Step into the intricate world of insurance technology leaders with PremiumBytes, where we explore the underpinnings of hard technology problems in an industry rooted in data and risk management. We openly discuss innovating in the minefield of durable regulation, intense competition and relentless change. In an industry where legacy complements modern, resilience meets expertise, and the thankless becomes the celebrated, the future is squarely pegged on wining in and with technology. Let's celebrate the unsung heroes excelling at insurance technology, where success is anything but ordinary!
In this 20th episode of the PremiumBytes video podcast, hosts Sudhar and Samir sit down with insurtech leader David Gritz to explore how MGAs are reshaping the insurance landscape. From their roles in underwriting and distribution to their symbiotic relationships with carriers, discover why MGAs are driving over $100 billion in premiums annually.
Whether you're an insurance tech leader, entrepreneur, or curious observer, this episode offers invaluable insights into the MGA revolution. Don’t miss it!
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In this 19th episode of the PremiumBytes video podcast, hosts Sudhar and Samir explore a groundbreaking BCG report on AI adoption and maturity across industries. Learn why 98% of companies are experimenting with AI but only 4% are fully capitalizing on its value—and how insurance leaders can turn the tide.
Whether you're an insurance tech leader or a curious listener, this episode offers practical insights to navigate the evolving AI landscape.
👉 Don’t miss the wrap-up takeaways on transforming core business processes and unlocking AI’s full potential.
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In this 18th episode of the PremiumBytes video podcast, hosts Sudhar and Samir explore the exciting world of low-code/no-code platforms in the insurance industry! They discuss how these tools are transforming peripheral systems, enabling rapid innovation, and fostering citizen developers. They discuss Gartner’s latest findings, the evolving role of generative AI in low-code platforms, and the impact on shadow IT. Are these tools revolutionizing the industry or remaining limited to non-core capabilities? Tune in to find out and hear their assessment of insurance tech.
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In this 17th episode of the PremiumBytes video podcast, hosts Sudhar and Samir revisit blockchain's impact on insurance, focusing on Infineo's recent efforts to tokenize policies and debut them on the Provenance blockchain platform. They break down what tokenization means, how Infineo's platform works, and the challenges of integrating this technology into the insurance industry. Is blockchain truly transformative, or just another passing trend? They dissect the economic feasibility, potential for fraud prevention, and the realities insurers face. Tune in to understand if blockchain will redefine insurance or stay an unfulfilled promise. Don’t miss the future of tech in insurance!
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In this 16th episode of the PremiumBytes video podcast, hosts Sudhar and Samir discuss observations and learnings from various news stories at the intersection of insurance and technology that they came across in the third quarter of 2024. The hosts didn't attend any conferences or insurance events in the summer, though identified several that are on their 2024-Q4 agenda.
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In this 15th episode of the PremiumBytes video podcast, hosts Sudhar and Samir tackle the strategic dilemmas insurance companies face with cloud adoption. They dive deep into why cloud decisions extend beyond IT, influencing business agility, cost structures, and innovation. They outline the spectrum of adoption from cloud-first to cloud-only and break down considerations for public vs. private cloud. The discussion also explores the challenges of becoming a multi-cloud organization, vendor dependencies, and the critical talent gaps in the industry. If you're an insurance CIO or a business leader navigating your cloud journey, this episode offers invaluable insights.
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In this 14th episode of the PremiumBytes video podcast, hosts Sudhar and Samir tackle one of the biggest questions facing insurance CIOs today: Is it time to move your legacy systems to the cloud?
Join us as we dive deep into the modernization debate, exploring the pros and cons of cloud adoption, and the strategic decisions that come with it. From navigating talent shortages to managing the complexities of hybrid environments, we’ve got you covered with practical insights and real-world examples.
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In this 13th episode of the PremiumBytes video podcast, hosts Sudhar and Samir discuss observations and learnings from various news stories at the intersection of insurance and technology that they came across in the second quarter of 2024. The hosts have also continued making the rounds at the Spring conferences and shared observations from the events they attended in 2024 Q2.
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Blockchain in insurance—what's the real story?
In this 12th episode of PremiumBytes, co-hosts Sudhar Krishnamachary and Samir Ahmed dive deep into the world of #blockchain technology and its impact on the insurance industry. Despite the initial hype, why has blockchain failed to gain significant traction? We explore the enduring relevance of blockchain, real-world examples of its application, and the fundamental contradictions that have stymied its success.
From AXA’s Fizzy to the B3i consortium, we examine notable blockchain projects and their outcomes. We also discuss the broader thematic issues, such as regulatory challenges, trust mechanisms, and data privacy concerns. Looking ahead, we identify potential opportunities where blockchain could still make a difference, like parametric insurance and subrogation.
Join us for an insightful discussion that goes beyond the headlines to uncover the nuanced realities of blockchain in insurance. Whether you're a tech enthusiast, an insurance professional, or just curious about the intersection of these fields, this episode offers valuable perspectives.
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In this 11th episode of PremiumBytes, we have an eye-opening exploration of the alarming rise of cyber threats targeting the insurance industry.
Our special guest, Miguel Edwards, an award-winning technology leader with over 20 years of experience in operations management, technology modernization, and cybersecurity, shares his invaluable insights. Discover why small and medium-sized insurers are becoming prime targets for cyber criminals and what you can do to protect your firm.
🔔 Don't forget to like, comment, subscribe, and hit the notification bell to stay updated with the latest insights in insurance technology. #CyberInsurance #TechLeadership #CyberSecurity #insurancetechnology
In this 10th episode of PremiumBytes, hosts Sudhar Krishnamachary and Samir Ahmed explore the evolving landscape of cyber insurance.
Discover the unique challenges and opportunities that tech leaders face in this rapidly growing field. From the technical sophistication required for cyber insurance products to the strategic role of tech leaders in product development, underwriting, and risk management, we cover it all.
Learn about the importance of assessing your own cyber posture, leveraging cybersecurity partners, and navigating the complexities of cyber risk. Whether you're a CIO, CTO, or simply interested in the intersection of technology and insurance, this episode offers valuable insights and practical advice
Join us as we explore the future of cyber insurance and the critical role tech leaders play in shaping it.
🔔 Don't forget to like, comment, subscribe, and hit the notification bell to stay updated with the latest insights in insurance technology. #CyberInsurance #TechLeadership #CyberSecurity #insurancetechnology
In this episode of PremiumBytes, we dive deep into the critical issue of #cybersecurity for insurance tech leaders. Hosts Sudhar Krishnamachary and Samir Ahmed discuss the increasing frequency of #cyberattacks, highlighting notable incidents like the MOVEit and SolarWinds breaches. They introduce a practical four-part framework—#readiness, #resiliency, #response, and #recovery—to help insurance CIOs and IT leaders manage #cyber #risks effectively.
Tune in for insightful discussions, real-world examples, and practical advice to navigate the evolving landscape of cybersecurity in the insurance sector. Don't forget to like, comment, and subscribe for more episodes!
🔔 Don't forget to like, comment, subscribe, and hit the notification bell to stay updated with the latest insights in insurance technology. #CyberInsurance #TechLeadership #CyberSecurity #insurancetechnology
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In this 8th episode of the PremiumBytes video podcast, hosts Sudhar and Samir discuss observations and learnings from various news stories at the intersection of insurance and technology that they came across in the first quarter of 2024. The hosts have also begun making the rounds at the Spring conferences and shared observations from the events they attended in 2024 Q1.
A major news items that was discussed was regarding a New York Times story on automakers sharing consumers' driving behavior with insurance companies. The article explores how car manufacturers, including General Motors, collect detailed driving data from internet-connected vehicles and share it with insurance companies, affecting insurance premiums without clear consent from drivers. The data collection often occurs through features like GM's OnStar Smart Driver, which tracks behaviors such as speed and braking intensity. Many drivers are unaware that their data is being shared, feeling misled when they discover the impact on their insurance costs. The issue raises significant privacy concerns and questions about consumer consent, prompting investigations and calls for regulatory scrutiny to address potentially deceptive practices.
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In this 7th episode, hosts Samir Ahmed and Sudhar Krishnamachary are joined by Mitch Quinn. Their conversation pierces through the fog surrounding Artificial Intelligence (AI) and Machine Learning (ML) in the insurance industry.
In this AI-driven landscape, what does the road ahead look like for insurers? Are the promises of AI and ML a beacon of transformation, or yet another set of tech tools? How do insurance leaders pivot from traditional practices to embrace innovations driven by AI and ML, without veering off course? And amidst the buzz around generative AI, what's the real scoop on the impact and potential of supervised learning?
Join us on this enlightening exploration of these pressing questions, filled with expert analysis, practical advice, and forward-thinking strategies, aimed at empowering insurance technology leaders to chart their course in the AI revolution.
Tune-in to not just listen but engage with the transformative ideas guided by the astute observations and experiences of our guest, Mitch.
Don't forget to like, comment, subscribe and share, so you and others can follow along on this journey into the heart of insurance technology innovation.
About our guest: Mitch Quinn is a veteran technologist, with 25 years of experience in applying cutting-edge research to business problems. Through focus on AI and ML in information security, healthcare and insurance for the past 15 years, Mitch brings unparalleled insights into the transformative power and challenges of AI and ML. He is currently the Director of AI and ML at X by 2, a boutique technology consultancy serving the insurance and healthcare industries. Mitch can be reached at mquinn -at- xby2.com.
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In this episode, hosts Samir and Sudhar delve into the increasingly crucial analytics in insurance, especially for mid-size insurers poised for growth. Analytics, traditionally a cornerstone of insurance for tasks like determining premiums and assessing risks, has now permeated nearly every facet of the industry. From personalizing customer experiences to detecting fraud and developing innovative insurance products, the applications of analytics are vast and varied.
As the importance of analytics skyrockets, insurers face the critical decision of how best to integrate this function into their operations. We explore four common models: centralizing the function within IT, centralizing it outside of IT, distributing it across business units, and hybrid approaches. The choice among these models hinges on several factors, including the company's view of analytics as either a foundational skill for all or a specialized skill for a few, the role of data management in operations, the company's size, and the specific purposes of analysis, whether for business reporting or operational execution.
Furthermore, the episode discusses how the extent of AI adoption influences the organizational placement of analytics, highlighting a spectrum from basic use of commercial tools enhancing foundational skills across the workforce to the development of custom AI models necessitating specialized expertise.
With no one-size-fits-all solution, the episode underscores the importance of insurers considering their unique context and needs when deciding on an analytics integration model. Regular reevaluation is key as circumstances evolve. Above all, the focus should remain on building an effective analytics capability, regardless of its organizational home, to drive innovation and growth in the competitive insurance landscape.
Tune in to navigate the complexities of integrating analytics in the insurance industry and to learn how technology leaders can harness its power to propel their companies forward!
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The insurance industry, with its focus on risk management and complex legacy systems, faces inherent challenges when it comes to innovation. However, in today's competitive landscape, innovation is an imperative for growth and profitability.
This podcast dialogue offers important perspectives on how insurance companies can overcome internal tensions and foster a culture of innovation, drawing on the industry's strength in managing risk.
A key insight is that while insurance involves minimizing risk, innovation requires taking risks. Yet insurance expertise lies in controlling risk, not avoiding it altogether. Thus innovation should be seen as "controlled chaos"—applying risk management principles to new ideas.
Another central theme is the constant pull between incremental and disruptive innovation. Speakers noted large insurers tend to favor smaller innovations that build on the existing business. But the option exists to purse radical ideas that challenge the status quo.
When organizing innovation, a key question arises - should IT own it or have a dedicated team? The answer likely depends on the type of innovations sought. IT implements proven solutions, while a strategy/innovation group scouts for disruptive concepts.
In terms of innovations, the rapid growth of biometric data and advances in climate modeling are cited as potential big "I" innovations that could transform insurance fundamentals. On the smaller "i" end, cyber risk insurance is gaining traction as modeling and data improve.
Adoption remains slow though, as new tech is held to high standards to disrupt ingrained practices. But with ratings agencies scoring innovation, insurers are recognizing the need for strategic capabilities.
In summary, innovation in insurance requires carefully balancing risk-taking with risk management, incremental steps with big ideas. While held back by legacy systems, regulatory caution and high adoption barriers, insurers can foster methodical innovation by leveraging their strengths.
As an established industry, insurance may not attract the most cutting-edge talent. But thoughtful leadership, governance and collaboration with insurtechs can develop an innovation culture poised for the digital future.
This podcast offers valuable insights for insurance executives on moving past inherent tensions, organizing innovation teams, pursuing incremental or disruptive ideas, and building strategic capabilities. With the right focus and risk balance, insurers can overcome inertia and reinvent traditional products to drive the next era of growth.
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In this 4th episode of the PremiumBytes video podcast, hosts Sudhar and Samir discuss the time of the year (year end holidays) being a time when most media is making predictions for 2024 insurance tech trends, so the hosts agreed that making predictions isn’t worth anyone’s time, so took a different route and discussed and reacted to recent notable news articles related to insurance technology.
A major news item was Ebix filing for Chapter 11 bankruptcy protection and reaching a "stalking horse" agreement to sell their life insurance and annuity software assets to Zinnia. This will have ripple effects across many life insurance carriers. Another discussion centered around whether it's worthwhile to measure developer productivity - the hosts felt focusing on business value delivered is more important than metrics like lines of code. The idea of "open insurance" was touched on but seen as potentially challenging to implement in North America versus other regions, at least currently. Data and AI continue to be key themes, with LexisNexis providing data to "feed hungry AI" at life insurers and startups like Assured Allies using data to predict risk events. There is an ongoing shift for carriers from financing losses to preventing them, using data and technology. Overall the episode aimed to highlight timely articles vs making broad predictions, with the hosts wishing everyone a happy holiday season and successful 2024.
The followings are the media/news items referenced in the episode:
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In this 3rd episode of the PremiumBytes video podcast, hosts Sudhar and Samir discuss how agile and architecture approaches can coexist within insurance organizations despite inherent tensions between them. They start with grounding the terms "architecture" and "agile", noting that adaptability in a changing context is a common foundational motivation for both.
They identify several of the sources of inherent tensions that predictably crop up, such taking the time to deliberately define the architecture being viewed as getting in the way of expeditiously writing code. The hosts provide a reframing that it behooves engineers to be intentional about what characteristics the system they develop exhibits, because they will get some set of characteristics, and odds for all characteristics being desirable are unfavorable.
They also discuss how iterative development is sometimes viewed through the frame of not having done things right the first time. They compare writing software to writing in a natural language such as English, pointing out that natural language writing is very much iterative in that people take the time to prepare an initial draft and successively revise it until they have a high quality version. Having a perfectly written final version the first time is never an expectation in writing in a natural language, so should it not be an expectation when writing in a programming language.
The discussion ends with the hosts offering insurance technology leaders 3 practical tips for resolving some of the tensions: hold delivery teams accountable for making sound architecture, planning for iterative development, and preferring architecture guidelines over hard and fast standards.
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Attempting to replace aging core insurance systems leads to multi-year, high-risk projects, a daunting prospect. Yet standing still means falling further behind an industry constantly in flux. What's an insurance technology leader to do? Incremental, agile approaches emerge as lower risk paths. Success requires aligning business, IT and partners on a unified vision. Not just shiny new technology, but delivering business capabilities. Hybrid teams allow knowledge transfer and manage risk. Savvy CIOs revitalize rather than scrap what exists. Hosts Samir and Sudhar draw on real-world examples balancing pragmatism with ambition.
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One of the challenges faced by Insurance CIOs is responding to the demands of the CEO and board regarding AI. What’s the CIO to do in dealing with AI in the insurance industry? The conversation touches on the definitions, applications and evolving nature of AI and the importance of enterprise architecture in managing AI technologies. We explore the role of innovation and the need for a structured approach to AI adoption, and that AI should be seen as a continuous process rather than a one-time transformation
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Join hosts Sudhar and Samir as they launch PremiumBytes, a new podcast focused on celebrating and highlighting the challenges faced by insurance technology leaders. In this introduction episode, the hosts explain their backgrounds in insurance technology and strategy and share their vision for having in-depth conversations unpacking current issues in the insurance tech space. They want to shine a light on the often unseen world of tech executives who face endless pressure to cut costs while also adopting the latest innovations. In future episodes, they plan to explore topics like AI, chatbots, enterprise architecture, innovation processes, and more - always taking a deep dive to bring relevancy and perspective to leaders in the insurance industry. Whether you're a CIO, CTO, CDO or someone doing the hands-on work, this podcast aims to engage the community and make sure everyone has fun while learning together.
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