On Point - Insurance Journal

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].

Do you truly understand your policyholders, distribution partners and employees? Do you have a clear lens into what competitors are doing? If your organization attempts to get feedback all by itself or relies on ad-hoc, anecdotal feedback from key stakeholders, you will miss opportunities to evolve and innovative. On this recording, research whiz Mackenzie Wilson unpacks best practices. Customer experience work “is the foundation of any business,” she says. “It doesn’t matter how big or small you are.” Yet, only about 30% of firms in any industry—and even lower in insurance—have a formalized program for voice-of-client experience. As much as they talk about it, they don’t really invest today as they should.” They also are missing the employee perspective with surveys that don’t generate authentic and actionable insights. Often, the initial corporate reaction to research “is very tactical and one-off. Everyone is so excited to get feedback. But they don’t understand how it can be operationalized instead of being a single transactional movement.” Firms should implement a standard, ongoing protocol for capturing the voice of key business partners, Mackenzie says. In this way, they’ll be more proactive and reach out to diagnose problems. “Why do people build products or services? They want to solve a problem. Any new initiative started with a problem.” She also reveals a few tricks to get customers to spill a little extra “tea” during interviews. The post What Do Your Customers Really Think? [https://www.insurancejournal.tv/videos/25129/] appeared first on Insurance Journal TV [https://www.insurancejournal.tv].

A major workplace challenge is basic human communication among the age groups. How can we create a workplace culture where all four working generations thrive? “Culture Doctor” Warren Wright returns to On Point with insights. Generational conflict impacts teamwork, productivity and retention. Workplace preferences are varied: Boomers and GenXers value stability; Millennials and Gen Z seek rapid growth and flexibility. Younger generations thrive on innovative digital tools and quick feedback, while older generations want to stick with what works. On this recording, Warren also unpacks fascinating takeaways from new research on how consumers of different ages approach insurance buying — and how the generations view insurance agents. Warren will present on these topics at the annual “Ignite” conference hosted by the Insurance Marketing & Communications Association, or IMCA, in Scottsdale this June. The post Cross the Generational Divide [https://www.insurancejournal.tv/videos/25025/] appeared first on Insurance Journal TV [https://www.insurancejournal.tv].

The danger in writing all small commercial lines is becoming a generalist, says Bobby Touran, who a few years ago founded Rainbow, a restaurant-focused MGU insuretech. Rainbow distributes through independent agents—who he calls “critically” important. Listen as Bobby unpacks three strategic concepts behind Rainbow. “We wanted to be very specialized in classes of business,” he says. “We felt restaurants were a distressed category within small commercial. They were still reeling from COVID, lock-downs and inflation.” He observed other insuretechs taking “a very binary view on the role of technology: a tech-only or human-only experience. We didn’t see examples where purpose-built software was combined with human expertise.” That includes underwriters “making good judgement calls at the margins. We wanted to keep humans in the loop.” Bobby also comments on a specific behavior of successful agents he’s met. The post Rainbow Founder Eyes 3 Keys to Specialization [https://www.insurancejournal.tv/videos/24971/] appeared first on Insurance Journal TV [https://www.insurancejournal.tv].