RiskGenius Blog

Insights into our world of Insurance & Technology.

Chris Cheatham

I'm like the Dr. Dre of insurance policies.
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Recent Posts

Insurance Tech Transparency is a Good Thing

by Chris Cheatham | Jun 27, 2016
My sales guy, Mike, lectured me recently:  "Why aren't you talking about Technology Enabled Policy Review in your blog posts?"
 
It's taken me awhile to warm up to the idea of talking about our technology for a few reasons.
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Can Insurance Innovate?

by Chris Cheatham | Jun 10, 2016 | Technology
It's a simple question -- can insurance innovate? Think about your answer; I will give you mine at the end of this post.

I've been reading about the history of insurance to understand how we got here. Here's a quick story from one insurance book.

There once was a membership association called the American Insurance Underwriters (AIU). The AIU acted as an agent for member insurance companies in international markets. Each member insurance company held a percentage of the AIU pool by which payments and liabilities were assigned.

In the 1960s, an insurance company and AIU member bid on a contract to insure a large church in Boston. But the insurance company didn't bid the insurance like everyone else. Instead, the underwriting team created a tailored contract with its own rate calculations, "rather than the standard forms and prices other (AIU) insurers had agreed to use."

The incumbent insurer was not pleased:
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Why RiskGenius Published a Guide to Insurance Technology

by Chris Cheatham | Jun 03, 2016 | Technology
My dad worked in insurance for forty years and he subscribes to the RiskGenius blog.  One day he emailed me: "Why aren't you writing about RiskGenius?" 
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Insurance Technology is Just Scratching the Surface

by Chris Cheatham | Mar 30, 2016 | Technology

If you like this article, then you will love our upcoming ebook about Insurance Technology.  Want a copy?  Just sign up for our newsletter to the right and you will get a copy!  Thanks for reading.  -Chris

 

It's been a good ride over the last year for the insurance technology ("insurtech") community. In 2015, insurtech raised over $2.6 billion. In the first quarter of 2016, insurtech broke a record for money raised.

And yet, I am looking at the companies that are emerging from these fundraise events, and I keep thinking, "Really, that's it?"

There have been some outliers. Lemonade and other peer to peer companies are interesting to me because they have an opportunity to create fundamentally new technology that connects people and just happens to also provide insurance through the connection. I am still awed by the magic of Uber and I hope a Peer to Peer company can replicate that experience.

But when it comes to other insurtech innovations emerging with funding rounds -- well, I am a bit underwhelmed. I call these companies the Aggregators and the Process Improvers. 

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Man + Machine > Insurance Technology

by Chris Cheatham | Feb 04, 2016 | Technology

I was recently thinking about the dilemma faced by many insurance agencies when an image popped in my head:  

 

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The Insurance Innovation Dilemma

by Chris Cheatham | Jan 15, 2016 | Technology
Last week I wrote an Insurance post over on LinkedIn that touched off quite a conversation. I made the point that the insurance industry is not doing enough to create and implement new technology solutions. I pointed to hackathons as one example of "talking" but not "doing" innovation. 
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Is Insurance Technology Insanely Great?

Ever since I read the Steve Jobs biography, I have been obsessed with Apple's approach to technology.  The company's approach to technology can be summarized with one mantra:  

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Algorithms on the Insurance Brain

by Chris Cheatham | Nov 11, 2015 | Analytics, Technology

I can't stop thinking about algorithms. I am obsessed and I want to tell you why.

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The Most Important Step for Insurance Software Development

by Chris Cheatham | Sep 21, 2015 | Technology

Most insurance software is enterprise-level. As an observer of the insurance market, I have watched numerous insurance software rollouts face the same fate at launch: frustration and exasperation because user requirements are not met.

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7 Must Read Business Books for Insurance Pros

Insurance agents have a tough job. An agent could work with any number of industries on a given day. One customer might work in transportation, another in construction. An agent must understand each of these industries.

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