Combining AI, Smart Sensors and Insurance to create Australia's fastest-growing Fintech!

In episode 179 of Fintech Chatter Podcast, Dexter Cousins chats to Honey Insurance CEO Richard Joffe

Making his Fintech Chatter debut is Richard Joffe, CEO and founder of Honey Insurance, arguably Australia's hottest early-stage Fintech!

Honey Insurance is the smarter way to protect your home and contents. Backed by RACQ, Honey uses sensors in the home to offer a new type of insurer whose focus is on helping avoid accidents and protect against damage rather than just paying out after events.

Dexter chats to Richard in the week he was awarded CEO magazines Entrepreneur of the year and Honey featured in the Deloitte Fast 50. Expect to see some massive announcements from Honey in 2024!

As a 3x founder, Richard shares his secrets on:

• Building successful tech startups

• The key differences between launching in the US and Aus

• Attracting and retaining the best talent

• Building a high-performance culture

• Winning investment in a down market

• Partnering with incumbents

About Honey Insurance

Honey is Smart Home Insurance, and they are on a mission to eliminate the 50% of avoidable accidents that happen to homes. Honey gives customers free technology and services from day 1 to keep homes safer, then rewards them with a lower price on their insurance.

https://www.honeyinsurance.com/

About Richard Joffe

Richard Joffe is the founder of 3 successful startups and currently the CEO of Honey Insurance. Previously, Richard founded Park Assist which automated the parking industry, and after expanding to 20 countries was acquired by TKH in 2012.

Then Stella.ai which automated the recruitment industry using AI, and was acquired as part of a $1.1 billion merger with Trustaff.

Formerly, Richard was a strategy consultant with McKinsey and an investment banker with Morgan Stanley.

Now with Honey Insurance, Richard has turned his attention to home insurance, where he is on a mission to give Australians free technology and services, to eliminate the 50% of avoidable accidents that happen to homes

Richard believes technology and automation can make everyone’s lives more efficient, so we can spend more time doing the things that matter most in life.

In episode 178 of Fintech Chatter Podcast, Dexter Cousins is joined by Ada Guan, CEO and Co-Founder of Rich Data Co (RDC.)

Rich Data Co Series B Announced.

Is there a viable use case for AI in banking? Will AI replace Bankers?

Making her Fintech Chatter debut Ada Guan CEO of Rich Data Co shares how they are reinventing the way banks assess and provide credit to businesses, using AI.

It's an awesome episode where we talk about:

Real AI use cases for banking
Modernising a 70 year old credit model
Leaving a corporate job to start a business
Hiring and retaining the best AI and Data engineers
How rock climbing has helped create a high performance culture
How to consistently win business with major banks (with only 2 people in sales and marketing)

About Rich Data Co

RDC is delivering the future of credit, today!  Rich Data Co is on a mission to make credit accessible, fair, inclusive, and sustainable. By using AI, the team at RDC has developed new techniques leveraging traditional and non-traditional data to get the right decision in a clear and explainable way.

Customers expectations on credit have changed drastically in the past decade. Global leading financial institutions are leveraging the RDC AI decisioning platform to offer credit in a way that aligns to the customers’ needs and expectations.

RDC's AI Decisioning platform harnesses the incredible potential of AI and combines it with industry expertise to create the ‘AI brain for a bank’. RDC is accelerating innovation in business lending to deliver transformational and sustainable long-term business success for customers.

Find out more https://www.richdataco.com/

About Ada Guan

Ada brings over 20 years’ global experience in financial services, software, and retail industries. 

Leading a Global Client Advisor team at Oracle Corporation, she advised board and C-level executives in large global banks on digital disruption and Fintech strategy, and drove Oracle thought leadership in banking digital transformation for Global Key Accounts. 

During her time at Westpac Bank in Australia, Ada implemented a multi-million dollar program to deliver a mission critical services layer for the Bank and formulated the IT strategy that formed the basis of the $800m investment program to transform Westpac’s Product and Operation division, and complete the merger with St. George Bank. 

Ada holds an EMBA from the Australia Graduate School of Management, and a Master of Computer Engineering from the University of New South Wales, Australia.

Mark Macduffie joins Dexter Cousins on Fintech Chatter to discuss Downsizer, a platform that helps homeowners and retirees with enough equity in their current house buy their next house with zero cash deposit.

"If we can free up 1.7 million households, that has a cooling effect all the way down through the housing market." - Mark McDuffie

Downsizer solves the problem of housing affordability by qualifying retirees and downsizers using their proprietary technology to prove that they have sufficient equity to buy their next house. The platform aims to simplify the process for downsizers and help free up 1.7 million households in Australia.

Downsizer Helping Retirees and Homeowners:

• Downsizer helps homeowners with enough equity in their current house buy their next house with zero cash deposit.
• The platform solves the problem of housing affordability by qualifying downsizers and retirees using their proprietary technology.
• Downsizer aims to free up 1.7 million households in Australia and have a cooling effect on the housing market.
• The platform uses a blend of digital technology and a financial instrument to simplify the process for downsizers.
• Downsizer is in pilot phase with mortgage brokers and is partnering with real estate agents to handhold downsizers through the process.

About Mark Macduffie

Mark Macduffie is the co-founder of Downsizer, a unique blend of digital technology and a financial instrument that helps homeowners with enough equity in their current house buy their next house with zero cash deposit. 

Mark brings a wealth of knowledge and expertise to the Downsizer team.  A digital, data and innovation executive with 30+ years of experience delivering products and solutions in five countries across multiple business and financial sectors. 
 
Find out more: https://www.downsizer.com/

Dexter Cousins recently interviewed Ben Webster, the founder of Insurtech AGILE Underwriting, (a Lloyd's cover holder, MGA, and Insurtech company) on Fintech Chatter. Ben has been a pioneer in the industry and has built a reputation for his expertise in niche insurance markets. We discuss AGILE's unique approach to insurance, the challenges of distribution, and the future of the Insurtech ecosystem.

AGILE Model: Niche Insurance, Diverse Portfolio

AGILE specialises in niche insurance products, focusing on areas that are often overlooked or under-serviced by traditional insurers. Ben explains, "We work in really niche insurance markets, such as pilot personal accident insurance, wedding insurance, scaffolders insurance, vacant land insurance, and many more." This approach sets Agile apart from the mainstream insurance industry, which tends to focus on more common products like home and motor insurance.

When asked about the decision to focus on niche markets, Ben explains, "There are a lot of reasons for this, but one of the main ones is the diversity it provides. During the COVID-19 pandemic, while our travel insurance business suffered, our diverse portfolio allowed us to ride the wave and come out stronger. Additionally, at the heart of every insurance policy are similar fundamentals, such as insured parties, coverage periods, and events covered. Once you have these fundamentals in place, the individual rating factors for each product are what vary."

Overcoming Challenges in Distribution

One of the biggest challenges for any Insurtech company is distribution. Ben acknowledges this, stating, "Once you have the pipeline of finding capacity and building a product, the hardest problem is distribution." He goes on to explain that launching a product can take 18 to 24 months, and even after all the hard work, it can be met with silence. To overcome this, Agile has developed strategies to validate products early on and ensure there is a market demand. Ben also emphasizes the importance of brokers in their distribution strategy, as they play a crucial role in reaching customers.

The Entrepreneur Flying Under the Radar

Throughout the conversation, it becomes clear why Dexter Cousins considers Ben one of the most under appreciated entrepreneurs in the ecosystem. His ability to navigate the challenges of the insurance industry, his focus on building a strong company culture, a track record in bootstrapping and growing businesses and his resilience in the face of adversity are all qualities that set him apart. Ben's experience in the industry, from his early days at WorldNomads.com to his current ventures, has shaped his approach to entrepreneurship and has earned him the respect of his peers.

The Importance of Finding the Right Talent

Finding the right talent is another challenge that Ben has faced throughout his entrepreneurial journey. He explains, "Insurance is an incredibly siloed industry, and there is a gender imbalance in senior positions. We hire specialists, but we also look for generalists who can work across departments. We invest in training juniors to develop a well-rounded understanding of the industry. However, finding the right people is not easy."

Dealing with Failure and Moving Forward

Ben's journey has not been without its share of failures. The impact of the COVID-19 pandemic on his previous venture, Insured By Us, was particularly challenging. He had to make difficult decisions, including letting go of a talented team. However, Ben's stoic mindset and focus on what he can control helped him navigate through the tough times. He emphasises the importance of learning from failures and using them as stepping stones to future success.

The Future of Insurtech

Looking ahead, Ben believes that the Insurtech ecosystem needs to evolve at a faster pace. He highlights the need for regulatory changes to make it easier for startups to enter the market. Ben also sees potential in parametric insurance, which simplifies the claims process by providing predefined payouts based on specific events. He believes that this approach can help bridge the gap between insurers and customers, making insurance products more accessible and transparent.

In conclusion, Ben Webster's journey in the Insurtech industry is a testament to the resilience and innovation required to succeed in a rapidly evolving landscape. His focus on niche markets, commitment to building a strong company culture, and ability to navigate challenges have positioned AGILE as a leader in the industry. As the Insurtech ecosystem continues to grow, Ben's insights and experiences will undoubtedly shape the future of the industry.

Note: This article is a transcription of a conversation and includes direct quotes from Ben Webster. The views and opinions expressed in this article are those of the speaker and do not necessarily reflect the official policy or position of Fintech Chatter.