Rob Galbraith discussed his book, The End of Insurance As We Know It: How Millennials, Insurtech, and Venture Capital Will Disrupt the Ecosystem, at MOI Global’s Meet-the-Author Summer Forum 2019. Rob is Director of Innovation at AF Group.
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About the book:
We live in a world of accelerating change. The advent of new technologies such as IoT, AI, blockchain, NLP, RPA and a host of others enabled by miniaturization of chips, mobile devices, and cloud computing have enabled a host of new and powerful yet intuitive applications, such as GPS which has virtually replaced the need for paper maps.
The tradition-bound world of insurance is not immune from these forces. Insurance has a rich history and powerful longevity as an industry because of the societal good it provides. Insurance enables consumers to drive a car, buy a home and start a business – people buy insurance because they need to (and are often required to) in order to do something they really want to do.
But as anyone that has gone through the process of purchasing and “using” insurance (i.e., filing a claim), it can be a frustrating experience. Insurance is complex: it is a blend between a product and service, a mix of financial instrument and legal contract that is highly regulated and enforced by the rule of law. There are many long-standing and well known problems in insurance that have yet to be adequate solved — until now.
The rise of these new technologies and focused innovation in the insurance industry has led to the rise of “insurtech”. New startups and value propositions, fueled by an era of cheap capital, are created daily to address the “fatal flaws” of insurance. While the industry press is abuzz with daily headlines announcing new breakthroughs and partnerships, the reality is more complicated and shifting rapidly.
The End Of Insurance As We Know It is the book that brings together insurance newcomers and veterans to provide a common framework of understanding. In doing so, it helps foster collaboration that spurs new innovation to bring insurance fully into the 21st century as the perfect digital product that meets the evolving needs of today’s consumers around the globe.
About the author:
Rob Galbraith is the author of the new Amazon bestseller The End Of Insurance As We Know It. He has been called “a global insurtech thought leader”, “a mentor to many in the insurance industry”, “the most interesting man in insurance”, “the prophet” and “the WD40 of insurance” for his versatile skills and ability to solve all manners of problems. Rob is a popular keynote speaker who has spoken at events around the globe on the topics of innovation, insurtech and the future of insurance as well as the role of insurance in disaster preparedness and mitigation as well as climate adaptation and resiliency.
Rob has over 20 years of experience in the financial services industry in a variety of leadership positions with AF Group, USAA, Citigroup, and the Federal Reserve Board. He is a recognized thought leader on P&C insurance who is a frequent media contributor and well-known industry influencer. Rob holds a Master’s of Science in Insurance Management from Boston University and a Bachelor of Arts in Economics from Michigan State University. In addition, he holds the CPCU, CLU, and ChFC professional designation and was previously a member of the CPCU Society Leadership Council from 2016-2018.