Weekly Newsletter 23 October: Multi-million dollar ideas
We describe the role of InsTech as providing “insurance intelligence for the curious.” We saw a powerful recent endorsement of the importance of curiosity and looking beyond just the industry you work in from Marcia Kilgore, beauty entrepreneur. She sold a majority stake in her first startup for a reported $30 million USD at age 30. Subsequently she founded four businesses, including Beauty Pie, a makeup and skincare club based on a subscription service.?
When asked about advice on finding a multi-million dollar idea, Maria said
?“Just keep reading, looking, talking to people, finding out what you don’t know. I’m a beauty industry person. I would normally be reading beauty industry newsletters and reading about raw ingredients and about how to sell beauty products. But if I didn’t read a newsletter that comes in about the automotive industry, or AI — all the random things — I would never connect the dots in a new way to find a new idea.”
Keep reading, looking, talking and connecting the dots. Start with this newsletter - it might well provide the inspiration for your next big idea!
The latest from InsTech
PODCAST: More than just a CRM - Episode 325
Salesforce has a broader scope than its CRM (Contact Relationship Management) for which it is best known. Today it is aiming to establish itself as a key technology solution in the insurance sector. Join Robin Merttens as he speaks to Tom Swire and Ben Turner about their launches for 2025.
Upcoming events at InsTech
PRE-ORDER BROCHURE: InsTech Exponential Risk London, 4-5 March 2025
InsTech is hosting a brand new conference that builds on our decades of experience and a thorough understanding of the choices of models and data available for assessing property risk. We are working with the leading figures in the global catastrophe, exposure and climate community to design an inspiring and educational event for 350 people. Curious to find out more? Pre-order the digital brochure now.
WEBINAR: Answering your burning questions: Unpacking data-driven innovations in wildfire risk, 13 November, 4:00 pm GMT
Addresscloud and Precisely will discuss how data-driven tools are enhancing wildfire risk assessment for insurers, focusing on integrating third-party data into underwriting workflows and providing real-world applications from global insurers.
EVENING EVENT: Looking back to the future in insurance: a 2024 retrospection and 2025 predictions, 19 November, 5:30 pm GMT
InsTech is providing an industry end of year report on 2024 and a look at 2025, with an assessment of the opportunities and some predictions as to what lies ahead. Join us and find out what to look for in 2025 to stay informed and on top of your game.
NETWORKING EVENT: Pick, blend, ingest, enjoy – Making the whole greater than the sum of its parts in wine and technology, 26 November, 6:00 pm GMTHeadline
InsTech members and friends can join us and enjoy an evening of fun, insights and networking whilst tasting a selection of wines from around the world. Our selection of wine has been provided by experts in EY, PKF Littlejohn, Root Platform and Inari, curated by the InsTech Chairman.
Other news and insights we've seen
Beazley launches new consortium for financial institutions
Beazley has launched FLEX, a consortium offering up to 50 million EUR/USD in combined coverage for civil liability, crime, fraud and cyber risks, tailored for financial institutions.
Swiss Re launches Institute for Executive Education
Swiss Re Institute's education programs focus on providing professional development and insights into risk management, fostering learning through research, events and partnerships for industry professionals.
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Salesforce releases solution for insurance brokerages
Salesforce has introduced “Financial Services Cloud for Insurance Brokerages”, an AI-powered solution designed to automate tasks such as policy servicing and commission processing, helping brokers streamline operations and enhance client relationships. Listen to Salesforce on our recent podcast episode .
MGA Volt Underwriting uses Quotech’s underwriting workbench
Quotech has provided its integrated technology solutions to Volt Underwriting, a newly launched energy-focused MGA. Volt is using Quotech’s underwriting workbench, Risque, along with the recently launched exposure management platform Quex.
S&P Market Intelligence article on Chinese P&C sector
New insurance guidelines have been provided by China's State Council intended to enhance regulation and expand catastrophe coverage. This could lead to higher premiums and raise concerns about insurers' underwriting capabilities, according to S&P Market Intelligence.
LIMOSS extends McKenzie Intelligence contract
MIS and LIMOSS (London Insurance Market Operations & Strategic Sourcing) have signed a contract to ensure that Lloyd’s Managing Agents and company market businesses can continue to benefit from MIS’s geospatial intelligence platform for another year.
Cytora partners with Meetrisk
Cytora has partnered with Meetrisk to integrate its Marine Platform into Cytora's underwriting tool, enhancing marine insurers' ability to accurately assess and manage risks across vessels, fleets and portfolios.
JBA Risk Management Hurricane Milton Report
JBA’s event report reviews the meteorological aspects of Hurricane Milton, its effects and provides reflections on the 2024 US hurricane season.
Convex partners with EXL
EXL has been chosen by Convex for a multiyear partnership to enhance business operations, aiming to improve efficiency, customer experience and create a more scalable, cost-effective and resilient model.
Azur Technology launches new product MGA Connect
Azur Technology has launched MGA Connect, a new solution designed to help MGAs launch, grow and scale their businesses.
Indico Data unveils Agentic AI application
Indico Data has launched an AI-powered application for commercial underwriting, designed to automate triage and clearance by analysing unstructured submission data, streamlining decision-making and improving quoting speeds.
mea platform and AXIS partner
mea platform has renewed and expanded its partnership with AXIS. Using mea’s GenAI-powered solution, AXIS will be able to simplify processes by automating activities in submission clearance.
AntWorks files two patents for AI-powered document processingHeadline
AntWorks has filed two patents with the United States Patent and Trademark Office (USPTO) in the last quarter, highlighting its focus on innovation in AI-powered document processing and automation solutions.
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