Digital Insurance Pint Podcast

Here's a Christmas gift to all our followers - Season 8 of the Digital Insurance Pint Podcast is just around the corner ! Tom Reid, Jeff Roy, Adam Mitchell and Steve Earle are thrilled to announce the launch of Season 8 of the Digital Insurance Pint Podcast, where we're taking a deep dive into the transformative world of Artificial Intelligence (AI). This season, we're joined by an all-star lineup of experts from leading AI companies and brokerages, including Koïos Intelligence, DONNA.ai, Gaya, Billyard Insurance Group Inc., Trufla Technology, and Panda7 Insurance . Where's the one place you can hear from rockstars like Mohamed Hanini, Stephen Billyard, Sherif Gemayel, Carl Ziadé, Christopher Paradiso and Anurag Shah ? (Duh, right here) Tune in as we explore: * The real-world applications of AI in insurance brokerages. * How AI is revolutionizing customer experience and operational efficiency. * The ethical considerations and challenges of AI adoption. * The future of the insurance brokerage in the age of AI. Whether you're an insurance broker, technology enthusiast, or simply curious about the future of the industry, this season is a must-listen. #DigitalInsurancePint #InsuranceAI #Insurtech #Innovation #Podcast #Season8

Season 7 finale is here - will there be a cliff hanger? Season 7 wraps up with take 2 on “what keeps you up at night?” The DIPP crew (Jeff Roy, Adam Mitchell, Steve Earle and Tom Reid) discuss major industry issues including the rise of vehicle theft, OPCF 49, broker cancellation as a way to manage carrier profitability, embedded insurance, connectivity and technology progress. If that wasn’t dark enough for you, the team also discusses potential existential threats such as earthquake and banking collapse. Takeaways * The endorsement debate raises questions about the effectiveness and fairness of endorsing certain insurance products. * Embedded insurance in vehicles and other products presents opportunities for convenience and cost savings but also raises concerns about consumer awareness and bypassing traditional distribution channels. * Progress has been made in improving connectivity and technology in the insurance industry, but enforcement of standards and proper implementation remain key challenges. * Existential threats like earthquake and banking collapse could have significant impacts on the insurance industry and brokers need to be aware of these risks. Have a great summer & thanks for listening ! https://lnkd.in/dzy4trTw

In this episode, Tom Reid, Steve Earle, Adam Mitchell and Jeff Roy interview Shawn Antao, a partner at EY and leader of the Insurance Technology Consulting arm. They discuss various topics related to Guidewire Software implementations and #broker connectivity. The conversation covers the dominance of Guidewire in the Canadian market, factors affecting the cost of implementations, and the challenges in creating broker connectivity. They also touch on the standardization of #API connections, the role of system integrators like EY, and the importance of consistency in connectivity. Overall, the episode provides insights into the world of Guidewire and its impact on the #insurance industry, including the costs from the BMS, challenges for BMS vendors, the importance of consistency in APIs, implementing Guidewire Cloud, the impact of customizations, the importance of broker input, and the future of insurance technology. They also touch on #AI and its potential for straight through processing and the development of AI chatbots and virtual assistants. Takeaways * Guidewire is the dominant admin system in the Canadian insurance market, with a market share of 85-90% of direct written premium for P&C insurers. * The cost of Guidewire implementations varies depending on the size and scale of the organization, with larger carriers typically investing more due to the complexity and scalability of their systems. * Creating broker connectivity in Guidewire implementations can be challenging, but standardization of APIs and integration frameworks can help streamline the process. * The move to Guidewire Cloud and the adoption of an integration gateway allows for more efficient and standardized connectivity across carriers. * Collaboration and sharing of APIs and integration assets can help accelerate the development of broker connectivity and improve industry-wide standards. * Maintaining multiple versions of APIs is a challenge for BMS vendors, and achieving consistency between different carriers is crucial. https://lnkd.in/dTUdgdPU

The number of Brokers who have put a tonne of creative work into their brand has been historically low in the broker distribution channel over the last 30 years. Adam Hare is one of these brokers and has always had a unique artististic flair that is so rare in our industry. When he launched his Insurance Jack brand I was a huge fan. Few brokers had put the sweat thought and effort Into crafting the look and feel of their brand like Adam did. Una Roy and myself were honoured to be invited to the PetleyHare Insurance Brokers rebrand launch last October and loved what we saw and experienced. For brokers that feel their brand is not a Seth Godin Purple cow and want to consider a rebrand or make changes this a great podcast to listen to. My formula for broker success. Process (prounced prawess in the USA ) x People X Technology X Brand x Carrier partner selection = Broker distribution Success. If you get zero in anyone of these areas your score is zero. You cannot afford to be weak in a world of mass consolidation. In the episode below of Digital Insurance Pint Podcast Adam will help you think about your brand and the branding process differently.

Making change happen can be hard - it can also be necessary. In this episode, Adam Hare, CEO of PetleyHare Insurance Brokers, shares his journey in the insurance industry and the rebranding process his company went through. The conversation with Adam Mitchell, Steve Earle, Jeff Roy and Tom Reid covers topics such as the impact of branding, the cancellation of carrier contracts, and the process of rebranding a brokerage. Adam emphasizes the importance of staying true to your brand and making tough decisions when necessary. Adam discusses his journey of starting an agency, creating a meaningful brand, and the lessons he has learned as an entrepreneur. He shares his accomplishments, mistakes, and the importance of reinvesting in your business. Adam also emphasizes the need for collaboration in the industry and the desire to change the perception of the insurance industry. Takeaways * Branding plays a crucial role in the insurance industry, helping brokers differentiate themselves and attract the right customers. * Rebranding can be a challenging process, but it allows brokers to align their brand with their values and target audience. * Choosing the right carrier partners is essential for a brokerage's success, and sometimes it's necessary to cancel contracts with underperforming carriers. * The rebranding process requires careful planning, understanding of the target audience, and a clear vision of the company's values and messaging. Collaboration and working together can lead to better results in the insurance industry. * Creating a meaningful brand goes beyond just a logo and involves understanding your team and what makes them tick. * Mistakes are a part of entrepreneurship, and it's important to learn from them and pivot. * Reinvesting in your business is crucial for growth and success. * The insurance industry needs to change its perception and be seen as something to be proud of #brand #brokers #insurance #marketing https://lnkd.in/gD_Rd_4g

It was great to have Greg Purdy from Rival Insurance Technology on this episode of the Digital Insurance Pint Podcast I first met Greg back when he was at Applied Systems Canada a life time ago. Also worked with him when he was at Get Clariety and OptA. Greg with all his experience in the broker distrubtion channel in Canada is like a combination between Troy McClure and Steve Jobs. Rival has some big plans and Greg predicts in the future there will only be two BMS vendors left in Canada. Watch with link below or tune on Apple or Spotify. #rivalinsuracetech #RPMplatform #AIoptimizedworkflows

Greg Purdy, CEO of Rival Insurance Technology, joins Steve Earle, Adam Mitchell, Tom Reid and Jeff Roy to discuss his background in insurance and software, his decision to join Rival, and the company's focus on changing the broker automation process. Rival's unique competitive advantage lies in its active engine that uses #AI to optimize #workflows and provide a more intuitive user experience. The company's RPM platform and marketplace aim to connect data exchange and offer third-party products seamlessly. Rival is also focused on making the transition to their platform easier for brokers and plans to use AI to transform broker workflows and provide more efficient processes. Takeaways * Rival is focused on changing the broker automation process and providing a more intuitive user experience. * The company's RPM platform and marketplace aim to connect data exchange and offer third-party products seamlessly. * Rival plans to use AI to optimize workflows, provide more efficient processes, and transform broker workflows. * The transition to Rival's platform will be phased in over time, allowing for a smoother and less disruptive experience for brokers. #insurance #insuretech #brokers https://lnkd.in/gTNTzN2H

Did you know that Wawanesa is sharing the real time APIs they've implemented? Supported by Insurance Brokers Association of Canada and CSIO - Centre for Study of Insurance Operations, this initiative will enable multiple carriers to participate in bringing common & consistent connectivity to the #broker channel. In this conversation, the DIPP crew (Steve Earle, Jeff Roy, Adam Mitchell and Tom Reid) are joined by Tracy Riley, Chief Insurance and Technology Officer at Wawanesa Insurance. They discuss the importance of real-time connectivity, Wawanesa's API sharing initiative, the significance of mutuality in the company, and the decision to opt out of aggregators. Tracy also shares insights into the responsible use of AI in underwriting and pricing. Overall, the conversation highlights Wawanesa's commitment to improving the customer experience and supporting brokers in the insurance industry. Finally, Tracy discusses the role of APIs in connectivity and ecosystems, future technology investments, and supporting the broker channel. Takeaways * Real-time connectivity is crucial for improving the customer experience and reducing friction in the insurance process. * Wawanesa's API sharing initiative demonstrates their commitment to making the industry better and supporting brokers. * The concept of mutuality is an important value proposition for Wawanesa, guiding their decisions and actions. * The responsible use of AI in underwriting requires careful consideration of potential biases and transparency in decision-making. * Wawanesa's decision to opt out of aggregators is driven by their focus on providing value through broker advice and personalized service. * Wawanesa is focused on streamlining processes, enhancing service levels, and implementing AI to improve customer experience. * Wawanesa is committed to supporting the broker channel and providing them with the tools and resources they need to succeed. #insurance #insurancetechnology https://lnkd.in/gZKZfWiy

Who wants a masterclass in technology adoption? If that's you, read on... Ema Roloff, co-founder of Roloff Consulting, joins the podcast team (Jeff Roy, Steve Earle, Adam Mitchell and Tom Reid) to discuss digital literacy and the challenges and opportunities in the insurance industry. Emma emphasizes the importance of understanding key technologies such as AI, cloud computing, and IoT. She also highlights the need for CEOs to focus on people and process when undergoing digital transformation. Emma shares insights on selling and buying differently, with a focus on education-focused sales and the shift towards online research and self-education by buyers. Overall, Emma emphasizes the importance of a holistic approach to technology adoption and the need for vendors to prioritize customer success. The conversation explores the impact of short-form video on search and trust and the importance of showing up where buyers are. Ultimately, the conversation emphasizes the significance of people and relationships in the insurance industry. Takeaways * Understanding key technologies such as AI, cloud computing, and IoT is crucial for digital literacy in the insurance industry. * Digital transformation should start with a focus on people and process, with technology as an enabler. * Buyers are increasingly relying on online research and self-education, so vendors need to focus on education-focused sales and building trust. * The insurance industry needs to shift towards a holistic approach to technology adoption and prioritize customer success. * Selling and buying differently requires a shift towards education-focused sales and providing value throughout the buyer's journey. * The insurance industry is inherently about people and relationships, and technology should be implemented in a way that supports these core aspects. #insurance #insurancebrokers #insuretech https://lnkd.in/gjSvE5C3

Benchmarking episode #2 is here ! In this episode, host Tom Reid and his colleagues Steve Earle, Adam Mitchell, and Jeff Roy are joined by Carey Wallace, founder of AgencyFocus. The episode focuses on key performance indicators (KPIs), metric tracking, the impact of compensation structure, and the efficiency of Canadian brokerages. Carey shares insights from her experience as a fractional CFO and consultant for independent insurance agents, highlighting the importance of growth, profitability, and customer retention in agency performance. The conversation covers various topics related to the insurance industry, including data entry and technology, specialization, differences between personal lines and commercial lines, revenue metrics and contingencies, growth and profitability in 2023, inflation and premiums, challenges with contingencies and carrier relationships, leading and lagging indicators, and the importance of knowing your numbers. Takeaways * Key performance indicators (KPIs) such as growth, revenue retention, profitability, policies per customer, and revenue per employee are crucial for measuring agency performance. * Tracking metrics and implementing them in a dashboard can be challenging, but using customer relationship management (CRM) tools and third-party tools like Donna by ARIUS Analytics can help agencies monitor and improve their performance. * Compensation structure is an important factor in agency profitability, and agencies should aim to allocate around 47% of their total revenue to compensation. * The size of an agency can impact its metrics, with larger agencies having more capacity for automation and technology investments. * The insurance industry is seeing a rise in startups, facilitated by aggregator systems and alliances, but not all startups are created equal. Data entry is a significant aspect of the insurance industry, and technology, such as RPA and virtual assistants, is being utilized to minimize the manual work involved. * There are differences in metrics and benchmarks between personal lines and commercial lines, with the complexity and size of accounts affecting the workload and efficiency. * Specialization can drive efficiency and profitability, but it also comes with risks, such as over-reliance on specific carriers. * Understanding leading and lagging indicators is crucial for managing a business effectively, as lagging indicators, such as financial statements, provide historical information, while leading indicators, such as new business metrics, help predict future performance. * Knowing and analyzing key numbers and metrics is essential for making informed decisions and improving the performance of an insurance agency. https://lnkd.in/gNDXh8F6