InsurTech Amplified

In this episode of InsurTech Amplified, we spoke with ?Paul Aemisegeo?, Founder and CEO of ?PayrollMart?, to explore the power of payroll data in the insurance and benefits space. Paul highlights how payroll data serves as the “key to the castle” for B2B insurance brokers and 401(k) advisors, providing critical information for eligibility, benefits, and regulatory compliance. By controlling payroll data, companies like ADP have a major competitive advantage, not just in payroll, but as one of the largest insurance brokers in the U.S. Paul also shares how his entrepreneurial journey, shaped by early experiences in his family’s trucking business, led him to recognize the untapped potential of payroll systems and the competitive edge they can offer to independent brokers. We also dive into the growing importance of data redundancy and security in today’s business world. Paul discusses his company, Shuttle HR, which creates backups of payroll data, ensuring compliance and operational continuity. Paul believes there’s massive untapped opportunity in managing regulatory compliance across state lines, potentially with a platform that consolidates updates for employers and brokers. https://lnkd.in/eHCC3Nzf

In this episode of InsurTech Amplified, Helen Burke, Founder and COO of Teambase DMCC, discussed the evolving landscape of employee benefits in today’s flexible and remote work environment. Helen introduced the concept of the “liquid life,” where workers, particularly millennials and Gen Z, prioritize flexibility and mobility over traditional stability. This new way of working demands a fresh approach to employee benefits, with a focus on tailored, digital-first offerings that cater to the diverse needs of a modern workforce. Benefits like travel insurance and flexible life insurance plans are becoming essential as employees embrace this liquid lifestyle. Helen also highlighted the importance of digital distribution and the role technology plays in streamlining the insurance process. Teambase connects insurers, brokers, and employers through a digital platform that simplifies benefits management for HR departments and employees alike. She stressed the need for companies to offer easy-to-use, customizable solutions that comply with local regulations and fit the specific needs of each market. By doing so, businesses can attract top talent and provide benefits that align with the expectations of a tech-savvy, mobile workforce.

In the latest episode of InsurTech Amplified, ?Lorcán Hall?, Senior Advisor at the ?Sustainable Development Solutions Network?, and ?Dr. Danilo Raponi?, Group Head of Innovation and Managing Director of ?Generali’s Innovation Fund?, dive deep into the transformative potential of the insurance industry through the lens of innovation and sustainable development. Lorcán shares compelling personal stories that highlight how insurance provides crucial financial stability in uncertain times. Meanwhile, Danilo explores the growing impact of digital technologies and parametric insurance in tackling emerging risks and reaching underserved markets. Both underscore the industry’s evolution from simply paying out claims to actively predicting and preventing risks—integrating profit with purpose. ?? This insightful conversation also sheds light on the power of public-private partnerships in driving societal change. Innovative products like ‘Migrasure,’ which support migrants in securing housing and financial services, exemplify insurance as a force for social good. ???? Together, our guests make a compelling case for insurance solutions that foster not just economic growth but also social inclusion and environmental sustainability—a critical approach to achieving the UN's 2030 Agenda for Sustainable Development. ???? ?? Tune in now to hear their vision for the future of insurance! https://lnkd.in/e6K2x7HC #InsurTech #Innovation #Sustainability #DigitalTransformation #ParametricInsurance #SocialGood #PublicPrivatePartnerships #UNSDGs #2030Agenda #InsuranceIndustry #FinancialInclusion #InsurTechAmplified

??? In a recent episode of This Month - Amplified with ?David Gritz?, co-Founder and Managing Director of InsurTech NY?, we delved into the complexities of the yen carry trade and the ?Sahm Rule?—two financial mechanisms with profound implications for global markets and the insurance industry. The yen carry trade, which involves borrowing yen at low interest rates to invest in higher-yielding assets, has been a lucrative strategy. However, this could be under threat as Japan considers raising its long-held near-zero interest rates. Such a shift could impact Japanese insurers with U.S. subsidiaries, leading to reduced capital flows and tighter reinsurance capacity—further straining an industry already grappling with rising capacity constraints. We also explored the Sahm Rule, an economic indicator that predicts recessions based on rising unemployment trends. Unlike indicators that confirm recessions after they begin, the Sahm Rule offers a forward-looking gauge. As U.S. unemployment starts to edge up from historic lows, this rule becomes particularly relevant, signaling potential broader economic challenges ahead—especially for industries like insurance that are sensitive to global financial shifts. David’s insights shed light on the delicate balance our industry faces in navigating these evolving financial landscapes. #InsurTech #InsuranceIndustry #YenCarryTrade #SahmRule #GlobalMarkets #FinancialInsights

??? In the latest episode of InsurTech Amplified, we had the pleasure of speaking with ?Bobbie Shrivastav, MBA, PMP, PMI-ACP, CSM - co-Founder and COO of ?Benekiva? - about the future of claims management. Bobbie shared key insights from Benekiva’s recent report, underscoring how claims management is pivotal in nurturing the insurer-insured relationship. She stressed the importance of balancing automation with human empathy—ensuring technology enhances efficiency without losing the personal touch during vulnerable moments. We also discussed the urgent need to modernize legacy claims systems. Simplifying these processes can drastically reduce training time and make the experience more intuitive for both employees and customers. A particularly staggering statistic Bobbie highlighted is that over $1 billion in insurance funds go unclaimed annually in the U.S. alone. This is a massive opportunity for improvement through better data management and proactive customer engagement. Looking ahead, we explored the future of payments, with Bobbie advocating for flexible, digital transfer options that meet modern consumer expectations. Our conversation reinforced the need for a customer-centric approach in claims management—one that leverages technology while retaining the essential human element. ?? #InsurTech #ClaimsManagement #CustomerExperience #InsuranceInnovation #Benekiva #InsurTechAmplified

In this episode of “InsurTech Amplified”, Andrew Johnston, the Global Head of InsurTech at ?Gallagher Re?, shared some his most recent insights from the Gallagher Re Global InsurTech Report for Q2 2024. The discussion covered a wide range of topics, including investment trends, partnerships, the role of AI, and the potential challenges and risks. Here are six key insights that stood out: 1. The Shifting Landscape of InsurTech Investments Andrew highlighted a notable shift in InsurTech investments during Q2, where the total investment reached $1.27 billion. This was a significant increase compared to previous quarters, despite a decrease in the number of deals. Interestingly, this uptick wasn’t driven by a few large deals but rather by a general increase in the average deal size, which now hovers around $10 million. 2. Partnerships as a Key Strategy In the evolving InsurTech landscape, partnerships between traditional insurers and tech companies have become crucial. Andrew mentioned several strategic partnerships, such as those between Allianz and ClearSpeed, HSB and WINT, and MassMutual and Genomics. These alliances are not just about technology adoption but also about integrating innovative solutions to enhance efficiency and customer experience. 3. The Role of AI in Underwriting and Risk Management A major focus of the discussion was on AI’s transformative role in underwriting, pricing, and portfolio management. Johnston emphasized that while AI can process vast amounts of data to predict risks more accurately, it should not replace human experts. The concept of “bionic” underwriting combines AI’s computational power with human expertise to improve decision-making. This hybrid model not only speeds up processes but also ensures that the nuanced understanding of risks remains in human hands. 4. Data Quality and Bias in AI Models One of the most critical challenges in leveraging AI is ensuring data quality and avoiding biases. Johnston noted that AI models often rely on large datasets, which may include unverified or biased information. This can lead to skewed risk assessments and pricing models. 5. Case Studies: Concise and Ki Two examples that were discussed on the podcast were the companies Concirrus and Ki. Concirrus, originally focused on marine and cargo insurance, uses behavioral data to predict risks better than traditional demographic data. Their underwriting tool, Quest, has expanded to other areas like workers’ compensation, showcasing the power of AI in diverse insurance domains. On the other hand, Ki, a digital underwriting platform at Lloyd’s, illustrates how AI can streamline the underwriting process by allowing certain business types to be automatically bound if they meet specific criteria.

In this episode of This Month, Amplified, Michael Waitze and ?David Gritz?, co-Founder and Managing Director of InsurTech NY?, explored significant Supreme Court decisions and their broader implications. They discussed the overturning of the Chevron doctrine, which shifts interpretative power from administrative agencies back to the courts. This change purports to bring more stability to legal interpretations and may reduce the influence of specialized expertise in decision-making. They also examined the legal and social complexities of addressing homelessness, emphasizing that while enforcing laws against public camping can help maintain public order, long-term solutions require increasing affordable housing through changes in zoning laws. Additionally, the conversation touched on the precedent-setting nature of decisions on presidential immunity, particularly in the context of Trump v. United States. The ruling upholds certain aspects of presidential immunity, sparking debates about the balance of power and accountability in the executive branch. Gritz highlighted that maintaining a healthy democracy requires holding leaders accountable while allowing them to perform their duties effectively. Overall, the discussion underscored the intricate dynamics of governance and the law in the United States and their impact on society.

In this episode of InsurTech Amplified, we had the pleasure of welcoming ?Alexis Cierra Vaughn Vaughn?, the Founder and CEO of ?OffCourse Consulting? back to the pod. Over the past ten months, OffCourse has experienced rapid growth, expanding into multiple entities. A key driver of this success has been strategic partnerships, such as their collaboration with Global Leader Group, which allows them to assist InsurTech companies globally in building and scaling innovation labs. Alexis highlighted the power of visibility through industry presence rather than traditional advertising, sharing how speaking engagements and podcasts have been instrumental in generating leads and establishing credibility. Alexis also discussed the importance of addressing specific pain points for carriers and reinsurers, such as the lack of due diligence in evaluating InsurTech partnerships. OffCourse’s tech auditing services play a crucial role in ensuring compatibility and effectiveness in these partnerships. Additionally, she touched on the growing interest in parametric products, mobility solutions, and cybersecurity for SMBs. Alexis is passionate about education, working with the University of Connecticut to develop a comprehensive InsurTech course, and fostering entrepreneurship among agents and brokers to turn innovative ideas into viable businesses. OffCourse’s evolution into a multifaceted entity underscores the need for adaptability and diversification in the rapidly evolving InsurTech landscape.

In this episode of InsurTech Amplified, ?Aaron Letzeiser?, co-founder and COO of ?Obie Insurance?, shared his journey from a non-traditional insurance background to transforming the insurance process for real estate investors. Aaron and his brother Ryan identified a significant problem in the industry: the lack of transparency and control in obtaining insurance for real estate investments. By leveraging their combined expertise in business and real estate, they created a solution that digitizes the underwriting process, provides instant quotes, and empowers customers to make informed decisions. Aaron’s story underscores the importance of empathy, curiosity, and leveraging existing skills to solve real-world problems. Aaron also emphasized the value of good partnerships and the impact of embedded insurance. By partnering with strict lenders and integrating the insurance purchasing process into real estate transaction platforms, Obie Insurance ensures compliance and eliminates delays. This innovative approach, called Embedded 2.0, benefits both lenders and buyers, simplifying the insurance process and reducing administrative burdens. Aaron’s experience highlights how technology can transform traditional industries, making processes more efficient and user-friendly, and offering valuable lessons for entrepreneurs and industry professionals alike.

In this episode of InsurTech Amplified with??Bobby Touran?, co-founder and CEO of ?Rainbow?, we explored how technology is reshaping the insurance industry. Bobby emphasized the need for integrating software development DNA into decision-making processes within insurance companies, advocating for a continuous underwriting approach. This method allows for real-time risk assessment and premium adjustments based on dynamic data from businesses, particularly in the restaurant sector. By leveraging data from POS systems, online reviews, and other sources, Rainbow ensures precise risk evaluation and tailored insurance solutions. Additionally, Bobby highlighted the importance of strong agent relationships and company culture. Rainbow’s focus on agent success through personalized support and seamless quoting experiences helps agents deliver exceptional service. Bobby also underscored the significance of specialization in underwriting, which allows Rainbow to deeply understand the unique risks of specific industries, like restaurants. This specialization, combined with a culture of kindness, intelligence, and teamwork, positions Rainbow at the forefront of modernizing insurance through technology.