FNO: InsureTech

Data is essential in developing a comprehensive claim. It's about making sense of the information collected. Data, however, can be a pain point. The problem? Traditional claims software is outdated, incomplete, and inflexible.

That's where A.I. Insurance Inc. (http://aiinsurance.io) comes in. Their aim: bring claim management "to the cloud".

On this week's episode of FNO: InsureTech, we are joined by Cameron MacArthur, CEO & Founder of A.I. Insurance Inc. They have created an intelligence-backed claims management software that allows immediate access to data for everyone involved in the claims process.

Tune in to hear Cameron's thoughts on being an insuretech start-up, how his company is providing data management solutions to the claims industry, and much more.

"Lyft is essentially an insurance company, that just happens to do rideshares." - Caribou Honig

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Ideas spread through a community.

And for many of us siloed in our desk jobs, this phenomenon may be absent in our lives. That's where the role of conferences come into play.

By gathering groups of people within any given industry—ideas are able to bounce between minds, and creativity is sparked.

However, this isn't the case for every conference. Many are filled with long lectures, boring keynote speakers, and stale meet & greets.

Not InsureTech Connect.

On today's episode of FNO: InsureTech—we are joined by Jay Weintraub & Caribou Honig—co-founders of InsureTech Connect—the world's largest insurtech event — offering unparalleled access to the largest and most comprehensive gathering of tech entrepreneurs, investors and insurance industry incumbents from across the globe.

Tune in to this episode to hear Jay and Caribou's insights, so you can understand the insuretech space from a conference-driven point-of-view.

You can learn more about InsureTech here

"Insuretech as a movement has been a whole new way to draw a generation to this industry." - Jay Weintraub

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The FNO: Tips

• When building a business, bring the investors together with the regulators
• Rather than telling, approach people-centric business as being a mirror for the customer
• There is a rising school of thought that insurance will shift to be embedded inside offerings (ex: Lyft)
• Create context to open the pathways for information-spreading
• Lennar Residential Homes is the largest residential builder in the United States
• Fear of disruption pushes the human instinct to do better

Fourseventy Claim Management

www.470claims.com

"It's not a texting tool. It's not a chatbot. It's much bigger than that. It's a hub." - Bryan Falchuk

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It boils down to customer satisfaction.

At the end of the day, if your policyholders aren't happy—they will just seek out other carriers for coverage. We see this happen in the companies that get lost in the other metrics: annual revenue, marketing budgets, R&D.

The bottom is that in 2019, there is too much competition, and customers are too smart to be given average service. Companies have to constantly meet and surpass customer expectations.

On today's episode of FNO: InsureTech, we are sitting down with Head of Customer at Hi Marley—Bryan Falchuk. Hi Marley is a conversation platform that simply and easily connects people with their insurance companies by combining intelligent messaging and human touch to make the experience as easy and efficient as possible.

Tune in to this episode to hear Bryan's insights on what it takes to create a powerful insuretech in today's ecosystem.

"If you can affect customer satisfaction, you affect loyalty. And when you affect loyalty, your retention rates go up, and that's where the real dollars come in." - Bryan Falchuk

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The FNO: Tips

• Studies show a positive correlation between customer satisfaction and claim outcome
• Distinguish whether your business is trying to be the best platforms or tie the preexisting best platforms together
• Offer the customer opt-out options in text messaging to bypass the high regulations/laws
• During the pilot phase, make sure you're taking onshort-term claims, so all stages of the process can be tested
• Integrate public rating systems (ex: Uber's 5-star) on the service provider side to drive higher customer satisfaction
• Every carrier speaks a different language—learn to speak it during the trial phase
• For insuretechs, make sure you're bringing people on with experience in insurance

Fourseventy Claim Management

www.470claims.com

"We're not doing the internet of things. We're doing the internet of dumb things, retrofitting the smart into place." - Roel Peeters

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Everyone is talking about the internet of things.

Turning the physical objects of our home into cloud-enabled, smart devices that communicate with each other seems like the way our society should be shifting.

But have we taken it too far with new innovations like smart dishwashers and smart refrigerators?

Roel Peeters, the Founder & CEO of Roost says so.

And on today's episode of FNO: InsureTech, we are discussing Roost, the technology behind it, and how his IoT company differs from the rest. Roost is transforming homeowners and commercial insurance with smart, in-home solutions—by partnering with some of the most innovative insurance companies in the world to deliver telematics for the home.

Tune in to this episode to hear Roel's insights on IoT-based insurance solutions.

"The concept of the internet of things is not a justification in and of itself to start replacing stuff around the home. That's why I always focus on: what's the problem you're solving." - Roel Peeters

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The FNO: Tips

• Insurance companies write a combined $42 billion worth of claims checks every year
• 25% of the insurance coverage cost is from fire-related claims
• Most of the communication between customer and insurance provider is mutually negative (ex: renewal check, or time of claim)
• If you want to impact claims, most insurance companies respond, "Show me the data."
• Drill down on the problem an IoT-based solution is trying to solve

Fourseventy Claim Management

www.470claims.com

"Know what problem you're trying to solve. And who you're trying to solve it for." - Ted Stuckey

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Innovation comes from the startup.

But a startup has only so much power to bring those new ideas to life. When first starting out, the labor required to lift the operation above sea level is so immense that innovation gets lost in the noise of to-do's.

This is when it may be time to partner with a corporation.

On today's episode of FNO: InsureTech, we are joined by Ted Stuckey, the Managing Director at QBE Ventures. In this role, Ted looks to invest in technology solutions that have the potential to transform QBE and the international markets in which they operate.

Tune in to this episode to hear Ted's insights on the insuretech space, specifically what makes a fruitful insuretech-corporation collaboration.

"Innovation is such a culturally dependent beast." - Ted Stuckey

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The FNO: Tips

• A corporate venture capitalist is a venture capitalist functioning on behalf of the greater corporation
• In the age of Insuretech, the carriers that do the best are the ones that are the startup's preferred partner choice
• Technology is enabling carriers to do more than they have been able to do in the past
• Figure out your customer acquisition strategy before getting too far into the weeds of technology
• If you're seeking out conferences: Onramp Conference Series, InsureTech Connect, and Future Fintech
• Carriers continue to implement artificial intelligence more and more

Fourseventy Claim Management

www.470claims.com

"If you can track a pizza on Domino's—surely you can track where you are on your claim." - James Swayze

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It's hard to quantify just how valuable data is.

We hear the news stories about corporations mining our behavior and reselling it as datasets. But really, how valuable can these facts be?

It turns out that in the insurance industry, access to all parts of a customer journey with his/her own property—that dataset can significantly improve the claims process.

That's why on today's episode of FNO: InsureTech—we are joined by James Swayze. James is an Executive at CoreLogic, in charge of claims and the Symbility platform inside the CoreLogic family. James originally planned to get into the film production industry but the insurance sector appeared in his life as an opportunity to quickly pay off his travel bills. Today James is an acknowledged expert on the application of technology in the insurance sector, a regular contributor to key industry publications and a sought-after speaker.

Tune in to this episode to hear James distill the often confusing intersection of data and the insurance industry.

"Customer choice drives further adoption." - James Swayze

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The FNO: Tips

• CoreLogic's objective is to help people find, acquire, and protect their largest asset (which is their home)
• The more open the API, the more flexibility the customer has
• Look at how Google offers their applications on Apple devices for why the customer should choose
• There is a fear in the United States that too much information empowers the policyholder to become litigious
• The auto insurance has always been about 10 years ahead of other insurance sectors

Fourseventy Claim Management

www.470claims.com

"So many discussions across industries are the same discussions, with just a different wrapper." - Joe Kirgues

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Conferences have a routine.

You wake up at the hotel, meet for coffee downstairs, network amongst each other on the conference floor, attend a few keynotes,, go out to dinner, and then repeat the motions the next day.

But what happens when you put a conference inside a sports stadium? And only make it one day?

The answer is in today's episode of FNO: InsureTech—where we are joined by Joe Kirgues, co-founder of the Milwaukee-based gener8tor program—a startup accelerator with other prongs to its business, one of which is the OnRamp Conference series. The OnRamp Insurance Conference brings together the insurance industry's leading corporations, investors and startups. The conference highlights innovations disrupting the insurance industry, the leaders making such innovations possible and how new technologies and business models will reinvent the industry.

Tune in to this episode to hear Joe's insights about the insuretech space!

"Ideas are much more unique to creativity than to genre." - Joe Kirgues

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The FNO: Tips

• For social good, create the infrastructure to facilitate the outcome instead of just relying on traditional donation models
• Corporate venture capital is the informal allocation of funds to startup-type missions
• The hockey stick growth curve of insuretechs has reached a plateau/saturation point
• Artificial intelligence-based companies rise to the top of demand at conferences
• Infuse your personality into your company

Fourseventy Claim Management

www.470claims.com

"It's a 50/50 chance—or a coin flip—that in any given year, a major hurricane will hit the U.S based on historical data." - Dr. Philip Klotzbach

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Weather is becoming easier to predict.

With the advancing technologies and increasing quantities of data, forecasting storms and hurricanes is becoming less and less of a challenge.

And for those of us in the insurance industry, this accuracy and preparedness is incredibly valuable.

That's why for today's episode of FNO: InsureTech, we are joined again by Dr. Phil Klotzbach. Dr. Phil Klotzbach is a Research Scientist in the Department of Atmospheric Science at Colorado State University, and among many achievements—he developed the two-week forecasts currently being issued during the peak months of the hurricane season between August-October. He has published over two dozen articles in peer-reviewed journals such as Journal of Climate and Weather and Forecasting.

Tune in to this episode to hear Dr. Klotzbach's insights, so you know what to look out for this hurricane season.

"Just because June and July are quiet doesn't mean we can expect the overall season to be as well." - Dr. Philip Klotzbach

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The FNO: Tips

• This upcoming hurricane season is being predicted as below normal with 13 main storms
• El Niño is warmer than normal water temperature in the central/tropical Pacific
• In the summer months, the impact of El Niño on the United States is muted
• Preparedness for hurricanes is largely determined by whether or not the person has experienced a hurricane before
• Increasing damage done by hurricanes can largely be explained by increasing population and increasing population along the coasts
• The real danger in climate change lies in the tertiary impact of the weather shifting

Resources

• National Hurricane Center
• Seasonal Hurricane Predictions
• Tropical Tidbits
• Forecast of 2019 Atlantic Seasonal Hurricane Activity

Fourseventy Claim Management

www.470claims.com

"You have to have a culture that's on board with change. People have to be excited about it, not scared of it." - Alyssa Hunt

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There will always be loss.

Natural disasters, human error, or even just the everyday motions of life—one thing we know for certain is that our homes, our property, our cars—they are all at-risk of being damaged.

Enter the insuretech solutions—which range from automating the claims processes during these moments of loss all the way to gathering enough data to prevent the event from happening in the first place.

On today's episode of FNO: InsureTech, we are joined by Alyssa Hunt, the Vice President of QBE North America to discuss the future of claims. QBE Insurance Group is one of the world's top 20 insurance and reinsurance companies, located in 37 countries.

Tune in to this episode to hear Alyssa discuss insurance technologies, and where she sees the roadmap fitting into the current paradigm.

"I don't even think about being a woman in claims. I just think about what needs to be done to better the organization." - Alyssa Hunt

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The FNO: Tips

• Vendor management has evolved from an order-taking role to now, a strategic/seat-at-the-table role
• There is a variety of vendor management styles based on the vendor carriers
• As a woman, it's important to bring your authenticity to male-dominant industries
• At the end of the day, the customer is really the one making the demand
• Be sure to structure even your pilots when testing to new insuretech solutions
• Structure your business about helping customers prevent losses (and thus, claims) from occurring

Fourseventy Claim Management

www.470claims.com

"What's really driving the change at our company is virtualization." - John Hall

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Technology, technology, technology.

It seems that everywhere you turn—someone in the insurance industry is talking about the power of technology. But at the end of the day—a claim is a loss, and losses are emotional things.

And no matter how you look at it—people are better at handling at emotions than robot.

That's why on today's episode of FNO: InsureTech, we are gathering for a roundtable discussion at the PLRB conference.

The featured speakers are:

• Dan Moore, QBE North America
• Scott Sprague, Westfield Insurance
• Pat Sinnard, Great American Insurance
• Jill Thomas, National General Insurance
• John Hall, Worley/ASI
• Mick Zondory, Kemper Preferred
• Bo Helms, Shelter insurance
• Matt D. Fatheree, Fourseventy Claims

Tune in to this episode to hear the group's insights as they span from managing employee expectations to the future of insurance technology.

"I think the days of breaking out the tape measure on every roof claim you have are over." - Bo Helms

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The FNO: Tips

• Today, now more than ever, recruiting college graduates to the insurance
• Technology's best fit in the claims process is getting the claim into the system
• In addition to getting data faster, insuretech technologies are engaging the customer in never-before-seen ways
• Accuracy of information is most important in the FNOL part of the process
• Taking accurate photographs of damage is not an intuitive process
• Lenders are much more risk-averse than the consumer
• It's usually not the first person to invent the technology that fits it into the market perfectly
• Hover's initial contracts were with the military, then pivoted to insurance
• Technology doesn't make money until there's standardization

Fourseventy Claim Management

www.470claims.com