Innovation, Lessons, Overview, Trends
Gilad Shai
Bryan Falchuk - The Future of Insurance
Entrepreneurship, Innovation, Insights, Startup
Gilad Shai
Nick Lamparelli - InsurTech Talk

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.

Nick Lamparelli - InsurTech Talk
Alex Devoto
Scream

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.

Scream
Entrepreneurship, Startup
Gilad Shai
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, Overview, Startup, Trends
Gilad Shai
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.

Innovation as a step function

ASIC

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Disclosure – the thorn in our side

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Recent media releases by Australian Securities and Investments Commission (ASIC) relating to Add-On*  insurance and life insurance highlight that customers do not understand the cover they have purchased.
 

The disclosure taskforce highlighted the failure of the disclosure regime as an inherent design flaw.

'…efforts have largely focused on legal and compliance imperatives to provide accurate information which was, in some sense, clear. The behavioral science contribution to the work of this Taskforce has significantly refocused attention on communication outcomes, rather than simple well-meaning legal tests.’

WHAT DOES A BEHAVIORALLY BASED DISCLOSURE APPROACH LOOK LIKE?