This is the fourth in a series of brief interviews with speakers, presenters, moderators or panelists at the Internet of Insurance Conference to be held The Line Hotel, in Austin, TX on September 17th & 18th, 2019. You can register for the event here: https://ioi-usa.internetofbusiness.com/
What is your name and what do you do?
Mike Gulla – I am the Senior Director of Underwriting and Customer Support for Hippo Insurance.
Is the cyber threat for devices a major impediment to the implementation of this technology into insurance?
It is a concern as is the cyber threat to any technology product, however, I don’t feel that it is a major impediment.
Ironically, we are in the risk-taking business but are afraid to take risk. How can companies in the insurance ecosystem get comfortable with internet-ready devices?
They need to trust the positive impact they can have on the insurance industry. The level of impact crosses so many insurance verticals that companies will quickly be behind the eight ball if they don’t take the risk.
What is a good first step for companies deciding whether or not to integrate Internet devices into their business model?
Make a quick assessment of where to integrate IoT into your business model and kick off a pilot. In most cases, the hardest part is getting the ball rolling but once a few pilots get spun up it can really begin to gain traction.
How do you envision the insurance market 10 years from now? Can you provide your fantastical vision of how all this technology might be used on a day-to-day basis?
10 years from now I feel that home insurance will be the product of focus. Vehicles will come with an insurance policy, but with the climate changes taking place and the continued increase rick of catastrophe loss, the focus on home insurance will continue to expand. Integration with new IoT technologies as well as all the other tech advancements in the market will have taken hold. I also see the regulator continuing to push forward and be more open-minded to ways these technologies can enhance the product as well as the customer experience. We will also see an industry that is more proactive in the benefit of the customer vs the reactive nature we have had until now.
Can you describe your role in the 2019 Internet of Insurance Conference?
I’ll be speaking on how climate change will alter insurance.
What will attendees who attend your session learn?
Ways we are moving the insurance industry to be more prepared for Cat losses as well as preparing insured to prepare themselves for Cat losses.