Spot On Insurance

Andrew Yeoman is the Chief Executive Officer & Co-Founder of Concirrus, an insurance software company based in London that provides a platform that empowers underwriters and brokers with insights and rating factors through AI. The platform works primarily by interpreting behavioral data from predictive models, which can outperform traditional risk assessment and underwriting techniques. Before co-founding Concirrus, Andrew held executive positions in various software companies, including Kudo Insurance.

Andrew joins us to discuss how their platform provides more accurate insight into risks and utilizes behavioral data. He explains why behavior is the best indicator of risk, how climate change can affect it, and its various outcomes. He describes what led to the founding of Concirrus and the pain points they wish to address. Andrew also discusses the need for algorithms to help sort through important data and shares what’s next in the pipeline for their company.

"The fascinating thing about behavior is not only is it a better indicator of risk, it's a lead indicator of risk." - Andrew Yeoman

Today on Spot On Insurance:

• Andrew's life as a child in West London, his passion for golf and entrepreneurship
• Why it was bad luck when Andrew wound up in insurance
• How their AI works with fleet behaviors to predict claims
• Why behavior is the best indicator of risk
• Rising natural disasters, climate change, and how it affects behaviors and outcomes
• Being overwhelmed with data and needing algorithms to help sort the important ones
• Andrew's ideal carrier and their pain points.
• What's next for Concirrus?

Key Takeaways:

• 90% of the world's risks are uninsured right now.
• We live in an age where we're simply overwhelmed with data.

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Tony Steuer is a financial preparedness advocate, podcaster, and Paperwork’s Head Financial Wellness Advocate. Paperwork is a holistic financial wellness solution app that helps you organize and take control of your financial life in the easiest way possible. Tony advises the Paperwork team on all things related to financial wellness content and strategy, and identifies and executes partnerships and distribution opportunities. Tony is also the host of The Tony Steuer podcast, where he has conversations with financial literacy advocates. 

Tony joins us to discuss what Paperwork can do for your financial wellness. He shares his interests as a child and why he pursued a career in financial services. He explains his definition of financial wellness and how to measure it. He describes the benefits of using a financial app over a financial book and the opportunities financial literacy opens. Tony also discusses why people don’t always get life insurance and shares his best tip on financial wellness.

"Financial wellness goes beyond financial literacy." - Tony Steuer

Today on Spot On Insurance:

• Who Tony is, where he grew up, and what he aspired to be as a child
• Why Tony wanted to major in finance
• What Tony believes is the definition of financial wellness
• What to take into account when determining a person's financial wellness
• How financial literacy lets a person start or change their opinion
• Why a financial app can be more effective than a financial book
• The security Tony's platform offers
• What the Paperwork app can do for customers regarding notifications
• Tony's #1 tip on financial wellness

Key Takeaways:

• We need to make that decision to learn about money and to take action on that.
• Things that fall through the cracks are what matters to people.

Connect with Tony Steuer:

• Tony Steuer official website
• Paperwork
• The Tony Steuer Podcast
• Tony Steuer on LinkedIn

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

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Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

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Hadi Radwan is a serial entrepreneur, venture builder, and insurtech expert. He is the Co-Founder of Asteya, an insurance company that aims to make income insurance accessible to everyone regardless of gender, income, or age. Hadi has over 15 years of experience in managing, creating, and developing growth strategies for start-ups and large organizations. As a venture builder, Hadi specializes in new market entry, multiple discipline leadership roles, growth hacking, and capital raising. Hadi joins us to discuss why people should look into disability insurance more than they do life insurance.He explains statistics regarding work-related injuries and disabilities, and how it is different for men and women. He describes the right mindset when buying an insurance product and what he thinks the industry does backward. Hadi also shares where the name “Asteya” came from and what’s in store for their company in the future. “We're over prepared for death, but not for an accident.” - Hadi Radwan Today on Spot On Insurance:

• Hadi's hobbies and his passion for biohacking
• Growing up in Lebanon and finding his way into insurance
• What Hadi noticed insurance does backwards
• Where the name of their company came from and what it means
• The right mindset to have when buying insurance
• Why people should be more worried about disability than death
• The insurance product people need more than life insurance
• What the stats suggest regarding work-related accidents and disabilities
• The difference between short-term and long-term disability insurance
• Why insurance for women is more expensive
• What's in the pipeline for Asteya?

Key Takeaways:

• Women have a 54% chance of being seriously ill or injured during their working years.
• The reason people don't buy disability insurance is because they don't know it exists.

Connect with Hadi Radwan:

• Asteya
• Asteya on LinkedIn
• Hadi Radwan on LinkedIn

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

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Rao Tadepalli is the Founder & CEO of DigiTran, an InsurTech company that specializes in digital transformation. They help insurance companies innovate their legacy systems to digital and emerging technologies. Rao has over 30 years of experience working in insurance and has held executive positions since 1992. Rao also has extensive experience in core system transformation, property & casualty insurance, and computer science, among other skills.

Rao joins us to discuss why legacy systems prevent digital transformation and explains how DigiTran helps insurance companies transition into digital systems and platforms. He shares his experience with working in various countries and what he’s learned from all his travels. He describes the insurance industry in India and why it’s still in its infancy. Rao also discusses the qualities an insurance leader needs to succeed in this industry.

"Legacy systems are the biggest obstacle for digital transformation." - Rao Tadepalli

Today on Spot On Insurance:

• Rao's childhood, growing up in India, and his fondness for computer science and engineering
• How Rao found a career in insurance
• Rao's travel experience and his thoughts on the various countries he's lived in
• The new developments we can expect to see in insurance
• What the FinTech and InsurTech industries are like in India
• Why insurance's profitability is measured differently compared to other major industries
• The qualities a leader should possess in insurance
• The problem with legacy systems and how it affects digital transformation
• How DigiTran helps carriers and the services they offer

Key Takeaways:

• COVID-19 accelerated digital transformation.
• You cannot have digital transformation as long as you have ancient backend systems.
• Most people outside the insurance industry are disappointed at how long a sale can take.

Connect with Rao Tadepalli:

• DigiTran
• DigiTran on LinkedIn
• Rao Tadepalli on LinkedIn
• Email: [email protected]

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

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Alan Ringvald is the CEO at Relativity6, a company that offers accurate and fast industry classification through automated 6-digit NAICS codes and company checks. They also provide services that let businesses predict customer behavior accurately. Before founding Relativity6, Alan founded 3 other companies and was also part of Google’s partnerships team focused on monetization and implementation. Alan has extensive knowledge of digital marketing, digital strategy, and Google analytics.

Alan joins us to discuss why industry classification is essential and how Relativity6 helps bridge some of the gaps with AI and machine learning. He shares the company’s recent projects and milestones and explains why you should not purchase third-party data, but instead make one from scratch for your business. Alan also discusses the limitation of the NAICS and how blockchain technology can potentially boost their business growth.

"The world today relies on these databases to provide company information." - Alan Ringvald

Today on Spot On Insurance:

• Alan’s passion for healthy foods and working with Tom Brady
• Alan's unique experience during his honeymoon last year
• What Relativity6 is currently up to today
• The gaps Alan's company fills regarding classifying businesses
• Why you shouldn't buy third-party data
• The limitations of the NAICS
• What their program can and cannot solve at the moment
• The number of countries Alan and his team receives data from
• Blockchain and how it will impact the way we do business transactions

Resources Mentioned:

• Ep. 194: Predicting Customer Behavior
• North American Industry Classification System

Key Takeaways:

• Open-sourcing your programs can help expedite your business' data gathering strategies.
• AI will help automate the mundane and repeatable, but humans will still be needed to process complex insurance processes.

Connect with Alan Ringvald:

• Relativity6
• Email: [email protected]

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Brett Ashley McKenzie is the Senior Communications Manager at Foresight Commercial Insurance, the first InsurTech company specializing in commercial coverage with a focus on the middle market. Before signing with Foresight in 2021, Brett worked for John Kerry during his presidential run in 2004, as a contributing blogger to The Huffington Post, and managed Zurich North America’s Marketing, Social Media, and Media Relations. Brett is also the host of the High Tea with Monsters, Rebel Scum, and Vigilantes podcast, where she talks about her favorite TV shows.

Brett joins us to discuss the gender disparity in executive positions across the industry and the shift towards women in C-Suite positions. She describes her role at Foresight, her writing passion, and what it was like being John Kerry’s media booker. She explains how the term “InsurTech” will one day become an industry of its own and the importance of empowering women to step into leadership roles. Brett also shares the mental effects of being in an unhealthy work environment and how to tell if it’s time to resign.

"Tech itself is not a female-dominated space." - Brett Ashley McKenzie

Today on Spot On Insurance:

• Where Brett grew up, her writing passion, and her favorite pizza
• Brett's experience working on John Kerry's campaign
• How Brett transitioned to working in insurance
• What it's like going to an all-girl school growing up
• Brett's role as Senior Communications Manager at Foresight
• Differentiating InsurTech from the rest of the industry
• Empowering women into more leadership roles
• Instilling confidence in women to go for positions where they don't check all the boxes
• Fighting gender discrimination and other forms of minority stereotypes
• When you should consider resigning 
• Brett's toy hobby, her collection, and her favorite shows

Key Takeaways:

• Female-founded tech startups get less investments than male-founded startups.
• Women should not expect themselves to act as men.
• Mentorship is important in your career.

Resources Mentioned:

• Ep. 193: Eric Ummel: Insurance Just When You Need It
• Ep. 213: From Legacy Carrier to Insurtech
• Insurance Conversations in Black & White: Mother & Daughter Perspectives On The Industry

Connect with Brett Ashley McKenzie:

• Foresight Commercial Insurance
• Foresight Commercial Insurance on LinkedIn
• Brett Ashley McKenzie on LinkedIn
• High Tea with Monsters, Rebel Scum, and Vigilantes podcast

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Rudi Steyn is the Chief Technology Officer (CTO) at CoTé Software & Solutions, a tech company that offers management SaaS solutions for all industries. Their main office is in Australia, but they also have offices in the US and Singapore. As CTO, Rudi sets the roadmap for its various services and assists in its Digital Customer Experience strategies. Rudi also endorses the latest service for agencies called AGENCYMATE. AGENCYMATE is a platform that serves as a virtual extension of an agency to provide various marketing and sales solutions.

 

Rudi joins us to discuss his role as CTO and how AGENCYMATE supports agencies, big or small. He shares what it was like  growing up in South Africa and the differences he noticed in lifestyles when he moved to Australia. He explains how he joined the insurance industry and how the pandemic made industries leap into a more digital future. Rudi also describes the changes we need to make regarding management styles and why hackers no longer target computers as much as they target people.

"Management style has to change. We should change our focus from management-based to outcome-based." - Rudi Steyn

Today on Spot On Insurance:

• Growing up in South Africa
• How sports taught Rudi how to work with different kinds of people
• The differences between living in South Africa and Australia
• Why Rudi pursued a career in insurance
• Rudi's everyday responsibilities as a CTO
• What AGILE and Scrum brought to the technology world
• How Service-Oriented Architecture (SOA) helps distribute the computational logic of the system
• What Rudi classifies as a digital experience
• Why hackers are now targeting humans over computers
• Reinforcing a culture of cybersecurity in your organization
• The experience clients can expect when using AGENCYMATE
• What businesses should focus on following a pandemic
• The driving factors behind The Great Resignation
• How the pandemic demanded a change in management styles

Key Takeaways:

• Not having the ability to fail fast, learn, and pivot is hampering a lot of organizations.
• Everything has gotten faster and we're still time-poor as a collective.

Megan North is the Vice President of the AmWINS Group, the country’s largest distributor of specialty insurance products and services. With the current rise of cybercrimes and cybersecurity risks, Megan specializes in analyzing and providing cybersecurity solutions tailored to your organization's needs. She earned her MBA at the University of Mississippi and is a Registered Professional Liability Underwriter.

Megan joins us to share the insurance solutions AmWINS provides for all things cyber. She describes why she pursued a career in insurance and discusses why cybercriminals prefer smaller businesses and how it can affect larger companies. She explains the meaning behind Silent Cyber and how it applies to your policies. Megan also shares how leaders can cultivate a culture of cybersecurity awareness.

“The threats we see on the cyber landscape are continually evolving. Insurance, being risk-transfer, is always one-step behind.” - Megan North

Today on Spot On Insurance:

• The cyber side of insurance
• Why Megan pursued a career in insurance
• Why an insurance career opens a lot of networking opportunities
• The silent cyber challenges brokers face in the insurance industry
• Different types of laws signed due to cybersecurity risks
• What is Silent Cyber in insurance?
• Risks and liabilities of cybersecurity for small and large businesses
• How leaders can enforce a culture of cybersecurity within their organization
• What it takes to market a cybersecurity product
• How to guarantee your coverage is the best for clients

Key Takeaways:

• Cybercriminals often attack low-hanging fruit or small businesses.
• Laws are continuously evolving to meet the demands of cybersecurity and risk.

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Ian Schnoor is the President & Founder of the Financial Modeling Institute. FMI provides products and services to financial modelers, but they’re mostly known for administering three levels of financial modeling certifications. With over 20 years of experience in the financial industry, Ian specializes in financial modeling, valuation, and asset management, among other skills. Ian is also a certified Advanced Financial Modeler, a Chartered Financial Modeler, and a Chartered Financial Analyst.

Ian joins us to discuss what financial modeling is and why it’s critical for expanding a company or an insurance agency. He explains the role of financial modeling in corporate decisions across multiple industries and describes the trends he notices in employee retention. He shares the different skills required to become an expert in financial modeling. Ian also discusses the career opportunities available for those who specialize in financial modeling.

“Almost every critical decision that needs to happen in the world of business should be happening off the back of a financial model.” - Ian Schnoor

Today on Spot On Insurance:

• Ian's professional background and his favorite wine
• Financial modeling amidst the Great Reshuffle
• The trends Ian sees in the training space and volatility in employment
• The definition of financial modeling
• The role of financial modeling in decision making and the insurance industry
• Different soft and technical skills needed to understand financial modeling
• Common pitfalls involved in building financial models
• Why business owners often feel they don't need financial models
• The job opportunities available to those who specialize in financial modeling
• The best way to prove a person's financial modeling skills
• Products and exams they can provide for financial modeling

Key Takeaways:

• A financial model specialist has more than just a few skills as the type of work they do is complex and critical for the growth of a company.
• The best financial model should not be bulky or messy and, more importantly, challenging to understand.

Connect with Ian Schnoor:

• FM Institute
• FM Institute on LinkedIn
• FM Institute on Twitter
• Ian Schnoor on LinkedIn

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

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Jonathan Matus is the Founder & CEO of Zendrive, an auto insurance company that integrates data analytics and AI, providing insurance solutions towards a future where driving and phone use are ubiquitous. He holds over 35 patents and contributed to today's Android and the Facebook mobile app. As the leader of an Insurtech company, Jonathan specializes in team building, human-centered design, and machine learning.

Jonathan joins us to share how Zendrive revolutionizes how we look at driver safety through mobile sensor data. He discusses how the idea behind Zendrive came to life and the companies he worked for in the past. He explains the need to be mission-driven as a start-up company, especially when faced with adversity. Jonathan also describes how the future of autonomous transportation will have a strong focus on customized traffic and driver data.

“Driving behavior is going to be driven by sensors: quantifiable, and measurable.” - Jonathan Matus

Today on Spot On Insurance:

• Why the pandemic made Jonathan relocate with his family
• Jonathan's experience with working on the Android operating system
• Realizing Big Tech's business is all about advertising
• The risks associated with smartphone usage
• Where the idea for Zendrive started and where it is today
• Being there for the mission as a start-up company
• Why autonomous vehicles can be fragile
• How Zendrive looks at the future of transportation
• The practical applications of Zendrive as an insurance model
• How AI becomes a game-changer in auto insurance

Key Takeaways:

• At the end of the day, Big Tech is in the business of advertising and the end users are the product.
• There's a lot of hype around connected cars, but connected cars are still nascent.

Connect with Jonathan Matus:

• Zendrive
• Jonathan Matus on LinkedIn
• Jonathan Matus on Twitter

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!