On Point - Insurance Journal

On this installment, insuretech exec Ilya Filipov outlines how artificial intelligence will help insurance marketers. This new generation is called agentic AI, where an “agent” mimics the work of a human in approaching problems. Ilya recommends experimenting with AI models — “There’s nothing to be scared about” — and discover how to develop clear, precise instructions and prompts to train those tools. “It’s a similar process as our parents, who repositioned their careers when the web emerged,” he says. “Learn how agentic AI works… What are the advantages and disadvantages of each tool?” What about AI’s role for the insurance product itself? Buckle your seat belts, Ilya says. He envisions a world where “any subject matter expert” can play in the space without even having to understand insurance. AI models can learn historical loss data, identify and price risks, develop the product itself without human interference, file with state regulators, and create safety programs so that risks become less expensive. “AI evens the playing field for anyone who’s in the market to start playing fairly,” he says. Check out this episode of the On Point podcast, hosted by Peter van Aartrijk! The post Hi, I’m Agentic AI. I’m Here to Help [https://www.insurancejournal.tv/videos/25428/] appeared first on Insurance Journal TV [https://www.insurancejournal.tv].

On this installment we meet Olga Collins, CEO of the Worldwide Broker Network, or WBN. Olga is a true woman of the world, speaking six languages, including Polish from her native country. She relays a fascinating life and career story as well as business lessons she’s learned along the way. She says she fell in love with risk management and insurance—“a great combination of analytics and people.” Olga covers the evolving insurance market, captive solutions, enterprise risk management, and some interesting countries from which capacity is emerging. Under Olga’s leadership, WBN has grown into the largest independent broker network in the world, with 150 members across 100 countries and a combined revenue of $14 billion. Listen to this interview with On Point host, Peter van Aartrijk and catch all episodes on insurancejournal.tv The post Broker Leader Combines ‘Analytics and People’ [https://www.insurancejournal.tv/videos/25378/] appeared first on Insurance Journal TV [https://www.insurancejournal.tv].

Meet Spencer Mahoney, chief growth officer for CCIG, a Denver-based independent broker with 100 employees generating $30 million in revenue. The firm competes with the big boys in the commercial middle market for p/c and benefits, to include captive strategies. Spencer unpacks what it’s been like for he and his brother to work for dad, who founded the firm 40 years ago. First, they weren’t handed the business. Dad told the boys, “Go get your teeth kicked in somewhere else first,” Spencer relates. Working for a carrier, broker and wholesaler prepared them for a sales career at CCIG. Today, the firm is seeking organic growth as well as strategic acquisitions. “If we are not growing and adding producers, then we are falling behind,” Spencer says. At the same time, bolstering client service is key too. “You need a bench of unvalidated producers you can coach up, but you can’t grow too fast without expert service.” The key to insurance business success, he says, is remaining curious and being a good listener. The post Independent Broker Maintains Independence [https://www.insurancejournal.tv/videos/25376/] appeared first on Insurance Journal TV [https://www.insurancejournal.tv].

Would you relish reading insurance contracts on a Sunday afternoon so you can properly counsel your client on what they should buy? Do we hear a “Hell, no?” That’s okay. Self-described insurance nerd and recovering insurance attorney Dan Schuleman will save you the trouble. He cofounded the insuretech Qumis as an assistive-AI platform to quickly analyze policies and pull relevant information for claims, brokering and compliance. The idea: Arm insurance professionals with more detailed information, particularly in a time of suffocating legal action. “The increase in litigation is crazy,” Dan says. “The lawyers throw anything at the wall and see what sticks.” AI is accelerating the pace of plaintiffs’ actions—but it also helps carriers fight back,” he notes. “Things are not great in insurance companies’ claims departments right now.” Qumis is a “human in the loop” system. “It’s like a self-driving car where you still have a hand on the wheel,” Dan says. The post This InsureTech Loves Policy Language [https://www.insurancejournal.tv/videos/25170/] appeared first on Insurance Journal TV [https://www.insurancejournal.tv].

On this installment we’re joined by Itai Ben-Zaken, founder and CEO of Honeycomb, an MGA with AI-driven technology to analyze aerial photographs of commercial building roofs to assess their condition. Honeycomb launched with admitted markets but recently expanded to E&S, opening up more opportunities for retail agents to place tough risks. For example, many carriers are active in multifamily property but carve out anything older than 25 years. With 80% of these structures built before 2000, that means 80% of the market is underserved, Itai says. Honeycomb’s “roof model” is hyper-specific, giving underwriters more confidence to take on risks even in troubled areas. Itai also comments on the broader state of insuretech. He sees an opportunity for innovators particularly in the environmental space. “If weather patterns are changing, the traditional insurance models are not accustomed to working with that.” This episode of Insurance Journal’s On Point podcast is sponsored by AM Best Information Services [https://web.ambest.com/information-services/products-and-services-directory]. Turn to AM Best for solutions to the complex challenges you face—with ratings, research, news and data analytics to cover the insurance industry. The post Honeycomb Addresses Multifamily Housing Coverage [https://www.insurancejournal.tv/videos/24973/] appeared first on Insurance Journal TV [https://www.insurancejournal.tv].