OLDWICK, N.J.--(BUSINESS WIRE)--In this AMBestTV episode from the 2019 InsureTech Connect conference in Las Vegas, NV, Jennifer Byrne, co-founder and president, Quesnay; Carey Anne Nadeau, founder and chief executive officer, ODN; and Kate Terry, co-founder and chief operating officer, Surround Insurance, said the ranks of women in insurtech may be small, but creativity, resourcefulness and industry knowledge build impact. Click on http://www.ambest.com/v.asp?v=diversityinsurtechpanel919 to view the entire program.
According to published reports, just 2.2% of venture capital funding went to female-founded businesses in 2018; however, Byrne said she is seeing the tide starting to turn.
“Over the years, I have seen that there is a tendency for venture capital firms to invest in things and people that they relate to and know,” said Bryne. “However, recently, I have observed that this is starting to change, not only because women are starting companies at a faster pace, but the venture capital firms have realized that they do need to hire and promote women within their organizations, as well as create a more diverse platform and invest in more diverse founders.”
Terry highlighted why more female founders are needed.
“Economic and social systems that suppress the ideas and the drive of more than half the population, as well as do not allow ideas to rise to the top are not a meritocracy,” she said. “Systems like that are not getting the best ideas out there and are not delivering the best economic and/or social results. It is not just about doing what is right; it is also about doing what is economically right.”
Nadeau believes one of the ways to tackle the subject of lack of diversity in the insurance industry is by encouraging employees to network, be creative, set up mentoring opportunities and eschew perceived rules. “Take the opportunity to step out and say, ‘The rules do not apply to me, and I am going to make them up as I go, which means I am going to ask for that introduction and create a community around instead of waiting for someone to ask me into their circle,’” she said.
For full video coverage of the InsureTech Connect conference, including exclusive executive interviews, visit http://www.ambest.tv/itc19.
Previous InsureTech conference coverage includes:
- From the InsureTech Conference: Insurance Fundamentals Take Center Stage: At the 2019 InsureTech Connect conference, attendees said technology and new competitors are remaking insurance operations, but core principles remain crucial to insurance success: http://www.ambest.com/v.asp?v=itc1919.
Other continuing AMBestTV conference coverage includes:
- From the WSIA Annual Marketplace: E&S Crystal Ball Shows Higher Rates, More Risk Sharing, Social Inflation Ahead: Attendees said that while they remain positive about what the future holds for the excess and surplus lines industry, insurers still need several years of price firming to make up for years of cutting: http://www.ambest.com/v.asp?v=wsia2919.
- From the WSIA Annual Marketplace: Thriving Wholesale and Specialty Sectors Draw Insurers to Annual Event: Attendees to the WSIA Annual Marketplace said the surplus lines sector supports its growth by focusing on new risks and coverages: http://www.ambest.com/v.asp?v=wsia1919. Related WSIA conference at http://www.ambest.tv/wsia19.
- From the NAMIC Conference: Mutuals Look to Link Small-Town Values With Big-Time Technology: Attendees at the National Association of Mutual Insurance Companies’ (NAMIC) annual convention said insurtechs are bringing new service and product opportunities, helping insurers meet the expectations of today’s prospects and policyholders: http://www.ambest.com/v.asp?v=namic2919.
- From the NAMIC Conference: Buoyed by Improved Results, Mutual Insurers Prepare for the Next Round of Competition: Attendees at NAMIC said the challenge for mutuals is to leverage new technology, develop new products and services and focus on their agents and insureds: http://www.ambest.com/v.asp?v=namic1919. Related NAMIC coverage at http://www.ambest.tv/namic19.
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