Summary:
In this episode of Insurance Unplugged, host Lisa Wardlaw interviews Margeaux Giles, CEO and founder of Iris InsureTech. They discuss the challenges and nuances of building operational systems in the insurance industry, emphasizing the importance of transparency, trust, and effective data management.
Margeaux shares her journey from being a producer to a tech founder, highlighting the need for authentic transformation in the industry. The conversation delves into the complexities of understanding customer needs, the pitfalls of traditional data storage systems, and the innovative approaches Iris is taking to embed trust and verifiability in their technology. In this conversation, they discuss the evolving landscape of the insurance industry, focusing on the integration of technology, the importance of trust, and the challenges of implementing AI.
They explore the need for real-time decision-making and the generational mindset required for long-term success in the industry. The discussion highlights the risks associated with misusing technology terms and the importance of transparency in data management.
Takeaways:
Margeaux Giles has nearly 20 years of experience in the insurance industry.
Building operational systems requires understanding the real needs of the industry.
Transparency and trust are critical in the insurance value chain.
Many founders struggle to move from vision to execution.
Data processing is essential for effective insurance operations.
Traditional systems often serve as mere data repositories.
Iris InsureTech focuses on embedding trust at the data level.
Operational processing is different from data storage.
The insurance industry needs to evolve beyond outdated practices.
Effective data management can lead to better underwriting and risk management. We don't trust you.
The upside for a broker is massive.
We need to understand how to make business decisions in real time.
If you want to go fast and break things, be honest about your tech journey.
Stop saying that you're using a genetic AI.
Sound Bites:
"I am the epitome of the hot seat."
"What do you really need?"
"How do we understand that person?"
"It's a balancing act."
"You have to have firepower underneath that."
"That is not operational processing."
"You can't be human centric, transparent."
"We don't trust you."
"The upside for a broker is massive."
"If you want to go fast and break things..."
Keywords:
Insurance, InsureTech, Margeaux Giles, operational systems, transparency, data management, trust, technology, insurance industry, SaaS, insurance, technology, AI, real-time decision making, trust, risk management, innovation, data transparency, generational planning, brokerages