In the Hot Seat with Valkyrie Holmes

In this episode of Insurance Unplugged, host Lisa Wardlaw speaks with Valkyrie Holmes, CEO and co-founder of Phara, about the intersection of insurance, climate change, and technology. Valkyrie shares her journey from space tech to insurance, emphasizing the importance of understanding natural disaster risks and the role of AI in creating proactive solutions. The conversation explores how insurance can serve as a tool for resilience and the need for continuous engagement in the distribution process. In this conversation, Lisa Wardlaw and Valkyrie Holmes discuss the evolving landscape of the insurance industry, focusing on the importance of non-commoditized relationships, the role of distribution channels, and the challenges posed by data management. They explore the risks of non-renewal and the impact of AI on the industry, emphasizing the need for agents to adapt to new data-driven realities. The discussion also highlights the necessity of educating clients about their property risks and the importance of unlearning outdated beliefs within the industry.

Takeaways

Insurance underlies everything we do.

Natural disasters pose significant risks to property.

AI can enhance our understanding of climate risks.

Proactive risk management is essential for homeowners.

Education is key to reducing risk in insurance.

Insurance should be an active partnership with policyholders.

Understanding local risks can improve preparedness.

Technology can help predict and mitigate disaster impacts.

Insurance distribution must focus on delivering resilience.

Continuous engagement is crucial in the insurance process. Agents should focus on non-commoditized relationships.

Distribution channels must be partners in the insurance process.

Data management is a significant challenge for agents.

The risk of non-renewal is a critical concern for agents.

AI is reshaping the insurance landscape by influencing present decisions.

Understanding property risks is essential for clients.

The insurance industry needs to unlearn outdated beliefs.

Survivability should be a focus in underwriting.

Education on insurance policies is becoming more important.

Agents must adapt to the evolving data landscape.

Sound Bites

"Insurance underlies everything we do."

"We have this natural disaster problem."

"We need to minimize the cost barrier."

"We're helping you protect your home."

"Distribution channel being a partner"

"The risk of being priced out of the market"

"Insurance thinks very downstream"

"We need to think about survivability"

"Understand where your property is located"

Chapters

00:00 Introduction to Insurance and Climate Challenges

02:28 Valkyrie's Journey into Insurance

05:59 Understanding Natural Disaster Risks

10:28 AI and Climate Risk Solutions

17:15 Proactive Risk Management Strategies

23:16 Distribution and Resilience in Insurance

24:11 The Importance of Non-Commoditized Relationships

24:57 Distribution Channels and Their Role in Insurance

26:50 Data Challenges in the Insurance Industry

28:12 The Risk of Non-Renewal and Coverage

30:32 AI's Role in Insurance: Pressuring the Present

32:02 Understanding AI in Insurance

37:16 Unlearning Beliefs in the Insurance Industry

42:12 Call to Action: Educating on Property Risks