The Future of Insurance

By: Bryan Falchuk
  • Summary

  • For over a century, the Insurance industry has stood by people at the worst moments of their lives, and kept the risk of these moments from standing in the way of people pursuing their dreams. But the industry, and the demands of the people we serve, are changing. The Future of Insurance podcast brings you thoughts from leaders from across the industry to help inspire and inform how we can all help evolve into the future. Brought to you by Bryan Falchuk, industry veteran and author of the best-selling series, "The Future of Insurance: From Disruption to Evolution"
    Insurance Evolution Partners
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Episodes
  • The Future of Insurance Podcast – Magda Ramada, Global Insurtech Innovation Leader, WTW (Live from ITC)
    Nov 19 2024

    Magdalena is a Senior Director and Global InsurTech Innovation Leader at WTW’s Insurance Consulting and Technology (ICT). She leads ICT’s inorganic growth strategy as well as its interaction with the external insurtech ecosystem globally. She joined the firm as a Senior Economist at Watson Wyatt’s Research and Innovation Center in 2005. She has 20+ years of experience in R&D and international strategy consulting and was WTW’s Global Head of Research and Analytical Services. Magda holds a M.Sc. in math. Finance and a PhD in Quantitative Economics and Finance. She also holds a professional certificate on Innovation from the MIT Professional Education Program.

    For the past 10 years she has been solely focused on innovation and strategic consulting for the Insurance Industry, especially around digital transformation, advanced analytics, blockchain, emerging risks and #insurtech.

    She was among the first to publish and discuss blockchain in the context of insurance and has focused almost exclusively on helping the insurance industry to understand and deploy new technologies since 2014. She is a well-recognized thought leader in insurtech and the implications of new technologies for the risk transfer industry. She has been a prolific public speaker in the past 10 years and in the past couple of years alone, Magda has had over 100 public speaking engagements specific to insurtech and blockchain at various international conferences and summits. She has also published multiple articles, blogs, interviews and audio/visual media on the topic. She sees herself as a blockchain and technology governance crusader and devotes significant time to educational activities, ranging from workshops for executives to sessions at elementary schools and trainings to empower #womenintech.

    Her main areas of expertise include blockchain, technology and innovation, advanced analytics, MNC internationalization and innovation strategies, emerging markets, global governance, macroeconomic and socio-political risks.

    Further, Magdalena has 14 years of teaching experience at European (Germany, UK) and Latin American universities. She also led many research projects for multilateral organizations on microinsurance, financial inclusion and innovation, including pre-2009 projects on alternative currencies.

    Highlights from the Show
    • Note

    This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.

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    21 mins
  • The Future of Insurance – Wesley Pergament, Co-Founder & CEO, Sola, Live from ITC Vegas 2024
    Nov 12 2024
    Wesley is CEO and Co-Founder of Sola Insurance based in Atlanta, GA. Wesley comes from a tech background and jumped into the insurance industry at a flood insurance startup where he was tasked with working on the data side with private and FEMA flood maps. Realizing this data was telling us exactly where the damage is, Wesley became obsessed with how data can be used to automatically trigger an insurance claim payout. Sola is starting with supplemental tornado coverage for homeowners but plans to expand into every type of natural disaster to help people cover their deductible and immediate expenses. Sola has already been approved in 15 states as the first ever admitted personal lines parametric product, is fully reinsured through Lloyd’s of London, and has partnered with hundreds of insurance agencies across the Midwest and Southeast.

    Highlights from the Show

    • Wesley came on the show in Season 5 to share more of Sola's story, so be sure to listen to that for more background
    • They recently launched a Wind & Hail product that like a hybrid Parametric/Indemnity proiduct in that it is data-triggered, but has validation of the loss through on-site inspection
    • Their product speaks directly to an issue many insurers and homeowners are facing where providing traditional coverage is no longer financially viable yet homeowners are struggling to afford even high-deductible offerings that leave them excessively exposed – and mortgage lenders aren't comfortable with the coverage gap being created
    • Sola's Wind & Hail product is cheaper than the money most homeowners would save by increasing their Wind & Hail deductible if they live in a hail-prone area, meaning they can get back to more complete coverage while saving money over what that coverage would have cost otherwise

    This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.

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    14 mins
  • The Future of Insurance – Dennis Ellis, GM of Insurance, Intuit Credit Karma
    Nov 5 2024
    Dennis is general manager of insurance at Intuit Credit Karma, where he oversees the company’s fast-growing business unit that encompasses auto, life, home and renters insurance for Credit Karma’s more than 120 million U.S. members. Dennis joined Credit Karma through the acquisition of Zendrive, which will enable Credit Karma to accelerate Karma Drive, the company’s usage-based insurance product. At Zendrive, Dennis served as CEO where he oversaw the team and company strategy in pursuit of making roads safer through the power of data and analytics. Dennis is a seasoned technology professional, having held leadership roles at LiveRamp, Bertram Capital and Google X. Dennis holds an MBA from Stanford Business School and a bachelor’s degree from Virginia Tech.

    Highlights from the Show

    • Dennis joined Intuit Credit Karma through their acquisition of ZenDrive, where he was CEO
    • With credit being such a huge part of Auto insurance, it makes sense for a business like Credit Karma to be focused on the space, and help consumers manage their auto insurance rates and coverage as their credit score changes
    • Credit Karma is not exclusively set on Auto insurance, but thinks instead of areas where consumer education and support in navigating something complex can yield better outcomes for them, so there are other possibilities for the business in insurance down the road
    • One key thing to manage will be the issue of Privacy, which has been especially fraught in telematics and IoT-based coverage; Credit Karma thinks transparency and clarity are critical to be sure consumers always know where they stand when it comes to their data

    This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.

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    20 mins

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