CJ Przybyl

Our spotlight continues with Sean Bourgeois of the Fuse International. Sean sat with Andrew Daniels to discuss his journey from working in tech to insurance and how that provides a unique perspective in the industry. "The key is having a different perspective and seeing things that have worked well in other markets. It's not just an idea that you hope will work. It has great precedent, and having spent time outside the market and coming into the market, it's a lot easier to do that. We have no baggage of protocol from history. We're willing to be able to come at problems differently using examples that have been successful in the past." - Sean Follow us for weekly interviews with innovative voices in insurance, covering topics from startups to modernization. And as always a big thank you to our Presenting Partner, JobsOhio, and our Premier Partners: battleface, Beam Benefits, Bold Penguin, Branch Insurance, Central Insurance, Encova Insurance, Grange, Matic, Nationwide, Ohio Mutual Insurance Group, Western & Southern and Westfield. #insurance #technology #insurtech #future #innovation

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For many insurtechs, your own E&O = A Hot Mess. Here’s a blueprint to fix it: We see this same thing w regional and mutual insurers too. A quick story first… …recently a fast growing insurtech that focuses on “transportation,” reached out. They’d placed their P&C covers online at formation. “Just needed something in place.” The E&O program became an afterthought. The MGA business took off. Yet there were multiple problems with the program. Structural issues common when we review insurtech programs. Sure, it was working for cert issuance w vendors that require E&O. Yet, it was the coverage equivalent of a stinky slice of swiss cheese. Operationally, they were: ⋅ forming a captive to take more risk in their MGA, ⋅ receiving authority to handle claims, ⋅setting up their own premium finance company, ⋅and dealing with an early stage / disgruntled (well heeled) investor All, elevating their risk profile. + compounding the program’s deficiencies. The biggest E&O program challenges: ⋅ 85+ coverage issues ⋅ two different E&O lead carriers… (one covering the “tech,” exposures and the other the MGA) ⋅no bad faith cover For the vets, imagine the finger pointing during a claim??? We structured a deal: ⋅ with one lead carrier, ⋅ covering the tech, insurance ops and the finance co, ⋅ market leading terms and conditions, ⋅ aided their decisions on how much to buy w more robust peer data / benchmarking, ⋅used our bad faith model to help them understand the severity of a bad faith claim, ⋅ and wired them into the LION Specialty Experience - day to day service model! All in all it was a success! You’re an insurtech and need our help? You want us to give your E&O a cursory review? Easy…DM us or set up a 1:1 call with us- link in bio We’d be happy to assess your situation and run the same play for you…

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Will Recipriocal Insurance Exchanges be a better model for insurtechs. Read more from Pruven's Travis Skelly

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