Insurance Unplugged with Lisa Wardlaw

• In the Hot Seat with Margeaux Giles

  Summary:In this episode of Insurance Unplugged, host Lisa Wardlaw interviews Margeaux Giles, CEO and founder of Iris InsureTech. They discuss the challenges and nuances of building operational systems in the insurance industry, emphasizing the importance of transparency, trust, and effective data management. Margeaux shares her journey from being a producer to a tech founder, highlighting the need for authentic transformation in the industry. The conversation delves into the complexities of understanding customer needs, the pitfalls of traditional data storage systems, and the innovative approaches Iris is taking to embed trust and verifiability in their technology. In this conversation, they discuss the evolving landscape of the insurance industry, focusing on the integration of technology, the importance of trust, and the challenges of implementing AI. They explore the need for real-time decision-making and the generational mindset required for long-term success in the industry. The discussion highlights the risks associated with misusing technology terms and the importance of transparency in data management.Takeaways: Margeaux Giles has nearly 20 years of experience in the insurance industry.Building operational systems requires understanding the real needs of the industry.Transparency and trust are critical in the insurance value chain.Many founders struggle to move from vision to execution.Data processing is essential for effective insurance operations.Traditional systems often serve as mere data repositories.Iris InsureTech focuses on embedding trust at the data level.Operational processing is different from data storage.The insurance industry needs to evolve beyond outdated practices.Effective data management can lead to better underwriting and risk management. We don't trust you.The upside for a broker is massive.We need to understand how to make business decisions in real time.If you want to go fast and break things, be honest about your tech journey.Stop saying that you're using a genetic AI.Sound Bites:"I am the epitome of the hot seat.""What do you really need?""How do we understand that person?""It's a balancing act.""You have to have firepower underneath that.""That is not operational processing.""You can't be human centric, transparent.""We don't trust you.""The upside for a broker is massive.""If you want to go fast and break things..."Keywords:Insurance, InsureTech, Margeaux Giles, operational systems, transparency, data management, trust, technology, insurance industry, SaaS, insurance, technology, AI, real-time decision making, trust, risk management, innovation, data transparency, generational planning, brokerages

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• In the Hot Seat with Coley Perry

  SummaryIn this episode of Insurance Unplugged, host Lisa Wardlaw engages with Koli Perry, VP of Insurance at Koford, to discuss the transformative role of AI in the insurance industry. They explore the importance of building trustworthy AI systems, the challenges of integrating AI into existing infrastructures, and the need for a paradigm shift in how the industry approaches technology. The conversation emphasizes the necessity of designing systems with accountability and transparency in mind, as well as the evolving landscape of distribution in insurance. Koli shares insights on operationalizing AI, the role of regulators, and the importance of being proactive in adopting new technologies.TakeawaysAI in insurance requires a strong infrastructure of trust.The industry must rethink how it approaches AI integration.Trust and auditability should be built into AI systems from the start.Regulators play a crucial role in the adoption of AI in insurance.Event-native systems are essential for effective AI integration.Operationalizing AI requires a shift in mindset and operating models.Distribution in insurance is lagging behind technological advancements.AI is a leveler that can disrupt traditional distribution models.Complacency in adopting AI will hinder progress in the industry.Design AI systems with the assumption they will be scrutinized. Chapters00:00 Introduction to AI in Insurance05:52 Rethinking AI: From Trust to Prove It11:57 Event-Native Systems and AI Integration18:03 The Future of Distribution in Insurance24:00 Conclusion and Final Thoughts

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• In the Hot Seat with Drew Morse

  Summary:In this episode of Insurance Unplugged, host Lisa Wardlaw interviews Drew Morse, Director of Innovation at Andover Companies. They discuss the challenges and strategies of fostering innovation within a traditional insurance company, especially during the COVID-19 pandemic.Drew shares insights on the importance of communication, the role of generative AI in enhancing innovation processes, and the need for a focus on core business opportunities rather than solely non-insurance ventures.The conversation emphasizes the significance of collaboration, understanding organizational needs, and creating a repeatable innovation process that adds tangible value.Takeaways:Drew leads the innovation team at Andover Companies, focusing on human-centered design.Innovation in traditional companies requires constant communication and collaboration.COVID-19 provided a unique opportunity for the innovation team to establish itself.It's essential to focus on core business problems rather than solely non-insurance opportunities.Incremental improvements are valuable and should be part of the innovation process.Understanding the problem is the first step in any innovation initiative.Custom solutions are often unnecessary; partnering with existing solutions can be more effective.Generative AI can enhance the innovation process by providing new perspectives.Involving colleagues in the innovation process generates momentum and goodwill.Creating a culture of innovation requires ongoing engagement and support from leadership.Sound Bites:"We need to make it real for them.""Innovation is this really intangible thing.""We always start from what's the problem.""Our job is to solve problems.""We built out a suite of custom GPTs.""It's nice to have another voice in the room.""Focus on generating momentum."Keywords:innovation, insurance, generative AI, traditional companies, communication, COVID-19, core business, repeatable process, custom solutions, workflows

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• In the Hot Seat with Casey Kempton

  Summary:In this episode of Insurance Unplugged, host Lisa Wardlaw speaks with Casey Kempton, President of Nationwide PNC Personal Lines, about the future of the insurance industry. They discuss the importance of revolutionizing personal lines through a focus on 'predict and prevent' strategies, enhancing consumer experience, and leveraging technology to create a seamless insurance journey. Casey shares insights from her background in anthropology and her passion for transforming the insurance experience into one that provides genuine peace of mind for consumers. In this conversation, Casey Kempton and Lisa Wardlaw explore the evolving landscape of the insurance industry, emphasizing the importance of understanding consumer perspectives, user-centered design, and the integration of predictive technologies. They discuss the need for insurance to transition from a necessity to a desired service, highlighting the role of curiosity and continuous improvement in driving innovation and enhancing customer experience.Takeaways:Casey Kempton is the President of Nationwide P&C Personal Lines.The insurance industry needs to focus on 'predict and prevent' strategies.Consumers often feel disappointed with their insurance experience which is why insurance should provide peace of mind, not just be a financial contract.Technology can enhance the consumer experience in insurance.Preventing claims is more beneficial than just processing them.Consumers want fewer interruptions in their lives, not fewer claims.A singular operating system for technology in insurance is needed.Understanding customer experiences is crucial for innovation.The insurance industry has a responsibility to make homes and roads safer. We can imagine what everyone is experiencing, but we must check in on that.User-centered design is critical in building effective insurance solutions.Understanding the job customers are trying to get done is essential.Simplicity in design helps in user adoption and satisfaction.Insurance must adapt to changing consumer needs and preferences.Predictive technologies can enhance customer experience and retention.The insurance industry must focus on value beyond just pricing.Curiosity about technology can lead to innovative solutions.The future of insurance lies in understanding consumer wants, not just needs.Continuous improvement is necessary to keep pace with change.Sound Bites:"The insurance experience can be much more valued.""We have a larger obligation to make homes safer.""We need to prevent claims, not just process them.""Technology must simplify the customer experience.""The buyer is changing, we must adapt.""We need to transform insurance from need to want.""Curiosity goes such a long way.""Stay curious, stay informed."Keywords:insurance, personal lines, predict and prevent, consumer experience, technology, Nationwide, Casey Kempton, insurance industry, risk management, innovation, insurance, user-centered design, consumer needs, predictive technologies, ROI, customer experience, technology adoption, insurance industry, economic models, change management

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• In the Hot Seat with Samantha Chow

  Summary:In this episode, Lisa Wardlaw and Samantha Chow discuss the critical issues facing the insurance industry, particularly in distribution and data management. They explore the rising coverage gap, the importance of empowering agents, and the foundational problems that hinder effective distribution. The conversation delves into the outdated architecture of insurance companies, the complexity of data management, and the need for insurers to take responsibility for providing agents with the right tools and data. They emphasize that quick fixes like APIs and portals are not sufficient to solve the underlying issues and highlight the hidden costs of poor data management. In this conversation, Lisa Wardlaw and Samantha Chow delve into the complexities of data mastery within the insurance industry. They discuss the importance of deep data diagnostics, the role of data scientists, and the necessity of aligning value streams to enhance data utilization. The dialogue emphasizes the need for real data hygiene and foundational changes in technology and processes to drive effective distribution transformation. The speakers also highlight the importance of honesty in assessing current capabilities and the need to attract younger agents to the industry.Takeaways:The insurance industry often overlooks life, annuity, and health sectors.Empowering agents requires more than just technology; it needs a solid foundation.Many solutions in the industry are just 'lipstick on a pig' without addressing core issues.The architecture of insurance companies is often outdated and fragmented.Data complexity hinders agents' ability to serve clients effectively.Insurers must take responsibility for providing agents with the right tools and data.APIs and portals alone cannot solve the underlying data issues.Dynamic data exchange is crucial for effective data sharing.Standardization of data is challenging due to its dynamic nature.The hidden costs of poor data management can be significant. Data mastery is crucial for effective decision-making.Superficial analysis won't yield actionable insights.Value streams should be aligned for better data utilization.Data scientists need to focus on operational data use.Navigating data complexity requires collaboration across teams.Real data hygiene involves simplifying the vendor landscape.Foundational changes are necessary for effective technology use.Listening to agents is key to improving experiences.Honesty about current capabilities is essential for growth.Attracting younger agents is vital for the industry's future.Sound Bites:"Let's tackle the rising coverage gap.""What's actually broken in distribution?""We just added one more tool to me.""The foundation is broken.""How far behind is the architecture really?""The blindfold, total blindfold.""The push has got to come from the insurer.""APIs are not the solution."Keywords:insurance, distribution, agents, data management, technology, architecture, coverage gap, empowerment, challenges, solutions, data mastery, diagnostics, value streams, data scientists, data complexity, data hygiene, distribution transformation, insurance industry, AI, technology

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