Fresh from InsurTech Connect 2024, where the industry gathered to discuss insurance innovation's past, present, and future, host Joshua R. Hollander brings you a special episode revisiting our three most downloaded episodes of the last year:
Tom Wilde, CEO of Indico - At the forefront of bringing AI and automation to insurance workflows
Suri Bhavan, Partner at William Blair - A leading investment banker tracking where money is flowing in insurtech
Michael Nadel, Senior Director at Simon-Kutcher & Partners - A strategic consultant helping companies price and scale their solutions
While these leaders view the industry through different lenses, they align on several key points:
Insurance is only in the "third inning" of digital transformation
Data is becoming the key differentiator in insurance, but most companies struggle to utilize it effectively
The industry needs to balance innovation with practical implementation
They also offer contrasting perspectives on critical issues:
The readiness of AI for insurance (Wilde argues it's ready now, while others suggest a more measured approach)
The future of insurance distribution (differing views on the role of traditional channels versus digital-first approaches)
How to prioritize innovation investments (varying perspectives on what should come first: customer experience, middle office, or core systems)
Key Insights:
The evolution of AI in insurance, from mobile transformation to middle-office automation
The role of deep learning and large language models in handling unstructured data
Challenges in integrating new technologies into legacy systems and how to overcome them
The importance of pricing strategy and market entry for insurtech startups
The intersection of Insurtech and Fintech: automating payments, claims processing, and beyond
The role of data in shaping the future of cyber insurance and climate risk management
Key Topics Covered:
[00:05] Intelligent intake challenges in insurance operations
[03:42] Evolution from PDF scraping to AI-driven processing
[07:12] The role of generative AI in insurance
[10:18] Investment trends in insurtech
[14:08] Insurtech-fintech convergence
[15:21] Data's role in new insurance products
[17:03] Tech-enabled MGAs and market evolution
[18:40] State of insurance digitization
[21:06] Growth strategy pillars
[23:03] Insurance pricing considerations
[27:07] Market entry strategies
Notable Quotes:
"In insurance, data has always been king. But today, the challenge is turning unstructured data into fuel for decision-making." - Tom Wilde
"The big breakthrough in AI is its ability to handle context. That's why large language models are changing the game." - Tom Wilde
"I think by and large, digitization is still in the third inning for most carriers... When you get to life with annuities, that's probably first inning in terms of actual digitization." - Suri Bhavan
"We’re just starting to see the convergence of Insurtech and Fintech, especially in areas like payments and claims automation." - Suri Bhavan
"Pricing is really just a measure of value, the same way that a foot is a measure of distance. When you're pricing your products, it's really all about what the customer values in this product and matching that value to the price relationship." - Michael Nadel
"If you're leaving pricing to chance, you're leaving money on the table." - Michael Nadel
About Our Guests:
Tom Wilde: CEO of Indico, Tom has over 25 years of experience in solving complex digital content problems and is an expert in applying AI and machine learning to insurance workflows.
Suri Bhavan: A partner at William Blair, Suri focuses on technology companies operating in the insurtech space, advising them on mergers, acquisitions, and public offerings.
Michael Nadel: Senior Director at Simon-Kutcher & Partners. Michael specializes in growth strategies and pricing for insurance carriers and insurtech firms.
Resources:
Tom Wilde
https://www.linkedin.com/in/tomwilde/
https://www.linkedin.com/company/indico-data-solutions/
Suri Bhavan
https://www.linkedin.com/in/bhavan-suri-074113/
https://www.linkedin.com/company/william-blair-company/
Michael Nadel
https://www.linkedin.com/in/michael-nadel-13656123/
https://www.linkedin.com/company/simon-kucher/
Josh Hollander
https://www.linkedin.com/in/joshuarhollander/
https://www.horton-usa.com/
https://www.linkedin.com/showcase/insurtech-leadership-show/
https://www.insurtechassociation.org/
https://innsure.org/