Startup

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.

A conversation with Dr. Jay Spence co-founder & CEO of Uprise – Insights on mental health and the role of technology

A conversation with Dr. Jay Spence co-founder & CEO of Uprise – Insights on mental health and the role of technology

Uprise.co is breaking new ground in removing the stigma attached to mental health. Paul Muir interviewed Uprise CEO & co-founder Jay Spence.

"An insurance policy that excludes on the basis of mental health is neglecting to recognize that this is a person who has been categorized as having something that is temporary rather than permanent."…

Interview with Dominic DiMarco - Entrepreneur in Residence (EiR) QBE

Insurance companies take active steps towards modernization to keep up with customer's expectations and recent entrants to the insurance space who use the latest technology. Carriers introduced new entities into their organizations to champion and facilitate progress. Today there are innovation teams, innovation labs, venture arms, accelerator programs, and the less familiar function -- the Entrepreneur in Residence (EiR).

To understand better the avant-garde insurance that is done by the large insurance companies and their innovation programs I reached out to the leading insurance innovation teams.

Here is a short interview with Dominic DiMarco, EiR in QBE insurance, the man that claims to have the best job in the insurance industry.

"All the big businesses are trying to figure out how to do things "faster, quicker, easier and leaner" and they don't have those skills in their four walls to do it themselves most of the times."

"There is a difference between the IT infrastructure and core systems to the innovative work that is happening on the fringes. You can't replace a core system at once."

"Insurance companies, at their core, are massive financial institutes."