“The industry is realizing that it’s not just about using technology. It’s that technology is changing the fundamentals of risk.” – Ali Safavi
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Technology is inescapable.
With Alexa ordering our toilet paper, Nest changing our home’s temperature, and smartphones controlling every other part of our lives—we’ve become walking cyborgs.
And in insurance, the story is no different. With each day comes a new technology challenging the archaic systems of yesterday.
That’s why on today’s episode of FNO: InsureTech, we are joined by Ali Safavi to discuss the intersection of technology and insurance. Ali Safavi is the Global Head of Insuretech at Plug and Play. Ali is also a Partner in Plug and Play Ventures, our venture arm, where he invests in startups in different spaces including insurance, travel and hospitality, and IoT. Ali has published numerous articles on data analytics, machine learning, and insurance, as well as holds an M.Sc. in Computer Engineering
Tune in to this episode to hear Ali’s insights, so you can apply them to your product or business!
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The FNO: Tips
- A platform is different than a technology because it provides an ecosystem of data and insights
- Compared to other industries, insurance is capital-rich, from assets to cash flow
- 50-60% of insurance startups started with an application unrelated to insurance, and then shifted into the market
- Provide better value by looking at your clients as partners, not clients
- At its core, technology is driving fundamental changes to risk
- Insurance is hard to reshape because it’s a concept: distributing risk across many people
- Invest in insurance companies that are service-oriented, rather than reimbursement-centric.
- Check out Neos for a company with smarter home insurance
- Entrepreneurship works off the network effect, people who exit want to do it
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