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Q&A with Darcy Shapiro, Chief Operating Officer, Americas at Cover Genius

Chief Operating Officer
Darcy Shapiro, Chief Operating Officer, Americas at Cover Genius is a leader in the Americas region of a global Insuretech company with a demonstrated history of working in many facets of the insurance and technology industries. She is skilled in product development and innovation, portfolio management, underwriting, claims management, process design, compliance, legal, partnerships, strategy and implementation.

Consumers expect brands to provide the same high-quality day-to-day experiences directly within the digital platforms they use most. Insurance should be no different.



MEDIA 7: Congratulations on your new role as the COO at Cover Genius!  What inspired you to pursue a career in insurance?
DARCY SHAPIRO: Thank you! I came into the industry by way of my background as an attorney. This gave me extensive experience in the mechanics of the industry, but it also gave me insights as I worked across the value chain, from licensing and regulation, product development, and portfolio management,  all the way through to claims. I was lucky enough to find a role to leverage this experience when I started at Cover Genius a few years back.

M7: From policy creation to claims management, how does Cover Genius deliver a seamless customer experience to their customers?
DS: Cover Genius embeds insurance for the world’s largest digital businesses — like Intuit, Booking Holdings (owner of Booking.com, Priceline and Kayak), eBay and Wayfair — who distribute insurance and warranty products to their global customers at the point of sale or signup. We do this through our XCover platform, which is an API for the global distribution of insurance products. Our API integrates seamlessly into any business’s eCommerce platform to offer customers insurance and warranty products for any industry and in 60+ countries and all 50 US states. Our technology also enables claims handling and instant payments in any currency.

In tandem with our API, we’re able to leverage real-time data to offer customers protection that’s tailored to what the customer is undertaking, whether that be buying or selling online or in a brick and mortar store, signing up (for instance to a gig economy service like Ola in India) or banking. The need for this kind of embedded insurance integration is clear: a recent study from PYMNTS.com found that 60% of customers prefer to buy insurance from their favorite online retailers, and also that 32% of customers would both buy more and spend more if they were offered insurance at the checkout. These stats support the idea that customers want seamless experiences — they’re expecting the brands that they already have relationships with to offer them protection for their purchases, which in turn provides favorable outcomes for important business metrics.

Finally, by being a full-stack insurance provider, we are in a unique position to assemble a seamless customer experience for any line of insurance globally, particularly in the way we handle claims. This is a pain point for the entire insurance industry since claims processing has failed to keep up with consumers’ expectations. For instance, for Descartes ShipRush, a parcel shipping platform, we’ve reduced the average time taken to process and payout a claim from 22 days to 1. Since our claims processes are fully digital and our architecture connects the customer lifecycle, we can issue real-time payment via the customer’s preferred payment method as soon as the claim has been approved. No long wait time means happier customers!


The top challenges faced by the insurance industry today are digital distribution, meeting post-Covid customer expectations, and efficient and effective claims handling and all three go hand in hand.



M7: How do you think insurers can turn Machine Learning from a threat into an opportunity?
DS: The traditional insurance industry has been using data for decades to determine which insurance offerings to provide, and at what price. For traditional insurers, data is the key to unlocking high-value insights into customer behavior. But, there’s a huge problem with that approach: the default setting of the insurance industry is to work with historical proprietary data sets, which are quite limited and aren’t personalized.

Using real-time data from both historical and alternative data sources while harnessing the power of machine learning can generate new insights and improve the accuracy of price and product, however, we believe that this asymmetric information is uniquely available to digital companies that ultimately own the customer. Yes, insurers will play a role in supporting these “digital distributors'', but by applying machine learning to the vast datasets at their fingertips, digital companies will be able to assess risk and bring product and price efficiency to insurance markets that have not yet undergone the seismic shifts that have played out in other industries.

To see how real-time data and alternative data sources play to a company’s advantage, just look at Tesla Insurance which openly seeks to leverage its understanding of individual driving behavior and price elasticity to undercut its direct-to-consumer competitors. Insurtechs today team up with such technology companies on the one hand, and insurers who can demonstrate agility on the other, to build programs that tackle the problem collaboratively, allowing the former to leverage their customers preference for protection that’s embedded at the same time as any underlying activity or purchase.

M7: What do you see as the most noticeable change right now happening in the workforce, encouraged by the rise of digital technologies?
DS: We have seen customers shift to being online all of the time. The move to digital was already strong before the pandemic, but we’ve seen a massive acceleration in the pace of digitization since the onset of COVID-19. Everyone is shopping online, working out online, building businesses online, and banking online. Consumers expect brands to provide the same high-quality day-to-day experiences directly within the digital platforms they use most. Insurance should be no different. Having inked deals with some major brand names for a variety of commercial and personal insurance lines in the past 12 months — like Intuit, eBay, Wayfair, Descartes ShipRush, Skyscanner, Icelandair, and more — we are confident that we will see more technology-driven global companies offer insurance products to their customers at checkout as add-ons in the hopes of meeting customer expectations.


It’s important to seek out the right mentors, guidance and sponsorships in the organizations you are a part of. Find the people that are doing what you want to do, and ask for their input and guidance.



M7: What do you believe are the top three challenges faced by the insurance industry in the post COVID-19 era?
DS: The top challenges faced by the insurance industry today are digital distribution, meeting post-Covid customer expectations, and efficient and effective claims handling and all three go hand in hand. On the distribution side, the vast majority of insurance products in the US still involve lengthy applications, agents, and days or weeks between quote and bind. Very few insurers are binding for select products in real-time utilizing APIs for various external reporting services such as credit scoring, property data resources, motor vehicle reports, and even weather reporting services, as an example, but the fact is that customers are beginning to demand that real-time servicing.  Similarly, when it comes to claims, paper-based forms and checks-in-the-mail all drag down customer satisfaction. In fact, the average insurer can at best hope for NPS scores of +10, while InsurTechs are continually achieving +50. The world changed as a result of Covid-19 and customer expectations are forever altered. The industry as a whole needs to catch up.

M7: What is your advice to women who want to pave their way through a competitive InsurTech space?
DS: As a woman who spent her entire career in two male-dominated industries, first within traditional insurers, and then in the technology sector, I can offer other women what I hope is a helpful perspective around navigating a professional path and having an impactful career.

First and foremost, it’s important to seek out the right mentors, guidance and sponsorships in the organizations you are a part of. Find the people that are doing what you want to do, and ask for their input and guidance. It’s also important to be strategically focused and as you develop a viewpoint and ideas, do not be afraid to share them.  From a practical standpoint, as someone who’s worked across a number of functions within the industry, the best piece of advice that I can offer to young women is to try to hone in on roles that generate profit for your business. Women tend to be heavily represented in the cost-center parts of the business like marketing, claims, and human resources. These are crucial functions, of course. But business strategy positions that are profit-focused will give you the opportunity to get visibility and recognition that leads to advancement at the highest levels. Of course, focusing on tech leadership and developing your skills therein will always help too. There’s a bright future for women in InsurTech if we push for roles outside of our comfort zone.

ABOUT COVER GENIUS

Cover Genius is a global insurance technology company with offices in the US, Canada, LatAm, the UK, The Netherlands, Germany, Japan, Singapore, India, Korea, Indonesia, Malaysia, Thailand, New Zealand, and Australia. Cover Genius’ vision is to protect all the customers of the world’s largest online companies and it counts some of the world’s biggest online brands including Booking Holdings (NASDAQ:BKNG), eBay,Wayfair, Intuit, Despegar, Descartes ShipRush, Automatrix, AXS, Ola, and the leading e-commerce platform in Southeast Asia & Taiwan, Shopee, among its partners.

Cover Genius’ award-winning technologies include XCover, its global insurance distribution platform and XClaim, an API for instant payment of approved claims that delivers an NPS of +65, a result that has been independently recognized as the highest for any insurance company globally. XClaim executes thousands of bank transfers per month into 90+ currencies, and it also allows partners or customers to choose other forms of payment including store credit, e-wallet and card top-ups.

Cover Genius co-creates insurance products with partners, enabled by its ability to produce regulated products in 60+ countries & all 50 US States.

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Riskonnect Acquires Ventiv Technology to Accelerate Customer Value and Global Growth

Business Wire | January 12, 2024

Riskonnect, the leader in integrated risk management (IRM) solutions, today announces its acquisition of Ventiv Technology, a market-leading provider of risk, insurance, and underwriting technology solutions. The acquisition fuels growth and innovation for Riskonnect and drives value for customers by enabling the organizations to bring all aspects of risk under one roof. Riskonnect’s acquisition of Ventiv will enhance value for the 2,500+ combined customers globally. Ventiv is known for its innovation in RMIS Analytics (Artificial Intelligence/Machine Learning, Benchmarks, Geospatial), claims administration, billing, and policy solutions. Customers rely on Riskonnect for the breadth and depth of its integrated risk management platform. The combined offerings will create a comprehensive suite of risk management tools that streamlines data management, provides actionable insights tailored to specific business sectors, and turns risk into a strategic advantage. “We’re thrilled to welcome the entire Ventiv team to Riskonnect. The acquisition adds substantial value for our customers, giving users of both companies access to a broader range of products and services that are intentionally designed to meet the diverse needs of modern risk management,” said Jim Wetekamp, Riskonnect’s CEO. “We’re bringing a value enhancing suite of tools to market that equips organizations to confidently answer the increasingly imperative question – ‘how at risk are we?’. Our complementary technologies and shared commitment to helping customers stay ahead of the rapidly evolving risk landscape positions all our key stakeholders for success.” The companies’ combined expertise and technology across incident tracking, claims administration, claims management, governance, risk, and compliance (GRC), business continuity and resilience, and predictive analytics creates a one-stop-shop for organizations seeking end-to-end risk solutions. “We share Riskonnect’s mission to transform the way companies manage risk,” said Salil Donde, Ventiv’s CEO. “Pooling our resources and expertise enables us to continue to innovate on AI-driven predictive analytics and expand our reach globally to best serve the present and future needs of our customers.” Riskonnect’s current majority investor, TA Associates (TA), a leading global private equity firm, supported the acquisition of Ventiv with additional investment capital. TA will continue as the majority owner. Union Square Advisors LLC served as the exclusive financial advisor to Ventiv and Davis Polk & Wardwell served as legal advisor. Kirkland & Ellis LLP served as legal advisor to Riskonnect. “By joining forces, Riskonnect and Ventiv Technology, both recognized as industry leaders in the Redhand RMIS Report, are not only consolidating their technological expertise but also strengthening their commitment to providing leading RMIS solutions to customers seeking to optimize their risk management strategies,” said Patrick O’Neill, president and founder of Redhand Advisors. About Riskonnect Riskonnect is the leading integrated risk management software solution provider. Our technology empowers organizations with the ability to anticipate, manage, and respond in real-time to strategic and operational risks across the extended enterprise. More than 2,500 customers across six continents use our unique risk-correlation technology to gain previously unattainable insights that deliver better business outcomes. Riskonnect has more than 1,100 risk management experts in the Americas, Europe, and Asia. About Ventiv Technology Ventiv Technology is a leading global provider of risk management information systems (RMIS), enterprise risk management (ERM), insurance claims, billing, and policy administration technology integrated with its market-leading analytics and predictive models. Ventiv Technology’s SaaS and on-premise solutions are deployed by insurers, brokers, insured corporate entities, federal and regional governments, public entities, third-party claims administrators (TPAs), and risk pools across a variety of industries, including transportation and logistics, retail, financial services, leisure and hospitality, energy, aviation, and manufacturing among several others.

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Inszone Insurance Services Continues Expansion in Colorado with the Acquisition of High Desert Insurance

Business Wire | January 29, 2024

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, is pleased to announce its recent acquisition of High Desert Insurance, out of Pueblo, Colorado. High Desert Insurance, born in 2011, has been a trusted insurance go-to for over ten years. Starting with three employees, they've grown into a team of seven, always coming through with top-notch insurance solutions for individuals and businesses. The values of High Desert Insurance mesh perfectly with what Inszone Insurance is all about, making this acquisition a great fit as Inszone looks to grow its services in Colorado. "We are delighted to welcome High Desert Insurance to the Inszone family," expressed Chris Walters, CEO of Inszone Insurance Services. "With a decade-long track record of delivering outstanding outcomes for its clients, High Desert Insurance has built a commendable legacy. Our commitment extends to preserving and enhancing this legacy by offering comprehensive back-office support and access to additional markets to the High Desert team." The newly acquired High Desert Insurance will operate under the Inszone Insurance brand and maintain its existing Pueblo, Colorado, location, ensuring a seamless transition and consistency in service for its valued clients. Inszone Insurance is dedicated to retaining the experienced team from High Desert Insurance to ensure the continuation of the high-quality service that clients have come to expect. As Inszone Insurance continues its strategic growth, the acquisition of High Desert Insurance represents not only a significant expansion but also a blending of values, reinforcing the commitment to excellence in service within the dynamic landscape of Colorado. Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 54 locations across California, Arizona, Colorado, Idaho, Illinois, Kansas, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, Utah, and Washington, the company is looking to expand further throughout the United States.

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Cover Genius is a global insurance technology company with offices in the US, Canada, LatAm, the UK, The Netherlands, Germany, Japan, Singapore, India, Korea, Indonesia, Malaysia, Thailand, New Zealand, and Australia. Cover Genius’ vision is to protect all the customers of the world’s largest online...

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