60 episodes

For over a century, the Insurance industry has stood by people at the worst moments of their lives, and kept the risk of these moments from standing in the way of people pursuing their dreams.

But the industry, and the demands of the people we serve, are changing. The Future of Insurance podcast brings you thoughts from leaders from across the industry to help inspire and inform how we can all help evolve into the future.

Brought to you by Bryan Falchuk, industry veteran and author of the best-selling series, "The Future of Insurance: From Disruption to Evolution"

The Future of Insurance Bryan Falchuk

    • Business
    • 5.0 • 4 Ratings

For over a century, the Insurance industry has stood by people at the worst moments of their lives, and kept the risk of these moments from standing in the way of people pursuing their dreams.

But the industry, and the demands of the people we serve, are changing. The Future of Insurance podcast brings you thoughts from leaders from across the industry to help inspire and inform how we can all help evolve into the future.

Brought to you by Bryan Falchuk, industry veteran and author of the best-selling series, "The Future of Insurance: From Disruption to Evolution"

    The Future of Insurance – Matteo Carbone, Founder, IoT Insurance Observatory

    The Future of Insurance – Matteo Carbone, Founder, IoT Insurance Observatory

    Matteo Carbone is the Founder and Director of the IoT Insurance Observatory, Co-founder of Archimede Spac, Global InsurTech Thought Leader, and an investor.
    He is internationally recognized as an insurance industry strategist with a specialization on innovation. Matteo is author and world-renowned authority on InsurTech - ranked among top international InsurTech Influencers - and he has spoken to audiences in twenty different countries. He published the first bestseller dedicated to InsurTech: “All the insurance players will be insurtech” and is member of the Forbes New York Business Council.
    Matteo has advised more than 100 different players in ten insurance markets around the world and has wide insurance experience which includes set up of industrial and commercial plans, growth strategy definition and support in the start-up of new initiatives, digital strategy development, insurance products innovation, channel strategy and commercial model definition, startups mentorship and advice M&A deals. He has worked directly with players accounting for more than 80% of the international IoT insurance volumes (number of policies on auto telematics, smart home, and connected health).
    Before creating the IoT Insurance Observatory and co-founding Archimede, he spent eleven years in Bain & Company’s Financial Service practice. Matteo received his degree in Business Administration from Bocconi University, Milan.
    Highlights from the Show
    Matteo's entire career has centered around Insurance innovation, and he's specifically focused on IoT and Telematics since 2012 From the early days, when people were skeptical, Matteo saw the promise in the data behind IoT, but was skeptical of the buzzword activity around it and some of the ideas generated by that buzz One of those buzzworthy ideas is UBI or pay-per-mile, which has not taken off for carriers offering it over more traditional telematics offerings that just give you a fixed discount for driving behavior observed during a set period (like three months, or your prior year with the carrier) One reason is that people don't like the uncertainty of their final cost that comes with UBI It's not unlike the old days of cellphone plans where we paid per minute, whereas now, people generally prefer unlimited plans COVID changes things a bit as people drove less and heard more about how they could save money through UBI programs, making them more attractive, and therefore grow significantly However, large incumbents with both basic telematics and UBI offerings saw that the traditional telematics offerings is 2-4x larger than UBI still He still advises carriers to have a UBI offering on their shelf, but it will be the second telematics offer rather than the primary for some time, if not indefinitely Some wonder if IoT will make pricing so transparent that people no longer see the need to buy insurance, but Matteo points to the concept of risk pooling as a reason against this because losses will still happen regardless of your certainty around them, and individuals cannot generally afford the cost of losses, while a pool of risks can Instead, the level of mutuality is reduced as you move down to smaller pools of similar risks that are more homogenous than you can get to without IoT and the data is provides Matteo has been more open in his doubts about some of the InsurTech carriers' ability to survive, which he addressed, saying that he does think some will survive, but some are more storytelling than delivering a sustainable business But he still appreciates even these more questionable startups because they are pushing incumbents on a number of fronts, and that's a good thing for the industry as a whole; he just advocates for a more pragmatic lens on what they're doing that's free of the marketing hype Matteo believes in innovation, and that we should be pragmatic in looking at ways data from IoT can improve customer experiences, products, tools and opportunities to ups

    • 23 min
    The Future of Insurance – Steven Mendel, CEO & Co-Founder, ManyPets

    The Future of Insurance – Steven Mendel, CEO & Co-Founder, ManyPets

    Steven has over 25 years’ experience as an actuary in financial services which has included leading Close Brothers Wealth Management during the launch of their non-advised offering; creating the world’s first art-focused wealth advice offering for Christie’s; working as part of the team that formed Barclays Wealth and heading the McKinsey UK Savings and Investment Group.
    Steven founded ManyPets (www.manypets.com), which is disrupting the world of pet insurance through the innovative use of tech, and is building a business to become an irresistible employer that is obsessive about customer service.
    In April 2019 Steven was included in the London Business School Review of 30 People Who Are Changing The World.
    Highlights from the Show
    Steven is an Actuary, who has worked in several different larger, corporate businesses to build startups within them before leaving to start his own business Steven did a lot of work for insurers, but intentionally never went to work for one after leaving consulting because of what he saw as an unfair way consumers were treated by large corporate insurers He talked to a close friend and colleague about leaving their corporate jobs to do something different and better in 2011/2012 The idea they came up with was to build communities inside of insurance to help individuals with niche insurance needs get access to better coverage than they'd be able to get on their own Better, to them, meant better around price, product and customer experience What they were building, which they called Bought by Many, was a digital broker before that was really a thing, with a hope of getting better access to product for their customers, but they still struggled to get them a better customer experience, so the solution was still not really solving the problem they focused on They discovered that the underlying brand of the insurer didn't matter as customers kept thinking Bought by Many was their insurer, and would complain to them when the insurer was doing a poor job on claims, which suggested to them that they could get into insurance despite a lack of an insurance brand They surveyed their various community members across all the spaces they had coalesced around, like pet ownership, cycling, travel and more, to see what products seemed to have the most interest, and what needs their members had around those products to know what needed to be developed to have something successful BBM's biggest and most engaged community was pet owners, and their needs lead to seven new pet insurance products that had not existed on the market yet They also needed to define a totally new customer experience, taking six months to define a totally different customer journey, launching in 2017 They added travel in 2018, and then small business coverage They struggled to manage the growth across these three product spaces, and refocused on pet insurance, and set a vision of being the leading pet insurer in the world, leading them to expand to Sweden (where pet insurance had originated), and then to the US They are a tech-focused business, using the scale they've built to leverage their tech investment to deliver a more efficient, smooth customer experience, using the data their tech generates to keep doing better When the pandemic hit, they saw many things change, firstly that they easily went remote while most of their competitors couldn't They also realized many people would be struggling financially, and may not be able to pay for the existing products, so ManyPets created a more stripped down coverage that met the basic needs people would have to avoid catastrophic pet health bills They also launched in the US in the midst of the pandemic in March 2021, and 6 months later, had a half million pets insured This episode is brought to you by The Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.
    Follow the podcast at future-of-insurance.com/podcast for more details and oth

    • 28 min
    Matt Masiello, CEO, SIAA

    Matt Masiello, CEO, SIAA

    As CEO of SIAA, Matt Masiello has responsibility for executive management of the largest alliance of independent insurance agencies in the United States and its related companies, providing leadership to senior executives of SIAA and Master Agencies across the country.
    His more than 28 years of experience at SIAA and SAN Group have instilled in him the skills, knowledge, and expertise to lead SIAA and SAN Group (SIAA's original and largest Master Agency operating across the Northeast). Matt has responsibility for the overall success of both companies, as well as providing strategic vision and leadership for their futures.
    SIAA has 48 master agencies covering all 50 states with 13% of all U.S. independent insurance agencies as members, which write over $10 billion in premium, making SIAA the largest national independent insurance agency partnering network.

    Matt is also the author of the book, Insurance Agency 4.0, available now.
    Highlights from the Show
    Matt has been in the independent agent channel for nearly 30 years, for his entire career SIAA started in 1995, and is a national alliance of independent agencies with 48 master agencies, and has three focus areas: Market access, which has become table stakes today Generating top line revenue for agencies beyond commission to help them thrive Agency development services to help agencies when starting up, through to the most mature agencies They also help carriers interact with and manage relationships with independent agents by providing scale and coordination to the carriers, as well So much of the economy is concentrated in small businesses, and that's true of agencies, too, where 70% of agencies are under $1.2m in revenue With all the talk over the years of threats to the independent agent channel, Matt is extremely excited about the prospects for the channel today Some of acquisition and consolidation at the upper end of the channel has helped to spark innovation and entrepreneurialism on the smaller end, including the starting up of new agencies He's lived through other threats that were supposed to end the channel, like banks moving into insurance in the 1990s or the internet in the early 2000s Today, there's a lot of talk about Embedded insurance, which is being talked about as putting agents out of business Matt sees Embedded taking some sales But he also sees a lot of situations where Embedded isn't designed to respond, like people with more complex needs, multiple policies across lots of products (Home, multiple Autos, Umbrella, Life, etc) Part of the way agents will survive is through being purposeful in the kind of customers they target, and ensuring they have the tools to serve those customers and offer them value That goes for the value agents offer to carriers, as well, including market access but also providing the advice, guidance and other valuable services that carriers need agents to do Some advise agents to pull back from spaces where direct or digital are too threatening, like personal auto, but Matt sees that being the wrong answer We talked about how US car makers pulled back from selling sedans, but consumers still buy them from other manufacturers – the US car companies just weren't making sedans people wanted to buy People are still buying personal insurance and need protection, so just be sure your offering meets their needs The key is not to go after the price-sensitive, monoline shopper, but look for the one who needs multiline protection and values advice, guidance and support You have to know your segment, but then recognize that its changing and has evolving needs, so you must interact with it differently The days of just quoting someone's auto policy are gone as 70-80% of people are starting their insurance journey online, so an agent needs to be digital to interact with those people, and then take them on the rest of the journey for the broader insurance needs they have rather than just thinking about the single

    • 37 min
    John Swigart, CEO & Co-Founder, Pie Insurance

    John Swigart, CEO & Co-Founder, Pie Insurance

    John, who was named a 2020 Mid-Atlantic Entrepreneur of the Year, has been responsible for overseeing all aspects of Pie since its establishment in May 2017. He brings over 20 years of experience in tech-enabled insurance and financial services businesses. Prior to Pie, John served on the Esurance executive team for 13 years, where he initially led all of the financial functions from 2000-03 and then became the company's first Chief Marketing Officer. Under John's leadership of the marketing team, Esurance premium volume grew from $50 million in 2003 to $1.3 billion in 2013. Esurance was sold to Allstate in 2011 for $1 billion. John holds a B.A. in Economics from Haverford College.






    Highlights from the Show






    John started in insurance through his family's business while he was in college, making his way to Esurance in 2000, ultimately leading the Finance team and then as Chief Marketing Officer until 2013 After swearing he'd stay out of Personal Auto because of the competition dynamics, he met his co-founder, Dax Craig, in 2016, who together created a different vision for small business commercial insurance buyers They wanted to make their offering as easy as pie, hence their name, Pie Insurance Small Commercial is a target market for so many, yet few have really been serving it well, despite how well it performs They found Small Commercial to be an underwriter-driven space even though most businesses in the space don’t have the loss history and complexity to require that kind of attention Instead, Pie was built to look at the data available about the business and think through the risk with an algorithm; they still have underwriters behind the algorithm They've found this to be critical in their lines, starting with Workers Compensation, because there is a lot about a risk that isn't available in data or as finite as it would be in Personal Auto or some other lines That makes it hard to figure out what the business actually does, and therefore what the exposure behind it is This is especially problematic in Workers Comp because you're on the risk, whether they or you mis-categorized the business as the injured worker isn't a party to the policy, and therefore can't be denied coverage Pie therefore looks at taking in the 'digital fingerprint' of a business through its online presence, to develop a more accurate picture of what the business actually does than you'd get on an app The net result of inaccurate underwriting when the market is making money is that insureds are being over-charged, or at least many risks are being over-charged to make the total risk pool profitable for the carriers writing the business By being able to more accurately segment and price risks, Pie is able to charge less for risks it understands better and yet still earn a competitive return Pie's algorithms are working to distinguish rate within a class, while the rating agencies like NCCI are determining it between classes at an average level for a given class This has allowed them to grow rapidly and profitably because they price accurately to win the right risk rather than doing what others have done, which is just under-price to sell They've doubled the book in the last year, growing to over a $300 M run rate as of earlier 2022 They also sell direct, through agents and brokers and partners John learned lessons from his first go-round with Esurance: Underwriting comes first, so you need to build a profitable book, especially if you're using someone else's balance sheet because you must have that support to do business It is all about the people (which they call Pie-oneers) Looking forward, line of business matters, so there are lines Pie isn't considering (like Cyber), but they recognize that their customers have additional needs like Commercial Auto, Liability and Property Where they can have a data and analytics advantage, it makes sense to think about expanding But they couldn't start wit

    • 37 min
    Vern Steiner, CEO, State Compensation Insurance Fund

    Vern Steiner, CEO, State Compensation Insurance Fund

    Vernon Steiner was appointed President and CEO of State Fund on June 9, 2014. Vern has 30 years of insurance industry experience, the majority in workers’ compensation. As the President and CEO, he reports directly to the Board of Directors and is responsible for the day-to-day operations at State Fund.
    Vern began his career in 1990, as a Claims Examiner. Early in his career, Vern experienced the workers’ compensation system from the point of view of a third party administrator, a self-insured/self-administered employer and a managed care organization. In 1995, Vern joined AIG as a Service Center Manager, and by 2003, when he left AIG, he was the Regional Vice President, Northwest. He worked for CNA from 2003 to 2007, starting as the Vice President, Field Operations and ultimately Vice President, Workers’ Compensation. Prior to joining State Fund, Vern served as Senior Vice President, Claims at Zenith Insurance from 2007 to 2014.
    Vern was a member of the Workers’ Compensation Research Institute’s (WCRI) advisory board from 2009 to 2016, and he served as the California Workers’ Compensation Institute's (CWCI) Board of Directors Chairman and as a member of the Fraud Assessment Commission from 2014 to 2016. He is currently on the CWCI board, the executive committee of the board, and has served on the WCIRB Governing Committee since 2014.
    Vern received his Bachelor of Arts in Philosophy from the University of California, Los Angeles. He also earned the Leadership Fellow designation from the National Association of Corporate Directors (NACD).






    Highlights from the Show
    The State Comp Fund was setup to provide Workers Compensation insurance to businesses in California that weren't able to find it elsewhere What they've really focused on over the past few years, they've realized they can't just be a market of last resort if they wanted to genuinely meet the needs of businesses that turn to them for coverage SCIF swelled to being the largest carrier in California, and the country overall due to market conditions Due to restrictions on hiring and investment in tools, they weren't able to scale their staff to meet the surge in business, and feel they were not serving the market acceptably, and that hurt their brand and the organization's morale For the past 8 years, they've been working to transform the culture and brand by accepting their past shortcomings and working to do better They started an effort around innovation that engaged the entire organization, training everyone on design thinking (which they called Experience by Design) and running  Challenges for employees to come up with new ideas to improve the company They also took a look at their 10 core values, like Honesty, that were good, but were hard to identify with or see how they really applied to the business; they come up with four new ones that came from the people and were more action-oriented, like Be Innovative They also embrace the ideas that don't move ahead for various reasons like prioritization calls that have to be made, and ensure people are still engaged even if their idea isn't taken up We discussed SCIF's innovation in their direct business, which was essentially the same process and approach as their broker business, but without an advisor to guide you through something very long, arduous and confusing for most business owners SCIF realized that the way people buy insurance will be disrupted and change, and they need to able to engage in that shift themselves Simplifying things a bit, SCIF doesn't actually underwrite since they're a Take All Comers market; instead they just need to develop a price, allowing them to cut out more questions than a carrier doing risk selection in addition to pricing might have to do When they built and launched their new direct, digital journey, they learned that people buy insurance around the clock, even on Thanksgiving and Christmas They've since found additional ways to simplify the p

    • 46 min
    Sean Burgess, Chief Claims Officer, Lemonade

    Sean Burgess, Chief Claims Officer, Lemonade

    As a veteran in the insurance industry, Sean brings nearly 30 years of experience and expertise to Lemonade as Chief Claims Officer. In this role he’s responsible for claim handling policies, procedures, and execution across all US and EU territories for Lemonade’s full book of insurance products spanning renters, home, pet, car, and life.

    Prior to joining Lemonade, Sean spent more than 25 years at USAA  holding various leadership positions, the latest being Chief Claims Officer where he had oversight of claim handling for all personal  and small commercial lines of business. During his tenure, the company doubled in size, becoming the third-largest homeowners and fifth-largest auto insurer in the US, all while delivering industry-leading loss adjustment expenses and being consistently recognized as the highest rated in claims service by JD Power. 












    Highlights from the Show
    Sean has spent nearly 30 years in P&C, all of which was with USAA where he was Chief Claims Officer, before joining Lemonade earlier this year to serve as their Chief Claims Officer What attracted Sean to Lemonade is a view of being there for customers throughout their life and needs rather than a single product or life moment, the technical capabilities to deliver that, and then the people and culture that embraces change and possibilities Lemonade built its own tech, from the start, from the ground up, and tries to be vertically integrated in their tech, which Sean sees as enabling a lot of advantage to what they can do and how they do it Balancing the outside mindset from Tech and the Insurance expertise of industry veterans is hard, but important so you can have the expertise but still stay open and flexible Lemonade is launching their Car product, which coincided with Sean joining, which is a huge undertaking, but an important one to covering the complete picture of their customers It also represents a big opportunity around telematics, which makes sense given how digital Lemonade's customer base is, which yields a 90% take rate for telematics-based coverage Moving into Car will help Lemonade grow given the premium, but also given the importance to their customers Acquiring Metromile also helps here because of the data Lemonade gains through the acquisition after years of insuring cars and collecting telematics data on them that Metromile brings Lemonade day one Telematics can help with claims by better informing what's happened and how to help as quickly and appropriately as possible Sean's first day on the job, he talked to an adjuster who shared that claims are 70% done by the time she gets it, meaning she can really focus on helping the customer and using her expertise rather than dealing with the administration of handling a claim Sean talked about the shift from being so price-driven to being trust-driven, knowing there's someone who stands with you throughout your life AI is not about people losing their jobs, it's about letting people focus on doing the work that matters and having the space to engage personally rather than being overloaded with process Lemonade doesn't just measure customer satisfaction, but also measures empathy they got from the advocate at Lemonade This episode is brought to you by The Future of Insurance thought leadership series (future-of-insurance.com).
    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.
    Music courtesy of UPbeat Music, available to stream on Spotify, Apple Music, Amazon Music and Google Play. Just search for "UPbeat Music"

    • 31 min

Customer Reviews

5.0 out of 5
4 Ratings

4 Ratings

Aaron KH ,

Bryan is the definition of “Expert”, and curates the best conversations in the business

A lot of podcasts tend to rehash or recycle old conversations, but Bryan has managed to provide a future facing resource for the insurance industry. Subscribe and enjoy hearing from the best voices in the industry.

Jim_Schubert ,

For anyone ready to embrace inevitable change

If you’re nervous about all the change happening in the insurance industry today, you’re not alone. Bryan does a fantastic job breaking down what’s happening in InsureTech and beyond in this show. And the discussions he has with his guests help the rest of us learn how to embrace the opportunities hidden in the disruption that is occurring today.

Top Podcasts In Business

Ramsey Network
iHeartPodcasts
NPR
Jocko DEFCOR Network
Barstool Sports
Ed Mylett

You Might Also Like

Jason Calacanis
The Motley Fool
Cal Newport
NPR
NPR
InsTech