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.
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.
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.
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.
A summary of my interview with Scott Soderstrom, co-founder of FilingMate, a SaaS-based platform, that comes to help insurance companies with their regulatory compliance requirements.
We covered FilingMate’s value proposition and the challenges that insurance companies and agencies face to keep up with regulatory filing.
Many people consider regulation as a stifling force that prevents innovation and progress. Where, in reality, the job of the regulators is to protect the customer and promise a fair practice that will serve the population.
"The public wants two things from insurance regulators. They want solvent insurers who are financially able to make good on the promises they made and they want insurers to treat policyholders and claimants fairly." -- The National Association of Insurance Commissioners (NAIC)
Regulators make sure that the "players" in the insurance space are responsible. Every item that the regulators require that sounds like a burden is an opportunity. In his talk, Jay Cohen covers the latest hottest topics that the NAIC and the insurance commissioners are examining and the opportunities that they hold. The insurTech trend introduces many changes that affect many control points.
"Reach out to us early in the process. Educate us so we can educate you. We want to talk to you, early in the process" — Katharine Wade (CT insurance commissioner)
The regulators know that they are behind the industry so they take actions to catch up. First is the realization that we live in a world that technology is doing more and more of the work behind the scenes. How to you ramp up to be an active partner in the InsurTech world?
“Insurance regulation must keep pace with rapid developments in technology. History is littered with the remnants of companies and organizations failing to keep pace with change.” -- The Wisconsin Insurance Commissioner
James is the Founder & CEO of MEETIG8, Australia's first online marketplace for Risk, Compliance and Internal Audit short-term gigs. MEETIG8 enables companies of all sizes to connect directly with vetted independent specialists and boutique firms for Risk Management, Regulatory Compliance, and Internal Audit…
