Startup

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 as a step function

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.

Interview with Scott Soderstrom founder of FilingMate

Interview with Scott Soderstrom founder of FilingMate

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.

Insight on Innovation: from legacy company and startup

Innovation in insurance is not limited to a new shiny technology. New products, new insurance products, can be and are innovative in many ways, and they require people, processes, and a mindset to make them happen. 

Mariel Devesa, head of global business development for Phyn and former head of innovation for Farmers Insurance, shared her experience and insights on innovation. Stephen Goldstein joined Mariel to facilitate the fireside talk and to ask the hard questions.

There is a misconception that insurance companies don't innovate.

Carriers don't have a shortage of ideas, but they need to start somewhere. One of the ways to prioritize is by asking where is the most substantial impact.

"The shiny disco ball syndrome" is when someone says "we need to do this" and then four weeks later "oh, we need to do that," and later "we need to focus over Continually shifting focus on whatever is in fashion or is getting the most publicity at the moment."

Building trust

"I remember that at the beginning of my work with Gus Fuldner, VP of safety and insurance at Uber, it was all about building trust." Both sides had reservations and concerns, however, trust was built, and it resulted in drafting the “compromise language,” [1] which created a framework for states to pass and provided clarity to build an insurance offering.