“When you think about insurance, the essence of what they do from a consumer perspective is to be able to handle claims, the moment of truth to deliver on its promise to policyholders”, says Oded. “Many insurers still miss this opportunity.”
He shares his career background from the Israeli military to joining Goldman Sachs, working as a CFO in the energy sector in London to returning to Israel to co-found claims management insurtech, Five Sigma.
Oded highlights how the use of technology and data to be able to optimise and improve decision making processes and to communicate and serve customers well has been the driver to the growth and success of Five Sigma, a next generation claims resolution platform.
Operating in the U.S, U.K and growing quickly, the business serves P&C carriers including property, home and auto, various specialty lines – from pet to jet and everything in between as Oded calls it – cyber, commercial general liability and workers’ compensation.
“It’s very deep in terms of the workflow perspective, what we provide functionality wise.”
Oded discusses algorithmic perspectives, data collection and the benefits on offer to adjustors and customers as well as customer acquisition versus customer retention.
He shares the challenges of scaling quickly and transforming from a chaotic start-up. “I think the biggest challenge basically is to prove and inspire confidence that we can deliver as a start-up company,” as well as managing and harmonising a rapidly expanding team.
Oded highlights the culture & values Five Sigma is looking to build, maintaining those foundations as the business continues to scale around the globe in to new markets and emphasises the need for boots on the ground.
“You’ve got to focus on it from the from the get go, you cannot all of a sudden remember that you need to take care of your team overseas, you need to engineer the process. It needs to be engineered into HR and the entire company’s human capital process.”
Oded talks through the infrastructure and foundations needed to scale an insurtech, stressing the need to be able to turn and change quickly. He concludes by giving advice to anyone looking to transition from insurance to an insurtech.
“You are bringing a tremendous amount of assets and power with your knowledge. I see at times folks coming apologetically in to insurtech. The market needs you. You can help other people design the tools to create the value.”
The Insurance Coffee House Podcast is hosted by Nick Hoadley, CEO, Insurance Search, the Executive Search Consultancy for growing Insurance and Insurtech businesses across the globe.