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The Future of Insurance

By: Bryan Falchuk
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  • Summary

  • 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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Episodes
  • The Future of Insurance – Ian White, Former CO-Founder & CEO, Koffie Financial

    The Future of Insurance – Ian White, Former CO-Founder & CEO, Koffie Financial
    Jul 23 2024

    Ian is the co-founder and CEO of Koffie Financial, a finsurtech platform purpose-built for the trucking and transportation industry. With insurance at its core, Koffie's instant and transparent financial services empower truckers with the modern tools and technology necessary to drive efficiency and safety. He is an entrepreneurial leader at the intersection of data, enterprise markets and geospatial analysis.

    Previously Ian served as founder/CEO of Urban Mapping, a web-based mapping platform he sold to Pitney Bowes in 2015. Customers included Tableau Software, Google, Microsoft, Apple, Facebook, Kayak, IAC, CoStar Group.

    He has also served in a senior role at a startup that acted as outsourced research for the financial services industry, focusing on alternative data to generate alpha for hedge funds.

    Highlights from the Show

    • Ian has been a serial entrepreneur, including working in the mapping space and how powerful the meta data about locations, and how critical it is to have accuracy in the data
    • He went on to work on catastrophe exposures, with a specific focus on how geology impacts earthquake losses, which gave him more exposure to managing risk and the impact of loss
    • He was drawn to insurance after a stint offering data to hedge funds because it wasn't as 'I win, you lose' as hedge funds where insurers doing worse means they're helping others
    • Koffie was founded initially to look at the difference in trucking equipment, and how that impacts losses
    • They found that midsize and large risks were self-insuring and forming captives because insurers weren't meeting their needs, but small trucking firms (under 100 tractors) can't afford to do that, so Koffie focused on the smaller-end of the market
    • After a year and half, they got capacity in place, required telematics for insureds (first dedicated equipment, and later with an iPhone app)
    • While this was all positive, the business ultimately didn't survive, and was sold to Acrisure in early 2024
    • Ian learned first hand something he calls the "InsurTech Paradox"
    • Ian thinks, while we'll see a return of funding, it won't return to the situation where there are huge checks being written
    • He also wonders about whether insurance should be incenting better behavior, even if it means the business that's insured doesn't work that day

    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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    27 mins
  • The Future of Insurance – Joshua Morey, President, The J. Morey Company & Chair, Ori-gen Insurance

    The Future of Insurance – Joshua Morey, President, The J. Morey Company & Chair, Ori-gen Insurance
    Jul 16 2024
    Joshua Morey is the Chairperson of Ori-gen and President of The J Morey Company Inc. Ori-gen amplifies the voice of diverse communities throughout America by providing resources, services, and perpetuation planning for indepedent agents and brokers from diverse backgrounds. With offices in Hawaii, Los Angeles, Orange County, Torrance, and San Jose, California, Ori-gen represents a wide variety of personal, business, and specialty insurance from 40+ national and international carriers. He is a founding Board Member of the Asian American Insurance Network and Asian's in Insurance Podcast, and advisory council member of the Equity in Infrastructure Project. In addition Mr. Morey serves on the Board of Director’s for the US Japan Council (Executive Committee), Japanese American National Museum, Little Tokyo Community Council, and was featured on the cover of Rough Notes, and IIABA’s national magazine. He is co-founder of KODO Insurance Services (Insurtech) and Chairman of the Board of Arrowood Insurance Services. He has a B.A. in Business Economics, from Wheaton College and a M.A. in Intercultural Studies from Fuller Theological Seminary. In his free time he loves playing baseball and spending time with his wife and three kids. Highlights from the Show Josh is a fourth generation Japanese American, with his great grandfather having immigrated in the late 1800s, and setting up an import-export business in Little Tokyo in Los AngelesThe family lost everything when Japanese Americans were sent to incarceration camps during WWIIFinding insurance the Japanese American community was next to impossible, so they started their own, and Josh's family started an agency, The J Morey Company, to serve the community, which he runs todayJosh's story in taking over is similar to a lot of multi-generational insurance agencies, where the next generation may not be interested in taking over, can't afford to buy the business, or the business is no longer viable, which threatens the legacy of so many family businesses Rather than selling to another agency, Josh worked with a consultant to find a path to keep the business in the family despite not having the financing in place to buy the businessThat's what sparked the founding of Ori-gen, as a platform to continue the legacy of these companiesIt's not just about keeping the agencies going, but to support the communities that rely on these agencies in the way his ancestors and their communities needed each other after WWII Josh has also tried to drive more minority involvement in the insurance industry overall, which stems from his sense that this is the best industry and best country in the world That includes engaging the Asian and Pacific Islander community through AAIN (Asian American Insurance Network, where he's a board member), as well as partnering with other groups, like joining NAAIA and Ngozi Nnajiand her Black Friday effortsJosh advocates for DEI efforts because, without them, the industry will miss out on great talent and different approaches that only come from diversity within that talent 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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    18 mins
  • 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 mins
Economics
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