The Insurance Podcast

AI is all the rage but now we have an insurance wholesaler, Flow Specialty, deploying AI Agents into the workflow and broker experience. CEO and Co-founder Sivan Iram explains how the value of using AI powered agents will help brokers and agents accelerate their customer journey in the SME segment.

In this episode:

• Why the specialty market is increasingly using algorithmic underwriting
• How the ability to digitize knowledge can be scaled for increased efficiency
• What the fabric that holds the insurance industry together is and how to maximize that value
• How AI agents are being fed information via Large Language Models to help underwrite and rate
• What the role of the broker will look like when they use AI agents as part of their process
• Why workflow engines are powering brokers and agents with AI and the benefits that happen.
• The ability to message AI agents via Slack and interact.

Sivan eloquently explains the many aspects of the human to AI workflow and the benefits that are found for those already experiencing this connection. This episode is a really a glimpse of the future and what it will look like for those looking to build opportunity and embrace technology that powers people to do what they do best.

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In part 2 of our interviews at NICC 2024 we look at thoughts from leaders who shared perspectives on what will affect insurance when it comes to global positioning, data, technology, and joint purpose. This collection of thoughts taps into a statement around geopolitical issues to start and then moves to how so many across insurance are looking to position for the future. In this episode:

• Thoughts from Munich Re
• How insurance consultants look at the intersection of data and developing strategy
• The power and role of broker groups aside from associations
• Why insuretechs for brokers and enterprise systems are aligned in use of new tech like AI

This collection of quotes shows how far the insurance industry can drive to create better outcomes for consumers and insurances businesses.

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CAT losses are more than a tragedy, they are a real event that the insurance industry has to address but there are many layers to the challenge. During our interviews at NICC we heard from Peter Routledge, Ceyleste Power, Paddy Jago, Paul Kovacs, Matt Godsoe, and Bob Fitzgerald on many subjects but the complexity of CAT losses was front of mind.

In this episode:

• Why CAT losses need to be looked at at many different levels
• Where success has happened in preventing losses when a CAT event happens
• The role of government and regulation
• How industry tries to manage and keep premiums sustainable for insureds and insurers
• The effect on the reinsurance market from CATS
• How CATS affect the ability for insurers to manage claims

These brief segments are packaged together to provide insight about how industry leaders are dealing with this all to frequent loss category and what needs to happen to get consensus.

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Recent fires and a record breaking summer of CAT losses has the insurance industry nearing turmoil when it comes to understanding when CAT losses will occur, where, and how impactful they will be. Laura Twidle CEO and Caroline Floyd of CAT IQ sat down to talk about the summer of CAT losses and what to expect at the upcoming CAT IQ Connect conference in Toronto Feb 4th-5th in Toronto.

In this episode:

• Reviewing the 7 CAT evetns in 27 days with over $7 Billion in damages
• The focus on flood and with communication and modeling
• Why stress testing climate risk is important for insurers
• Why anyone in the insurance vertical should be accessing the data on climate impacts
• Previewing the incredible speakers coming to CAT IQ Connect

Laura and Caroline share what they see in the accumulation of indices and data from their central depository for the insurance industry and others that want to address loss through climate change and find resiliency.

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Guidewire Connections is not just an average conference, it's a showcase for insurers, partners, and anyone else who wants to understand what one of the largest insurance software platforms/ecosystems is building for the future of insurance. The theme was Agility in Action and the message was clear, agile and responsive entities within the insurance industry will find longterm success. It's eye-opening, full of incredible content, masterfully orchestrated, and designed for everyone who wants to understand a vision for the future.

In this episode:

• How Guidewire partners support insurers in their transformation
• Hints about how distribution will have to adapt as carriers modernize and become more agile
• What systems and tools vendor partners are building for insurers
• Why transparency matters to Guidewire with partnerships
• How the building blocks for insurance of the future are being developed across this ecosystem

If you have ever wondered what an insurer means when they say 'we are undergoing transformation' and what that looks like when complete this is the episode to help you understand why so many insurers are choosing Guidewire and what they want to achieve in the future.

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2024 was once again a transformative year for The Insurance Podcast. We were at more events than ever, we met more people than we can remember and produced more content including videos from some of our events and interviews.

In this episode:

• A review of the year by the hosts
• Favorite people we met and talked to
• Interview quotes that all seem to align to where the industry is going and how to get there
• Our wish list of trends for 2025
• Some stories (not incriminating)
• Industry analysis

Sit back and take in the year that was through events and guests, thoughts and perspectives and tell us what you want to see, hear and experience for 2025!

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Captive insurance used to live in a secret place under mysterious conditions but that's changing. As regions such as Cayman offer unique expertise and financial opportunities, a solution to many of hte P&C industry's challenges could be on the horizon.

In this episode:

• The role CIMA (Cayman Islands Monetary Authority) provides for consumer and insurance protection
• Why Cayman is a safe place of international banks to do business and support captive insurance program
• Learn how captive programs are far more accessible to smaller premiums than ever before
• How captive insurance managers help build programs, the protections, compliance and actuarial viability
• What auditing and the extensive on-island accounting resources do to help with compliance and sustainability

Captive insurance is not new but it's becoming far more accessible to many insured who did not have the same capital pool and premium size as national or multinational companies and high hazard industries.

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Our final installment from Insuretech Connect in Las Vegas begins with a look at where things were five years ago to how the endangered species of agents and brokers are now commanding attention and respect.

In this episode:

• How the venture funding world looks at insurance and technology now compared to 2019
• Why climate change is affecting business models for insurance and claims
• The importance of interfacing policy data with live acquired data for better experience
• How making people not upset with insurance is just as good as making them excited about it
• Why compliance is filled with NIGO submissions and the pain that causes
• When companies address the onboarding process they increase efficiency and ROI on their talent

This episode features two companies we met in 2019 and how they see the industry and 2 who are finding value through creating enhanced efficiencies and experiences for agents and brokers, something few believed was important five years ago.

If you want to see each interview separately, check out our Youtube channel here: The Insurance Podcast

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In our second episode from Insuretech Connect we bring C-suite execs from Neuralmetrics, Optalitix, Carpe Data, & Novidea to show the route between data usage from risk and product through to distribution and delivering insights on the products sold.

In this episode:

• Why the deployment of automated data assistants will help improve underwriting
• How to take unstructured data and make it connect with other sources in the cloud for better insights
• How to find balance between internal underwriting orgs vs pricing orgs within insurers
• What can be done to make the data you have more predictive
• The importance of building services across the distribution model
• Why partnerships matter to create effective product distribution
• How brokers and agents are thriving after being declared an endangered species 5 years ago

The journey to create a product, underwrite it, price it, and then distribute it has never seen a dots connected like this before with the perspectives from these leaders and companies.

Do you want to share or view each interview on its own? Check out our Youtube page here: The Insurance Podcast

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