Chairman remarks itc 2016 vfinal
•
2 likes•187 views
The chairman of InsureTech Connect provided the opening remarks for the conference. He discussed how the conference brings together entrepreneurs, investors, and executives in the insurtech field from around the world. He then shared his personal experience with a house fire to emphasize how the industry impacts real people and discussed the need for change and innovation in the face of challenges from Silicon Valley startups. The chairman predicted several trends in insurtech through 2017, including an expansion of startups in the ecosystem, more corporate venture capital firms investing, current startups expanding internationally, innovations beyond peer-to-peer models of risk bearing, and growing momentum for parametric insurance.
Recommended
Recommended
More Related Content
Viewers also liked
Viewers also liked (11)
Similar to Chairman remarks itc 2016 vfinal
Similar to Chairman remarks itc 2016 vfinal (20)
Recently uploaded
Recently uploaded (20)
Chairman remarks itc 2016 vfinal
- 1. #ITC2016 PRESENTED BY 1 Chairman’s Opening Remarks
- 2. #ITC2016 PRESENTED BY InsureTech Connect CHAIRMAN’S REMARKS ITC is all about you. This impacts real people. Perspectives on change. Caribou Honig Chairman & Cofounder
- 3. #ITC2016 PRESENTED BY 3 QED: We are Operators Masquerading as Investors Frank RotmanNigel MorrisCaribou Honig Miles Reidy Bill Cilluffo ü Collectively over 120 years of experience in building Financial Services businesses ü Investing in breakthrough disrupters attacking the incumbents and leveraging next generation propositions in lending, payment, wealth management and insurance. ü Play active, hands-on consigliore roles with leaders leveraging our operating, underwriting, and marketing experiences to profitably scale quickly and soundly
- 4. #ITC2016 PRESENTED BY 4 InsureTech Connect Is All About You …and many hundreds more! Entrepreneurs Investors Executives
- 5. #ITC2016 PRESENTED BY 5 InsureTech Connect Is All About You Founders & CEOs Partners & MDs VP & C-suite Founders/CEOs Entrepreneurs Investors Executives
- 6. #ITC2016 PRESENTED BY 6 InsureTech Connect Is All About You 6 Continents 31 Countries
- 7. #ITC2016 PRESENTED BY 7 Our industry – your work – touches people “I’m afraid your house insurance didn’t cover a wolf blowing it down.”
- 8. #ITC2016 PRESENTED BY 8 I speak from experience. “Fire Department officials said Friday an underground power line shorted and caused the two-alarm blaze at The Dunes, Sunset Watch and Lesner Pointe East complexes along Page Avenue.”
- 9. #ITC2016 PRESENTED BY 9 It was pretty bad Exterior view of my condo.
- 10. #ITC2016 PRESENTED BY 10 It could have been worse. Building next door as seen through dining room “window”
- 11. #ITC2016 PRESENTED BY 11 We had adequate insurance.
- 12. #ITC2016 PRESENTED BY 12 Residents of the building next door did not. Rubble gone… Concrete slab still a year later.
- 13. #ITC2016 PRESENTED BY 13 Would you buy life insurance from this man? YES! I did. But that was 2006.
- 14. #ITC2016 PRESENTED BY 14 Immovable Object…meet Irresistible Force
- 15. #ITC2016 PRESENTED BY 15 Change. Is. coming. “Silicon Valley is coming. There are hundreds of startups with a lot of brains and money…” “History doesn’t repeat itself but it often rhymes.” “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.”
- 16. #ITC2016 PRESENTED BY We’ve seen this in Lending. 1 2 3 4 New channels and UX accelerate the slow decay of branches Beginning to refactor the technology stack, Cobol -> APIs Emerging partnership between Startups and Banks Shift from proving scalability to proving sustainability Overall “splintering of the Value Chain”
- 17. #ITC2016 PRESENTED BY 17 Startups engage in every part of the Insurance Value Chain Distribution & Brand Product Data & Underwriting Operations & Regulatory Bearing the Actual Risk Replace agents … or make agents better. Best opportunity for innovation and defensibility. New data. Analytics. Machine learning. Less sizzle than the rest, but maybe lots of steak.
- 18. #ITC2016 PRESENTED BY 18 Look for the hallmarks of tech-driven transformation Less Friction + Transparency Deflationary
- 19. #ITC2016 PRESENTED BY 19 Build, Buy…or Partner Speed + Focus, Culture of Taking Risk Strength + Experience, Culture of Risk Management
- 20. #ITC2016 PRESENTED BY The Jury Is Out as Startups Become Carriers… Maximize product, marketing, and underwriting flexibility. Are regulatory and capital hurdles overwhelming? Start as an MGA and vertically integrate with scale?
- 21. #ITC2016 PRESENTED BY 21 …while many insurers have become VC’s Success Factors ü Talented, smart people ü Clear investment mandate ü Avoid adverse selection ü Deal flow Another Option: Carrier + VC Partnership?
- 22. #ITC2016 PRESENTED BY 22 5 InsureTech Predictions through 2017 1 2 3 4 5 Cambrian Explosion of ecosystem continues…few exits 2nd wave of Corporate VC Firms enter the market Winners begin to expand X-border Risk-bearing innovations go beyond P2P Parametric Insurance gains (some) momentum
- 23. #ITC2016 PRESENTED BY 23 Final thought: is a state of mind.