There are a number of companies that are creating fresh business models, looking at different ways to utilize technology, and partnering with insurers and other insurance-related businesses to develop products and services to meet some unique customer needs. One of those companies is Cover Genius, a global insurance technology firm with offices in the U.S. and around the globe. In 2020, they were recognized as the number one fastest-growing company by the Financial Times.
The latest Insurance Speak podcast features a conversation with their chief operating officer of the Americas, Darcy Shapiro. She is one of the few women executives in the insurance industry and is a leader and role model for many. Shapiro has been with the company since 2018 and has an extensive background in commercial and general insurance, as well as compliance.
She explained that currently, about 21% of the executives in insurance companies are female and claims departments are one of the areas where women play key roles. "Women tend to congregate in areas that are cost centers like claims, human resources and marketing. They are not as well represented on the income side of the aisle," but this where she sees the greatest opportunities for them.
Shapiro highlighted Cover Genius's business-to-business model, which flips the way insurance is distributed. "We partner with large brands and interact with their customers to create custom products sold alongside their products." It allows Cover Genius to work with a captive audience that is already loyal to many well-recognized products.
For more on how the company operates and the trends Shapiro sees in the future, listen to the podcast above or subscribe to Insurance Speak on Spotify, Apple Music, Google Play or Libsyn.
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