The Insurance Podcast

Before the advent of embedded screens in almost all vehicles there used to be accessories to help navigate and guide your trips and often it was a TomTom device. This episode features Vinod Poomalai the Product Marketing Leader for TomTom talking about how their location data is powering aspects of many insurance products and services.

In this episode:

• How location data is driving underwriting decisions
• What is contained in location data that is not readily apparent
• How any insurance entity can connect with APIs for real-time processes
• Why location data is helping with CAT events and loss reduction
• Learn how underwriting subjectivities are being developed using distinct attributes
• How the volume of data sources is growing and what it will help in the future

Using data is essential for insurance success, but powering your data with realtime connectivity and a growing pool of data sources will be absolutely necessary to compete and prosper int he future. Vinod and TomTom share the now and what's coming for the insurance industry with location data.

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Everyone loves to find a niche to insure but what about building our products and coverages for niches that present specific needs and challenges? Mike Lough, VP of Distribution, Community Services drops in to discuss how Intact Public Entities is serving specific niches and how brokers can grow within them.

In this episode:

• How community services are under valued as a target by brokers
• Why nuanced liability coverages are important to insureds and how to explain them
• What community services need with various coverages and conditions
• Learning some of Mike's selling tactics and strategies in this niche
• The importance of relationships and how to use them to grow business

Mike is candid about the industry and his experience sharing all sorts of nuggets gained from years of experience. He shares the importance of growing with valued partners who are more than insurers and clients and why that helps keep products sustainable for the long term.

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Peter McMurtrie knows change. As a C-suite executive spanning a career across insurance he has seen many trends. Now with West Monroe helping insurance organizations manage change he shares his knowledge about how to prepare and succeed.

In this episode:

• What it takes to implement and deploy AI effectively
• Why PE and aggregation is driving innovation in unexpected areas
• How some trends repeat themselves and why we can learn from the past
• Where to create value in the insurance experience
• The importance of finding mentor and leaders

There's so much more and Peter articulates many of the complexities of the industry well. It's why looking from the outside can help many inside their insurance businesses see the forest from the trees.

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Being the new-(ish) President of MSA Research is one job, but putting on the most important insurance event in a country is filling some pretty big shoes for Nevina Kishun. With the National Insurance Conference of Canada event happening in 19 days we talk with Nevina about the issues the facing the insurance industry.

In this this episode:

• Where the data says the industry faces it's biggest challenge
• How speakers and topics are aligned to industry issues
• What the insurance industry needs to consider about cross-border issues
• Why the power of networking and building relationships still beats technology
• Declared Interests where Nevina shares one of her biggest fears
• What it takes to build a conference and keep it relevant

Nevina does not just have an amazing story to her role as President at MSA Research, she shines as a leader with fresh visions and approach.

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Claims service is evolving and Paul Disney, Chief Product and Technology Officer, and itel have a vision and the data ready. Paul shares important lessons claims experiences are teaching the insurance industry and how those lessons are shaping technology and service options that itel provides.

In this episode:

• The difference between education versus advising insureds during the claims process
• How data can help the experience and foster trust when insureds are feeling their most vulnerable
• Why the power of empathy is underused and how to apply it during a claim
• How the 'repair vs replace' analysis is important to positive outcomes
• Why technology powers accuracy and how that increases claims satisfaction

Paul's dynamic personality is almost contagious and what's refreshing is he and itel are backing up what their value proposition by delivering great service and incredible results and he's sharing how they do it.

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FloodFlash is not another insuretech, rather it's technology, data, and underwriting combined into a new product to help cover a peril that causes the insurance industry many problems. Co-founders Adam Rimmer and Dr. Ian Bartholomew share their early vision and how they addressed the peril no one seems to want to cover.

In this episode:

• How the cofounders saw their vision and built up a company
• Overcoming obstacles with developing a parametric product
• Why pricing and triggers for parametric insurance work differently
• The underwriting considerations and how they used data to build the product
• Declared Interests- talking about the dynamic between two partners

Floodflash has a unique story and purpose in the insurance market and Adam and Josh share their experiences, the good, bad and ugly about how they bootstrapped a company up.

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As insurance attempts to become more interactive for customers the data still needs to be entered and those forms are key parts of the customer journey. Alun Lucas of Zuko Analytics shares how looking at forms and how customers behave with them can help insurance distributing entities.

In this episode:

• Why looking at customer behaviour analytics on forms can explain where challenges exist
• How the Prune, Tune, Explain model can help drive engagement with data entering
• Why there is more to web pages than simply seeing bounce rate
• What AI will do by measuring customer behaviour and gauging risk based on it
• How Session Reply allows customer behaviour to be seen and analyzed for better outcomes
• Why better forms means better quotes and more sales

Using forms of any kind is becoming all too common and necessary for insurance distribution. Now with Zuko insurance entities can learn and strengthen their online offerings to create experiences and a value proposition that matches their growth goals.

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AI and its impact is looked at with curiosity, desire, concern, and a bit of fear, but with insurance its presence is often seen with affecting distribution and customer experience. However, is enough focus happening on use within the underwriting chair? Jeff Sutton, Senior VP Sales and Marketing for Markel shares what he sees and how Markel is finding advantages with underwriting and for their partners.

In this episode:

• How AI is helping with sales and experience by starting with risk submissions
• Why empowering the experience of relationships should be an end goal
• What AI tools are being used across underwriting
• When and how AI will affect the distribution experience
• Declared Interests- some fun stories about Jeff
• What kinds of AI are being used and where to find them

Jeff reveals how using AI to modernize and innovate underwriting processes is leading to better relationships and how other insurance entities can move forward and do the same.

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Marketing for insurance is a challenge when it's easy but when the space becomes more competitive and crowded, what can be done to stand out? Steve Pieroway, founder of Benevolent Marketing talks, content, creative, messaging and more.

In this episode:

• How understanding lived experience matters for marketing
• Why content needs to be aligned with strategy
• What kind of journey is going to resonate with clients
• Steve's confession during Declared Interests
• The importance of understanding martech vs insuretech

Steve's entertaining insights drive this episode and shed light on an area where so many across the insurance industry are trying to carve space, develop their brand, and deliver a value proposition that can resonate with partners and customers.

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