Rob and Lee are joined by the insightful Martha Notaras, General Partner at Brewer Lane Ventures. Martha goes into detail about her eight predictions for InsurTech in 2024. She talks about leveraging technology to enhance efficiency within the insurance industry and how we can best explore the benefits and challenges posed by AI. Martha discusses cutting-edge innovations surrounding data and sheds light on the profound impact of climate change on the dynamic landscape of the insurance sector. At the end of the episode, Martha talks about what InsurTech 3.0 would look like to her, and what else excites her about the year ahead in our industry.

Learn More:

www.fnoinsuretech.com

Brewer Lane Ventures

Martha: LinkedIn

What to Expect: 8 InsurTech Predictions for 2024

What You'll Hear In This Episode:

[7:22] What kind of response does Martha get from the general public regarding her 8 InsurTech Predictions for 2024?

[9:13] What's cooking over at Brewer Lane?

[11:31] #1: The Word of the Year is AI.

[14:32] InsurTech has been working on AI for years, but Chat GPT put it on everyone's radar.

[17:01] #2: Data Finally Gets the Attention It Deserves.

[20:04] Whoever owns the data wins. Does Martha agree?

[21:44] #3: Embracing Brokers.

[23:04] Where the insurance industry has been neglecting data.

[25:25] #4: Technology Innovation, Yes. But Make it Painless and Profitable.

[27:03] How the appetite for APIs has grown.

[31:57] #5: Embedded Everywhere All At Once.

[35:09] An embedded play that Martha thinks is terrific.

[39:25] #6: Climate: Extreme Insurance.

[41:02] The concept of insuring aggregate attritional loss.

[44:00] #7: Quality, Not Quantity.

[49:05] #8: InsurTech + Incumbent = Delivering Innovation at Scale.

[53:57] Martha's thoughts are that we are somewhere between InsurTech 2.5 and 3.0.

[54:55] Is Direct to Consumer passe?

We wish our listeners a wonderful and prosperous new year! As Rob and Lee continue their holiday break, we bring you another episode from the FNO: InsureTech audio vault. Hosts Rob and Lee had the pleasure of speaking with AM Best TV's Lee McDonald earlier this year, discussing the founding, growth and development of the FNO: InsureTech podcast. With over 200 episodes and counting, Lee and Rob are excited to continue the journey of sharing insuretech with listeners. Check out the interview in video: https://lnkd.in/gnXP-z97

The FNO: InsureTech team is enjoying a well-deserved holiday break. Before taking off to spend time with their families, Rob and Lee select some great episodes from the FNO: InsureTech Vault to share with you over the next few weeks.

VOOM is a pioneering insuretech company developing advanced insurance products for emerging mobility segments. They offer digital, on-demand insurance for a wide range of vehicles from drones and light planes to motorcycles, e-scooters, and contemporary fleets. Rob and Tomer Kashi, CEO and Co-founder of VOOM Insurance, delve into the journey of VOOM over the past six years in the insuretech space, thoughts on pay-per-mile and usage-based models, the data advantage that VOOM possesses, and much more.

Check out VOOM Insurance: https://www.voominsurance.com/

This week, Rob and Lee welcome back Kyle Nakatsuji, the insightful CEO and Co-founder of Clearcover Insurance. Kicking off with some football banter, Kyle shares some great life lessons drawn from his playing days. Exploring more of the "why" behind Clearcover's approach, Kyle discusses the notable changes the company has undergone in recent years. He provides a deeper understanding of the market dynamics and the significance of maintaining boldness and courage, detailing how calculated risks contribute to building something extraordinary in a challenging environment. Then, before the episode comes to a close, there's a little bit more football talk, of course!

Learn More:

www.fnoinsuretech.com

Clearcover

Kyle: LinkedIn

Episode 210 with Kyle

The Farmer from Merna

Insurance on the Side blog piece

What You'll Hear In This Episode:

[7:30] What will it take for Rob and Lee's wives to listen to this show?

[9:01] Kyle's backstory playing football in high school and college.

[11:48] Kyle kept on playing football despite a torn ACL, even having surgery after the season.

[14:25] Some of the lessons Kyle learned from his up-and-down journey in football.

[18:58] How the last 18 months have been challenging for entrepreneurs, particularly in the insurance industry.

[20:26] How has Clearcover felt this impact?

[24:18] Taking bold risks in a challenging market and making adjustments to adapt to changing market conditions.

[25:02] Balancing risk and caution.

[27:39] Some of the cool things coming out of this time for Kyle and Clearcover, include a partnership with Experian.

[29:30] What we can learn from a story about Jeff Bezos requesting the light bulbs get taken out of vending machines.

[30:48] Kyle goes more in-depth about his belief that embedded is not a channel, but a strategy.

[41:54] AI's impact on how the industry will change, will still be driven by the behavioral needs of buyers.

[45:13] Clearcover's approach to claims from a customer and cost perspective.

[49:11] Why bundling is important.

[51:19] Finding the right combination of convenience, value, and affordability in insurance, particularly in a tricky market like California.

[54:29] Kyle dishes on Aaron Rodgers!

This week, Rob welcomes on Scott Ham, the visionary CEO of Pinpoint Predictive, a groundbreaking AI-driven deep learning product. Scott provides insights into his career journey and the pivotal moments that led him to spearhead Pinpoint. He sheds light on the remarkable capabilities of Pinpoint's AI-powered platform, showcasing its prowess in solving complex real-world problems by harnessing billions of data points within expansive datasets. Scott also shares some of the glowing testimonials that attest to Pinpoint's transformative impact, illustrating how seamlessly it collaborates with underwriters to revolutionize decision-making processes.

Learn More:

www.fnoinsuretech.com

Pinpoint Predictive

Scott Ham

What You'll Hear In This Episode:

[4:18] Where o'where has Lee been?

[9:01] How Scott's background at Transamerica and McKinsey led him to Pinpoint and influenced his approach.

[13:45] Pinpoint uses behavioral data from 250 million US adults to predict insurance losses.

[15:04] The importance of preducing claim severity, frequency and loss cost at the beginning of the insurance process to improve solvency and fairness.

[18:24] Why underwriters are not threatened by Pinpoint's technology.

[21:16] Pinpoint currently focuses on PNC.

[23:09] How the legal community has responded to Pinpoint.

[25:07] The importance of addressing fairness and bias in AI models, particularly in the insurance industry.

[27:00] Proactively addressing regulatory concerns by conducting audits.

[30:04] Using Pinpoint at renewal.

[31:51] What is a deep learning platform?

[34:47] Using AI to improve insurance risk assessment and loss ratios.

[37:03] What response has Pinpoint seen by actuaries?

[38:42] How and why Pinpoint is easily deployed and reduces client onboarding time from months to weeks.

[43:43] Growing and expanding Pinpoint in a thoughtful manner.

[45:29] Pinpoint's future and that they are made up of a team of technologists and the best insurance executives.

Rob welcomes back Andy Lerner, Managing Director at IA Capital Group, one of the longest running VCs in the InsurTech space. Andy talks about IA Capital Group's structure, and what positive things he sees in the future state of the Insurtech industry. Andy and Rob also discuss AI in Insurtech, including both its potential impact for good and the limitations. Towards the end of the conversation, Andy and Rob discuss how traditional education has changed, and their predictions in the industry for the next 5-10 years.

Learn More:

www.fnoinsuretech.com

IA Capital Group

Andrew Lerner LinkedIn

What You'll Hear In This Episode:

[6:22] Andy talks about IA Capital Group and their primary focus on FinTech InsurTech over the past 23 years.

[8:49] What kind of companies does IA Capital Group work with?

[12:40] Who in the industry has had a challenging year?

[14:40] The process of moving to their 10th fund and the reception in the market to their work.

[15:00] How IA Capital's investment process works.

[17:09] Insurance companies prioritize long-term relationships over quick decisions, valuing loyalty over speed.

[20:11] Investments typically have a 5-6 year holding period.

[21:51] The relationship between venture capital and private equity, where they often work together on investments but may have different strategies for selling companies.

[25:23] The three major categories: distribution, newer more innovative products, and the service providers to the industry.

[33:32] AI in InsurTech and its potential impact.

[39:36] Frontier Risk and investing in cannabis.

[43:57] what effect does it have when a war breaks out in the middle of a business opportunity?

[46:50] As a Wharton graduate, Andy shares his thoughts on how the need for education has changed in the industry.

[49:37] Where does Andy see the industry 5 years from now?

This week, we have the pleasure of being joined by Alex Martin, the CEO and Co-Founder of Clearspeed. Alex shares a glimpse into the interesting founding story of Clearspeed and its journey, transitioning from delivering outstanding results in the military sector to expanding into the realm of insurance. Alex explains the intricacies of how Clearspeed operates, emphasizing its role in swiftly establishing trust to expedite clearance processes and enable more informed, scalable decision-making. He sheds light on the significance of the insurance sector, highlighting it as a pivotal focus in every business decision made, and talks about going into a new industry with humility and the desire to always learn more.

Learn More:

www.fnoinsuretech.com

Clearspeed

Alex Martin Linkedin

What You'll Hear In This Episode:

[3:30] Alex dials in from the Property Insurance Conference.

[4:18] What is Clearspeed?

[5:15] How Clearspeed has evolved since starting in 2016 as a mostly military-founded group.

[9:46] The magic in Clearspeed's functions and technology as a voice analytics technology company.

[10:14] What are they listening for in the 5-minute phone call?

[11:55] Using AI to analyze answers to questions and categorize individuals as low, possible, or high risk for fraud.

[16:10] Why did Clearspeed evolve into the insurance industry, and what has that journey been like for Alex?

[18:58] The revolution of voice technology and AI in insurance.

[22:44] Clearspeed has won multiple awards. What is their philosophy on entering a new market, such as insurance?

[24:04] Finding Clearspeed's first adopters.

[27:21] Balancing trust with caution, and having tools that can strengthen our gut intuitions to weed out those who are bad vs. those who are just trying to do the right thing.

[37:56] Clearspeed's multiple arms still includes the military, and branching out to many industries, including the world of sports.

[42:41] What keeps Alex motivated and excited about Clearspeed and what the company is doing?

Caribou Honig, our most frequent guest and honorary chairman, returns to get us excited about ITC Vegas and the state of InsureTech in general. In our chat, we go down memory lane about how the conference started and how it's grown throughout the years to now be the Super Bowl of events in the insurance space. Caribou talks about the importance of scalability and sustainability, why you should hug your local regulator, and the importance of finding and focusing on your niche.

Learn More:

www.fnoinsuretech.com

Caribou Honig LinkedIn

ITC Vegas

What You'll Hear In This Episode:

[2:12] It's the Super Bowl of InsureTech - the ITC!

[5:18] Why did Caribou choose Santa Fe?

[7:50] Launching and selling InsureTech Connect.

[9:06] The growth of the conference over time.

[10:15] Caribou's appreciation of the emotional feedback from in person conferences.

[10:40] Does Caribou fancy himself an insuretech professional, conference professional, or both?

[11:50] This year, the ITC Vegas conference expects over 9,000 people.

[13:07] What insuretech is today, and how it has developed over the years. Also, how it is similar to FinTech.

[14:55] The importance of finding and focusing on your niche.

[17:32] The maturation of the industry.

[20:57[ How the M&A market has been over the past several years, and how that has affected InsureTech.

[30:44] How the energy has shifted from the customer facing InsureTechs over to the B2B.

[32:50] Caribou discusses his interest in regulation.

[36:43] Caribou's advice: hug a regulator when you see them!

[36:44] What can we expect for the conference, and what if someone wants to hang with Caribou while there? [38:30] Caribou's two day jobs right now: launching and growing conferences and working as a general partner at the VC Fund SemperVirens.

In this episode, we're diving into the world of technology and innovation with special guest Paul Donald, co-founder and CEO of Encircle. Paul shares his journey from riding the wave at Research In Motion during the Blackberry era to co-founding Encircle, a company with a vision to bring top technology companies together and create a holistic solution. Join us as Paul discusses the fascinating work his company is doing, from driving efficiency to serving customers by harnessing clean data and simplifying the claims process. He talks about the restoration software system itself, what it offers to the marketplace, and how the technology can give simple, clean results that save time and energy.

Learn More:

www.fnoinsuretech.com

EnCircle

Paul Donald LinkedIn

What You'll Hear In This Episode:

[6:54] Intro to Encircle, a software platform focused on field documentation.

[9:51] How the camera and the phone got together.

[11:21] What Encircle offers to the marketplace.

[13:02] The positive attributes of Encircle's visual and tactile-oriented process.

[13:06] Driving efficiency through their digital format.

[16:56] How Encircle's technology can remove bias and human errors.

[20:17] Involvement in the restoration field and what Paul learned after spending 4 months in the field.

[22:33] How does Encircle eliminate or streamline some of the many technologies that are out there?

[23:07] How fragmented the property claims industry is, particularly from a technology standpoint.

[26:28] Encircle's partnerships with data scientists.

[28:48] Trusting data integrity.

[32:12] The software provides educational and remote coaching opportunities.

[32:36] How are the videos stored?

[38:55] What does Encircle do to stand out? Paul talks about their exciting partnerships.

[41:12] Research In Motion.

[43:10] Where can we find Paul and the Encircle team this year?

In this episode, we welcome Benjamin Lantos, the CEO and co-founder of Rhino, joining us from sunny Santa Monica to discuss how they're revolutionizing the world of property management, renting, and deposits. Rhino's innovative approach challenges the status quo, exploring how to modernize the entire renting experience for all parties involved. They've harnessed the power of insurance products to address the security deposit dilemma, providing risk mitigation for property managers and renters alike. By seamlessly integrating its technology into various platforms, Rhino is taking the financial burden off management companies and renters, ultimately creating a more flexible and customer-centric landscape for both landlords and property managers. Tune in to learn how Rhino is disrupting the market and reshaping the future of property technology.

Learn More:

www.fnoinsuretech.com

Rhino

Benjamin Lantos LinkedIn

What You'll Hear In This Episode:

[1:38] Be honest…how many of you have a game room?

[6:42] What is Rhino and what do they do?

[7:19] Fun fact: there's almost $45 billion trapped in security deposits across the country.

[8:30] How did they come up with the idea for Rhino?

[12:01] What is the process for a renter interested in using Rhino?

[15:41] More about the most common arrangement that a renter opts for, the deposit insurance program.

[19:24] What does Rhino do with all the data they have been collecting over the past 7 years?

[20:39] How Rhino works to democratize renting.

[24:21] What differentiates Rhino from others in the space?

[24:39] Is Rhino an MGA?

[26:01] Rhino also offers renters insurance.

[27:33] How does the rising price in rentals affect Rhino?

[32:02] Developing an ongoing relationship with their customer and building brand loyalty.

[33:12] How Benjamin made his way to co-founding Rhino by way of financial background.

[37:19] Benjamin identifies Rhino as a property technology company, working to enable a seamless move-in experience for owners and renters.

[38:41] What does it mean to be the Chief Risk Officer?

[40:40] How does Rhino's claims area work?

[45:37] Accounting for what Ben calls the "moral hazards" of claims.