The Future of Insurance – David Gritz, Co-Founder, InsurTech NY

The Future of Insurance

David Gritz joins the show again, this time solo, to share some of the important themes he and his InsurTech NY co-founder, Tony Lew, are making the center of their 2024 Spring Conference.

Those themes, AI and Analytics, are each powerful and important in their own right, but the interplay of the two is exponentially more impactful for the future of the insurance industry. The Spring Conference will again focus on practical and impactful applications of AI and Analytics from across P&C, Life and Benefits, with speakers and panelists from across the industry, as well as outstanding networking opportunities.

Highlights from the Show

• InsurTech NY is an ecosystem that acts as an international gateway for startups, brokers, investors and insurers to come together to make the world more resilient through insurance solutions
• David's experience with an insurtech startup is told in The Future of Insurance, Volume III. The Collaborators
• March 20th and 21st is the InsurTech NY Spring Conference at Chelsea Piers in NYC, with this year's themes being AI & Analytics and how they can improve underwriting, claims outcomes and more
• They try to make the content practical so people can walk away with ideas about implementation and impact, with thoughts like how AI can make you more efficient, which can allow your people to dig into the things that take more expertise and therefore drive better results
• The framing for the event is focused on some key questions
  • Will AI stick in the industry? If so, what kinds of AI and applications are likely to be more than just buzz?
  • How can Analytics help with the highly volatile state of the world today, and the way volatility in different areas is so intertwined, like labor, inflation, war and climate risks?
    • How does AI coming together with Analytics change things? They have a startup in their accelerator called Salient looking at this type of question precisely
• ITNY also has launched a VC Fund, and are launching their second fund now, with a few areas of focus
  • The growth of Excess & Surplus (E&S) lines as a way for startups to serve a niche that existing players can't serve effectively today
    • A portfolio company, Sertis, focuses on multi-family property risks and combine insurance with a tool to drive better property management and upkeep to reduce losses and rates
  • Reducing the friction in insurance transactions, which is a broad theme
    • A portfolio company, BirdsEyeView, combines all the tools an underwriter needs in one screen to make it easier to take in underwriting inputs from different sources like weather tools smoother and faster
  • Increasing the availability of coverage to more parts of the market to make the world more resilient
    • Elios, who makes disability insurance easier to buy, helping to solve for the extremely low penetration rates of the coverage (only 14% in the US, and just 5% in the UK)
  • The second day Keynote is a panel around startups getting to profitability, with three major insurtech CEOs on stage
    • Jack Kudale, CEO and co-founder of Cowbell Cyber
    • Alex Timms, CEO and founder of Root Insurance
    • Rick McCathron, CEO of Hippo
• You can get more information and tickets to the ITNY Spring Conference at insurtechny.com

This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk.

Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.