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October 6, 2020

Six Things Newsletter | October 6, 2020

Summary:

In this week's Six Things, Paul Carroll catches a glimpse of the future of insurtech. Plus, why haven't more startups failed; COVID, and how to pivot to innovation; 6 cybersecurity threats for insurers; and more.

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A Glimpse of the Future of Insurtech

Paul Carroll, Editor-in-Chief of ITL

Today’s announcement that Bold Penguin is acquiring RiskGenius marks a milestone in the maturation of the insurtech movement. I’ve known Chris Cheatham, the co-founder and CEO of RiskGenius, for years and have closely followed the developments of what I have often described as my favorite insurtech. So, under embargo, I chatted with Chris to ask him to summarize how he surfed the first wave of insurtech so successfully and where he sees the movement going from here.

The deal feels to me like maturity because it exemplifies how insurtech has moved past some early ideas (e.g., that a Big Tech company like Amazon or Google would invade insurance and lay waste) and some early models (such as peer-to-peer provision of insurance coverage) that have yet to pan out. Instead, the Bold Penguin acquisition of RiskGenius exemplifies what I suspect will be the dominant model for some time: one where a company acquires a smaller firm for a particular skill or technology and incorporates it into the acquirer’s products and services… continue reading >

SIX THINGS

Why Haven’t More Startups Failed?
by Stephanie Dalwin

Insurers appear to be focused on tactical initiatives that can produce more immediate results in the pandemic, and insurtechs have the tools.

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COVID, and How to Pivot to Innovation
by Vivek Wadhwa

The pandemic has almost shut down entire industries, forcing companies to adapt — and doing incredible things for a pivot to innovation.

Read More

6 Cybersecurity Threats for Insurers
by Jordan MacAvoy

The insurance sector faces a bigger threat than most industries because insurers deal with extremely sensitive data.

Read More

Optimizing Insurance’s Role in the Pandemic
by Jason Schupp

Policymakers must thoughtfully position insurance industry capabilities where they can have the greatest impact. Here is a proposal.

Read More

Secret to Leadership in Insurtech Innovation
by Steve Boyd

You need more than a product. You need to surround the product with proper execution, the right people and sustainable partnerships.

Read More

Managing Customer Opt-Ins in New Normal
by Tara Kelly

Insurers need a single source of truth on opt-ins and opt-outs across the enterprise to solidify the relationship with the customer.

Read More

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