December 31, 2020

LFP170 – Three Major Indicators That Insurtech Is Making Demonstrable Progress Changing An Industry w/Andy Rear

43 minutes

Andy Rear was until recently head of the innovative Digital Partners, MunichRe’s London subsidiary which pretty much invented Reinsurance (/Insurance) As A Service (which he covered way back in LFP074). In this episode he rejoins us to present evidence that Insurtech is actually changing an industry.

Andy himself is off to do Non-exec-ing and a PhD in Pensions behaviour and so this might well be his swansong podcast on the topic of Insurtech and as such an industry leading figure it’s a must-listen! Has Insurtech changed an industry – Andy lays out the evidence and you decide…

Topics discussed include:

going to a pub :-O

rubber sandwiches in New York during prohibition

secret underground churches

Andy’s career journey

how to succeed in BigCo

Digital Partners – an Insurtech investment and partnership vehicle – by end of 2020 it has written ~$500m in insurance premia through insurtechs and had invested some $400m of venture equity

goats and sheep as divergent career models – process creators and process executors

entrepreneurs/intrepreneurs as goats able to leap from one crag to another – how this is achieved non-metaphorically

reviewing reinsurance/insurance as a model which helped Insurtech leap forwards – reasons why

insurance stack and how it has been innovated, deconstructed and reconstructed

where platforms fit into this

brands and insurance – is Tesco eg an insurer or a broker?

Insurance worldwide is a $2trn industry – premia ~$5trn of which cost of risk is ~$3trn

“Clock speed” as an important model of how fast industries change

Indicator 1 of serious change – capital going into the industry has got bigger and more serious – 3 IPOs in US in 2020

expectations are of at least 3 more IPOs in US in 2021, 1 in UK and 2 or 3 in Europe

Indicator 2 – Lloyd’s Blueprint 2 of it’s IT change – what it is and why it is likely to succeed when all prior initiatives have not

the Ki Lloyd’s syndicate which will do algorithmic underwriting – three or four other such syndicates in the pipeline

modelability of FS – in short “possible” in the short- to medium term, over longer-term unpredictable discontinuities always end of breaking any model at some point

the difference between IT development in companies and in a marketplace

the opportunities Blueprint 2 offers providers

geo-imaging providers as a Case Study

Indicator 3 – changed behaviour of the insurance market in buying-in ecosystem services

Case Study of Comply Advantage (see LFP146 episode with them)

the future of insurance

Case Study of John Lewis approach to insurance – in partnership with Digital Partners and following a full ecosystem model leveraging Insurtech specialties

how to reach Andy

what Digital Partners is looking for by way of partners (especially distribution)

the greatest entrepreneurial opportunity in London going forwards..

And much much more

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By Tony Clark

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