In this episode of the FNO: InsureTech Podcast, Rob Beller and Lee Boyd sit down with Caribou Honig, Chairman and Co-Founder of InsureTech Connect. Ever charming and insightful, Caribou shares insights from his experience building a home in Santa Fe, covering the challenges of obtaining homeowners insurance in wildfire-prone areas. The discussion explores the innovations and challenges of the insuretech marketplace, the implications of market dislocation, and the role of innovative insuretech players in addressing gaps. His candid reflections on the sector's growth, the role of technology, and future trends present valuable insights for all listeners involved in insuretech.

Key Highlights

• Caribou discusses the unique challenges of securing homeowners insurance in wildfire-risk areas, including market dislocation and pricing complexities.
• Insight into New Mexico's proactive water and wildfire management practices.
• A discussion on the current alternative insurance market offerings and the noticeable pricing diversity.
• Caribou reflects on the health of the insuretech landscape, emphasizing the importance of niche players and the potential future impact of A.I.
• The growth and influence of the InsureTech Connect conference in driving industry innovation and connection.

FNO Insuretech listeners: Use promo code ITCVFNO200 for $200 off your ITC Vegas registration.

Join us for a fun chat with Bill Harris, the Chief Customer Officer and co-founder of InsureTech Connect, as we dive into the exciting world of the upcoming InsureTech Connect Vegas (ITC Vegas) conference! Bill gives us the scoop on what attendees can look forward to, including cool new features, tailored programs, and those ever-popular networking opportunities. Bill shares how he helps make the massive conference feel cozy and manageable for everyone. From its startup-centric beginnings to now hosting industry giants like Salesforce, the ITC Vegas conference has become the ultimate gathering for insurance innovation. But don’t worry, startups are still the stars of the show with their own kiosks, while big tech, consulting firms, and solution providers join the mix. The event strikes a perfect balance between cutting-edge technology and the invaluable human touch of brokers and agents. With more young people and women joining the ranks, it’s clear the demographic is evolving. Plus, there are webinars, AI-powered session summaries, and a handy mobile app for networking and planning your schedule. Tune in for insights from Bill Harris and get ready for an exciting ride into ITC Vegas and the future of insuretech!

FNO Insuretech listeners: Use promo code ITCVFNO200 for $200 off your ITC Vegas registration. Register at: https://vegas.insuretechconnect.com/register

Key Highlights:

• Introduction to the ITC Vegas conference and its significance in the insurance industry.
• Overview of the new features and curated programs at this year's event.
• Details on the State Farm Startup Pitch Competition and its impact on startups.
• Insights into the unique networking opportunities and thematic experiences like the space theme for 2024.
• Discussion on the diversity and demographic shifts observed at ITC events over the years.
• FNO Insuretech listeners: Use promo code ITCVFNO200 for $200 off your ITC Vegas registration.

Quotes:

1. "ITC Vegas is the insurance conference to go to—it's where if you're in the insurance world, you go to ITC." – Bill Harris
2. "We've created these neighborhoods in the expo hall to help people find exactly what they're looking for more efficiently." – Bill Harris
3. "Our focus is on making sure attendees have a great experience and find value in every aspect of the conference." – Bill Harris

In this episode, Rob and Lee chat with Max Drucker, CEO and founder of Carpe Data, about the evolution of data usage in the insurance industry. Max shares insights into how Carpe Data harnesses innovative data products to automate decisions and predict insurance outcomes. From exploring the value of alternative data sources to discussing how AI and machine learning are revolutionizing the space, this episode offers a deep dive into the future of data-driven insurance solutions.

Key Highlights:

• Introduction to Carpe Data and its mission in the insurance industry.
• The company’s journey from inception to Carpe Data’s current focus areas.
• How Carpe Data leverages AI and machine learning to process vast amounts of data.
• The benefits of data automation and prediction for insurance carriers.
• Real-world applications of Carpe Data’s solutions in detecting fraud and improving underwriting.
• Discussion on the competitive landscape and Carpe Data’s unique positioning.

Quotes:

• "Carpe Data is a data company through and through. We make data products specifically for insurance carriers." – Max Drucker
• "Insurers are the original data scientists, predicting outcomes for literally centuries." – Max Drucker
• "We’re looking to create something that’s unique and provides a selection advantage for carriers." – Max Drucker
• “Predicting outcomes and using this type of information to predict outcomes is what carriers want.” – Max Drucker

In the latest episode of FNO: InsureTech, we sit down with Sivan Iram, Founder & CEO of Flow, to explore Flow’s role in the wholesale insurance brokerage industry. Sivan shares his unique insights into blending advanced technology with human expertise to provide unmatched service. Discover the significance behind Flow’s recent rebranding from Capitola, and gain valuable perspectives on AI’s role in enhancing broker workflows.

Key Highlights:

• The inspiration and reasoning behind rebranding Capitola to Flow Specialty.

• How Flow combines human expertise with cutting-edge technology for superior brokerage services.

• The significance of AI in optimizing broker workflows and decision-making.

• Insights into Flow’s focus on customer-centric service using a balanced approach between technology and human touch.

• The impact of strong investor partnerships, including Munich Re Ventures, on Flow’s growth and credibility.

Quotes:

• "To me, the vision of developing an internal culture and service that puts our stakeholders in a state of flow is paramount." —Sivan Iram

• "AI is not what you do; it’s how you do it. It’s a different way to think about digitizing knowledge and making it accessible to brokers." —Sivan Iram

• "The magic in life, as in business, is balance—combining human expertise with technology to outperform and better serve our clients." —Sivan Iram

• "We are a wholesale broker, but we operate in a very technological manner under the hood to deliver better service for our clients." —Sivan Iram

References:

• Flow Specialty: flowinsurance.co

• Munich Re Ventures: munichre.com

• Lightspeed Venture Partners: lsvp.com

FNO: InsureTech welcomes back Marc Fredman, Chief Strategy Officer at CCC Intelligent Solutions, for his third appearance on the show. As one of the largest and experienced drivers of data in the insurance industry, we’re excited to dive back in and hear what CCC is all about. Marc shares insightful updates on CCC’s latest advancements, including the role of AI in claims processing, the concept of Intelligent Experience (IX), and much more. Tune in today for a great discussion.

Key Highlights

• The evolution of CCC Intelligent Solutions and its impact on the PNC insurance economy.

• Marc’s role as Chief Strategy Officer and his vision for the future of customer-centric technology.

• The integration of AI in claims processing and its transformative potential.

• Introduction to the concept of Intelligent Experience (IX) and how it fuses customer, employee, and business metrics for optimal outcomes.

• Practical examples of AI applications in claim prediction, subrogation, and overall system management.

• Future trends and the inevitable advancement of AI in the insurance industry.

Quotes

• "Technology still has to be able to provide a real bottom line benefit for the people that use it." – Marc Fredman

• "With intelligent experience and the stuff that’s now possible with AI, you don’t have to choose among those things." – Marc Fredman

• "We are at diminishing marginal returns in terms of the old ways of thinking for technology." – Marc Fredman

• "An intelligent experience is one that just works." – Marc Fredman

With the 2024 Summer Olympics having come and gone, Rob and Lee discuss their enthusiasm for the Olympics and its events they enjoy in their latest short. They share their national pride and support for international athletes while drawing parallels between the cooperative nature of the Olympics and the insurance industry. They mention some of their favorite sports and express their excitement for future events and admiration for the athletes' dedication and hard work.

Key Highlights:

• The allure and unifying nature of the Olympics.

• Experiencing the Olympics through personal stories.

• The cultural impact of watching athletes achieve their best.

• Comparisons between Olympic and insurance industry competition.

• Insights into supportive competition among insurance carriers.

Quotes:

• "I’ve always loved the Olympics. It’s fascinating to see people who are the best of the best." – Rob Beller

• "Everyone wants countries to do well. It’s about humanity and support." – Lee Boyd

• "Insurance is generally a pretty friendly environment." – Rob Beller

• "The London insurance market was the most friendly, open, welcoming experience." – Lee Boyd

References:

• 2024 Paris Olympics coverage on Peacock

• History of Munich Olympics tragedy in 1972

• 23andMe for tracing ancestry

Join hosts Rob Beller and Lee Boyd as they chat with Miles and Zabrina Thorson, the founders of Odie Pet Insurance. Miles and Zabrina share their inspiring journey of transforming pet insurance with customizable coverage options and innovative technology. They discuss the industry's unique challenges and emphasize the importance of having pet insurance before emergencies happen. Tune in to see how Odie is making pet care better and more accessible!

Key Highlights:

• Understanding the fundamentals of pet insurance and its comparison to other types of insurance.

• Discussion on the demographics driving the adoption of pet insurance, particularly millennials.

• Insights into Odie’s unique distribution model and its focus on embedding pet insurance in various platforms.

• The role of technology and data in underwriting and improving the claims process for pet owners.

• Exploration of the regulatory landscape impacting televet services and pet insurance.

• A closer look at customizable policies Odie offers to cater to diverse pet owner needs.

Quotes:

• "Pet insurance is really there to cover those unexpected health events, not for routine vet visits.” – Zabrina Thorson

• “We wanted to empower third-party distribution channels to put this product in front of folks before they face an emergency.” – Miles Thorson

In this episode of FNO: InsureTech Podcast, we welcome Alex Duta, founder and CEO of Albi, a groundbreaking workflow management tool for damage restoration contractors. Alex dives deep into the inefficiencies plaguing the restoration industry and how Albi leverages technology to streamline processes, reduce administrative burdens, and foster greater transparency between contractors and insurers. Whether you’re a restoration contractor, insurance professional, or tech enthusiast, this episode offers valuable insights into revolutionizing property claims management.

• Introduction to Albi: Alex explains Albi’s end-to-end workflow management tool designed for the damage restoration industry.

• Challenges in the Restoration Industry: Discussion on the inefficiencies contractors face and the need for streamlined processes.

• Technological Innovations: How Albi integrates with various systems like QuickBooks and Twilio to enhance data collection and transparency.

• Industry Dynamics: The role of managed repair networks and third-party reviewers in the insurance claims process.

• Future Visions: Alex’s thoughts on the future of technology in the restoration space and improving claim speed and accuracy.

• “We’re obsessed over the individuals who show up in homeowners’ homes throughout the toughest times and make their lives so much easier.” – Alex Duta

• “If we add this layer of complexity, the contractors will find a way because you can’t push on their margins and their time to get paid enough.” – Alex Duta

Jonathan Miko, the CSIO and President of Managed Repair at Alacrity Solutions, is all about connecting with clients on their level. He highlights how their flexibility — thanks to both cutting-edge technology and the human touch — allows them to customize services to fit each client's unique needs. Jonathan dives into the story of Alacrity Solutions' transformation from a one-size-fits-all approach to a more personalized, client-first model, a shift that not only boosts service quality but also strengthens client relationships. Jonathan also shares his own personal journey that led him to his current leadership roles, adding a touch of inspiration to the mix.

Key Highlights:

• The history and evolution of Alacrity’s Managed Repair Program.

• Jonathan Miko’s career journey and his transition from law to insurance.

• Key components and processes of the Managed Repair Program.

• Insights into how Alacrity ensures high quality and customer satisfaction.

• The strategic importance of technology and human intervention in MRP.

• Future trends and the growing significance of managed repair in the insurance industry.

 References:

• Learn more about Alacrity Solutions and their services at alacritysolutions.com

• "The Lean Startup" by Eric Ries

• Alacrity Solutions’ Managed Repair Program Overview

Rob and Lee mix things up in this lighthearted, host-only episode! They chat about homeowners insurance, its exclusion from inflation calculations, and the importance of proper coverage. Lee also shares insights from a recent industry event, sparking a discussion on A.I.'s impact on insurance, including fraud risks and its transformative potential.

00:00 Introduction to the FNO: InsureTech Podcast

00:25 The Impact of Inflation on Homeowner Insurance

01:59 Comparing Homeowner and Auto Insurance Costs

03:13 The Importance of Proper Insurance Coverage

04:57 Challenges in Shopping for Auto Insurance

09:43 The Role of Insurance Agents

14:25 Insights from the National Flood Conference

15:20 The Implications of A.I. in Insurance

20:43 Reflections on Technological Advancements

25:22 Conclusion and Final Thoughts

Join Lee as he talks with Adam Bowe, CEO and co-founder of Cake. Learn how Cake is revolutionizing the buying, selling, and valuation of insurance agencies. Adam shares the platform’s unique approach, using machine learning for precise valuations, and highlights tools for anonymous listings, secure transactions, and escrow services. Discover the challenges and opportunities in the insuretech space, and how Cake is making the market more accessible for agency owners and buyers alike.