The Future of Insurance Por arte de portada

The Future of Insurance

De: Bryan Falchuk
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  • Resumen

  • For over a century, the Insurance industry has stood by people at the worst moments of their lives, and kept the risk of these moments from standing in the way of people pursuing their dreams. But the industry, and the demands of the people we serve, are changing. The Future of Insurance podcast brings you thoughts from leaders from across the industry to help inspire and inform how we can all help evolve into the future. Brought to you by Bryan Falchuk, industry veteran and author of the best-selling series, "The Future of Insurance: From Disruption to Evolution"
    Insurance Evolution Partners
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Episodios
  • The Future of Insurance – Yaron Ben-Zvi, COO, Oka The Carbon Insurance Company

    The Future of Insurance – Yaron Ben-Zvi, COO, Oka The Carbon Insurance Company
    Jun 11 2024

    Guest Bio

    Yaron Ben-Zvi is an executive with a track record of building innovative businesses in complex spaces, such as insurtech and financial services. Yaron is currently COO at Oka, The Carbon Insurance Company. Oka is de-risking the voluntary carbon market (VCM) for buyers and sellers of carbon credits with first-of-its-kind carbon credit insurance, which provides buyers with financial compensation in the event of credit reversal or invalidation.

    Previously, Yaron was CEO of Haven Technologies and Haven Life. At Haven Technologies, Yaron led the build of a modern, cloud-based, and end-to-end technology platform for life insurance that became a key part of MassMutual’s transformation strategy. As Founder and CEO of Haven Life, Yaron grew the company into one of the leaders in online term life insurance distribution with its transparent and user-friendly product design. Along the way, Haven Life was recognized by U.S. News & World Report and Investopedia as one of the best term life insurance providers in the U.S. Previously, Yaron founded Goalmine, an early robo-advisor that was acquired in 2012.

    As a leader, Yaron is passionate about creating unique and collaborative company cultures that help teams realize their potential. At Haven, Yaron had the honor to build and lead a team of more than 350 technology and insurance professionals to make life insurance simple and expand access to this critical financial product.

    Yaron obtained his BA in history and political philosophy from Wesleyan University and his MBA from The Wharton School at the University of Pennsylvania.

    Highlights from the Show

    • Yaron joined the show with the Life Insurance startup he founded, Haven
    • After leaving Haven, he was looking for an opportunity in something that connected to his interest in dealing with the climate crisis, which lead him to Oka, which insures carbon offset and credit transactions
    • Companies that use credits and offsets as part of their decarbonization strategy, the founding team at Oka realized there were a number of risks that make this difficult, with Oka focused on post-issuance risks, like
      • Reversal Risks - you buy carbon credit from a forest in Canada, but a wildfire burns that forest down. Or, illegal logging shrinks the forest. These are risks that could release the captured-carbon back into the air.
      • Invalidation Risks - the methodology behind the carbon credit was flawed, like fraud being committed in the actions that lead to the carbon sequestration
    • Oka was only started in 2023, and today has their own syndicate at Lloyd's, capacity from partners, and the technology to support it – with a team of seven people
      • The CEO, Chris Slater, comes from the industry, as do the board of directors, so there's a lot of experience building insurance businesses
    • The carbon market is split into two sub-markets
      • Voluntary Market – companies that are choosing to decarbonize
      • Involuntary Market – government or regulators force compliance with certain standards and timelines
    • Both markets are growing rapidly out of necessity, and there are buyers and sellers that need protection
      • Some buyers want protection if they're newer to the market, or are doing something unproven
      • Some sellers who want to enhance the attractiveness of their carbon credits and to protect themselves from something going wrong that makes it hard for them to deliver or fulfill the credits they've sold

    This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.
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    27 m
  • The Future of Insurance – Festus William Amoyaw, Co-Founder & CEO, Figtech & InsurTech Ghana

    The Future of Insurance – Festus William Amoyaw, Co-Founder & CEO, Figtech & InsurTech Ghana
    Jun 4 2024
    Festus William Amoyaw started his career with Amex International Incorporated, a contractor for the USAID in Ghana Trade & Investment Reform Programme, Increased Private Enterprise Performance (IPEP) Component Project as a Market Research and Business Development Assistant. He subsequently worked in an indigenous Ghanaian Financial Institution, HFC Bank (Republic Bank), as a Credit Analyst focusing on Small and Medium Enterprises. In the last decade, he has gathered considerable experience in private equity and impact investment. He worked with GroFin Ghana, a subsidiary of GroFin Capital based in Mauritius, as a Business Development Manager and, subsequently, a Portfolio Manager. He also briefly worked as Investment Officer with Investisseur & Partenaires (I&), a Paris-based Fund Manager of I&P Afrique Entrepreneur Fund of Euro 55 Million in the Ghana Office. From I&P, he moved on to work at Acumen as the West Africa Officer, where he sourced for deals, conducted due diligence and closed various transactions. In 2018 he joined the Regional Offgrid Electrification Project (ROGEP), an Ecowas Center for Renewable Energy and Energy Efficiency (ECREEE) initiative funded by the World Bank Group and partners as a Finance Expert. He also acted as the Coordinator for ROGEP before joining WAM. He has worked as a Principal Investment Officer with Women’s World Banking Asset Management (WAM) and Consultant for Lendahand and XpressGas Limited. Currently, he is the CEO/Co-Founder of Figtech Limited, a Fintech startup company in Ghana. Fintech has developed an App, MYFIG, to solve the challenges many faces in navigating various financial products. He graduated from Kwame Nkrumah University of Science and Technology, Kumasi and the University of Ghana Business School in Agriculture Economics and a Masters in Business Administration, respectively. He is a Certified Digital Finance Expert from the Frankfurt School of Finance and Management. Highlights from the Show Festus started working about 3 years ago on the issue of people in Africa having enough financial protection for retirement or to protect their families, and penetration rates of traditional life insurance products are very lowAfrica has seen the adoption of mobile payments, even on feature phones instead of smart phones, but that's largely not moved into financial services spending so much as general consumptionAll of this lead him to co-found Figtech, which is a platform to manage your insurance protection Life insurance is sold by individuals in Africa, but these agents don't tend to stand behind or support the policies after they're sold, so consumers struggle with basic things like updating their address (which requires going to the insurance company's office to change it in person) There are changes needed in the insurance market and regulation of it to see more penetration of insurance Some regulators have been creating more flexible paths for startups and new players to enter the market and growFor example, creating digital distribution licensesThey've also allowed for creation of microinsurance that comes along with or is embedded into other products, like insurance you get when you buy more airtime minutes for your mobile phone Figtech was part of the first regulator-organized startup competition three years ago, and that experience helped spark Festus to push to create an insurtech community in Ghana, starting InsurTech GhanaThey've been working with other InsurTech communities around the world, and started the first ever InsurTech Ghana conference in 2023, which they're holding again this yearAfrica is where a lot of new ideas of coverage and ways to protect people are being developed, and we would be smart to foster and watch what's happening there as a source of possible future product innovation ideas for the global insurance market This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.
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    27 m
  • The Future of Insurance Podcast – Wayne Slavin, Co-Founder & CEO, Sure

    The Future of Insurance Podcast – Wayne Slavin, Co-Founder & CEO, Sure
    Apr 9 2024

    Wayne Slavin is the CEO and Co-Founder of Sure, a VC backed insurtech startup. Prior to Sure he was the VP of Product Management at Tapingo, TechCrunch’s Most Innovative Company of 2013. His other past projects and companies include NetStumbler, a consumer app with more than 1.5 billion downloads, the Barnes & Noble Nook eBook reader, Buddy Media (now part of salesforce), and BackupRight the enterprise SaaS company he sold in 2012. He has a Masters Degree from Columbia University.

    Highlights from the Show

    • Wayne took his experience from outside of insurance and wondered if some of the things they were working on to remove friction could help in insurance
    • Sure initially provided a platform to enable embedding of insurance into other customer experiences, and not just for simple products we usually see embedded, like travel and event insurance, but for even the most complex, like Auto and Property insurance, including enabling embedded insurance sales for the largest car maker and EV maker in the world, mortgage lenders and more
      • They do this for legacy and startup companies, focusing on the consumer-facing brand and solving for their need to bring insurance into their experience
      • They aren't a carrier, so they can connect any insurance product or capacity provider into the mix
    • More recently, they've created Anywhere, which includes filed rates and forms with extreme flexibility to allow insurance providers to go to market faster and with much more flexibility to customize the offering and respond to changing market dynamics fast enough to keep competing instead of just pulling out of tough markets
      • Rolling out new programs or products can take years, and Sure wanted to find a way to make it take just a few short months
      • Existing solutions of using rate services organizations have taken too long, cost too much, and haven't left insurers satisfied with the outcome (financially or otherwise)
      • Sure also includes the technology to enable bringing the product to market and selling it, and not just rate and form

    This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk.

    Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

    Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.
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    38 m
Economía
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