The Future of Insurance

By: Bryan Falchuk
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  • 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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Economics
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Episodes
  • The Future of Insurance – Wesley Pergament, Co-Founder & CEO, Sola, Live from ITC Vegas 2024

    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

    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
  • The Future of Insurance – Bobbie Collies, Chief Insurance Officer, Coterie (Live from ITC Vegas 2024)

    The Future of Insurance – Bobbie Collies, Chief Insurance Officer, Coterie (Live from ITC Vegas 2024)
    Oct 29 2024
    Bobbie is Chief Insurance Officer at Coterie - prior to this role, she was Coterie’s first VP of Distribution, and Chief Growth Officer. At Coterie, Bobbie oversees underwriting, capacity, distribution, marketing and agency experience. Prior to Coterie, Bobbie was the VP of Strategic Distribution at Grange Insurance, cultivating successful strategic partnerships with established, new and emerging distribution partners – with a strong focus on strategy and innovation. Bobbie started her insurance career as a Commercial Lines underwriter and manager at Society Insurance, and held leadership positions at QBE, SECURA, and Grange Insurance. Bobbie holds a BBA in Marketing & Human Resources from the University of Wisconsin Oshkosh.

    Highlights from the Show

    • Coterie is a Small Business-focused MGA offering core P&C products via agents, founded by David McFarland, who was on the show earlier in their journey to share their story
    • Bobbie Collies joined to lead up distribution, and her responsibilities expanded into her current position as Chief Insurance Officer
    • She gave an update of Coterie's business, including:
      • Evolved distribution efforts that are more focused, scalable and effective, with them now having onboarded 40,000 agents
      • Success in deploying APIs throughout the process, with 50% of transactions happening over API today (and growing)
      • The continued use of AI and ML in their business, which has always been very data and analytics-focused, but they look at new and better ways to evaluate risk and operate the business
      • Growth in average premium from $800 to $1800 over the past couple of years
    • ITC is a great chance for Coterie to meet with a lot of their agent partners to talk about planning for the year ago and to keep a pulse on new technologies and innovations that could move the market and support their business going forward.

    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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    16 mins

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