Industry

What We Heard at NY Tech Week

News and nuggets from all three conferences we attended
By Rob Boyce

CB Insights: Future of Insurance

“Five years ago, most institutions were really keen on proprietary technology, but now a lot of people are saying speed is what matters the most.”

                — Nima Ghamsari, Founder & CEO, Blend

“With risk comes control of the experience. If someone else owns the risk, they own the underwriting, and they own the onboarding experience in some respects.”

                — Craig Nehamen, Co-Founder & COO, Fair

“The power of AI and machine learning is in the data, not commodity algorithms.”

                — Guy Goldstein, Co-Founder & CEO, Next Insurance

“The broken bits of worker safety today are usually where people are trying to push technology onto everyday workers. What we find is that if you allow them to find their own way and develop their own workflows, the adoption rate is higher.”

                — Luke Anear, Founder & CEO, SafetyCulture

“Cyber insurance is a small market, but it shouldn’t be. There’s a real gap between what’s available and what people are willing and able to spend.” 

            — Josh Motta, Co-Founder & CEO, Coalition

“Regulation should be strict—it’s critically important that the companies that write these contracts for the consumer have the money to pay for them. We regulate it because that contract is important to society.”

            — Maria Vullo, Former Superintendent, New York State Department of Financial Services

IICF Women in Insurance Global Conference

“We must be ready to disrupt ourselves.”

— Barbara Bufkin, Executive Head of Business Development, Assurant

“Senior leadership is like a thermostat. It sets the temperature of the organization.”

— George Woods, Senior Vice President, Global Strategic Advisory, Guy Carpenter

“The illiterate of the future will be those who can’t learn, unlearn and relearn.”

— Ravin Jesuthasan, Managing Director, Willis Towers Watson

“Be comfortable with being uncomfortable.”

— Nancy Conturso, Partner/Principal, EY

“To combine company cultures in M&A, leaders need to be intentional. How do we make sure we get the best of both and ensure they are compatible?”

— Pina Albo, CEO, Hamilton Insurance Group

“For some women, the gender investing gap is greater than the gender pay gap.”

— Sallie Krawcheck, Co-Founder & CEO, Ellevest

“If you’re sitting in Silicon Valley, you’re not sitting in the insurance industry. Insurance people have a value proposition to drive insurtech.”

— Jennifer Livingstone, Senior Vice President & Chief Marketing Officer, CNA Insurance

“We have to believe that change is possible to think we can make a difference, not only for our own children, but for every single child. We’re only successful when the weakest have an opportunity to succeed.”

                — Maggie Doyne, Founder & Executive Director, BlinkNow

“There is no such thing as a company that hasn’t been hit by a cyberattack. They just don’t know they have been hit.”

— Julain Enoizi, CEO, Pool Re

Insurance Insider: Insidertech New York

“My experience is that regulators will follow the customer. If we can have a big impact on the customer, then [regulators will] start having discussions, and we’ll start seeing some change.

— James Hobson, CEO, Attune

“The massive margin that is going to arise by doing things better, faster, leaner and more expertly is going to translate into cheaper premiums.”

                — Ed Noonan, Chairman, StarStone Group

 “50 states is like 50 countries, [and the different states] all have different ways of looking at things. One state says ‘yes’ to a certain product, and another state can come back and have three objections.”

                — Julie Sherlock, Chief Insurance Officer, Boost

 “Incumbents can copy the technology, but the DNA of disruption is not there.”

                — Ty Sagalow, Board Member, Lemonade

 “The insurance industry pushed technology to the side [and] pretended it did not exist, and that has created a vacuum in the market which is now being filled.”

 — Martha Notaras, Partner, XL Innovate

“The consumer is actually driving the change. The consumer has different needs and expectations of how they interact with insurance companies, and as long as that continues to happen, the investment in companies that are addressing those needs will thrive.”

— Jeff Flynn, Managing Director, Assurant Growth Investing

“I think the notion of climate change is having a huge impact on the insurance industry for obvious reasons, and so the tools we use in the insurance industry are going to have to get much more robust and much quicker. My sense is that the incumbents are not going to change as quickly as the industry needs.”

— Brian Cohen, Operating Partner, Altamont Capital

Rob Boyce Director, Market Intelligence & Insights Read More

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