This is part of a number of interviews by Shefi Ben Hutta with insurance practitioners who bring a fascinating perspective for their work and also to the in general. Here, she speaks with Stephen Applebaum, managing partner, Insurance Solutions Group, and senior adviser at StoneRidge Advisors, who describes the implications of the “torrents of data that will flow from connected cars, homes, buildings and individuals.”
Describe that which you do in 50 words or less:
I provide consulting and advisory services to participants across the North American auto and property insurance ecosystem, which leverage my experience, industry contacts and understanding of innovation and emerging technologies to drive meaningful, measurable improvement in revenue, market share, process, profitability and user and customer experience.
What led you to your job in insurance?
Serendipity, actually. An earlier management consulting engagement with a technology-based startup providing insurance claims solutions to P&C carriers resulted in a full-time operational and management role and ultimately a really exciting and rewarding 30-year career spanning several different firms that continues today.
What emerging technology will change how insurance is sold?
Prescriptive analytics applied to the torrents of data that will flow from connected cars, homes, buildings and people – enabled by mobile devices and embedded sensors – will transform just about any facet of how insurance products are developed, priced, packaged and sold, and how risk is managed generally.
A carrier you highly value because of its innovative culture?
Among the numerous top-tier carriers which have committed to and developed innovative cultures, USAA stands out because of its highly focused and fierce dedication to pursuing constant improvement and technology within the quest for providing superior service excellence to the “members” in insurance along with the full range of its financial services.
You recently published an article on “Disruption within the Automotive Ecosystem.” What tip do you have for businesses looking beyond their core value to provide innovative solutions in the auto ecosystem?
I suggest that auto insurance carriers concentrate on leapfrogging current incremental innovation around connected vehicle and data technologies and start designing and developing the auto insurance products and services for the future. These will likely be very different than anything offered today and will also be enabled by large numbers of data flowing from not only connected cars but the broader Internet of Things. They might include personalized, utilization-based micro auto insurance coverages, ride-and-car sharing insurance solutions for owners, drivers and passengers, risk management services from behavioral driving modification help location-based and contextual alerts for commercial favorites in addition to navigational, traffic, roadside assistance and climate conditions.
You’ve had a lot more than Twenty five years of consulting experience in the P&C space. What piece of advice perhaps you have found to be relevant whatever the subject material?
I regularly ask myself, “What shall we be held doing, and why shall we be held doing it, and it is this the perfect use of time and skills?” It sounds so simplistic, but if you're doing so honestly you will find it very valuable.
You really are a frequent chairman in industry conferences. Actually, you're the chairman of a coming event on IoT in Miami in December. Who should be attending and why?
Anyone who intends to work, invest and succeed any place in the insurance ecosystem over the next decade and beyond should attend. Including insurance C-level executives, heads of innovation, strategy, claims and innovation, underwriting, business development, product development, strategy, design and innovation, heads from it, technology and digital, IoT technology companies and startups and regulators.
When you are not consulting on insurance or hosting insurance events, you're most likely…?
Reading, watching and listening to everything that pertains to my work – which is, in fact, also my hobby.
