InsurTech Amplified Theresa Blissing and Michael Waitze

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

"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.

"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.

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.

"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.