Tag Archives: JIF2020

I.I.I. Joint Industry Forum: Panel Discussion on the Future of Insurance Marketing

Pictured left to right: Kathleen Bromage, Brad Auerbach, Avril Castagnetta, Bill Keogh, Scott Steele

By Brent Carris, Research Analyst, Insurance Information Institute

The 2020 Joint Industry Forum began its afternoon sessions with an informative discussion on how businesses can best adapt to the tech driven customer experience. Moderated by Kathleen Bromage, Chief Marketing and Communication Officer at The Hartford, panelists resoundingly agreed that the shift in customer interaction must be a company-wide initiative, not just the job of the Chief Marketing Officer (CMO).

Bromage started the conversation by addressing how focus is shifting more to the services that surround the product, adding how the role of the CMO is facing fundamental change. Panelist, Scott Steele, CMO of Church Mutual noted there is an, “overwhelming amount of information in the technology explosion, ” and CMO’s can make stronger more unified opportunities for marketing to grow.

“Start with consumer expectations and how they are changing,” said Bill Keogh, Insurtech and Fintech Advisory at Ingenium. Every role needs to understand insurance marketing, Keogh added, from the senior level to hiring the right team. Furthering this sentiment, Avril Castagnetta, Americas Insurance Marketing Transformation Leader at EY, addressed the importance of agents and brokers being better at social selling and “someone who engenders trust online”, adding that some customers are even obtaining life insurance policies through WhatsApp.

Personalization and a “0 friction future” are important for the industry to think about, per Brad Auerbach, Head of Industry, Insurance at Facebook. “Look at solutions that are already out there and how you can personalize it for your company,” said Steele. “The more you know about the consumer the more you can bring them the most relevant services, product or communication” added Auerbach, noting the importance of a focus on loyalty and retention.

Wrapping up the conversation, panelists stressed the importance of the CEO pushing and empowering teams to test and learn. “Products are changing and you want marketing to be the front of that,” concluded Keogh.

JIF Insights: Cowbell CEO On Simplifying Cyber
For Smaller Firms

At Triple-I’s Joint Industry Forum last week, I had the opportunity to meet with Jack Kudale, CEO and founder of Cowbell Cyber, and learn more about how the startup aims to simplify and demystify cyber insurance for small and medium enterprises.

Cowbell CEO Jack Kudale’s background includes 25 years in enterprise software and five in cyber security. He led three startups before founding Cowbell.

Cyber remains a tough sell among smaller companies. Many believe their risk profiles don’t warrant the cost of the coverage, and some complain the policies contain too many exclusions. A 2019 Advisen survey of brokers and underwriters – all involved in cyber insurance – found “not understanding exposures” (73 percent), “not understanding coverage” (63 percent), and “cost” (46 percent) to be the top three obstacles to writing and issuing cyber.

‘We eliminate the application’

Cowbell this morning announced the launch of Cowbell Prime 100 – the company’s A.I.-powered platform that promises to assess customers’ cyber exposures in real time and match them with the most relevant coverage for their business – all in about five minutes.

“Basically, we eliminate the application,” Kudale said. “The coverage is highly individualized for each specific business.“

And, if that isn’t enough, instead of an annual process of underwriting and renewal, Cowbell Prime 100 will continuously monitor customers’ exposures and recommend coverage changes in real time.

“For smaller companies, the concern is about speed and simplicity,” Kudale said. “Do I have to fill out long forms or answer intrusive questions? We remove all that friction and provide coverage tailored to their exposure.”

Larger companies, Kudale said, “are more interested in insights. Our continuous underwriting will help them better understand their cyber risks and how the recommended coverage addresses them.”

“The more customized the policy,” he continued, “the less concern there is about excessive exclusions.”

Cowbell Factors

The platform’s proprietary “Cowbell Factors” assess:

  • Projected loss costs based on hundreds of thousands of cyber cases,
  • Risk signals from internet-exposed infrastructure,
  • The customer’s cyber security practices,
  • “Dark web” intelligence,
  • Industry-specific business-interruption data, and
  • Regulatory compliance data.

Kudale’s background includes 25 years in enterprise software and five in cyber security. He led three startups before founding Cowbell with partners from the insurance and tech worlds.

Cowbell Prime 100 offers an A.M. Best ‘A’-rated admitted policy backed by Boost Insurance and prominent reinsurance partners, including Markel Global Reinsurance Company, Renaissance Re Holdings, and Nephila Capital. The company currently is appointing brokers and agents in California, Colorado, Arizona, Illinois, Oregon and Nevada.

JIF 2020 Crystal Ball

My first Triple-I Joint Industry Forum (JIF) did not disappoint.

Between panel discussions and conversations with thought leaders and decision makers from across the insurance industry,  I learned a lot and accumulated insights and leads that will feed this blog for some time to come.

At a high level, an informal poll during one session – “JIF 2020 Crystal Ball—What Does the Future Hold?” – asked attendees several questions to get a sense of where they see the greatest opportunities and threats for the coming year.  Asked where they thought innovation would have the greatest impact in 2020, 36 percent said claims, followed by 26 percent who said they believe product marketing would be most affected.

I suppose this isn’t very surprising, as claims and product marketing both touch customers very directly. Marketing makes the promises and, when it works well, claims keeps them.  These should be high-priority areas for companies that expect to remain in business and competitive.

When asked what they expected to affect their companies’ bottom lines the most, 47 percent of participants said natural disasters and 30 percent said litigation costs (highlighting the increased attention being paid to social inflation).

I was a bit surprised to see cyber didn’t rank higher – especially given the fact that it recently came out at the top of concerns cited in the 2020 Allianz Risk Barometer. Autonomous vehicles – for all the media attention they receive – was the top choice of no one in the room.

When asked which of the following natural perils – tornadoes, hail, hurricanes, wildfires, and floods – keeps participants up at night, someone piped up to ask, “Why don’t you have an ‘all of the above’ choice?”

Forced to choose, the group’s top nightmares were: floods, wildfires, and hurricanes, in that order.

Asked about global events and trends they expect to have an impact on insurers worldwide, “Protectionism and trade disputes” was the top answer by far, at 58 percent – far above the next-highest: 28 percent for Brexit.

When asked about their expectations (not necessarily their preferences) for the 2020 election results, more participants (54 percent) said they expect a continuation of the status quo, with a Republican White House and Senate and Democratic House of Representatives. Twenty-nine percent said they expect the Democrats to take the White House and the Senate and House to remain essentially unchanged.

I found these results a bit surprising, given the mid-term turnout that led the House to flip from a Republican to a Democrat majority. The dynamics don’t seem to have changed much since the mid-terms. If the Presidency doesn’t change parties, one might reasonably expect a change of balance in the Senate. If a Democrat wins the Oval Office, I would expect the dynamics that get him or her there would also result in the Senate changing hands.

While interesting, this is not at all a scientific study. What are your thoughts and expectations on these or other topics affecting insurance in 2020?

Joint Industry Forum 2020: A clear vision for the insurance industry

Each year Triple-I hosts a conference called the Property/Casualty Joint Industry Forum. This event, which took place on January 16 this year, assembles key figures from the business, policymaking, and media spheres to explore topics of vital interest to the property/casualty insurance industry.

During his opening remarks, Triple-I CEO Sean Kevelighan laid out many of the key issues the industry is facing: extreme weather events (wildfires can now be as costly as hurricanes), flat interest rates, populism and political risk around the world, building the workforce of the future, and the race to better engage with customers. Making disaster resilience a win/win proposition for both insurers and their customers is another vital issue.

He then sat down with CBS News’ senior foreign affairs correspondent and Face the Nation host Margaret Brennan. They discussed current events, including the impeachment of President Trump and the recently signed trade deal with China. Ms. Brennan advised news consumers to make sure that they have a trusted source: “if they are a pain to each side,” then you know they get it right.

Sean Kevelighan and Margaret Brennan

Over the next week or so, we’ll be blogging about the fascinating conversations that took place during the conference. Upcoming  posts will cover:

  • Extreme Weather
  • The Future of Insurance Marketing
  • JIF 2020 Crystal Ball—What Does the Future Hold for the Insurance Industry?
  • A 21st Century Workforce That Reflects the Communities We Serve
  • A Conversation with Economist Dr. Glenn Hubbard on Business and the Economy

For a full agenda click here. Check out this video for an overview of the conference. Interested in attending next year’s conference? Contact us at jif@iii.org.

I.I.I. Joint Industry Forum: Registration Deadline Fast Approaching

I’m looking forward to attending my first Insurance Information Institute Joint Industry Forum next week.  The agenda for the January 16 event at the Marriott Marquis Hotel in New York City is packed with impressive speakers from across the insurance industry, as well as influencers from media, academia, and the world of politics and policy:

  • Triple-I CEO Sean Kevelighan will interview award-winning broadcast journalist and CBS Face the Nation host Margaret Brennan about current issues and the 2020 elections;
  • Former U.S. Council of Economic Advisers Chairman Glenn Hubbard will discuss events and trends shaping the insurance business environment with Wall Street Journal chief economics correspondent Jon Hilsenrath; and
  • Phil Klotzbach, research scientist in the Department of Atmospheric Science at Colorado State University and Triple-I non-resident scholar will lead a panel on extreme weather that includes the Weather Channel’s Dr. Rick Knabb.

Other panels include:

  • The Future of Insurance Marketing;
  • A 21st Century Workforce That Reflects Communities We Serve; and
  • An interactive discussion: JIF 2020 Crystal Ball—What Does the Future Hold?

The full-day event will wrap up with a cocktail reception with Dr. Hubbard. The entire event will be a fun, informative opportunity to learn and network with peers, subject-matter experts, and industry influencers.

I hope to see you there; if you haven’t signed up, please note:  Registration closes at 5:00 p.m. (ET) Friday, January 10, 2020.