InsurTech Amplified (Theresa Blissing and Michael Waitze)

“Are you really thinking about activating the change in your innovation engine in your organization?” - Pablo Segovia

InsurTech Amplified was privileged to host Pablo Segovia, a Partner at BCG's Insurance Practice, and Guglielmo de Stefano, a Senior Solutions Analyst at BCG FinTech Control Tower.

Pablo’s insights on the shifting landscape of investments in InsurTech and the emerging winners in this space are invaluable for understanding current trends and future directions.

Guglielmo added depth to our discussion with his analytical perspective on the industry. His work in driving product and data analytics strategies and collaborating closely with the insurance practice provides a nuanced view of the challenges and opportunities in InsurTech.

In this episode, we explore the latest insights from BCG's report, "The Future of PNC Insurance: Lessons from an Inflection Point in InsurTech," shedding light on investment trends, the growing role of AI, and the characteristics of successful InsurTech ventures.

We also discuss the evolving nature of underwriting and claims processing in the context of technological advancements, addressing key challenges faced by the industry and how InsurTech solutions are shaping the future of insurance.

InsurTech Amplified welcomed Scott Hawkins, MD and Head of Insurance Research at Conning to the show.

Some of the topics that Scott covered:

• Where research topics emanate and some of the biggest tech trends of the past three decades
• Product and value chain innovation
• Enabling underwriters to focus on high-risk/high-value scenarios
• The importance of risk and investment management to insurers
• How AI changes the processes and the people that are hired to do those processes

Some other titles we considered for this episode:

1. Our Staff Has to Keep Evolving
2. Instead of Being Disruptors, They Want to Be Enablers
3. How Do You Speed Up That Claims Process?
4. I’m Putting On My Innovation Hat
5. The Stone Dropping Into a Still Lake

InsurTech Amplified welcomed Raghu Bala, the Founder of UnifyGPT. UnifyGPT builds autonomous agent technology that revolutionizes processes, from sales to claims, optimizing efficiency.

A serial entrepreneur, with multiple exits, Raghu shared his insights into the transformative power of Generative AI in the insurance industry. He emphasized the importance of adaptability, strategic decision-making, and the critical nature of alignment among founders.

Raghu discussed the evolution of AI from its early days to its current potential in enhancing operational efficiency and customer service in insurance. UnifyGPT aims to revolutionize the industry by personalizing insurance policies using AI, moving away from broad categorizations to meet individual needs.

He highlights his optimism for AI's future role in not just insurance but across various sectors, promising a future where technology creates more personalized and efficient services.

Welcome to July's episode of “This Month, Amplified”! You're in for a treat as our founders, Theresa Blissing and Michael Waitze, join forces with David Gritz and Tony Lew from InsurTech NY. Together, they delve into some of the most riveting topics currently making waves within the insurance industry.

This month's discussion starts with the colossal $4 billion fraud uncovered by the Vesttoo investigation involving fake letters of credit. We delve into its impact on Vesttoo and the broader insurance-linked securities landscape.

The team also examines the recent trends in InsurTech funding, pondering over the question: are investments in the sector slowing down, and if so, why?

Lastly, we address a burning issue - the talent crisis in the insurance sector. We explore the role digital transformation might play in this shortage and probe into why insurance companies are struggling to attract talent.

Be sure to tune into this thought-provoking episode to enhance your understanding of the current dynamics in the insurance industry.

In the most recent episode of "This Month, Amplified", we welcomed Bryan Falchuk to the show along with the regular crew of Theresa Blissing and David Gritz.

We delved into some very interesting topics surrounding liability and insurance, ranging from the ongoing trial of Sam Bankman-Fried to the implications of Johnson & Johnson's bankruptcy case. These conversations shed light on some key insights that can help us better understand the current state of liability and insurance in today's world.

1. The Challenge of Crypto Liability
The trial of Sam Bankman-Fried, co-founder of FTX, highlights the risks and challenges associated with the crypto industry. FTX grew rapidly and became a leading crypto exchange and trading platform. However, during a volatile period in the crypto market, FTX suffered significant losses and resorted to using customers' funds to try to trade out of their losses. This rarely ends well.

2. Differentiating Crypto and Blockchain
It is essential to differentiate between cryptocurrencies like Bitcoin and blockchain technology. While cryptocurrencies have gained attention as speculative investments, blockchain technology holds promise for various applications both in and out of finance. Blockchain's potential in areas like data sovereignty and creating a single source of truth is significant.

However, negative perceptions of crypto, fueled by incidents like the FTX case and the lack of distinction between crypto and blockchain, can hinder the adoption of blockchain technology in insurance. It may require a generation of leadership turnover and clearer understanding to regain trust and explore the full potential of blockchain.

3. Central Bank Digital Currencies (CBDCs)
The rise of central bank digital currencies (CBDCs) poses both opportunities and concerns. CBDCs can offer more efficient transactions and better traceability. However, privacy and control issues arise when central banks have access to every transaction. The potential for abuse of power and loss of financial privacy is a significant concern.

CBDCs also prompt discussions about the insurability of digital currencies and the need for better custody solutions. Stablecoins, which are pegged to fiat currencies, may offer a more viable form of digital currency for everyday transactions. These stablecoins would require robust custody mechanisms and insurance coverage to ensure investor protection.

4. Implications for Liability and Insurance
The ongoing Johnson & Johnson talc powder lawsuits raise important questions about liability and insurance. Traditionally, companies facing significant legal liabilities would separate the affected division and file for bankruptcy to limit liability. However, recent developments in the Johnson & Johnson case challenge this strategy. Rulings that liability could extend to the parent company, could potentially expose the entire enterprise to claims.

This case has broader implications for product liability and insurance. It could impact underwriting decisions, capacity, reinsurance pricing, and the overall availability of coverage. The uncertainty surrounding such liabilities could contribute to a hard market in the casualty insurance space.

5. Need for Tort Reform
The increasing prevalence of lawsuits and the rising costs associated with liability claims point to the need for tort reform. The current system allows for the exploitation of legal loopholes, enabling some individuals and law firms to profit at the expense of others. Tort reform, including setting caps on liability, could help create a more balanced and fair legal landscape.

However, striking the right balance between protecting individuals' rights and preventing frivolous lawsuits is crucial. Reforms should aim to address genuine grievances while discouraging opportunistic litigation.

"Investors... are like, well, if Marsh hasn't done this before, and Microsoft can't do it, and Google doesn't have anything... How could you possibly, some chick in insurance in Florida, think you're the smartest person?" - Margeaux Giles

In a fascinating conversation with Margeaux Giles, CEO of IRYS InsurTech, her unconventional entry into insurance to building a technological revolution within the industry highlights how entrepreneurship and innovation can drive real change. Margeaux’s journey, marked by a pivot from founding a startup focused on mitigating late-night driving risks to addressing inefficiencies in the insurance sector, underscores the industry's openness to innovation. Her transition not only highlights the importance of diverse experiences in enriching the sector but also showcases the potential of entrepreneurial thinking in identifying and solving problems.

The creation of IRYS stems from Margeaux’s realization of the fragmented and legacy processes that have long characterized the insurance industry. By centering the customer in IRYS's operational model and harnessing technology to improve efficiency and responsiveness, Margeaux details a vision for modernizing insurance. IRYS’ approach, advocating for customer-centric models and technological adoption, presents a blueprint for transformation.

Furthermore, Margeaux’s insights into the demographic shifts within the insurance workforce suggest an impending knowledge gap, one that technology, and platforms like IRYS, can bridge by facilitating knowledge transfer and enhancing the skill set of new entrants.

Margeaux reminds us that the path to innovation is often paved with challenges, learning, and an unwavering resolve to make a difference.

This month, David Gritz and Michael Waitze spoke about the US Debt Crisis.

Some of the details we considered important:

• While some doomsday scenarios suggest dire consequences if a deal is not reached, we analyzed the actual statistics and related government obligations
• Even if the government has a shortfall in tax receipts, it can easily cover interest payments on existing debt, even if the ceiling is not raised
• Historical precedent has shown that even if governments do default, the consequences are short term
• Markets and credit rating agencies are forward-looking and are not currently predicting downgrades or default
• We predict some potential outcomes!

InsurTech Amplified spoke to Yaron Dycian, the Chief Product and Strategy Officer at WINT.

Some of the topics that Yaron discussed:

• The implications of water as an unmanaged asset
• People want sustainable buildings
• The impact on insurance for existing and new buildings
• How WINT collaborates with insurance companies
• Using artificial intelligence to identify normal water flow patterns and identify the anomalies

Some other titles we considered for this episode:

1. What Is Normal and What Is Good?
2. We Can Fingerprint That Location’s Normal
3. Buildings, In General, Are Very Lightly Managed
4. The Problem With Technology Is Always People
5. Water Is an Unmanaged Asset

"What we're building in Urbanico is an urban intelligence platform that is aimed to help carriers to understand, price, and underwrite risks in a much more granular fashion." - Yuval Shafrir

In a compelling episode of the InsurTech Amplified, Yuval Shafrir, co-founder and CEO of Urbanico, shared invaluable insights into the unique interplay of resilience and innovation that characterizes the Israeli tech ecosystem, often hailed as the “Startup Nation.” Drawing from his unconventional journey from studying physics and chemistry to embracing entrepreneurship, Yuval underscored the importance of diverse experiences in fostering innovation, particularly in the InsurTech space. His narrative illustrated how various career phases equipped him with a distinctive blend of skills, crucial for navigating the complex landscape of technology and strategic business development.

Yuval also delved into the inherent resilience embedded within Israeli culture, emphasizing its critical role in shaping entrepreneurial ventures capable of thriving amidst uncertainty. This resilience, as Yuval illustrated, is vital not only for individual startups like Urbanico, which operates in the challenging milieu of Israel’s geopolitical climate, but also for the broader ecosystem that supports collective growth and adaptability.

Moreover, he highlighted how Urbanico leverages advanced large language models to transform disparate, unstructured data from local governments into actionable insights for the insurance industry, thus bridging significant data gaps and enhancing risk assessment. Yuval’s reflections provide a deep dive into the strategic thinking and adaptive strategies that are essential for startups aiming to leverage technology for scalable and sustainable solutions.

"I don't think any optimal solution will be where the technology replaces the expert. Because ultimately, you still need the expert to put stakes in the ground. You still need the expert to challenge the model when its outputs don't feel right. It's still the job of the expert to understand an environment at scale that a piece of tech simply can't understand and probably never will." - Andrew Johnston In this episode of "InsurTech Amplified", Andrew Johnston, the Global Head of InsurTech at Gallagher Re, shared some his most recent insights from the Gallagher Re Global InsurTech Report for Q2 2024. The discussion covered a wide range of topics, including investment trends, partnerships, the role of AI, and the potential challenges and risks. Here are six key insights that stood out: 1. The Shifting Landscape of InsurTech Investments Andrew highlighted a notable shift in InsurTech investments during Q2, where the total investment reached $1.27 billion. This was a significant increase compared to previous quarters, despite a decrease in the number of deals. Interestingly, this uptick wasn't driven by a few large deals but rather by a general increase in the average deal size, which now hovers around $10 million. 2. Partnerships as a Key Strategy In the evolving InsurTech landscape, partnerships between traditional insurers and tech companies have become crucial. Andrew mentioned several strategic partnerships, such as those between Allianz and ClearSpeed, HSB and WINT, and MassMutual and Genomics. These alliances are not just about technology adoption but also about integrating innovative solutions to enhance efficiency and customer experience. 3. The Role of AI in Underwriting and Risk Management A major focus of the discussion was on AI's transformative role in underwriting, pricing, and portfolio management. Johnston emphasized that while AI can process vast amounts of data to predict risks more accurately, it should not replace human experts. The concept of "bionic" underwriting combines AI's computational power with human expertise to improve decision-making. This hybrid model not only speeds up processes but also ensures that the nuanced understanding of risks remains in human hands. 4. Data Quality and Bias in AI Models One of the most critical challenges in leveraging AI is ensuring data quality and avoiding biases. Johnston noted that AI models often rely on large datasets, which may include unverified or biased information. This can lead to skewed risk assessments and pricing models. 5. Case Studies: Concise and Ki

Two examples that were discussed on the podcast were the companies Concirrus and Ki. Concirrus, originally focused on marine and cargo insurance, uses behavioral data to predict risks better than traditional demographic data. Their underwriting tool, Quest, has expanded to other areas like workers' compensation, showcasing the power of AI in diverse insurance domains. On the other hand, Ki, a digital underwriting platform at Lloyd's, illustrates how AI can streamline the underwriting process by allowing certain business types to be automatically bound if they meet specific criteria.

InsurTech Amplified spoke with Kim Pfiffner, VP and CIO of Benefits and Protection at Principal Financial Group, about her insights from her extensive 32-year journey with the company.

Throughout the discussion, Kim highlights the transformative role of technology in the insurance sector. She passionately speaks to how technology not only enhances but elevates the capabilities of professionals without overshadowing the human touch.

Drawing parallels with customer-centric giants like Amazon, Kim elaborates on the nuanced ways technology has reshaped customer experiences, both for external clients and internally within companies. She paints a vivid picture of the stark technological evolution in workplaces.

The conversation then delves into the nuances of recruiting in today’s digitally-driven landscape and the intricate dance between traditional insurance entities and burgeoning insurtech startups.

Furthermore, Kim dives into the concept of value chain innovation, emphasizing the delicate balance between innovation, risk management, and data security in the insurance world.

Concluding on a thought-provoking note, Kim stresses the importance of decision-making, reiterating the profound impact of technology in cultivating unparalleled customer experiences and molding the intrinsic culture of a company.

“And when then basically ChatGPT was announced, we all have access also our senior management has access and everybody could explore AI for the first time. It was like a shock for all of us, but a shock in a very, very positive sense. So we knew immediately that is the technology that we need. That is exactly what will make a difference..” – Christian Westermann

In this episode of InsurTech Amplified, Dr. Christian Westermann shared his fascinating journey from being a physicist specializing in space science to becoming the Group Head of AI at Zurich Insurance. His narrative underscores the value of a multidisciplinary approach, highlighting how diverse experiences in different sectors can significantly enhance one’s problem-solving capabilities and adaptability. Transitioning from technical roles in space missions to tackling technological challenges in the insurance industry, Christian’s career exemplifies the dynamic nature of professional growth and the importance of staying attuned to evolving industry trends.

Christian also explored the evolving, transformative role of AI in the insurance industry. His insights into the integration of tools like ChatGPT at Zurich Insurance illustrated the profound impact of AI on traditional business operations, emphasizing efficiency and innovation in processing and understanding complex data. Moreover, he expressed a balanced perspective on the potential risks associated with AI, such as data biases and the necessity for rigorous risk management. Through his experiences, Christian highlighted the critical need for continuous learning and adaptation, offering a blueprint for professionals aiming to leverage technology to solve complex industry challenges.

In another thought-provoking episode of "This Month, Amplified," David Gritz, co-founder and Managing Director of InsurTechNY, shared his personal connection to the awe of space and the societal benefits of looking beyond our immediate surroundings for inspiration. He reflects on the technological feats required for space exploration, emphasizing the importance of precision in life support, launch protocols, and the physics of space travel.

The conversation also addresses the challenges and opportunities presented by modern technology. David discusses a recent AT&T outage as a cautionary tale about the vulnerabilities of our digital infrastructure and the need for robust testing and maintenance protocols. He further explores the ramifications of data privacy and cybersecurity breaches, using the incident at Mr. Cooper as a case study to underscore the urgency for individuals and companies to safeguard digital information.

A significant focus of the discussion is on the transformative potential of data-driven policies in the insurance industry, illustrated by the success of Root Insurance. David outlines the journey of an insurance company from startup to profitability, highlighting the necessity of patience, innovation, and adaptation to emerging challenges.

The insurance industry stands at a crossroads as climate risks surge and traditional methods of underwriting, risk assessment, and investment face unprecedented challenges. Traditionally focused on pricing and distributing risk, the industry now has an opportunity to actively shape resilience by investing in climate-adaptive infrastructure, clean energy, and innovative technologies.

In this episode of InsurTech Amplified with Charlie Sidoti, Executive Director at InnSure, we discussed the evolving role of insurance in a world facing accelerating climate risks. Charlie highlighted the insurance industry’s untapped potential as both a financial safety net and a force for resilience. Instead of merely reacting to disasters, insurers could be investing strategically in climate-resilient projects, supporting renewable energy, and even collaborating with tech innovators to drive resilience at the community level. The insurance sector can do far more than cover losses—it can actively shape a safer, more sustainable future.

Charlie’s vision goes beyond tweaking traditional insurance models; he’s pushing for real innovation. Imagine a world where communities own their risk and manage resilience investments through mutual insurance models, where insurers directly collaborate with city planners and environmental startups to drive down future risks. This isn’t just about adjusting premiums; it’s a call for all of the stakeholders to recognize the profound role they play in our climate future, moving from mere risk assessment to becoming champions of climate adaptation and resilience.

InsurTech Amplified hosted Alexis Vaughn, the Founder and CEO of Off Course Consulting. With years of experience in the insurance industry, Vaughn shares her insights and expertise on multiple topics, including her diverse background, the state of the industry, and the role of InsurTech in transforming the insurance landscape.

Vaughn emphasizes the need for risk mitigation in the insurance industry, particularly in areas like cyber insurance. She highlights how InsurTech companies are leveraging technology and coupling it with cybersecurity to create cyber resilience. By providing not just insurance coverage, but also risk mitigation strategies and education, these companies are helping businesses prevent and recover from cyber attacks.

Alexis discusses the role of technology in the insurance industry and the importance of insurance literacy. While InsurTech companies are driving innovation and simplifying processes, there is a need to educate both agents and customers about these technologies. Vaughn emphasizes the need to educate agents on how to leverage InsurTech solutions and position them in the market, while also ensuring that customers understand the value and benefits of these technologies.

Finally, she highlights the changing role of agents in the industry and the need for them to adapt to new technologies. While some agents may be resistant to change, she notes that there is a new generation of agents entering the industry who are more tech-savvy and open-minded. However, it is also important to consider the preferences of customers, some of whom may still prefer traditional methods of interaction. Finding a balance between digital and personal interactions is key to successfully serving clients.

"I would say that that is the number one thing that agents tell us they love about Rainbow, and that they believe differentiates Rainbow. It's this idea that I think if you look at the sort of the last 10 to 15 years with InsurTech, there have been more like religious decisions. We do not hire humans, because we have software to do everything. And I think as the standard again, it goes back to sort of how things change as the market evolves, as the role of technology becomes more sophisticated. Sort of the expectations of people are, we also want to be able to talk to someone if we have a question." - Bobby Touran

In this episode of InsurTech Amplified with Bobby Touran, co-founder and CEO of Rainbow, we explored how technology is reshaping the insurance industry. Bobby emphasized the need for integrating software development DNA into decision-making processes within insurance companies, advocating for a continuous underwriting approach. This method allows for real-time risk assessment and premium adjustments based on dynamic data from businesses, particularly in the restaurant sector. By leveraging data from POS systems, online reviews, and other sources, Rainbow ensures precise risk evaluation and tailored insurance solutions.

Additionally, Bobby highlighted the importance of strong agent relationships and company culture. Rainbow’s focus on agent success through personalized support and seamless quoting experiences helps agents deliver exceptional service. Bobby also underscored the significance of specialization in underwriting, which allows Rainbow to deeply understand the unique risks of specific industries, like restaurants. This specialization, combined with a culture of kindness, intelligence, and teamwork, positions Rainbow at the forefront of modernizing insurance through technology.

In this episode of InsurTech Amplified, the podcast engages with Sri Ramaswamy, the founder and CEO of Charlee.ai, to hear her extraordinary journey as an entrepreneur in the insurance technology space. Sri's narrative is a testament to the power of embracing change and navigating adversity with resilience. Bypassing familial expectations, she pivoted from hotel management to data analytics, and the eventual leap into the insurance industry, underscoring the potential of embracing unpredictable twists and leveraging them for growth and innovation.

The conversation digs deeper into how Sri harnessed unique insights and her intuitive grasp of artificial intelligence to address the insurance industry's complex challenges, culminating in the founding and building of Charlee.ai. The platform represents a significant advancement in the field of insurance technology, effectively converting unstructured data into useful insights that can drive decision-making in the industry. 

Sri Ramaswamy's path to establishing Charlee.ai underlines some key entrepreneurial qualities: determination, adaptability, and foresight. Her approach to viewing challenges as avenues for development, paired with her dedication to introducing novel solutions, serves as a real-life example of how innovation can bring about substantial change and underscores the importance of flexibility and adaptability in navigating and instigating true transformation.

In this episode of InsurTech Amplified, we spoke with Paul Aemisegeo, Founder and CEO of PayrollMart, to explore the power of payroll data in the insurance and benefits space. Paul highlights how payroll data serves as the "key to the castle" for B2B insurance brokers and 401(k) advisors, providing critical information for eligibility, benefits, and regulatory compliance. 

By controlling payroll data, companies like ADP have a major competitive advantage, not just in payroll, but as one of the largest insurance brokers in the U.S. Paul also shares how his entrepreneurial journey, shaped by early experiences in his family’s trucking business, led him to recognize the untapped potential of payroll systems and the competitive edge they can offer to independent brokers.

We also dive into the growing importance of data redundancy and security in today’s business world. Paul discusses his company, Shuttle HR, which creates backups of payroll data, ensuring compliance and operational continuity. Paul believes there’s massive untapped opportunity in managing regulatory compliance across state lines, potentially with a platform that consolidates updates for employers and brokers.

In this episode of This Month Amplified with David Gritz and Theresa Blissing, we delved into the topic of OpenAI and discussed the recent events surrounding the company. From the sudden change in leadership to the implications for long-term thinking and governance, Allianz and Revolut and Late-Stage Capitalism.

The OpenAI debacle highlighted the importance of having an independent board with a long-term view of the company. A board should have a deep understanding of the role of a CEO in a startup and the implications of their decisions. The data shows that having a founder CEO is crucial for the successful execution of a startup's business model.

Startups go through different stages of growth, and it can be challenging to define when a company is no longer a startup. While some define startups as small teams in a garage, others consider the straight growth phase as part of the startup journey. It's important to recognize that as a startup matures, the role of the CEO and the board may need to adapt.

We also discussed embedded insurance and what has been going on with Revolut and its changing travel insurance providers. In this case, it raises questions about integration issues and the possibility of a bidding war for large-scale embedded insurance opportunities. It's important to consider the customer experience and ensure that embedded insurance truly benefits the end user.

Our conversation touched on the concept of late stage capitalism, where the focus on profit and growth can overshadow other considerations. It's essential to strike a balance between profitability and social responsibility, especially when it comes to providing accessible insurance options for lower-income groups.

As always, an active and dynamic conversation about the month's topics impact the intersection of the insurance and technology industries!

In this episode of InsurTech Amplified, Lorcán Hall, a Senior Advisor at the Sustainable Development Solutions Network, and Dr. Danilo Raponi, Group Head of Innovation and the Managing Director of Generali's Innovation Fund explored the transformative potential of the insurance industry, particularly through innovation and sustainable development.

Lorcán shared personal experiences that highlighted the critical role of insurance in providing financial stability, while Danilo discussed the importance of digital technologies and parametric insurance in addressing emerging risks and underserved markets. Both emphasized the industry's evolution from merely paying out claims to actively helping predict and prevent risks, demonstrating a shift towards integrating profit with purpose.

The conversation also underscored the vital role of public-private partnerships in driving societal change. Products like 'Migrasure,’ which support migrants in securing housing and financial services, exemplify how insurance can serve as a tool for social good.

The speakers highlighted the need for solutions that not only address economic growth but also focus on social inclusion and environmental sustainability. This approach, they argue, is crucial for meeting the complex challenges outlined in the UN's 2030 Agenda for Sustainable Development.

In this episode of InsurTech Amplified, Helen Burke, Founder and CEO of Teambase, discussed the evolving landscape of employee benefits in today's flexible and remote work environment. Helen introduced the concept of the “liquid life,” where workers, particularly millennials and Gen Z, prioritize flexibility and mobility over traditional stability. This new way of working demands a fresh approach to employee benefits, with a focus on tailored, digital-first offerings that cater to the diverse needs of a modern workforce. Benefits like travel insurance and flexible life insurance plans are becoming essential as employees embrace this liquid lifestyle.

Helen also highlighted the importance of digital distribution and the role technology plays in streamlining the insurance process. Teambase connects insurers, brokers, and employers through a digital platform that simplifies benefits management for HR departments and employees alike. She stressed the need for companies to offer easy-to-use, customizable solutions that comply with local regulations and fit the specific needs of each market. By doing so, businesses can attract top talent and provide benefits that align with the expectations of a tech-savvy, mobile workforce.

This episode was sponsored by Pinpoint.AI.

InsurTech Amplified spoke with Bryan Falchuk, the creative force behind the "Future of Insurance" series, and Theresa Blissing, the mind behind the Asia InsurTech Podcast, InsurTech Amplified, and author of the series' fourth installment, "The Future of Insurance - Asia Rising".

Bryan's third entry in the series, launched in June 2023, underscores inter-industry collaboration's vital role. Find out more here. Meanwhile, Theresa's recent contribution zooms into Asia's dynamic insurance industry transformation.

As the episode unfolds, the trio delves into the relevance of financial literacy amidst rapid technological evolution in developing countries in Asia. They further explore regional nuances in addressing business setbacks, emphasizing the significance of valuing lessons over fault—a perspective drawn from Theresa's analysis of eight case studies.

The podcast wraps up with Theresa highlighting three core principles extracted from examining eight varied case studies, from early-stage startups to global insurance titans. These universal principles illuminate the consistent challenges and tactics across the insurance sector, emphasizing the industry's shared foundation irrespective of company size or operational region. This universal relevance makes the book a valuable resource for insurance professionals globally.

"The Future of Insurance - Asia Rising" will be released on October 17th, 2023.

Find out more here.

"Often they tell me that, oh, no, this cannot be done. And then I'm like, watch me. And this is where I kind of got this name of 'troublemaker' in insurance." - Meeri Savolainen

InsurTech Amplified had the pleasure of diving deep into the world of insurance innovation with Meeri Savolainen, the founder and CEO of INZMO. Dubbed a "troublemaker" for her unconventional approach to innovating in the insurance industry, Meeri shared invaluable insights into the challenges and opportunities of bringing wild ideas to the tradition-bound insurance industry. 

Meeri explored the essence of innovation in a sector known for its adherence to tradition, highlighting how challenging conventional wisdom and embracing outsider perspectives can catalyze significant advancements.

Meeri shares her journey of building credibility within a skeptical industry, the evolution of InsurTech's landscape, and the pivotal role of technology, particularly AI, in transforming customer experiences and expectations. This episode not only illuminates the path INZMO has carved in the insurance sector but also sheds light on the broader implications of innovation, resilience, and the future of customer-centric insurance solutions.

InsurTech Amplified had the pleasure of speaking with Jeff Shi, the Founder of InsurTech Groups. As expected for someone with Jeff's years of experience building businesses in the Insurance Industry, he shared some very interesting insights and raised some questions as well.

Jeff highlighted the unique nature of the insurance industry, which operates on a blend of capitalist and socialist principles. On one hand, insurance is a capitalist model that relies on premiums and investment returns. On the other hand, it serves a social purpose by pooling resources and sharing risks among policyholders. Finding the right balance between these two aspects is crucial for the industry's success.

Jeff emphasized the importance of the human connection in the insurance industry. While technology plays a significant role, the industry still relies on talented individuals who can understand customer needs, build relationships, and provide personalized service. He believes that the next phase of insurance will focus on enhancing the customer experience and leveraging technology to support human agents, rather than replacing them.

Jeff discussed the potential for Middle Eastern countries, such as Saudi Arabia and the UAE, to make significant contributions to the insurance industry. These countries have the financial resources and ambition to build their own insurance brands and attract talent from around the world. Their investments in technology, infrastructure, and human capital could disrupt the industry and reshape its landscape.

Finally, Shi noted that Africa presents a unique opportunity for the insurance industry due to its young population and growing middle class. The median age in Africa is just 19, and there is a significant need for insurance products and services. InsurTech companies that can leverage mobile technology and reach this untapped market have the potential to transform the industry and make a substantial impact.

As renewable energy becomes a cornerstone of the global transition to cleaner sources, the industry faces a critical challenge: resilience in the face of increasingly severe weather events.

In this rapidly changing environment, renewable energy projects like solar and wind farms are facing unexpected risks, and insurance is stepping up as a vital player in securing their future. Jason Kaminsky, CEO of kWh Analytics, details how the renewable energy is moving toward building for resilience. With property damage from severe weather on the rise, renewable developers are being forced to rethink their strategies. The “lowest cost provider” approach is giving way to a new era of resilience-focused design. Insurance has become a central factor in ensuring these projects’ financial viability.

The team at kWh Analytics combines powerful data models, advanced technology, and a fresh perspective on insurance. They use data-driven insights to help developers build assets that withstand natural catastrophes, collaborating with banks, the Department of Energy, and even leveraging parametric insurance to cover production risks. 

As Jason explains, insurance is a tool for long-term sustainability in the renewable energy boom. In this episode, we dig into why insurance matters more than ever in clean energy and how companies like kWh are leading the charge in rethinking what it takes to secure a resilient, renewable future.

The insurance industry is undergoing a radical transformation, driven by the growing impact of natural disasters and the rise of advanced technologies like AI. Traditional insurance models are proving inadequate as back-to-back hurricanes hit areas once considered safe, leaving homeowners in financial peril without proper insurance. What’s worse, most people don’t even know what their policies truly cover until it's too late. Meanwhile, the claims process is notoriously complicated, often hijacked by costly intermediaries like public adjusters and attorneys, leaving homeowners with less than they deserve. But a new wave of InsurTech startups is stepping in to challenge this broken system. By leveraging AI and data, these companies are empowering policyholders to take control of their claims, making it easier to understand policy language and communicate effectively with insurers. Beyond simplifying claims, startups are also shaking up niche markets with innovative insurance products, from covering solar panels to offering flexible policies for freelancers. The future of insurance is heading towards a more transparent, customer-centric model, where unnecessary costs are eliminated, and policyholders finally have the tools to protect themselves.

"Every time I look at business, and naturally, any entrepreneur, any person in charge of running a business growing, it wants to grow bigger, you say, what are my limitations? If I expand the business and touch the next concentric circle, right outside of what I'm doing, I will be able to address a larger segment of the public." - Todd Greenbaum

In this episode, Todd Greenbaum, the President and CEO of Input 1, detailed the origins and evolution of Input 1, which was founded by his grandfather who shifted from operating an insurance brokerage to establishing a finance company to handle premium financing. This move capitalized on the observation that many customers financed their insurance premiums. Over the years, and with significant involvement from Todd, who began programming for the company at 16, Input 1 transformed into a technology-driven firm providing comprehensive solutions for banks and insurance companies.

Todd discussed the importance of customizing services to meet client needs, explaining how Input 1 adapts its software for 95% of its clients, enhancing their operational efficiency and customer interactions. He emphasized the necessity of continual adaptation and learning to keep pace with technological advancements in the InsurTech space.

By merging generational business wisdom with modern technology, Input 1 has stayed relevant and competitive. Todd’s narrative underscored a deep commitment to understanding and innovating within the intricacies of insurance finance, billing, and the overall client experience.

In the latest episode of "This Month, Amplified", host Michael Waitze together with David Gritz, and Theresa Blissing dived deep into two pivotal discussions – the recall of the over-the-counter medication Sudafed and its broader implications for the insurance industry, and the significant role of labor unions in modern society.

Starting with the Sudafed topic, the trio highlighted the inefficacy of the medication and opened the door to debate the responsibilities of insurers in promoting comprehensive health advice, emphasizing the potential of alternative remedies. Theresa underscored the need for insurers to delve deeper, suggesting they tap into scientific research like the study of microbiomes to offer tailored health advice, while David highlighted the importance of nutrition and a holistic approach to health, referencing the book "Gut" by Julia Ender.

Michael probed the intricate relationship between insurance and pharma companies, questioning the prevailing models and the genuine incentives to promote healthier lifestyle choices. David pointed out the challenges with the current cost-plus model in the U.S health insurance landscape, highlighting the absence of incentives for endorsing non-traditional, perhaps healthier alternatives. The privacy conundrum was not ignored, with both Michael and Theresa discussing the willingness, or lack thereof, of individuals to share health data with insurance companies.

Shifting gears to labor unions, the United Auto Workers (UAW) strike took center stage. David elaborated on its potential ripple effects on the auto industry and insurance premiums. The discourse concluded with Michael reflecting on the changing dynamics and relevance of labor unions in today's rapidly evolving world.

To encapsulate, the episode provided a thought-provoking exploration into the realms of healthcare and labor unions. It emphasized the evolving responsibilities of insurance providers and the contemporary challenges faced by labor unions. The insights provided spotlighted the interconnectedness of industries and the necessity for a more holistic approach to health and labor in today's technologically driven world.

In “This Month, Amplified” Michael Waitze and Theresa Blissing talked together with David Gritz and Tony Lew about the Florida insurance market, Hippo’s pause on all new business and whether their stock price reflects the reality, the overall challenges property insurance is facing and how to make the list as an insurance influencer.

The Florida insurance market has been making news recently.  Citizens, which was set up as a last resort insurance provider, has grown significantly in recent years, now holding more than 1.3 million policies. Citizens' growth is partly attributed to its capped annual rate increases, which often make it the cheapest option in Florida. However, the takeout offers from companies like Slide suggest that the primary market is catching up.

Hippo has halted all new business across the country. The company plans to review portfolio performance and will decide on resuming operations on a state-by-state basis. We also discussed Hippo’s share price and if it reflects the real value of the business.

We also discussed the devastating wildfire in Maui and the mounting challenges the property insurance sector faces due to the increasing frequency of such disasters. With insurers likely increasing premiums to counterbalance losses from such extreme events, how can we ensure insurance remains accessible to everyone? Can insights be drawn from the health insurance industry? This might be a topic of interest for the InsurTech Influencers out there.

This raised another question; how does one truly define an influencer? The list being circulated by InsurTechNews has sparked curiosity. Is there really a scientific method behind identifying the foremost voices in the sector, or is it merely a compilation of familiar faces? We're keen to hear Matteo Carbone's perspective on this.

Let us know your top InsurTech influencers. Perhaps we can compile a unique list based on your suggestions.

InsurTech Amplified spoke with Meredith Barnes-Cook, an advisor and research partner at ReSource Pro America.

Meredith shares insights from her illustrious career in insurance, emphasizing adaptability and seizing new opportunities. The conversation delves deep into the evolution and impact of technology in the insurance sector, from the nascent days of online claim reporting in 1996 to today's sophisticated systems.

Meredith discussed the vital role of technology in enhancing customer experience, the necessity of human connection in claims processing, and the significance of managing customer expectations in a digital age.

Autonomous driving and telematics are also explored, with discussions on their implications for insurance and the slow adoption rate of telematics insurance.

The episode closes with reflections on the evolving nature of the insurance industry, the potential of open insurance, and the balance between innovation, risk-taking, and customer-centricity in both established companies and startups.

InsurTech Amplified was joined by Yann Barbarroux, the CEO and co-founder of Otonomi.

Otonomi focuses on the time-critical freight sector, providing insurance solutions for industries such as life sciences, pharma, aviation, and perishables. Yann explained that there is a significant gap in the cargo insurance market when it comes to covering delays and interruptions. Traditional cargo insurance policies often exclude delays as a covered event, leaving companies vulnerable to significant financial losses. Otonomi aims to fill this gap by offering parametric insurance that provides quick payouts based on real-time data. By leveraging blockchain technology and AI-assisted chatbots, Otonomi aims to simplify the insurance process and provide transparency to customers in an otherwise complex industry.

Yann also discussed the concept of being a "third culture adult," someone who grew up in one culture but became an adult in another. He noted that this experience has a profound impact on how one views the world and approaches innovation. The combination of different cultural perspectives allows us to see things from multiple angles and think outside the box. Yann shared his personal experience of feeling like a "hybrid alien" when visiting his family in France, highlighting the differences in mindset and approach to life. This ability to adapt and think differently is a valuable asset in the world of innovation.

Yann noted that many of the skills and principles he learned working the finance industry are applicable to the insurance world. The disciplines of operation execution, punctuality, and flexibility are crucial. Yann also highlighted the importance of forward-thinking and adapting to changing market conditions, particularly when it comes to technology, such as blockchain and AI.

Yann shares his experience participating in Lloyd's Lab and the importance of the Lloyd's market in the insurance industry. He also announced two upcoming partnerships in the cargo space, one in Peru and the other in the US and Singapore.

The InsurTech Amplified Podcast spoke with Scott Ham, CEO of Pinpoint Predictive, who shared key insights into the evolving landscape of insurance and insurance technology. With an extensive background in law and insurance, Scott stressed the importance of profitability for the stability and reliability of insurance firms, especially in today's financially challenging environment. He also discussed the ethical application of emerging technologies like AI, emphasizing the need for responsible deployment to avoid biases and ensure these tools are as accountable as their human counterparts.

Scott's viewpoints extended to redefining risk assessment and selection by moving beyond traditional metrics and focusing on behavior-based risk profiles, advocating for a more personalized and inclusive approach to insurance. He highlighted the ongoing shift in leveraging data for smarter insurance, using an array of diverse data points to better understand and predict customer behavior.

Scott emphasized the future of customer experience in insurance, advocating for a balance between technology and human interaction to create more relevant and delightful customer experiences. Scott emphasized the importance of innovation, balanced with ethical responsibility and customer-centric approaches in the continuously insurance industry.

In this episode of InsurTech Amplified, we were thrilled to host Christina Lucas, an award-winning executive known for her visionary approach to the insurance industry. Christina shared a wealth of insights from her remarkable journey, emphasizing the importance of adaptability, diverse experiences, and leadership grounded in humility and curiousityy. Her experiences from living and working globally have deeply informed her professional philosophy, particularly in empowering teams and embracing a multidimensional view of insurance underwriting.

Christina also highlighted the critical role of InsurTech in bridging the coverage protection gap, showcasing how data and technology can revolutionize product innovation and market inclusivity. Beyond her professional achievements, Christina's commitment to mentorship and her role as a connector in the industry underscored the episode, offering listeners 

The U.S. healthcare system is a paradox: a global leader in medical innovation, yet plagued by inefficiencies that leave patients frustrated . In this episode of “This Month, Amplified” with David Gritz, Co-Founder and Managing Director of InsurTech NY, we explored the system’s three main pillars—providers, hospitals, and insurers.

The shortage of doctors, impacted by high education costs, leaves many without adequate care. Hospitals, driven by profit motives, operate with opaque pricing systems that confuse patients, while health insurers operate on a cost-plus model. The result? A system that sometimes feels stacked against the very people it’s meant to serve.

David also unpacked the growing public anger, illustrated tragically by the recent shooting of United Healthcare’s CEO. While violence is never the answer, it underscores the desperation many feel navigating a system that can feel unfair.

Change won’t come easily, but the solution lies in education, advocacy, and systemic reform. By increasing the supply of doctors, breaking up oligopolistic structures, and empowering patients with tools and knowledge, we can begin to shift incentives toward better care and outcomes. In David’s words, "The solution isn’t violence; it’s economics."

But we have a graying of the world that is going on, and there is a cost in the graying of the globe. And that cost is quite simply how are we helping people age on their own terms? What does the next phase of life look like? And how do we help people live in their own terms in their own home for as long as humanly possible? - Larry Nisenson

In this installment of InsurTech Amplified, Larry Nisenson, Chief Growth Officer of Assured Allies, shared his journey from corporate America to the world of startups. Larry highlighted the difference between incremental corporate innovation and the transformative changes in startups.

At Assured Allies, his business focuses on "successful aging," helping individuals age on their own terms through wellness techniques and health coaching. They achieve this by addressing specific health issues, like untreated hearing loss and poor sleep quality, to improve overall quality of life. Personalization, driven by data science and AI, ensures that these interventions are effective and engaging.

Larry also discussed the financial challenges of aging, particularly for those with limited means. Assured Allies collaborates with insurance companies to reduce long-term care costs, providing a model that benefits both insurers and the insured. However, Larry acknowledged the need for innovative financial solutions to help individuals save for future care needs, suggesting long-term care savings plans introduced at a younger age as a potential solution. Through these efforts, Assured Allies aims to transform the aging experience, making it a journey to embrace rather than a challenge to manage.

In today’s fast-paced world, the intersection of insurance, technology, and current events often leads to intriguing and complex discussions.

This Month, Amplified had just one of those discussions with David Gritz about the events of last month...including InsurTechNY's recent Spring Conference.

We also spent a decent amount of time talking about Trump's surety bond...and its role in the current legal context.

The conversation took an intriguing turn when discussing a the recent incident on Baltimore and the crash of a cargo ship into the Francis Scott Key Bridge. This led to an exploration of the Limitation of Liability Act of 1851, emphasizing how age-old laws continue to influence modern insurance claims and liabilities.

David also highlighted State Farm General's recent downgrade by AM Best and its broader implications for the insurance market and homeowners, especially in California, pointing to a potential need for the industry and regulators to adapt to the realities of climate change and market dynamics.

In this episode of InsurTech Amplified featuring Bobbie Shrivastav, co-Founder and COO of Benekiva, we discuss the future of claims management. Bobbie shared insights from Benekiva's recent report, emphasizing that claims management is where the insurer's relationship with the insured is vital. She highlighted the importance of balancing automation with human empathy, ensuring that while technology enhances efficiency, it doesn't overshadow the personal touch crucial during vulnerable moments. Bobbie highlighted the industry's need to simplify and modernize legacy claims systems, reducing training time and making the entire process more intuitive for both employees and customers.

Bobbie also brought attention to the staggering issue of unclaimed insurance funds, with over $1 billion going unclaimed annually in the U.S. alone. This presents a massive opportunity for improvement through better data management and proactive customer engagement. Furthermore, she discussed the future of payments, advocating for flexible options like digital transfers, which align with modern consumer expectations. Overall, the conversation underscored the need for a customer-centric approach in claims management, one that leverages technology while retaining the human element.

InsurTech Amplified, was joined by Rohan Malhotra, CEO of Roadzen, to discuss the transformative role of artificial intelligence and connectivity in auto insurance. Rohan guides us through the evolutionary phases of auto insurance—from private ownership to autonomous mobility—and highlights the impact of AI in revolutionizing risk assessment, policy underwriting, and claims processing.

As vehicles become increasingly connected, they not only serve as transport but transform into platforms for entertainment, financial transactions, and more, bringing new challenges and opportunities for insurers. Rohan also describes a vision of the future where cars, fully integrated with digital technologies, could potentially reshape our daily lives and the very fabric of auto insurance.

InsurTech Amplified attended InsurTech NY's 2024 Spring Conference to conduct some 'sideline interviews'.

Much like the immediate post-game interviews with athletes fresh off the field, we captured the raw, unfiltered thoughts and reactions of the keynote speakers the moment they stepped off the stage.

We delved into the innovative minds shaping the future of insurance technology. From groundbreaking strategies to disruptive technologies, you'll get exclusive firsthand insights directly from the visionaries behind them.

InsurTech Amplified spoke to:

Scott Ham, CEO of Pinpoint Predictive

Cameron Torstenson, EVP, CMO of EMC National Life

Steve Shaffer, CEO of Homesteaders Life Company

Isaac Espinoza, SVP at Root

Wendi Bukowitz, VP Strategic Innovation at The Cincinnati Insurance Companies

Andrew Wynn, co-Founder and the CEO at Ascend

Philip Charles-Pierre, CEO of Semsee

Roi Hansaraj, Principal Partner at InsurTechNY

Denise Campbell, SVP Client Executive at Marsh

Ramsey Smith, Founder and CEO ALEX.fyi

James Benham, co-Founder and CEO of JBKnowledge

In this episode of InsurTech Amplified, Paul Prendergast, co-founder and CEO of Kayna Innovation explores the transformative journey of InsurTech. Paul shares his own evolution from a tech enthusiast to an InsurTech pioneer, highlighting his initial ventures into mobile device security before spearheading innovation with Blink Parametric, one of the early ventures in parametric insurance.

The episode delves into the challenge and success of introducing parametric insurance, emphasizing the importance of education and perseverance in fostering industry acceptance. Paul’s latest venture, Kayna Innovation, focuses on bridging the protection gap for small businesses through embedded insurance, leveraging data from vertical SaaS platforms to streamline the insurance process, ensure adequate coverage, and enhance risk management.

Key insights from the conversation include the power of data in personalizing insurance products, the potential for embedded insurance to revolutionize small business protection, and the synergistic opportunities between traditional insurers and InsurTech startups.

Welcome back to “This Month, Amplified” as we continue the conversation in 2024!

We caught up with David Gritz, a co-founder and Managing Director of InsurTech NY and discussed unique conference formats, the evolving landscapes of electric vehicles and some ongoing drama in the property insurance space.

David highlighted the success of the InsurTech Slopes program in Switzerland, emphasizing the importance of natural environments and small invited groups in enhancing networking dynamics. This innovative approach deviates from the traditional "box-in-a-box" conference format, fostering deeper, more genuine interactions among InsurTech founders and investors.

Our conversation shifted to the challenges faced by companies like Hertz in adopting electric vehicles (EVs). David provided insights into the failure of product-market fit in this context, citing issues like range anxiety, inadequate charging infrastructure, hidden costs, and reliability concerns in extreme temperatures.

Finally, The discussion took a turn towards the property insurance market, particularly focusing on the recent decisions by companies like The Hartford and State Farm to pull out of the Californian market due to wildfire risks.

In a captivating episode of InsurTech Amplified, the pod was joined by Ema Roloff, co-founder of Roloff Consulting, to explore the intersections of education, digital transformation in sales, and storytelling in insurance. Ema shares her journey from teaching to revolutionizing insurance sales through educational approaches, emphasizing the importance of simplifying complex concepts to connect with clients meaningfully.

Ema's transition from a teaching background to corporate training and eventually into sales and insurance consulting highlights a fundamental truth: the best salespeople are essentially teachers. This insight is crucial in understanding how insurance and technology products should be presented to potential clients. Instead of aggressive selling tactics, Ema emphasizes the importance of educating clients about the value and utility of a product or service. This approach not only facilitates better client relationships but also aligns with the modern buyer’s preference for understanding the value proposition before making a purchase decision.

Throughout her career, Ema has demonstrated the importance of embracing change and seizing new opportunities, even when they lead out of one's comfort zone. Her narrative is a testament to the value of adaptability in the rapidly evolving insurance and technology landscapes. Ema's approach to modernizing sales processes and leveraging technology to enhance insurance services showcases the potential for innovation.

Recently, I had the privilege of speaking with Andrew Johnston, the Global Head of InsurTech at Gallagher Re, delving into his ‘Global InsurTech Report for Q1 2024’. Our discussion yielded valuable insights into the evolving landscape of InsurTech, shedding light on key trends and opportunities. 

Here are five notable insights gleaned from our conversation:

1. The Shift Towards Early-Stage Investments

One significant trend highlighted by Andrew was the shift towards early-stage investments in the InsurTech space. While there has been a slight decline in overall funding, the number of individual deals has increased, particularly in the early stages. This surge in early-stage investments underscores the vibrant and dynamic nature of the InsurTech ecosystem. Insurers and reinsurers are increasingly recognizing the potential of partnering with innovative startups to drive growth and innovation in the industry.

2. The Democratization of Funding

Andrew emphasized the democratization of funding as a notable trend in the InsurTech landscape. Despite the decrease in mega-round funding, there has been a proliferation of smaller deals, indicating a broader distribution of capital across the ecosystem. This democratization of funding is a positive development, as it allows a greater number of startups to access capital and pursue innovative solutions. It also reflects the growing appetite among insurers and reinsurers to invest in early-stage ventures and foster strategic partnerships.

3. The Rise of Personalized Insurance Solutions

A compelling example shared by Andrew was the emergence of personalized insurance solutions tailored to specific industries and risk profiles. He highlighted the case of Rainbow, an InsurTech startup specializing in providing customized insurance products for restaurants. By leveraging AI-driven data analysis, Rainbow can assess the unique risk factors associated with individual businesses and tailor insurance policies accordingly. This focus on personalization not only enhances risk management but also improves the overall customer experience, setting a precedent for innovation in the industry.

4. The Transformative Potential of AI

Artificial Intelligence (AI) is playing an increasingly pivotal role in driving innovation across various facets of the insurance value chain. Andrew underscored the transformative potential of AI in areas such as underwriting, claims processing, and predictive analytics. By harnessing AI-powered solutions, insurers can streamline operations, enhance risk assessment capabilities, and deliver more personalized services to customers. The integration of AI technologies is enabling insurers to stay ahead of the curve in an increasingly digital and data-driven landscape.

5. The Importance of Strategic Partnerships

Lastly, Andrew emphasized the significance of strategic partnerships in driving innovation and growth in the InsurTech sector. As insurers and reinsurers seek to navigate the complexities of the digital age, strategic collaborations with innovative startups can provide access to cutting-edge technologies and expertise. By fostering mutually beneficial partnerships, insurers can accelerate their digital transformation efforts and deliver greater value to customers.

In this episode of InsurTech Amplified, we had the pleasure of welcoming Alexis Vaughn, the Founder and CEO of OffCourse Consulting back to the pod. Over the past ten months, OffCourse has experienced rapid growth, expanding into multiple entities. A key driver of this success has been strategic partnerships, such as their collaboration with Global Leader Group, which allows them to assist InsurTech companies globally in building and scaling innovation labs. Alexis highlighted the power of visibility through industry presence rather than traditional advertising, sharing how speaking engagements and podcasts have been instrumental in generating leads and establishing credibility.

Alexis also discussed the importance of addressing specific pain points for carriers and reinsurers, such as the lack of due diligence in evaluating InsurTech partnerships. OffCourse's tech auditing services play a crucial role in ensuring compatibility and effectiveness in these partnerships. Additionally, she touched on the growing interest in parametric products, mobility solutions, and cybersecurity for SMBs. Alexis is passionate about education, working with the University of Connecticut to develop a comprehensive InsurTech course, and fostering entrepreneurship among agents and brokers to turn innovative ideas into viable businesses. OffCourse's evolution into a multifaceted entity underscores the need for adaptability and diversification in the rapidly evolving InsurTech landscape.

InsurTech Amplified engaged with Chris Schrenk, the Chief Underwriting Officer at NeuralMetrics, to garner his insights into the transformative impact of AI-Powered Data on the insurance industry. Chris discussed the role of advanced technologies such as natural language processing and large language models in revolutionizing how insurers understand and price risks. His experience underscores the potential for technology to close the information gap, allowing for more accurate underwriting and better outcomes for insurers and the insured alike.

Our conversation further explored the critical role of data in evolving insurance practices, emphasizing the importance of real-time, public information in dynamic risk assessment. Chris pointed out how this approach not only improves accuracy but also democratizes the competitive landscape, especially benefiting smaller insurers. Additionally, he shed light on the significance of enhancing customer experience in the insurance sector, making it more accessible and less intimidating for businesses. The episode concludes on a forward-looking note, with Schrenk advocating for collaborative efforts between technology providers, insurers, and insureds. This collaboration is pivotal for leveraging technological advancements to meet the complex needs of the modern insurance landscape.

InsurTech had a great conversation with Rhonda Marcucci - Vice President, Innovation at Gallagher.

Some of the interesting topics that Rhonda discussed:

• Connecting external innovation to internal stakeholders
• Creating her own ecosystem of expertise
• How expertise results from experience and live conversations
• The importance of storytelling in the context of innovation
• The impact of changing mindsets
• How to work with early-stage companies and why

Some other titles we considered for this episode:

1. I Can Almost Predict What Is Going to Happen
2. There Is So Much to Be Learned From History
3. That’s the Culture I Want to Be a Part Of
4. I Think We Need to Be Paying Attention to X
5. We Have the Power to Influence the Product

InsurTech Amplified and David Gritz spoke with Kobi Bendelak, an Israeli entrepreneur and founder of InsurTech Israel to get unique insights into the current situation in Israel, the history of the country, and the impact on the InsurTech industry. Here are some of the insights we learned from the conversation:

1. Shock and Horror: Bendelak described the initial shock and horror that Israelis experienced when rockets and missiles were launched from Gaza into Tel Aviv and other parts of the country. The suddenness and brutality of the attacks were unprecedented, leaving the Israeli population in disbelief.
2. Unprecedented Violence: Bendelak expressed his disbelief at the level of violence perpetrated by Hamas during the conflict. The kidnappings, killings, and targeting of innocent civilians, including babies and mothers, were unimaginable acts of brutality.
3. Spirit of Resilience: Despite the ongoing conflict, Bendelak highlighted the resilience and unity of the Israeli people. The Israeli spirit, he explained, transcends religious and cultural differences, bringing people together in times of crisis.
4. The Israeli-Palestinian Conflict: Bendelak provided a historical overview of the Israeli-Palestinian conflict, starting from the British Mandate after the Ottoman Empire and leading to the establishment of Israel as a state in 1948. He emphasized the complexity of the conflict and the challenges faced by both Israelis and Palestinians.
5. Misunderstandings and Media Bias: Bendelak acknowledged that media bias exists when it comes to reporting on the Israeli-Palestinian conflict. He attributed this bias to various factors, including lack of firsthand experience and past mistakes made by Israel in handling the communications around the ongoing conflict.
6. Gaza's Economic Potential: Bendelak highlighted the economic potential of Gaza, comparing it to Singapore in terms of population density and the opportunity for economic development. He stressed the importance of providing economic opportunities to the people of Gaza to prevent radicalization and foster a better future.
7. Support for Israeli Insurtech: Bendelak expressed gratitude for the overwhelming support received from the global insurtech community, despite the ongoing conflict. He emphasized the importance of maintaining relationships and supporting Israeli startups in the industry.
8. Resilience in the Face of Adversity: Bendelak noted that Israel has a history of resilience and innovation, with past conflicts leading to the development of groundbreaking technologies and solutions. He expressed confidence that the current situation would only strengthen the Israeli InsurTech ecosystem.
9. Importance of Balanced Reporting: Bendelak encouraged readers to seek out balanced reporting and diverse perspectives on the Israeli-Palestinian conflict. He suggested reading Israeli newspapers in English and following reputable sources for a more nuanced understanding of the situation.
10. Looking Toward the Future: Bendelak expressed optimism for the future, despite the current challenges. He emphasized the need for continued collaboration and support within the InsurTech industry to foster growth and innovation in Israel.

In a recent podcast featuring David Gritz, co-Founder and Managing Director of InsurTech NY, we explored the complexities of the yen carry trade and the Sahm Rule, two financial mechanisms with significant implications for global markets and the insurance industry. The yen carry trade involves borrowing yen at low interest rates and investing in higher-yielding assets elsewhere, a strategy that has been lucrative but is now under threat as Japan considers raising its long-held near-zero interest rates. This potential shift could impact Japanese insurers with U.S. subsidiaries, leading to reduced capital flows and tighter reinsurance capacity at a time when the industry is already facing pressures from rising capacity restraints.

We also discussed the Sahm Rule, an economic indicator that predicts recessions based on trending increases in unemployment. Unlike other indicators that often confirm recessions after they begin, the Sahm Rule offers a forward-looking gauge, making it particularly relevant today as U.S. unemployment begins to rise slightly from historic lows. David highlighted how this rule, along with the potential unwinding of the yen carry trade, could signal broader economic challenges ahead, especially for industries like insurance that are highly sensitive to shifts in global financial markets.

InsurTech Amplified talks with Niran Shrestha, a co-founder at Kwant.ai, about the intersections of architecture, civil engineering, data science, and insurance. Niran, with his rich background in architecture and design, and having worked on major engineering projects in the US, shares insights into the challenges and opportunities in the construction industry. The discussion delves into how Kwant.ai leverages technology, particularly Internet of Things (IoT) and data analytics, to enhance safety and efficiency on construction sites.

They explore the significant risks associated with construction, highlighted by the high number of fatalities in the industry, and how Kwant.ai's technology helps mitigate these risks through real-time data collection and analysis. Niran illustrates the use of wearable technologies and sensors in monitoring worker safety and productivity, emphasizing the importance of actionable insights in preventing accidents and facilitating quick responses to incidents.

The conversation also touches on how Kwant.ai's data collection and analysis not only contribute to safety but also to improving operational efficiencies, reducing waste, and potentially influencing insurance premiums and policies. Niran's journey from Nepal to New York, his experiences in various parts of the world, and his passion for building and innovation in construction safety make for a compelling narrative that ties together technology, human factors, and the evolving landscape of construction and insurance.

"So much has changed that I think first and foremost, there has been just a reality check on both sides of the equation in as much as I think insurers and reinsurers are far better equipped now to understand the value of technology, particularly as it relates to their own businesses...because they haven't seen disruption at large, I think that there's less fear." - Andrew Johnston

In this episode, Andrew Johnston, the Global Head of InsurTech at Gallagher Re discusses InsurTech's evolving landscape and his eclectic journey from studying abroad in Japan to shearing alpacas and eventually gravitating towards the insurance sector.

Andrew notes the transformative trajectory of InsurTech, from initial apprehensions about technological disruption to a more nuanced understanding of technology as an integral enabler within the insurance industry.

Andrew discusses the recent dynamics of InsurTech funding, noting a shift from large, speculative investments to more strategic, value-driven funding approaches by insurers and reinsurers. The conversation emphasizes the critical role of founder mindset, highlighting the success of those who approach the industry with humility and a willingness to integrate into the complex insurance landscape. It also touches on the challenges and opportunities in expanding InsurTech's role beyond traditional frameworks to include value-added services, aiming to more deeply embed technology in enhancing customer experiences and outcomes.

We spoke with David Lynch, the Group Chief Technology Officer at bolttech, about the future of the insurance industry and how it is shaped by the advancements in artificial intelligence (AI). With a rich history, including the establishment of Hong Kong's premier fintech accelerator in collaboration with tech giants like Amazon and Microsoft, David is positioned uniquely to provide insights. He details the transformative power of AI, focusing on its integration within underwriting and product customization, and the increasing influence of IoT, especially in product creation.

A significant emphasis is laid on the industry's strategic shift towards a "shifting left" paradigm. David highlights the growing expectation of insurance providers to offer more than mere compensation – they need to provide proactive measures and peace of mind. An illustrative example of this paradigm is state-of-the-art water leak detection devices, which embody the merger of IoT and insurance to address potential hazards preemptively. This notion of prediction and prevention is further solidified with the discussion about agents' roles in an AI-augmented environment and the balance between data sharing, privacy, and delivering optimal results for customers.

On the topic of industry threats and evolutions, David notes the cyclical nature of technological disruptions but sees them as gateways to innovative approaches. The recent digital acceleration due to the pandemic serves as a testament to this. He also underscores the importance of fostering collaborations, emphasizing bolttech's ethos of partnership. Wrapping up, he touches upon the regulatory dimensions of this digital transition, suggesting a symbiotic relationship between insurance providers and regulators for a future-ready industry.

“We're all going down the path to net zero. Every government signed it. Everybody sees climate change happening all around us; the floods in Dubai last week. I mean, you can write what you want about cloud seeding, but this is climate change. And it's just going to get really, really onerous. So I think everybody is getting very sensitive to the fact we've got to get net zero. Net zero doesn't solve the problem. Net zero just means the problem doesn't get worse; we've reached peak problem. It doesn't get worse after that. That's what it means, right? But, it means that until we get to net zero in 2050, it gets worse every single year. Hopefully not too exponentially, but it's getting worse every year. And we see that already happening today. The currency of that net zero transition is carbon.” - Coenraad Vrolijk

In this episode of InsurTech Amplified, Coenraad Vrolijk, the Founder of CarbonPool, shared deep insights into the intersection of climate change, innovation, and insurance. Coenraad emphasized that true innovation in insurance goes beyond mere technological tweaks and involves fundamentally rethinking how risks are managed. He illustrated this with his attempt to lower insurance costs by separating frequency and severity risks. Coenraad's shift to a startup mindset allowed for quicker, more agile decision-making, crucial for driving substantial change.

He also discussed the critical role of carbon as the currency in achieving net zero emissions. He explained that traditional insurance products are ill-suited for carbon-related risks because they pay out in cash, which doesn't address the underlying issue. CarbonPool innovates by creating a carbon-based balance sheet, enabling payouts in carbon removals instead of cash, aligning with the needs of companies committed to reducing their carbon footprint. With increasing regulatory demands and public disclosures around carbon footprints, CarbonPool's approach positions it at the forefront of a significant shift in both the insurance and carbon markets.

In our segment "This Month, Amplified," Theresa Blissing and Michael Waitze together with David Gritz, and Tony Lew from InsurTech NY, tackle some of the most pressing topics and their impact on the insurance industry. Through this segment, listeners can acquire an in-depth understanding of the dynamic challenges within the insurance industry, offering a holistic view of the modern insurance landscape.

This month the conversation begins with an urgent look at the escalating wildfire threat and its repercussions on the insurance industry. We explore the impacts of these calamitous events on the insurance field. For a deeper dive into this topic, don't miss the recent episode featuring Ivan O’Neill, co-founder and CEO of Wuuii.

The team then carries on with an sincere conversation about diversity in the insurance industry and its link to better business performance. This conversation was not just about demographic diversity, but also cognitive diversity — the inclusion of people with different ways of thinking and problem-solving. We discussed strategies to boost diversity within the sector and share inspiring examples of organizations taking strides in this direction.

In This Month, Amplified, May 2024, David Gritz, co-Founder and Managing Director of InsurTech NY, discussed several critical topics including the U.S. Chips Act, China's technological advancements, and the state of public companies in the U.S. Gritz highlighted the significant yet potentially insufficient impact of China’s $47 billion U.S. fund on the global semiconductor industry. He pointed out China's strategic long-term investments in technology, which, despite currently lagging behind the U.S., aim to close the gap. They also touched on the declining number of public companies in the U.S., emphasizing the importance of public investments for economic democracy and how platforms like Sweater and Allocate are working to democratize venture capital.

The conversation further explored issues in the U.S. aviation industry, where David underscored the deteriorating customer service and the importance of new legislation ensuring compensation for canceled flights. They delved into the rise of parametric insurance, which offers more efficient claims processes for certain types of events. Finally, they discussed the legal charges against Hunter Biden, viewing it as a test of the U.S. justice system's independence. Throughout the episode, a recurring theme was the human element in policy and technology, emphasizing the far-reaching consequences of decisions made by individuals and governments.

In our final episode for 2023 of "This Month, Amplified" we welcome David Gritz, a co-founder of InsurTech NY back to the show. David embarks on a journey through the realms of global trade dynamics and InsurTech innovations. As December 2023 winds down, David delved into topics that resonate across borders and industries.

David examined the strategic importance of the Suez Canal in global shipping and its impact on world trade, especially considering recent tensions in the Middle East involving the Houthi group in Yemen.

Further, David shifted to Israel's InsurTech sector. Despite regional conflicts, Israeli InsurTech firms are growing and expanding into European and North American markets, demonstrating resilience and the need for innovation.

The conversation also delved into the challenges of digital content creation and cybersecurity in the age of AI, highlighting ethical considerations and the potential for content manipulation.

Finally, David addressed the changing investment climate in InsurTech, noting the significance of specialized investors and the evolving strategies startups must adopt to secure funding.

In this episode of InsurTech Amplified, we discuss the unique entrepreneurial journey of Brian MacKenzie, Founder and CEO of INFORCE, who grew his company from a small two-person team to nearly 200 employees. Brian shares how the traditional hiring approach in IT is broken, with companies focusing too much on flashy resumes and not enough on finding the right cultural fit. 

At INFORCE, they prioritize hiring driven, long-term employees over experience alone, and this approach has led to remarkably low turnover. Brian also sheds light on how the company expanded globally by tapping into Serbia’s overlooked pool of tech talent, building a loyal and dedicated team in smaller cities away from the competitive job-hopping scene.

One of the most striking insights from Brian is his shift from focusing solely on profits to making a meaningful impact on people’s lives. For INFORCE, success isn’t just about business growth—it's about providing stability for employees, creating opportunities, and fostering a culture that prioritizes trust and development. 

From their rigorous hiring process to their commitment to personal growth, INFORCE's story offers a powerful blueprint for building a company that thrives on loyalty, adaptability, and purpose. Tune in to hear Brian’s inspiring take on what it truly means to lead with impact in today’s fast-paced tech world.

We spoke with Adi Kaimowitz, the Group CEO of Virtual Actuary and author of "Slaying Giants in the Mega Gig Economy," and discussed the transformative nature of business in today's digital age.

Adi reflects on the rapid evolution of technology, emphasizing how today's startups have capabilities similar to major corporations from just a decade ago. The episode underscores the importance of employee empathy in the context of the fourth industrial revolution, which encompasses technology, client interactions, and human connections. There's a notable shift in corporate culture, leaning more towards empowering employees rather than traditional hierarchical dynamics.

Disruption is another focal point, with Adi drawing parallels between industries, illustrating how kitesurfing revolutionized windsurfing. Many large corporations, anchored by their past successes, often overlook potential disruptions to their detriment. Building a company today demands a different mindset, one that embraces digital nomad experiences – viewing life as a blend of lifestyle and business. Branding, especially personal branding, emerges as crucial, with an emphasis on fostering positive online perceptions. Launching a business is likened to the scientific method but on a grander scale, emphasizing starting small – with a single client.

The core takeaway is the value of recognizing opportunities and connecting dots across industries to innovate and disrupt.

In this episode of InsurTech Amplified, we have a candid conversation with Michael Silverman, President and CEO of Silver Lining Insurance, who brings nearly a century of family legacy in the insurance industry. Michael emphasizes that while technology is reshaping how insurance is sold and serviced, the core value of the business remains deeply personal. 

Insurance isn’t just about selling policies; it's about being there when clients need protection the most. With a growing reliance on tech, like custom apps and CRM systems, Silver Lining ensures clients are covered with ease, but the human connection is still the key differentiator.

As lifestyles evolve, particularly with younger generations opting for more flexible living arrangements like renting and remote work, insurance companies are being pushed to adapt. The traditional focus on home and car ownership is giving way to new demands for mobility and simplicity. Michael believes that flexibility, simplicity, and evolving communication methods will define the future of insurance. 

However, amidst all this change, one thing remains constant—building relationships and understanding clients' needs will always come first, regardless of technological advancements. Silver Lining’s success is proof that blending innovation with tradition is the way forward for the industry.

In this episode of This Month, Amplified, Michael Waitze and David Gritz, co-Founder and Managing Director of InsurTech NY, explored significant Supreme Court decisions and their broader implications. They discussed the overturning of the Chevron doctrine, which shifts interpretative power from administrative agencies back to the courts. This change purports to bring more stability to legal interpretations and may reduce the influence of specialized expertise in decision-making. They also examined the legal and social complexities of addressing homelessness, emphasizing that while enforcing laws against public camping can help maintain public order, long-term solutions require increasing affordable housing through changes in zoning laws.

Additionally, the conversation touched on the precedent-setting nature of decisions on presidential immunity, particularly in the context of Trump v. United States. The ruling upholds certain aspects of presidential immunity, sparking debates about the balance of power and accountability in the executive branch. Gritz highlighted that maintaining a healthy democracy requires holding leaders accountable while allowing them to perform their duties effectively. Overall, the discussion underscored the intricate dynamics of governance and the law in the United States and their impact on society.

InsurTech Amplified really enjoyed its conversation with Janene Jonas, the Founder and CEO at RiskCreative.

Janene Jonas' journey from the excitement of radiology in a bustling football stadium to the nuanced world of insurance in Chicago teaches us about adaptability, the importance of financial literacy, finding unexpected purpose, the power of empathy, and navigating complex industries.

Janene shared some pretty incredible stories, starting with how her Uncle Mike acted as an early mentor when she first moved to Chicago.

While Janene's eventual move into the insurance industry was unplanned, it revealed itself to be a domain where she could have real impact.

Janene's insights into the complexities of the insurance industry, especially in employee benefits, reveal the multifaceted challenges professionals face in this field. The industry's intricacies, from federal regulations to state-specific laws, and the need to accommodate diverse client needs, demand a high level of expertise and adaptability.

Her determination to tackle complex issues shows the impact of creative thinking and persistence. Her journey is a powerful reminder of the potential for individual initiative to drive change and improvement.

InsurTech Amplified spoke with Jon Soberg, Managing Partner at MS&AD Ventures. Jon has been an early-stage Venture Capitalist for around 15 years, investing in seed and series A rounds across multiple sectors globally. 

This episode delves into the world of InsurTech investment, focusing on the sector's evolution over the past three to five years. According to Jon, investment trends in financial technology (FinTech) usually follow repetitive patterns or "waves", with different sub-sectors gaining attention in succession. The discussion highlights mobile payments, lending, challenger banks, and InsurTech as examples of these waves. 

Jon notes that the InsurTech sector has seen a decrease in late-stage investments recently, partly due to the economic downturn after the pandemic and partially due to the subpar unit economics of some of the public InsurTech companies. In this climate, seed-stage investors like Jon need to manage relationships with different stakeholders, including the founders, the companies themselves, and later-stage investors.

Michael and Jon discuss how companies can cope with a downturn in investments. Jon emphasizes the importance of prudent management of available funds, with some companies cutting costs, narrowing their focus, or driving towards proving out their unit economics. The goal is to extend the time a startup has to figure things out. However, Jon voices concerns about companies reaching breakeven but not growing well enough to attract investors for the next round of funding.

Jon notes that investing in InsurTech will likely face a tough period. Traditional VCs are losing interest in InsurTech, leading to a decline in investment. Moreover, smaller markets will face more substantial challenges due to decreased capital inflow.

InsurTech Amplified had an insightful discussion with William Steenbergen, a co-founder and the CTO at Federato, about the role of technology and machine learning in the insurance industry. The conversation kicks off with William discussing the integration of machine learning in insurance, emphasizing that it should be a tool to enhance human capabilities, not replace them.

William talks about how machine learning models can be built to optimize the objectives defined by actuaries and portfolio managers. In the context of insurance, he explains that often insurers misunderstand their exposure to certain risks. William mentions an instance of a company that was significantly off in its estimation of risk exposure, underscoring the need for better risk management tools.

The conversation then shifts to the topic of model complexity and overfitting. They liken the problem to a privacy issue within machine learning in insurance: are underwriters willing to relinquish some control and be guided by machine learning for the overall benefit of portfolio management?

William discusses the role of user experience (UX) in designing tools for underwriters. They note that moving from traditional tools like Excel to more intuitive and streamlined user interfaces can improve workflow and aid in talent retention.

The conversation concludes with a discussion of William’s personal journey from academia to entrepreneurship. He attributes his success in this transition to the unwavering support of his family, his love for getting things done, and the similarity he finds between pursuing an academic project and building a company.

InsurTech Amplified had a lot of fun speaking with Stuart Winchester, the CEO of Marble. Stuart shared his unique path into the insurance industry, initially diverging from his family's insurance background to explore other fields, ultimately coming home to roost in the insurance space and leading to the inception of Marble. Our discussion underscores the importance of leveraging diverse experiences and cross-disciplinary skills to foster innovation in the traditionally conservative insurance sector, highlighting Marble's mission to revolutionize insurance distribution through technology.

Our conversation highlights the opportunities and challenges in engaging customers and personalizing the insurance experience in an era dominated by digital interactions. Stuart’s insights into using real-time data for developing responsive insurance solutions, and the potential for future integration and co-creation with tech giants and consumers, imagine a promising picture for the InsurTech industry. This conversation not only sheds light on the evolving landscape of insurance distribution but also emphasizes the critical role of technology in bridging the gap between traditional insurance models and the needs of the modern consumer, signaling a shift towards more accessible, engaging, and tailored insurance offerings.

In this episode of InsurTech Amplified, Aaron Letzeiser, co-founder and COO of Obie Insurance, shared his journey from a non-traditional insurance background to transforming the insurance process for real estate investors. Aaron and his brother Ryan identified a significant problem in the industry: the lack of transparency and control in obtaining insurance for real estate investments. By leveraging their combined expertise in business and real estate, they created a solution that digitizes the underwriting process, provides instant quotes, and empowers customers to make informed decisions. Aaron's story underscores the importance of empathy, curiosity, and leveraging existing skills to solve real-world problems.

Aaron also emphasized the value of good partnerships and the impact of embedded insurance. By partnering with strict lenders and integrating the insurance purchasing process into real estate transaction platforms, Obie Insurance ensures compliance and eliminates delays. This innovative approach, called Embedded 2.0, benefits both lenders and buyers, simplifying the insurance process and reducing administrative burdens. Aaron’s experience highlights how technology can transform traditional industries, making processes more efficient and user-friendly, and offering valuable lessons for entrepreneurs and industry professionals alike.

InsurTech Amplified spoke with Ivan O'Neill, the co-founder and CEO of Wuuii to discuss the many challenges that communities face when trying to adapt to climate change, particularly those prone to wildfires. The conversation delves into the numerous societal, economic, and political complexities that impact the path to building more resilient communities in wildfire-prone areas.

The first topic tackled is the significant resistance they often encounter from local communities and property owners. This pushback is rooted in concerns about personal freedom and skepticism towards government regulation. This issue calls for increased dialogue, education, and efforts to cultivate trust between community stakeholders, policy-makers, and scientific experts. Although managing these perceptions and apprehensions can be complex, it is critical to ensure that protective measures against wildfire risks are adopted.

There are profound economic disparities that exist within these communities. Often the residents most vulnerable to wildfires are also the least equipped to invest in wildfire mitigation strategies. Ssystemic changes are necessary to rectify these disparities, emphasizing the role of local governments and institutions in this process.

With WUUII Ivan developed software, which aims to assist fire agencies, property owners, and communities in understanding their wildfire risk and implementing necessary measures to mitigate it. The software is designed to actively engage users, creating an interactive, user-friendly experience that promotes awareness and proactive action.

Despite the technological advances and the potential of WUUII to contribute significantly to wildfire risk management, the duo discusses the puzzling disconnect between the insights provided by the software and the insurance industry's response. Specifically, they note that despite the valuable data the software can provide about an individual's or a community's wildfire risk, these insights have yet to noticeably impact insurance premiums.

Drawing parallels from the early days of the rooftop solar industry, Ivan advocates for the creation of effective incentives, such as tax credits and rebates, to motivate property owners to invest in fire-resistant adaptations. He believes that these economic encouragements could significantly increase the adoption of these strategies, ultimately enhancing the overall resilience of communities at risk of wildfires.

Topics discussed in this episode:

• Community Resistance: Local skepticism towards government fire regulations.
• Necessity of Dialogue: Trust-building via conversation between stakeholders.
• Economic Disparities: Challenges for vulnerable residents in wildfire mitigation.
• Software Role: Utilization of software to comprehend and reduce wildfire risk.
• Insurance Industry Misalignment: Gap between risk data and insurance industry response.
• Incentives for Adaptations: Need for rewards to motivate fire-resistant modifications.
• Climate Adaptation: The role of trust, inclusivity, and tech in resilient communities.