Innovation Insurance Group

Oasis Loss Modeling Framework

Ty R. Sagalow — Sat, 01 Feb 2014 22:26:57 +0000

Ty Sagalow assesses the impact of new Oasis Loss Modeling Framework on Product Development

Oasis Loss Modeling Framework unveiled a significant development in the modelling of natural catastrophes. With plug-and-play components, it promises to promote the creation of internal models, support reinsurance negotiation and regulatory compliance, and cost reduction.

Ty Sagalow, president of Innovation Insurance Group, and host of WRIN.tv’s Innovations in Insurance explains what this means to existing risk models, and future developments in the modeling space. He says the Oasis framework will enable member insurers, reinsurers and brokers to pool information in a cost effective way to meet regulatory requirements.

Reputational Risk: What Companies Need to Know & Need to Do

Ty R. Sagalow — Mon, 26 Aug 2013 21:46:12 +0000

Brand, or reputational risk, is at the top of concerns among senior management. And with the exponential growth in social media, the risk to a company’s reputation is growing as well.

Solving the risk management issues surrounding reputation risk is a lucrative opportunity for the insurance industry. Here Ty Sagalow, president of Innovation Insurance Group discusses the potential impact of reputational risk and emerging risk transfer solutions.

Additional Innovations in Insurance programs include interviews with Vince Tizzio, President/CEO of Navigators Management Company, Inc., and Pamela Newman of The Newman Team at Aon.

Cyber Crime in the News: Responses to Cyber Risk

Ty R. Sagalow — Sun, 04 Aug 2013 21:50:02 +0000

Cybercrime and Cyber Risk are making headlines. Recently, Federal Prosecutors charged a gang of hackers from Russia and the Ukraine with stealing 160 million credit card numbers from more than a dozen companies. Authorities said it’s “the largest hacking scheme in U.S. history.” Some of the same hackers were accused of computer attacks on Citibank, PNC Bank and the Nasdaq stock exchange as well. And earlier this year, an international ring of cyber thieves stole $40 million in 10 hours from ATMs in more than two dozen countries.

Ty Sagalow, president of Innovation Insurance Group, joined WRIN.tv to discuss the impact of cybercrime on companies and infrastructure, what governments and insurers are doing to mitigate cyber losses, and developments in cyber risk insurance coverages.

View Innovations in Insurance programs with industry leaders Vince Tizzio, President/CEO of Navigators Management Company, Inc. and Pamela Newman of The Newman Team at Aon.

Ty Sagalow Previews New Product Innovation at RIMS 2013

Ty R. Sagalow — Fri, 12 Apr 2013 23:18:52 +0000

Ty Sagalow joins us from the set of a new series he’ll be hosting on WRIN.tv. A 30 year veteran of the industry and former executive at AIG, Zurich and Towers, Ty has been involved in several of the industry’s major innovations.

In his discussion with WRIN.tv Ty discussed:

Exepectations for the RIMS Conference
What new products will be hot this year
What he hopes the audience will take away from the program

Ty Sagalow: The Evolving Process of Innovation Within Insurance Companies

Ty R. Sagalow — Thu, 28 Feb 2013 01:37:20 +0000

We continue with our 3-part discussion on innovation with Ty Sagalow. Here, Ty discusses the evolving process of innovation within insurance companies, and the use of outsourcing in new product development and marketing. He also shares his prediction on upcoming new products such as reputation insurance, intellectual property (IP) insurance, climate change (E&O) coverage and middle market supply chain risk insurance.

Municipal Pensions – the next Black Swan… or the next big opportunity?

Ty R. Sagalow — Sun, 24 Feb 2013 22:34:19 +0000

ANV Founder Matt Fairfield recently told WRIN.tv that Municipal Pension Funds could be the next “black swan” facing the insurance industry. He suggests there may be “blood on the streets and civil unrest” in the wake of potential defaults. In fact, Detroit will be the largest municipal bankruptcy in U.S. history, with the city’s debt estimated at $18–20 billion. Lawmakers are concerned that the crisis could spread to other municipalities.

WRIN.tv contributor Ty Sagalow, president of Innovation Insurance Group, assesses the size of the municipal pension problem, as well as the potential for a joint private/public solution built on the insurance industry’s existing pension fund liability coverage.

Ty Sagalow is host of Innovations in Insurance, a WRIN.tv series focusing on new product development. To watch previous editions of Innovations in Insurance, visit the WRIN.tv On Demand Library.

Ty Sagalow: What Influences Creativity and New Product Development in Insurance

Ty R. Sagalow — Fri, 22 Feb 2013 00:54:48 +0000

In February 2013, WRIN interviewed Ty Sagalow on the role of innovation in the insurance industry in preparation for an upcoming series he will be hosting called “Innovations in Insurance” on WRIN.tv.

Many executives are looking to innovation and product development to spur new revenue.

In the first of a 3-part series Ty discusses the history of new product development and the influence of excess capacity and predictive modeling on innovation today. He also touches on the key elements of product development in insurance: demand, distribution and supply.

Ty Sagalow: The Impact of Government Regulation on Innovation

Ty R. Sagalow — Sat, 16 Feb 2013 01:13:39 +0000

Increased government intervention through regulation and legislation can have a positive as well as negative impact on creativity and innovation in the insurance industry.

In this second of a 3-part series on innovation Ty Sagalow discusses public policy and how a partnership with insurance industry could actually spur new product development.

He believes regulation when appropriately done can be a value add to the industry and its customer base. When regulation goes too far, it can be a “strangle hold on innovation and creativity.” New legislation can spur innovation and creativity. Examples include the Civl Rights Act spurred the creating of sexual harassment insurance and wrongful termination insurance, ERISA(Employee Retirement Income Security Act) spurred the creation of a Fiduciary Liability insurance policy.