Rosina Smith, CPO: McKenzie Intelligence Services: Innovation and the insurtech journey - are we there yet? (301)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 5 May 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

McKenzie Intelligence Services (MIS) helps accelerate disaster relief and economic recovery for insurers. Matthew Grant spoke to Rosina, Chief Product Officer for MIS, who shares insights from her MBA dissertation's findings on the adoption of technology in insurance, highlighting the necessity of collaboration between insurtechs, insurance companies, and other stakeholders to drive innovation and effectively address the insurance protection gap. Key talking points include: Transitioning from working for a large organization to the world of startup and scale up MBA Dissertation - the process of writing and publishing Managing biases - reconsidering the issue with the protection gap Collaboration and disruption - where do you stand as an insurtech? Evolving approaches for insurtechs What you should avoid in partnerships To read Rosina Smith’s dissertation ‘Barriers to Adopting Insurtech in Natural Catastrophe (Re)insurance’ you can reach out to her on LinkedIn. If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us [email protected] Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Specify what is the insurance protection gap and why it has historically been misunderstood Identify some reasons why a business partnership between a insurtech start up and an insurer might not be successful Summarise why insurtechs need to reevaluate their strategy when partnering with insurance carriers If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 301 page of the InsTech website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	I could see lots of companies like MIS delivering products I thought were really great and really useful.
0:06.0	And when I put my insurance hat back on, I thought, well, there's the answer.
0:09.7	Why aren't we using it?
0:10.7	And so I thought the trouble was with adoption.
0:13.6	And I think disruption and adoption go hand in hand and not all adoption needs to be disruptive.
0:19.5	But for it to be successful and for there to be an impact, people's everyday work needs to be easier, needs to be more effective.
0:28.6	That's the bit that we've seen with the workflow piece, that decisions are now being made further up the chain.
0:34.6	Authorities had to be redistributed so people can make assessments
0:38.8	on triage before ethanol has even occurred. That's disruptive.
0:49.8	Good morning, good evening, Matthew Grant here, and welcome back.
0:55.2	Or if you've just found us, well, hang in there because we have another excellent episode.
0:59.4	Of course, episode 301, well, over 150 hours of podcast, or over six days.
1:05.7	If you listen to that back to back, good luck doing that.
1:08.4	Well, this week we're looking at what it takes to be innovative in insurance or more specifically I'm hearing from Rosie Smith chief product
1:14.7	officer of McKenzie intelligence services or MIS and Rosie in her previous career was
1:20.6	actually an underwriter with Allianz and she has done an MBA and her dissertation is about
1:25.5	the barriers to adopting insure tech in natural
1:28.5	catastrophe insurance but actually we cover a whole range of other topics focuses really on whether
1:33.4	innovation can solve the growing insurance gap that's all those losses are not covered by
1:38.6	conventional insurance or guess any kind of insurance well you're going to need to listen or read
1:42.6	the MBA to find out what could be possible or maybe what isn't possible. But along the way, we're going to be hearing about
1:47.9	what MIS is up to. And in particular, the company's preference for partnership and collaboration
	...

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