Tag Archives: Insurance

LFP101 – How to Make P2P Insurance Work w/Tobias Taupitz CEO Laka

An Insuretch insider said to me “if there is one firm that is doing something truly radical in insurance its Laka”. Aha. So here we are – Laka on the LFP. Laka are re-slicing and dicing the paradigm that led to so much in lending/borrowing but has never really got out of the hanger in insurance – P2P.  This despite the fact that the historic roots of insurance – and its current core model – rely on pooling risks.

Toby joins us today to revisit P2P insurance ab initio and to tell us how Laka are reinterpreting the paradigm to come up with some notable twists – not least of which if there are no claims in your pool in a given month you pay nothing. Oh and you don’t pay up-front either. Nor will you pay more than conventional insurance. And there are more differences as we hear in the show.

Sound interesting? I thought so.

Topics discussed include: Continue reading

LFP099 – 6 Keys to Making Yourself a Partnerable Fintech with Jimmy Williams CEO Urban Jungle

Next to no new Fintechs, and no Insuretechs see themselves as building the “full stack”. Rather for many, once one has a product the secret is successful partnering.

Jimmy Williams, CEO of Urban Jungle, an Insuretech for the renting generation has developed a succinct a methodology for partnering success and shares it on this show.

Urban Jungle also have some pretty heavy-hitting Fintech Grande Cheeses backing them so sound like they are onto something good.

Topics discussed on the show include: Continue reading

LFP094 – 2018 New Year Special! Fintech Tour d’Horizon, Report Card & Its Context

In this New Year Special I’ll survey the state of the art and present a report card for each of the main  Fintech sectors – P2P, Bitcoin, Blockchain, Money, App-only banks, Insuretech, Digital I.M., Regtech, Payments and a deeper dive into the leading AI of 2017. We also examine the broader context for Fintech – namely US Tech Giants who had a seismic shift in 2017.

No awards as such this year but plenty of honourable mentions and a host of goodies for those of you in search of new ideas.

Topics discussed include:  Continue reading

LFP088 – Catastrophe, Acts of God & Parametric (Event-Based, Fixed-Payout) Insurance Adam Rimmer FloodFlash

52% of UK SMEs based floodplains don’t have flood cover! Insurers struggle to insure flood risk due to the difficulty of modelling and assessing the economic impact. Many people/businesses are unable to get insurance cover at all. Every year, globally, there are $50bn of flood caused economic losses of which only $9bn are covered by insurance.

Into the breach (geddit?) step Floodflash formed by Adam Rimmer and Ian Bartholomew experts in modelling event risks – together with the important fixed-payout insurance concept (doesn’t need much reflection to see how good that could be) this constitutes parametric insurance.

Floodflash is an Insuretech startup with great potential.  Its also an opportunity to hear from a firm in the FCA sandbox.

Parametric insurance sounds very techie but in its best known form – life insurance – has been around for centuries.

The market failure above is huge.

On this show we discuss the role of event-based, no-exclusion, instant settlement in addressing this problem. Many people/businesses simply cannot get insurance at present.

Topics discussed on the show include: Continue reading

LFP084 Insuretech – Using the Internet of Things to Protect your Home with Matt Poll CEO Neos

The so-called Internet of Things is much hyped and early examples (smart toasters anyone?) are worthy of ridicule. However market-leading Neos have taken it to the next level – using insurance, your phone and devices installed in your home to protect you against fire, water and burglary – or at least notify you and then get their servicers to fix the problem – even when you are on the other side of the world.

If like me you had never heard of smart doorbells and smart valves – or if you have – this is a podcast for you.

Matt Poll was a 20yr insurance man, latterly running More Than at RSA until he joined the world of startups and founded Neos.

In this show we dive beneath the froth and the hype to find out how you can sleep easier when on holiday, or simply in the office and why the Internet of Things is becoming a reality available to us all now.

Topics discussed on the show include: Continue reading

LFP076 – Convergence: Insuretech/MGAs as an Example of Straddling Old & New FS with Charlie Blackburn CTO Azur

Do you have to be either “a Fintech” or “an incumbent”? Increasingly as #newFS and #oldFS converge this duality becomes less meaningful and its more about how well FS players young and old are embracing both “digital” per se as well as the business model changes it both implies and enables.

Azur is a great example of this trend. As an “MGA” (more on that anon) they fit into a well-established “old” category of the insurance industry. They are a comparatively new company whilst part-owned by a global giant. And they certainly “get” the digital thing in terms of both “tech” and also “business model changes”.

In LFP074 Andy Rear of the reinsurer MunichRe discussed with us their concept of reinsurance as a service. Put simply the ability to, as it were, just plug into the wall for your electricity/reinsurance – which then leaves InsureTechs able to do everything they might want and avoid falling into a regulatory net and needing a gazillion dollars of capital. Andy said that the key to the future were MGAs – Managing General Agents – but we barely skinned the surface on them

So here we are diving into MGAs and in the interests of brevity lets jump into the topics we discuss:  Continue reading

LFP074 – Will Reinsurance as a Service Change InsureTech? Andy Rear, CEO Munich Re:Digital Partners

Can InsureTech change the landscape of insurance as a whole or will it just enhance parts of the value chain? Conventional wisdom says the latter but the appearance of a model called “Reinsurance as a Service” [HT to Daily Fintech] could have far wider repercussions.

Traditionally insurance (in all its very diverse/speciated forms) is in three layers. Brokers. Insurers and Reinsurers. Traditionally you would deal with a broker. They would get the policy from a an insurer (eg Aviva who we had on the show in LFP048). Insurers in turn would re-insure themselves with aptly named – er – Reinsurers.

We’ll talk about how Reinsurance as a Service might change that “stack”.

Andy is the CEO of Digital Partners, Munich Re’s entity for interfacing between it and the Insuretech world. MunichRe is one of the worlds largest reinsurers. To give you an idea of what that means it has around 43k employees, €50bn of revenues and €276bn of assets.

Incumbents across FS are trying all sorts of approaches to the Fintech phenomenon. Judging by results to date Munich Re have found one of the best avenues. In a relatively short time they have established partnerships with a number of InsureTechs, none of them “tangential”, including Bought by Many (stars of LFP027), Blink Innovation, Next Insurance, Simplesurance, Slice, So-sure, Trov, Wrisk.

Topics discussed on the show include:  Continue reading

LFP069 – IFAs, Fintech & Roboadvisers with Dan Kiernan Research Director Intelligent Partnership

IP banner for London Fintech Podcast“Everyone” frets over financial advice in the Fintech Age. Regulators set out to “protect the consumer”, worthy bodies talk no end about the need to protect “people” (never themselves oddly – generally they imply (/mean) folks of lesser education/wealth) and the rest of us are just confused over the labyrinthine rules around tax, savings and investments.

Needless to say a myriad on rules and regulations and the implicit costs of this suprastructure all act together in a Kafkaesque way to produce the opposite result – known as “the advice gap”.

In Fintechland breathless media and PR firms high on sugar, caffeine and other stimulants promise us a golden era of so-called “roboadvice”.

Dan KiernanHow to make sense of all this?

I am delighted to be joined today by Dan Kiernan Research Director at Intelligent Partnership “the UK’s leading provider of research, training and events on Alternative Investments” to cut through all this and to give us insights into why advisers are not recommending eg P2P to their clients when it has outperformed bank deposits for more than a decade.

On the show today we discuss all of the above and: Continue reading

LFP068 – The London Fintech Podcast’s 2016 Highlights and 2017 Awards

Dilbert by Scott Adams - Fintech 2016 turns into Fintech 2017Happy New Year boys and girls 🙂 May 2017 be a great one for you and yours! This is the New Year Special where I look back at my 9 highlights from 2016, dish out 10 immensely prestigious awards  and take a peak at 2017.

So without futher ado lets kick off the awards… Continue reading

LFP061 – InsureTech the 30,000 Feet Guide with Jonathan Howe UK Insurance Lead at PwC

PwC Banner_Orange_JGI am delighted to be joined today by Jonathan Howe UK Insurance lead at Price Waterhouse Coopers. As long time listeners will know I am very reluctant to give anyone a big picture topic on anything. Most folks are experts on one coalface and very few on the whole coal mine.

Jonathan HoweHowever Jonathan is a rara avis in the modern world in many ways. His linkedin career is perhaps the shortest I have read – one entry – 23 years at PwC. Now that’s the lifetime employment model that used to exist back in the day and exists for very few today. That’s also, compared to many butterflies in the modern world, an opportunity to dig a very deep well of experience and knowledge in a sector.

Secondly Jonathan leads the UK insurance practice (over 1,000 employees) and is responsible for PwC’s services for the UK Insurance Industry across all their range including audit, regulatory compliance, actuarial, consulting, tax and deals.

Thirdly PwC have been involved in a series of reports on the sector. Now plenty of reports are out there the more cynical amongst you may say and quality varies. True. However in “InsureTech a force for good”  Jonathan and colleagues have gone more than an extra mile. Amazingly they and their report partners Startupbootcamp have surveyed over 1,300 insurance startups. Wow.

Add that to decades in the industry and we have another of the rarest birds in the real world – someone who really is an expert.

The subtitle of “InsurTech a force for good” is an interesting overview “How InsurTech can reconnect insurers with their customers while simultaneously boosting the bottom line”

I met Jonathan at an event recently. It wasn’t a game of Top Trumps but if it had been Jonathan would have won hands down … when you have a database of 1,300 startups that’s a hell of a lot of facts to bring into any debate.

Topics discussed include – Continue reading