The Future of Insurance Por arte de portada

The Future of Insurance

De: Bryan Falchuk
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  • Resumen

  • For over a century, the Insurance industry has stood by people at the worst moments of their lives, and kept the risk of these moments from standing in the way of people pursuing their dreams. But the industry, and the demands of the people we serve, are changing. The Future of Insurance podcast brings you thoughts from leaders from across the industry to help inspire and inform how we can all help evolve into the future. Brought to you by Bryan Falchuk, industry veteran and author of the best-selling series, "The Future of Insurance: From Disruption to Evolution"
    Insurance Evolution Partners
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Episodios
  • The Future of Insurance – Bill Pappas, EVP Global Head of Technology & Operations, MetLife (Live from ITI)

    The Future of Insurance – Bill Pappas, EVP Global Head of Technology & Operations, MetLife (Live from ITI)
    Jul 9 2024
    Bill Pappas is Head of Global Technology and Operations, and is a Corporate Officer and a member of the company's Executive Leadership Team. In this role, he directs a team of more than 43,000 people responsible for technology development, infrastructure, information and cyber security, data strategy and analytics, customer service, operations, crisis management, business continuity and procurement for all lines of business, serving more than 90-million customers across 40+ countries around the world. Pappas joined MetLife in 2019 from Bank of America, where he was the head of operations for the consumer, small business, wealth management and private banking businesses. In this role, Pappas directed a team comprised of more than 50,000 employees and contractors delivering integrated service and operations solutions to approximately 63-million consumers and clients. In addition, Pappas led the global business services team that provided integrated technology solutions across Bank of America. Pappas holds a B.A. cum laude in government and an MBA in international business from Bentley University where he serves on its Board of Trustees. He also is a contributing thought leader as a member of the Gartner Research Board and the Forbes Technology Council. Highlights from the Show Bill and his team are responsible for everything tied to customers and their experience, and includes roughly half of MetLife's staff with about 60k peopleBill has never seen the level of complexity, ambiguity and uncertainty that we have today at any other time in this 30 year Financial Services career, and there's a convergence of these things today that's quite different Many of these issues – supply chain, inflation, political uncertainty, cyber – is the first time we're facing them, so there's no existing playbook for any of these items Customer expectations spiked in COVID, but haven't let up since then MetLife has worked on the process to understand the customer needs, wants and demandsThen they look at product and process match up with those customer requirements, and then move to development where there's a gap This takes also look at staff, and how they're supported in supporting customers, so MetLife looks at how it creates and maintains a contemporary workforce, which is something that must be dynamic over time How do skillsets evolve, and how do you ensure your workface has the right skills at any given timeWorkforces are hybrid, have moving priorities and expectations, and decision making isn't as command-and-control as it might have been years ago They are deliberate in not having technology for technology's sake but only in support of the company's strategic objectives, which helps protect against siloed thinking for any one functionInnovation is something they've moved to make it part of every staff member's work as part of the culture's DNA rather than existing in a specific team or group They run hackathons, setup investment mechanisms for new ideas and more to ensure innovation is everyone's responsibility and they're empowered to deliver on it DE&I is important to MetLife and is part of everything they do, but they couldn't operate with such a customer focus without it and the diverse thinking and skills that come with it For example, you cannot develop new, powerful tools like AI without different approaches and mindsets involved or you end up with something out of sync with your customer baseThey see a shortage of women in STEM, and have been working with universities to drive more involvement by women in STEM career paths, and then looking at how to support them better through their careers; this is something they've also worked with other companies and non-profit organizations in the communities MetLife operates in to help make meaningful progress You cannot move the industry or the market on your own, so MetLife has chosen to convene the industry to help learn together and foster the progress the company is trying to make on macro-level things like talent, AI and more This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.
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    30 m
  • The Future of Insurance - Rick McCathron, President & CEO, Hippo (Live from ITI)

    The Future of Insurance - Rick McCathron, President & CEO, Hippo (Live from ITI)
    Jul 2 2024
    Richard McCathron is CEO and President of Hippo Insurance and has served as a member of the Board of Directors since February 2017. Prior to Hippo, Rick held senior executive positions at various insurance companies including First Connect Insurance, Superior Access Insurance and Mercury Insurance Group. Rick is both a Chartered Property & Casualty Underwriter (CPCU) and a Certified Insurance Counselor (CIC) and sits on the board of directors of Spinnaker Insurance Company and First Connect Insurance. He is an advisor for several other InsurTech companies and holds a BS in Finance from Oregon State University. Highlights from the Show Rick's insurance career spans a lot of areas, including different carrier functions, distribution and more, and has been at Hippo for 8 years, including his current role as President & CEO2023 reminded Rick of the Northridge Earthquake and the impact that had on the industryHail was a major driver of loss in 2023, which coincided with a trend to buy net quota share insurance (QS with a cap for CAT losses) and Excess of Loss (XOL) coverage above thatThere weren't big events that would trigger XOL coverage, but the small losses exhausted the QS coverage, so many carriers found their balance sheets impacted There's a fundamental shift in insurance around our financials but also consumer behaviorsThe pricing pendulum swings wildly because cost drivers move fast, but rate filings and approvals move slowlyTech solutions at carriers are helping to narrow the time gap to help with this, especially tech-driven carriers like HippoHippo also mixes its approach to the market between their own product, their fronting business that brings in revenue from other players and lines of business, and their distribution arm, First Connect, that brings commission revenue from selling other carrier's products Growth in this context is imperative to be about profitable growth, and Hippo has focused on this now, whereas there was an initial push to grow, generallyThat means having more specific offerings to specific buyers, like those who would adopt IoT to protect their propertyEmbedding insurance into new home construction, but using its agency to ensure they don't end up with aggregation issues when working with a builder to insure a new development Rick watches reinsurance profitability as a sign of where primary insurers will end up since there's a disconnect in when reinsurers move prices and when primary insurers are able to price that into their filingsThe fundamentals of insurance aren't changing, but the rate of speed that you have to adjust how you write and the customer demands and expectations continue to change constantlyRick shared his view on AI, where it is real today, but the AI being used now won't be anything like what we will use in 2 years given how fast it's evolving The traditional coverages the industry is selling are increasingly disconnected from what the exposures they insure are and what consumers actually need for protection (and the affordability of the coverage they can get)People want genuine customization in all aspects of their lives, and to know that what they're getting is genuinely built for their needsEmbedded insurance – we have to meet customers where they are, like embedding pet insurance in the adoption process or the purchase process for homes or carsRemembering the fundamentals, but that there's a customer at the other end of this, and we have to serve them if we want to ultimately succeed We talked about being proactive on claimsUsing Parametric coverage is one way to do that since coverage can be delivered instantaneously (or very quickly)Reaching out to customers when we think there's likely to be a claim (like when there's 2" hail in their area), which historically people think leads to buying claims, but Hippo has seen that the claims would come in anyway, but they'll come later and with some form of representation (attorney, public adjuster), so you end up paying more for the claim in the end than if you had handled it correctly from the moment the loss occurred. This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.
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    31 m
  • The Future of Insurance – Charlie Sidoti, Executive Director, InnSure

    The Future of Insurance – Charlie Sidoti, Executive Director, InnSure
    Jun 25 2024

    Charlie Sidoti is the Executive Director of InnSure, an industry-funded not-for-profit with a mission to foster innovation in insurance. InnSure’s integrated programs are designed to help insurance professionals and organizations survive and thrive by improving their ability to respond to the disruptive forces that are reshaping the industry. InnSure provides a roadmap for corporate sponsors, experienced industry talent, and outside contributors to connect, innovate and move the insurance industry forward, together. To learn more, visit InnSure.org.

    Highlights from the Show

    • Charlie Sidoti spent 20 years with large, P&C carriers on the commercial side, and then 10 years in the analytics space around insurance before founding InnSure, which is a non-profit focused on innovation in the insurance industry around climate change
    • They looked at where investment around climate impact was going for the insurance industry, and it tended to be things to help us exit lines or markets faster (avoiding risk, raising rate), and that didn't seem to solve the real issue or be what insurance is meant to do
    • InnSure engages in its mission in a number of ways, including:
      • Climate Risk and Insurance Sandbox
      • Community Embedded Insurance Initiative - to help communities shape their insurability
      • InnSure Corps - multifunctional group from across and around the industry to take newer talent and help them see how to have an impact and grow their abilities as leaders of the future
      • Interacting with government and administering grants and prizes, such as the one from NYSERDA we talked about later in the episode
    • As a non-profit, InnSure can take a position and engage differently than for-profit, commercial enterprises can, including taking a long term view of things and investing with that horizon
    • The Innovation Prize, which is a $5m program from the NY State Energy Research Development Agency that InnSure is administering by giving grants of $500k to $1m
      • The program is helping to foster ideas past the initial risk in commercialization that many great ideas face early in their journey
      • Insurance in particular can help protect NYSERDA's investments in clean tech, clean transportation and clean buildings, with 5-10 ideas to be supported
      • The idea must be relevant to NY, though it can apply to other geographies in the US, too
      • The application process is open through July 22nd, 2024 at https://innsure.org/prize-page
    • Looking forward, the climate issues are very real now and not just talk, and we are starting to talk about things other than raising rates and exiting. You're seeing discussion about
      • Predict & Prevent
      • Parametrics
      • Community embedded insurance, with communities buying coverage for a hard-to-cover area

    This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.
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    36 m
Economía
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