Innovation, Lessons, Overview, Trends
Gilad Shai
Bryan Falchuk - The Future of Insurance
Entrepreneurship, Innovation, Insights, Startup
Gilad Shai
Nick Lamparelli - InsurTech Talk

Nick Lamparelli joined Gilad and the InsurTechLA community for an unscripted InsurTechTalk. In this broadcasted event, Nick was in the interviewee's seat. We had the opportunity to learn about Nick’s day job and dive into flood insurance and how to build insurance programs.

Nick Lamparelli - InsurTech Talk
Alex Devoto
Scream

The 1996 movie ‘Scream’ taught us one thing: Don’t answer the phone! And much like the characters of that movie, so to insurers should heed this advice when engaging with Millennials.

Scream
Entrepreneurship, Startup
Gilad Shai
Startup Life

A startup has a life but the people who breathe life into it…, well, they usually don't.

People like the idea of a startup. It is romantic. The excitement diminishes when they find out the extent of their responsibility and compensation. Basically, most people really want to work for Google. Google is a multibillion-dollar behemoth that has all the risk management tools and processes to support it. And yes! They still have all the perks and cool parties at the end of Google I/O.

Innovation, Overview, Startup, Trends
Gilad Shai
Innovation as a step function

Step Up

The entrance of startups to the insurance industry, nearly four years ago (2015), introduced a change, innovation, that made all the components, whether they are linear or passive, to react. The new teen spirit that the startup introduced acted as a step function that increased the value of the industry. The input may be a nice and clean function. It has a ripple effect that affects the entire pond until is converges on the new and higher level.

Innovation as a step function

Lessons

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Bryan Falchuk - The Future of Insurance

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Bryan Falchuk is the Founder and Managing Partner of Insurance Evolution Partners, which advises carriers and their partners on how to navigate an evolving industry facing disruption and change. Bryan spent 20 years in the insurance industry, including serving as Head of Claims for Hiscox USA and leading Growth for insurtech communications solution, Hi Marley. Bryan has also held leadership roles in corporate strategy, operations, and distribution at carriers like Liberty Mutual and Beazley. He was a consultant in McKinsey & Company’s insurance practice and is on the advisory boards of several startups focused on the insurance industry.

We had a lovely conversation talking about Bryan’s book. I really enjoyed drilling down into the use-cases that Bryan covers in his book—the success stories and the lessons learned.

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Interview with Dominic DiMarco - Entrepreneur in Residence (EiR) QBE

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Insurance companies take active steps towards modernization to keep up with customer's expectations and recent entrants to the insurance space who use the latest technology. Carriers introduced new entities into their organizations to champion and facilitate progress. Today there are innovation teams, innovation labs, venture arms, accelerator programs, and the less familiar function -- the Entrepreneur in Residence (EiR).

To understand better the avant-garde insurance that is done by the large insurance companies and their innovation programs I reached out to the leading insurance innovation teams.

Here is a short interview with Dominic DiMarco, EiR in QBE insurance, the man that claims to have the best job in the insurance industry.

"All the big businesses are trying to figure out how to do things "faster, quicker, easier and leaner" and they don't have those skills in their four walls to do it themselves most of the times."

"There is a difference between the IT infrastructure and core systems to the innovative work that is happening on the fringes. You can't replace a core system at once."

"Insurance companies, at their core, are massive financial institutes."