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The third of four episodes recorded at Money20/20 Europe, that we produced in partnership with Remote, the global HR platform. The event took place at the RAI in Amsterdam, and we recorded our interviews on 4-5 June. Our guests for this episode were:
1/ Xavier Collins, Vice President UK, Turo
2/ Russell Fisher, COO, Admiral Pioneer
3/ David Daiches, Co-Founder, INSHUR
4/ Magda Schmid-Debska, Head of Marketing and Communications, PXP
5/ Sam Seaton, CEO, Moneyhub
6/ Derek Joyce, CEO, XYB
Xavier Collins, Vice President UK, Turo
Xavier Collins of Turo with Debbie West
Xavier discussed the future of insurance in relation to AI and self-driving technology, highlighting its potential impact on risk management and business models. Additionally, he described Turo as the world’s largest car sharing marketplace, emphasizing recent international expansions and acquisitions that underscored the value of network effects in their business model.
He went on to highlight the rise of entrepreneurship as a significant trend that could transform the industry, stressing how platforms like Turo enable individuals to generate income by sharing assets like cars, driven by economic pressures such as high living costs and inflation. He noted the trend’s potential for people to build businesses akin to Airbnb’s super hosts, suggesting it as a favorable trend for their business.
Xavier discussed managing a flexible workforce at Turo, underlining principles of respect and autonomy for ambitious individuals, ensuring they understand their impact on the company’s strategy and feel empowered to work from anywhere. While promoting flexibility, he underscored the importance of physical office presence in early-stage companies for fostering idea generation and facilitating learning through direct human interaction, drawing from his experiences at Uber and Deliveroo.
Xavier expressed a strong focus on enhancing Turo’s user experience and quality across core markets like the US, Canada, Australia, France, and the UK, aiming to replicate the seamless convenience of platforms like Amazon while maintaining high standards for hosts and overall service reliability in their peer-to-peer marketplace.
Russell Fisher, COO, Admiral Pioneer
Russell Fisher of Admiral Pioneer with Debbie West
Russell reflected on the Insurance 2050 session at Money20/20, noting its focus on the evolving demands within the insurance industry amidst traditional risk aversion. He highlighted the need for insurers to adapt to rapid customer changes, particularly in response to the rise of gig economy drivers, pointing out the importance of partnerships to meet these evolving needs at Admiral Pioneer.
He then spoke about the importance of embedded finance and insurance to stay relevant to customers, noting that traditionally, customers had to seek out banks and insurance providers separately. Embedded Insurance aims to integrate seamlessly into natural customer journeys, such as buying a car, allowing customers to access finance and insurance in a single process. Russell believed that achieving this integration would encourage customer loyalty and engagement.
Russell highlighted Admiral’s 30-year success in motor and home insurance, talking about its proactive approach to innovation and adaptation to future challenges. He explained Admiral Pioneer’s role as a standalone entity aimed at creating new businesses to diversify Admiral’s customer base, expand into new markets, and introduce innovative product propositions.
David Daiches, Co-Founder, INSHUR
David Daiches of INSHUR with Debbie West
David recounted that INSHUR, a global embedded insurance platform for the on-demand economy, originated from Dan’s (INSHUR’s Co-Founder) experience with traditional insurance brokers in New York, where he observed a need for quicker, more accessible insurance solutions for younger, digitally native drivers. Collaborating remotely, Dan and David developed the concept to mirror the convenience of Uber’s service through an app, leveraging their respective backgrounds in insurance brokerage and software development. After successfully prototyping and testing the app, INSHUR quickly gained traction, supported by initial interactions with Uber drivers in New York.
David discussed his session at Money20/20, drawing parallels to the TV show Black Mirror to illustrate potential catastrophic scenarios in motor insurance. The session focused on addressing current challenges such as autonomous vehicle security and meeting evolving consumer demands, particularly from on-demand drivers seeking flexible insurance options. David highlighted collaboration between technology firms and traditional insurers to ensure a more favourable and adaptable future for the industry.
David discussed the transformative impact of AI in streamlining claims handling through automated data extraction and emphasised the significance of connected car technology in real-time insurance pricing based on driving behaviour data. He highlighted how these innovations make insurance more accessible, particularly for young drivers. Additionally, David outlined INSHUR’s flexible and hybrid working principles, reflecting on their transition to remote work in 2020 and the importance of asynchronous communication across multiple time zones to support efficient global operations and talent acquisition in a dynamic industry.
David mentioned that INSHUR had expanded significantly, acquiring a company operating across all 50 US states, enabling them to integrate their technology platform with broader insurance offerings. They were also focusing on optimising operations in the UK amid challenges like high claims inflation and supply chain disruptions, leveraging AI to enhance the claims process and sustain growth into the future.
Magda Schmid-Debska, Head of Marketing and Communications, PXP
Magda Schmid-Debska of PXP with Graham on the stand
Magda spoke about PXP’s differentiation in the competitive fintech payment sector which is through three key areas: first, they offer more than transaction facilitation by consulting customers and integrating technology to support global growth; second, they prioritise innovation with future-oriented, data-driven technology; and third, they place a strong focus on customer-centricity, acting as expert consultants to simplify the complexities of payments and enhance customer experience.
Magda explained that their company had adopted remote and hybrid work models before they became widespread during the pandemic, which eased the transition. They have a straightforward approach to employing talent globally based on the skills and diversity they bring to the team, facilitated by inter-country agreements. Communication was highlighted as crucial, requiring leaders to ensure effective tools and clear objectives with continuous feedback, supported by a strong organisational culture.
Magda described PXP’s culture as highly diverse with open communication and strong collaboration, highlighting their strategy to attract and retain talent globally by focusing on development opportunities, cutting-edge technology, and fostering diversity and inclusion to encourage continuous growth through varied perspectives and constructive feedback.
Sam Seaton, CEO, Moneyhub
Sam Seaton of Moneyhub with Graham
Sam explained that the pensions industry had advanced in integrating current and future money, significantly boosting engagement levels with pensions, which in the UK had previously been low around 5%. By combining these funds, engagement rates soared to 60-70%, demonstrating a substantial improvement in people’s involvement with their future savings.
Sam mentioned that Margaret Snowden, an OBE and expert on pensions, was set to discuss consumer engagement and overcoming the fear surrounding pensions. Additionally, representatives from Standard Life and Mercer would share their experiences with employers and the implementation of open banking in the pension sector.
Sam explained that Moneyhub initially expected banks and wealth platforms to embrace open banking but found them resistant, while the pension sector proved more receptive due to its lag in engagement and legacy systems, providing a supportive foundation for their initiatives to close the advice gap through open finance.
Sam highlighted the importance of AI in managing unstructured data effectively at Moneyhub, expressing enthusiasm about its potential to organise data comprehensively. Regarding remote working, Sam stressed the company’s embrace of remote operations post-COVID, supplemented by regular in-person team gatherings four times a year to foster stronger connections and interaction among colleagues, which he deemed essential despite the predominant use of virtual platforms like Zoom or Teams.
She then discussed Moneyhub’s focus on leveraging AI and data to address the advice gap in financial planning, particularly in retirement savings. They emphasised the importance of preparing for retirement amid global shifts and acknowledged that many individuals might not have the opportunity to retire traditionally, advocating for financial preparedness regardless of retirement plans or circumstances.
Derek Joyce, CEO, XYB
Derek Joyce of XYB with Graham
Derek detailed his journey to becoming CEO of XYB, starting with his introduction in September and a thorough seven-month diligence process before officially joining. XYB originated from Monese as a B2B spin-off from a neobank, marking its independence in April. Derek highlighted the challenge of integrating new operations while leveraging established relationships with tier one banks and pursuing expansion into new geographies and product lines, pointing out the dual opportunity and complexity facing the company.
Derek discussed his company’s global presence across 11 countries with a dispersed workforce and offices in London and Tallinn, emphasizing their upcoming geographical expansions through new partnerships. Drawing from past experience at companies like American Express and Klarna, he highlighted the importance of fostering a strong workplace culture and community among remote teams, employing strategies for collaboration and occasional gatherings to enhance team cohesion and effectiveness.
He went on to emphasised XYB’s strategy of sourcing talent globally to foster diverse thinking and local expertise crucial for their global platform. He highlighted the excitement around XYB’s differentiated technology and team, aiming to revolutionize the core banking space by offering a modular and independent platform, distinct from legacy systems and newer entrants. Derek expressed optimism about upcoming partnerships and client acquisitions, underscoring XYB’s innovative approach and dynamic growth prospects in the financial sector.