In this episode, Michael Waitze talks to Chris Bayley, the Co-Founder and Chief Innovation Officer of Cover Genius. Prior to starting Cover Genius, Chris was one of the first few employees in Google’s Sydney office where he managed the insurance team. While Cover Genius has started in Australia in 2014, the company has now offices in New York, London, Tokyo, Seoul, Singapore, San Francisco, Amsterdam, Kuala Lumpur, Manila and Sydney and counts some of the world’s largest e-commerce companies including Booking Holdings, among its partners.
Michael and Chris discuss the acceleration of InsurTech in recent years. While back in 2014, most VCs had no experience with startups in the insurance space, the sector is one of the hottest today. InsurTechs can help create a smoother customer experience and reinvent insurance distribution while insurance incumbents often lack the knowledge on how to implement and leverage technology.
Chris gives insights into different forms of insurance distribution and the disruption InsurTechs, FinTechs and platform ecosystems are bringing to the industry. In his experience, insurers start handing over responsibilities to InsurTechs to set up neo-distribution and even handle claims management and focus only on the underwriting process.