LFP170 – Three Major Indicators That Insurtech Is Making Demonstrable Progress Changing An Industry w/Andy Rear

Andy Rear was until recently head of the innovative Digital Partners, MunichRe’s London subsidiary which pretty much invented Reinsurance (/Insurance) As A Service (which he covered way back in LFP074). In this episode he rejoins us to present evidence that Insurtech is actually changing an industry.

Andy himself is off to do Non-exec-ing and a PhD in Pensions behaviour and so this might well be his swansong podcast on the topic of Insurtech and as such an industry leading figure it’s a must-listen! Has Insurtech changed an industry – Andy lays out the evidence and you decide…

Topics discussed include:

  • going to a pub :-O
  • rubber sandwiches in New York during prohibition
  • secret underground churches
  • Andy’s career journey
  • how to succeed in BigCo
  • Digital Partners – an Insurtech investment and partnership vehicle – by end of 2020 it has written ~$500m in insurance premia through insurtechs and had invested some $400m of venture equity
  • goats and sheep as divergent career models – process creators and process executors
  • entrepreneurs/intrepreneurs as goats able to leap from one crag to another – how this is achieved non-metaphorically
  • reviewing reinsurance/insurance as a model which helped Insurtech leap forwards – reasons why
  • insurance stack and how it has been innovated, deconstructed and reconstructed
  • where platforms fit into this
  • brands and insurance – is Tesco eg an insurer or a broker?
  • Insurance worldwide is a $2trn industry – premia ~$5trn of which cost of risk is ~$3trn
  • “Clock speed” as an important model of how fast industries change
  • Indicator 1 of serious change – capital going into the industry has got bigger and more serious  – 3 IPOs in US in 2020
  • expectations are of at least 3 more IPOs in US in 2021, 1 in UK and 2 or 3 in Europe
  • Indicator 2 – Lloyd’s Blueprint 2 of it’s IT change – what it is and why it is likely to succeed when all prior initiatives have not
  • the Ki Lloyd’s syndicate which will do algorithmic underwriting – three or four other such syndicates in the pipeline
  • modelability of FS – in short “possible” in the short- to medium term, over longer-term unpredictable discontinuities always end of breaking any model at some point
  • the difference between IT development in companies and in a marketplace
  • the opportunities Blueprint 2 offers providers
  • geo-imaging providers as a Case Study
  • Indicator 3 – changed behaviour of the insurance market in buying-in ecosystem services
  • Case Study of Comply Advantage (see LFP146 episode with them)
  • the future of insurance
  • Case Study of John Lewis approach to insurance – in partnership with Digital Partners and following a full ecosystem model leveraging Insurtech specialties
  • how to reach Andy
  • what Digital Partners is looking for by way of partners (especially distribution)
  • the greatest entrepreneurial opportunity in London going forwards..

And much much more 🙂

Share and enjoy!