Coverager Podcast podcast

Coverager Podcast

Coverager, Nick Lamparelli, Shefi Ben Hutta, Avi Ben Hutta

A bi-weekly podcast in which we welcome internal and external players to share their unfiltered views on the biggest stories and boldest players influencing insurers.

47 Episódios

  • Coverager Podcast podcast

    Relevancy in Insurance. A Conversation with Karl Wiley, CEO of Allstate Protection Plans

    39:16

    As a creator and designer of insurance solutions, I spend a lot of time discussing relevancy in insurance. As I have written and spoken in the past, no one wakes up wanting to buy insurance. There are no RVs in parking lots tailgating or camping out to be first in line for a new insurance product! Even when we voluntarily provide our email addresses to new insurtechs to notify us when they arrive in our state, what sort of emotion goes through us when that email finally does arrive?? Do we act? Probably not. Why?We don't act mostly because even though the insurance company is ready for us...we won't be ready for them! We will be ready when we need to be ready and not before. It might be when the bill arrives for a renewal, it might be when our lender or property owners asks us to update our insurance info. It might be when my wife reminds me for the 100th time to get more life insurance. Unlike the new iPhone or when tickets go on sale for a concert or sporting event, it is usually an outside force that directs us to reserve a bit of mental energy for risk management.This is relevancy. This is marketing the product or solution at the moment when the consumer is most likely to be thinking of the problem and/or most likely open to the solution. Warrantying another product at the point of sale is the ultimate form of relevancy. When I buy a product from Amazon or any other retailer, I am envisioning the product, how I am using it and when the warranty offer pops up, I am envisioning scenarios where I will no longer have the product (because it was damaged or lost) and it is at that moment that I am most likely to buy protection or not.In this episode of The Coverager Podcast I spoke with Karl Wiley of Allstate Protection Plans, which has become a market leader in warranty protection for retailers globally. We discussed the mission, the history and the economics around this type of insurance class (moral hazards and adverse selection exist, but technology can be a very powerful ally to the insurer). We also discussed the importance of relevancy. Relevancy in the insurance transaction (if you don't get them at POS, the likelihood you will get them begins to decay rapidly) and also the relevancy for the retailer and how important a proper warranty program can be the the retention of existing customers and the competitiveness of their differentiation for potential customers.Connect: Karl Wiley (LinkedIn) - https://www.linkedin.com/in/karlwiley/Allstate Protection Plans (Homepage) - https://www.squaretrade.com/Musical Credits: Shadows by David Cutter Music: https://davidcuttermusic.com https://soundcloud.com/dcuttermusic Free Download / Stream: https://bit.ly/shadows-david-cutter Music promoted by Audio Library: https://youtu.be/qiBHOiEl9EIVideo Credits: Intro Stock Footage by Videvo
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    Seize The Data! The Promise of Data in Insurance with Max Drucker, Co-founder & CEO of Carpe Data

    46:51

    Seize the data!In this episode Nick discussed data with Max Drucker, co-founder and CEO of Carpe Data. We discussed what this revolution in data science means for insurance, both on the claims side and the underwriting side.Insurance has approached risk selection and pricing in a predominately experienced based approach. "What is the loss history?" has been the driving foundation of our business model. But running a business with loss history is like driving on a road using only your rear & side view mirrors. Without a forward looking mechanism (your windshield!), you might be able to navigate some roads, but not all roads! This approach is by nature defensive; moving slow, playing it safe, because a wrong turn could lead you off a cliff. But with a windshield, the perspective of what you can do changes dramatically!This is the promise of the data revolution! Combining the best of our collective actuarial science with forward looking models that will create better risk selection, better underwriting, better pricing and ultimately a better solution.Connect:Max Drucker (LinkedIn) - https://www.linkedin.com/in/maxdrucker/Carpe Data (Homepage) - https://carpe.io/Musical Credits:Shadows by David Cutter Music:https://davidcuttermusic.comhttps://soundcloud.com/dcuttermusicFree Download / Stream:https://bit.ly/shadows-david-cutterMusic promoted by Audio Library:https://youtu.be/qiBHOiEl9EIVideo Credits: Intro Stock Footage by Videvo
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    Build vs Buy - A Conversation On Incorporating Technology with Ryan McMahon of Cambridge Mobile Telematics

    52:57

    In this episode of The Coverager Podcast, I spoke with Ryan McMahon, VP of Insurance and Government Affairs at Cambridge Mobile Telematics (CMT). The interview was inspired from a private conversation Ryan and I were having around connecting devices with insurance.As an insurance professional, I was taking it for granted that the technology was "here" and that insurers just had to decide to absorb it into their ecosystem. What Ryan and I discussed are the layers of complexity involved in doing this from scratch. Not only in the initial build but also all subsequent builds. The maintenance is often more costly than the initial build, requiring a dedicated team that can stay on top of the technology and pivot where necessary. As Ryan says, in order to execute successfully at scale, the small minor details MUST be addressed, because at scale, small issues compound to big problems. This is one of the advantages agile companies have over non-agile, and that insurtechs, by and large, are bringing to insurance solutions. Having the will to build is not enough. Having the commitment to build is not enough. It has to become part of the DNA of the insurer. The ability to think of the product and solution in a way that is a major departure from how carriers traditionally thought about it. 𝐂𝐨𝐧𝐧𝐞𝐜𝐭 𝐖𝐢𝐭𝐡: Ryan McMahon https://www.linkedin.com/in/ryanjamesmcmahon/Cambridge Mobile Telematics Homepage https://www.cmtelematics.com/  𝐌𝐮𝐬𝐢𝐜𝐚𝐥 𝐂𝐫𝐞𝐝𝐢𝐭𝐬: Shadows by David Cutter Music:https://davidcuttermusic.comFree Download / Stream:https://soundcloud.com/dcuttermusic https://bit.ly/shadows-david-cutterMusic promoted by Audio Library:https://youtu.be/qiBHOiEl9EI  𝐕𝐢𝐝𝐞𝐨 𝐂𝐫𝐞𝐝𝐢𝐭𝐬: Intro Stock Footage by Videvo:https://www.videvo.net/video/financial-district-singapore-02/458700/          
  • Coverager Podcast podcast

    How Optimity Uses Gamification to Nudge People Into Wellness & Implications for Life & Health Carriers

    50:36

    in 2010, Jane Wang, CEO of Optimity tragically lost her mother. Jane was already working in Pharma Mortality and felt like there was more that could have been done based on what she knew and felt an urgent need to share information about wellness. Jane co-founded Optimity, a company that seeks to maximize your physical, mental and financial wellness by using mobile technology to nudge people to get more traction in their wellness pursuits. With the use of financial rewards, contests and other gamification techniques, Jane and team are using modern behavioral science to craft just the right amount of micro-activities that act as subtle nudges to action.With millions of users worldwide, this is potentially fertile ground for life and health insurers looking to reduce CaC and for employers and wellness groups to bring value-added benefits and services to their employees and members.Connect:Jane Wang (LinkedIn) - https://www.linkedin.com/in/janejwang/Optimity (HomePage) - https://www.myoptimity.com/Musical Credits:Shadows by David Cutter Music:https://davidcuttermusic.comhttps://soundcloud.com/dcuttermusicFree Download / Stream:https://bit.ly/shadows-david-cutterMusic promoted by Audio Library:https://youtu.be/qiBHOiEl9EIVideo Credits: Intro Stock Footage by Videvo
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    Powered by Digital Intelligence - From Lead Generation to Quote & Bind. Small Business Insurance with B2Z

    1:07:52

    It's a big task to underwrite insurance. It's a big task to also to provide quality advice on coverage. It's an even bigger task to do both effectively, at scale while at the same time limiting yourself to just a handful of questions in order to do this.B2Z doesn't bother with superficial AI slogans. Yes they are digital, yes they use AI, but they use digital intelligence to cover every aspect of small business owner's journey when it comes to risk transfer. Finding business owners, advising them on coverage, (digitally) holding them by the hand through a streamlined purchase process, while doing the heavy underwriting in the background for the right product at the right price at the right time...under little time.Connect: Stephanie Blahut (LinkedIn) - https://www.linkedin.com/in/snblahut/Kuldeep Malik (LinkedIn) - https://www.linkedin.com/in/kuldeepmalik/  Yuriy K (LinkedIn) - https://www.linkedin.com/in/yuriy-k-5020011a/B2Z (Homepage) - https://www.b2z-insurance.com/ Musical Credits: Shadows by David Cutter Music: https://davidcuttermusic.com https://soundcloud.com/dcuttermusic Free Download / Stream: https://bit.ly/shadows-david-cutter Music promoted by Audio Library: https://youtu.be/qiBHOiEl9EIVideo Credits: Intro Stock Footage by Videvo
  • Coverager Podcast podcast

    Closing the Health Protection Gap with Modern Supplemental Health Insurance. A Conversation with Brella & RGAX

    55:29

    The majority of bankruptcies in the US are due predominantly to medical bills. Even with health insurance many of us are one bad event away from financial hardship. In this episode, I spoke with Veer Gidwaney, Mike Zarrillo (of Brella) and Scott Grandmont (of RGAX) about the critical importance of supplemental health insurance. We discussed how SHI can smooth out the financial costs of medical situations and emergencies. Deductibles, overlimit costs, and extra expenses make medical emergencies a financial nightmare...EVEN IF YOU HAVE TRADITIONAL MEDICAL INSURANCE! Brella is using technology to make it easier for employers to offer coverage, but also as important, easy for benefit holders to use it!Connect:Brella (homepage) - https://www.joinbrella.com/RGAX (hompage) - https://www.rgax.com/Veer Gidwaney (LinkedIn) - https://www.linkedin.com/in/veer-gidwaney-9a135/Mike Zarillo (LinkedIn) - https://www.linkedin.com/in/mike-zarrillo/Scott Grandmont (LinkedIn) - https://www.linkedin.com/in/scott-grandmont-9b26a11a/Musical Credits:Shadows by David Cutter Music: https://davidcuttermusic.comhttps://soundcloud.com/dcuttermusicFree Download / Stream: https://bit.ly/shadows-david-cutterMusic promoted by Audio Library: https://youtu.be/qiBHOiEl9EIVideo Credits: Intro Stock Footage by Videvo
  • Coverager Podcast podcast
  • Coverager Podcast podcast

    Using Data & Technology to Streamline Life Insurance Underwriting Friction w/ SCOR's Velogica Platform

    37:00

    When the topic of life insurance underwriting comes up in our podcast conversations, there is generally a lot of handwringing about the friction & complexity in the buying process. In this episode, I spoke with Ken McNair and Al Mele of SCOR's Velogica underwriting platform for life carriers. We discussed a bit of the history of life underwriting, when and why it got so cumbersome, and how Velogica is using available data to make this underlying easier.Connect: SCOR - (homepage) https://scor.com/enVelogica - https://www.scorgloballifeamericas.com/en-us/solutions/us/Pages/US-Velogica.aspxKen McNair - (LinkedIn) - https://www.linkedin.com/in/ken-mcnair-20a50710/Al Mele - (LinkedIn) - https://www.linkedin.com/in/al-mele-331a61b7/ Musical Credits: Shadows by David Cutter Music: https://davidcuttermusic.com https://soundcloud.com/dcuttermusic Free Download / Stream: https://bit.ly/shadows-david-cutter Music promoted by Audio Library: https://youtu.be/qiBHOiEl9EIVideo Credits: Intro Stock Footage by Videvo
  • Coverager Podcast podcast

    Thinking Outside of the Box - The Art of Product Design Within Insurance with Surround cofounder & COO, Kate Terry

    54:54

    Building and selling new products for which no market exists in insurance and finance is incredibly difficult? Why? Partially it is the same reason why any new product is difficult (recall the Henry Ford quote - "If I had asked my customers what they would have wanted, they would have said faster buggy whips") Consumers don't always know what they want...they just want the problem to go away and they don't have the mental energy or time to devote to solving it. In steps the entrepreneur who can see an underserved problem and attempt to fix it creating value for the consumer and themselves in the long run.Our world is rapidly evolving, mostly due to our transition from an analog world to a digital one. People's behaviors and the general arch of a lifestyle is very different today than 50 years ago (does anyone have family dinners any more? Landline, anyone?) Kate Terry from Surround Insurance was unsatisfied with how legacy insurers were trying to shoehorn analog insurance products to consumers. She and her partner (Jay Grayson) realized that the modern young professional does not have the right risk transfer solution for their lifestyles. Young professionals still have lots of exposure and risk and are choosing the standard risk management techniques of avoidance and mitigation to handle it without having the risk transfer tools available. So Surround is intent on being a platform where new and creative products can be spun up that reduce the fuzziness and gray areas for young professionals so they can continue on with their lives without having to worry about potentially life-altering, financially devastating events happening to them.Connect:Kate Terry (LinkedIn) - https://www.linkedin.com/in/kate-terry/Surround Insurance (Homepage) - https://www.surroundinsurance.com/Musical Credits:Shadows by David Cutter Music: https://davidcuttermusic.comhttps://soundcloud.com/dcuttermusicFree Download / Stream: https://bit.ly/shadows-david-cutterMusic promoted by Audio Library: https://youtu.be/qiBHOiEl9EIVideo Credits: Intro Stock Footage by Videvo
  • Coverager Podcast podcast

    Stand Out, Make an Impact, Get Personal! Increasing Your Degree of Trust Using Emotional Relevance with Alon Zaibert

    52:25

    We all have something to sell. It could be ourselves, our product, our ideas. As someone who has gone through an investor pitch several times, I can tell you from experience that the dynamic is much much different when the people at the table know each other versus a first time meeting. Having emotional relevancy and trust in that situation can make or break the momentum in any deal. So whether you are building a product (solution) and need investment, a customer, a partner or someone to open a door or two, you will get something out of this episode.In this episode, I spoke with Alon Zaibert, Master of Emotional Relevancy about trust, and forming a deeper connection with those who you interact with. We discuss why that is important and how to go about doing it, even if you are shy and/or introverted. In order to be successful in your interpersonal and business relationships, Alon says you must:Stand out! Make an impact! Get Personal! Connect:Alon Zaibert (LinkedIn) - https://www.linkedin.com/in/alonzaibert/Homepage - https://www.alonzaibert.com/ Musical Credits:Shadows by David Cutter Music: https://davidcuttermusic.comhttps://soundcloud.com/dcuttermusicFree Download / Stream: https://bit.ly/shadows-david-cutterMusic promoted by Audio Library: https://youtu.be/qiBHOiEl9EIVideo Credits: Intro Stock Footage by Videvo

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