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.

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.

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.

Highlights from the Show

• Mylo is a digital broker that was built from within a big, national broker, and today uses technology to match small business and individual insurance customers with coverage
• They currently write about $4m in premium per month; 65% being small commercial, and the rest being personal lines, plus benefits for small businesses
• They use AI to keep up with changes in coverage and appetite in real-time rather than having to manually recode their algorithms through some regular review process

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.

Highlights from the Show

• The winner for most-talked about buzzword? AI, obviously
• The focus, however, was on AI for efficiency
• An AI-enabled data company talked about the difficulty they have talking about improving UW results, so they only talk about efficiency when meeting with carriers, or they lose the audience (even though they have proof of positive L/R impact)
• As an industry, I challenge all of us to actually push on the core of the business and not just go for the "easy" sell of efficiency

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.

While the show is on a break for a few weeks, I wanted to be sure you knew two things about ITC Las Vegas 2024:

• You can save $200 on registration thanks to the deal I scored for my listeners! Just visit http://www.future-of-insurance.com/itc for the discount code and a link to register
• If you're an insurance company executive, drop me a DM on LinkedIn if you'd like to be a guest on the show while I record in-person episodes at ITC on October 16th

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.

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.

Highlights from the Show

• The approaches we have been using to stresses on underwriting profit historically have been cutting costs (focusing on expenses), taking rate, pulling out of markets or segments
• These approaches proved insufficient to deal with the scale of macro-level pressures insurers faced in 2023, and I would argue will continue to face going forward, like
  • Severe Convective Storms (SCS, or, mainly, hail) and other Natural Catastrophes driven by Climate Change
  • Social Inflation
  • Supply Chain and Labor Constraints
  • Inflation
  • and more
• We should be looking at new approaches, including
  • How we think about and respond to risk – tools we use to understand risk, select it intelligently to compete on, and harden it when we do choose to offer coverage
  • Move to next-generation approaches to rating that are more dynamic, allowing us to stay ahead of the need for rate change rather than respond far too late and insufficiently
  • Rethinking the products we offer to cover what have been come extremely different exposures from the ones our current products were designed for
• These solution can take the form of insurtech software or services; E&S/non-admitted product development; Parametric solutions to coverages no longer viable as indemnity products; and so much more
• Now is the time to really engage in the idea of doing things differently as we are seeing increasing difficulty in aligning prices that are affordable to buy coverage at with prices that are economically viable to sell it at, meaning the market may begin to fail to clear
  • If that happens, other capital can come in and solve for the need for coverage, increasing the pressure insurers have seen on the decreasing percent of risks that are insured against (measured by NatCat losses that are insured vs. not), as one method)
• Download the paper today, and share it with your network to get more people talking about how we can push our industry ahead.

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.