More insights from Dig-In 2023
Rachel Olney, Kate Stillwell, and Hanna Wu.
Jana Ašenbrennerová
Three insurtech founders who are women discussed driving greater diversity and inclusion within the insurance industry.
Kate Stillwell, president, parametric insurance at Neptune Flood and founder of Jumpstart Insurance, which was bought out by Neptune in 2021 says that at the beginning of founding Jumpstart the team would get advice to start with a market that was more high net worth. “So, that was an intentional decision to disrupt that advice,” she said during “Leading the Way: Women Insurtech Founders Panel,” at Dig-In 2023 on June 6
There’s a perception of insurance in America as a system that needs to be gamed, describes Stillwell. “It really conflicts with the larger purpose of insurance to provide this financial buffer. … Insurance empowers risk taking and is fundamental, foundational of being able to have courage in one’s life.
“So, how do we shift the script a little bit so that insurance starts becoming this thing that is more about that feeling of confidence as opposed to there’s this thing that I have to deal with. We create our companies in a way that really supports and reinforces that mindset of this is actually a supportive tool for our financial stability and our generational growth. … Then those things like how we operate internally, how we hire and also how we communicate to the customers becomes this upward spiral that elevates the whole industry.”
The panelists also discussed how to hire and retain employees.
Hanna Wu, CEO of Amplify, said during the event: “We actually find people that don’t have maybe even any experience in the field, sometimes they are the best because they’re so driven to learn.”
Wu says that attracting more women into the industry and helping the industry grow are two aspects that can be solved together. “More representation in leadership. I think it does take a little bit more effort from us who are already in the industry to create events. … It’s an opportunity for us to step up and also relate more with people.”
Rachel Olney, founder and CEO at Geosite, added that: “The thing that I’ve said to my team all the time is that a lot of times bias comes from under educating yourself on your biases and not doing the homework. So we consistently do that inside our company.”
