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You are here: Home / InsurTech

InsurTech

Ty Sagalow has been called the Godfather of Insurtech.  Today. Innovation Insurance Group provides consulting, underwriting and management services to a number of InsurTech companies.   Mr. Sagalow is currently the Co-Founder & Chief Insurance Officer of Insurtech MGA/Broker Assurely.  He also holds board, senior advisory or partnership positions with a number of other insurtech ventures including RELM Insurance Ltd, Evertas, Invictus Underwriters and Insurmedix. 

Ty recently discussed Assurely in a December 2021 Insurtech Leadership podcast:

https://innovationinsurancegroup.com/wp-content/uploads/2021/12/Ty_Sagalow__Podcastac8ah.mp3-Dec-2021-Assurely-and-Ty-on-Innovation.mp3

 

However, Ty’s love of InsurTech, and its love of him. all began in May of 2015 with Lemonade.   Mr. Sagalow is a founding member and the founding Chief Insurance Officer of Lemonade (as well as founding Chief Executive Officer of Lemonade Insurance Company).  Lemonade, the first insurance carrier InsurTech company,  has been called the “Uber of Insurance” and is credited by many with starting the InsurTech revolution in the United States. He continued on the board of Lemonade Insurance Company until the expiration of his term in September 2019.

The Lemonade Story

In May of 2015, two entrepreneurs named Daniel Schreiber, the former President of Powermat, and Shai Wininger, the CEO and Founder of Fiverr, wanted to create a new type of insurance company.  Based on cutting edge artificial intelligence and new theories of behavioral  economics, this “new type of insurance company” would completely disrupt the current insurance industry.

The problem was that neither of them knew anything about insurance. 

So, they needed an insurance expert with decades of experience but one that could think out of the box.  They found Ty Sagalow and Innovation Insurance Group.

Backed by the largest seed investment in Israel’s history from VC powerhouse Sequoia Capital (the money behind Apple, Instragram, Paypal, among many others) along with Aleph, Lemonade was born, hoping to prove that when it comes to insurance, when “Life gives you Lemons, You Create Lemonade”, turning insurance from a necessary evil back to a social good.

Taking a new enterprise not associated with any existing insurance carrier from a concept on a white board to an actual licensed and functioning insurance carrier was no easy task.  In fact, it had never been done.

As the newly chosen Chief Insurance Officer, Mr. Sagalow had to:

  1. Staff the company (underwriting, claims, finance, legal etc.)
  2. Find and execute the proper reinsurance
  3. Work the CTO (a co-founder) in making sure the technology used for underwriting, claims, back office administration etc worked from multiple perspectives
  4. Negotiate with insurance regulators all over the country and ultimately obtain licenses to operate throughout the country.

Each of these tasks had substantial challenges.  For example, how do you find, and then convince, seasoned insurance professionals to leave their cozy traditional insurance companies and work for a startup? How do you convince reinsurers and additional investors to trust and join in the “lemonade experiment”? How do you convince insurance regulators to give a brand new insurance carrier a license to operate?  

Yet it was all done.

In less than a year, Lemonade was staffed with seasoned insurance professionals, along with the the world’s top coders and technology professionals, obtained high quality reinsurance from the some of the best reinsurers in the world, obtained an A rating, and, most importantly, was provided a license to operate in its first state, New York, a state historically known to be among the toughest insurance regulators in the country. 

Then came Illinois and California, and more than  a dozen more states.  One year after getting its license in New York, Lemonade was licensed in states representing more than half of the U.S. population.  Operating now in New York, New Jersey, Illinois, Texas and California, Lemonade now adds 2,000+ new policyholders ever week to its homeowner’s insurance business. And, according to google, has captured more than 1% of the NY renters market in 9 months.

In September 2020, Lemonade went public on the New York Stock Exchange in what was the largest tech IPO of the year.

So Now What?

With the job of going from “zero to one” firmly done,  Ty Sagalow went back into the life he loved before Lemonade, consulting.  Soon enough, his next adventure arose and in late 2017 he co-founded with David Carpentier, Assurely, an Insurtech MGA/Broker which provides underwriting and brokerage services specializing in emerging risks.  Today, Assurely is the MGA for several insurance carriers in the financial, real estate and collectibles space. 

In addition, Mr. Sagalow assists other InsurTech companies in his role as a board member, senior partner or special advisor like Relm Insurance Ltd. (a Bermuda based insurance carrier specializing in difficult to place risks and emerging exposures),  Evertas (a crypto-currency insurance company), Insurmedix (an Israeli based heathcare company providing insurance backed fertility services) and Invictus Underwriters (an MGA insuring accident and health insurance for professional jockeys, among others great (and to be great) companies. 

More about:

  • Lemonade
  • “The Making of Lemonade” Book by Ty Sagalow
  • Assurely
  • Relm Insurance Ltd
  • Evertas
  • Invictus Underwriters
  • Metabiota
  • Relm
  • Premonition

 

InsurTech Speaking Engagements and Media Files

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Fintech Consulting

Ty Sagalow Mr. Sagalow is a founding member of Lemonade. Founded in 2015, Lemonade is the first licensed and regulated InsureTech insurance company in the United States. Lemonade offers homeowners and renters insurance powered by artificial intelligence and behavioral economics. Launched in September 2016 in New York, Lemonade Insurance Company is operating in both New York, New Jersey, California and Illinois (as of 9/1/17) with expected operations in multiple additional states in the coming weeks and months. In its first 9 months of operations, Lemonade captured 1% of the NY Renters market and now issues over 2,000 new policies every week.

On July 1, 2017, Ty retired from his position as Chief Insurance Officer of Lemonade but continues as a board member of the Lemonade Insurance Company, and regularly advises other companies in the Fintech/InsurTech space.

Ty is a 36 year senior insurance executive veteran. Most of Ty’s career was spent at AIG where over a 25 year period he held various positions including Chief Underwriting Officer and General Counsel of AIG Executive Liability (D&O, E&O), Chief Operating Officer of AIG eBusiness Risk Solutions (Cyber insurance) and President of AIG Product Development. Following AIG, Mr. Sagalow was Chief Innovation Officer of Zurich North American and Chief Innovation Officer of Tower Group. Immediately prior to Lemonade, Ty founded Innovation Insurance Group, LLC, a premier consulting firm to the insurance industry.

Mr. Sagalow is considered on the world’s experts in innovation in the insurance industry having been credited with creating various insurance products including Y2k Insurance, (Entity Cover) Directors and Officers Insurance, Cyber insurance, Reputation Insurance, Collectible Authenticity Insurance and Intellectual Property Collateral Insurance. He is also the host of the series Innovations in Insurance With Ty Sagalow and What’s New in Insurance, both produced by World Risk and Insurance News.

InsurTech and the Lemonade Story

https://www.youtube.com/watch?v=CYjErLvaYLE

InsurTech

Interview with AI’s 2017 Expert Witness of the Year Ty Sagalow

                   For Interview: Click on https://innovationinsurancegroup.com/wp-content/uploads/2017/08/Interview-with-Ty-Sagalow-AI-2017-Expert-of-the-Year.pdf

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InsurTech Speeches and Media Files

(For Media files, scroll to bottom of page) LIST OF SPEAKING ENGAGEMENTS CIIA Conference: Innovation, Culture and Technology May 13, 2021, Chili (Virtual) Latin American Conference New Perspectives and Innovations for the Future of Insurance  Nov 4, 2019, Mendoza, Argentina Reactions North America Re/Insurance Conference  Sept 26, 2019, New York Global InsuTech Conference  June 18, […]

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IoT USA- Webinar (audio) – “Turning Data into Gold”

The proliferation of IoT devices is flooding the insurance industry with data that represents the new “oil” – the commodity that will change both the world and insurance. But effectively improving insurance products, service and offerings requires the key to unlocking the data – real-time analytics.  This webinar will give you the tools and strategies […]

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InsurTech and the Lemonade Story

To view only selected portions, go to YouTube at https://youtu.be/CYjErLvaYLE   The Lemonade Story In May of 2015, two entrepreneurs named Daniel Schreiber, the former President of Powermat, and Shai Wininger, the CEO and Founder of Fiverr, wanted to create a new type of insurance company.  Based on cutting edge artificial intelligence and new theories of […]

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InsurTech Dilemma: Target Markets Conference

The Accelerating Change of the Insurance Landscape 17th Annual TMPAA Summit  |  October 18 General Session  |  8:00am With the changing landscape of the insurance industry fueled by new technology, additional capital and the reimaged approaches to the customer, what are the near-term and long-term impacts to Program Administrators. Our panelists will provide insights into the evolution […]

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Company Profile

Innovation Insurance Group is an insurance consulting firm and insurance brokerage founded by 30-year insurance executive, Ty R. Sagalow, former Chief Underwriting Officer, General Counsel and Chief Innovation Officer at AIG, and former Chief Innovation Officer at Zurich, NA and Tower Group. IIG focuses on three core practice groups: product development, expert witness services (primarily in the Management and Professional Liability areas), and bitcoin industry brokerage services.

Learn more about Ty R. Sagalow
Learn more about Innovation Insurance Group
Learn more about InsurTech Consulting
Learn more about Bitcoin Insurance Agency

Innovation Insurance Group, LLC BBB Business Review

Featured Topics

  • InsurTech
  • Innovation and Product Development
  • Directors & Officers Liability Insurance
  • Cyber Risk Insurance
  • Reputation Risk
  • Bitcoin Risk and Insurance
  • Emerging Risks
  • Interviews of Ty Sagalow
  • Gallery
  • Testimonials
  • Speaking Engagements

Featured Video Series

  • "What’s New in Insurance with Ty Sagalow"
  • "Innovations in Insurance hosted by
    Ty Sagalow"

Recent Speaking Events

  • CIIA Conference: Innovation, Culture and Technology
    May 13, 2021, Chili (Virtual)
  • Latin American Conference New Perspectives and Innovations for the Future of Insurance
    Nov 4, 2019, Mendoza, Argentina
  • Reactions North America Re/Insurance Conference
    Sept 26, 2019, New York
  • Global InsuTech Conference
    June 18, 2019, New York
  • InsideTech
    June 13, 2019, New York
  • Latin America Reactions Conference, InsurTech
    May 23 2019, Miami
  • AIMU/MICA Marine Insurance - A Global Perspective: The Future of Insurance
    June 21, 2018, New York
  • 12th Property Innovation Summit: InsureTech and the Lemonade Way of Claims
    May 2, 2018, St. Petersburg, FL
  • Italy Insurance Forum
    April 11, 2018, Milan, Italy
  • FST: The Future of Insurance
    March 6, 2018, Sydney, Australia
  • Artificial Intelligence Conference
    January 29 - 30 - Miami Beach
  • Kennedys leadership summit: What Law Firms Can Learn from InsurTech
    January 20, London
  • All Speaking Engagements
    • 2016 Insurance Consultants Award
      2016 Insurance Consultants Award
    • 2017 Insurance Consultants Award
      2017 Insurance Consultants Award
    • 2017 Insurance Expert Witness of the Year
      2017 Insurance Expert Witness of the Year
    • AI 2017 InsurTech Consultant of the Year Award
      2017 InsurTech Consultant of the Year Award - AI International
    • 2018 Best Advisor Award – M&A Today
      2018 Best Advisor of the Year - M&A Today
    • 2018 Best Consulting Firm – Lawyers International
      2018 Best Consulting Firm - Lawyers International
    • 2018 Best Advisor of the Year - Corporate USA Today
      2018 Best Advisor of the Year - Corporate USA Today
    • 2018 Insuretech Consultant of the Year - Business Excellence
      2018 Insuretech Consultant of the Year - Business Excellence
    • 2019 50th Fasting Growing Company
      2019 50th Fasting Growing Company

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