations. ****************************************************************************** CONNECT Lovys Home p…
 
Listen to our first episode, in which we discuss 'Coverager, then and now' and welcome our new host, Nick Lamparelli CONNECT Coverager Home Page - https://coverager.com/ Shefi Ben-Hutta - https://www.linkedin.com/in/shefibenhutta/ Avi Ben-Hutta - https://www.linkedin.com/in/avi-ben-hutta-a62a1429/ Nick Lamparelli - https://www.linkedin.com/in/nickl…
 
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