Tim Spicer is the Head of Automotive Business at Assetinsure Pty Ltd. Assetinsure delivers innovative specialist insurance solutions to the business community. The company has been delivering a variety of innovative solutions to the Australia and New Zealand market since 2004.
Tim has more than 25 years of experience in actuarial science working primarily in general insurance and accident compensation sectors.
Currently, Tim is moving towards a new direction in his career through his role at Assetinsure where he is focused on developing high-quality products and services for the automotive sector to help reduce monetary and regulatory uncertainty related to financing, ownership, and maintenance of motor vehicles.
Previously, Tim worked at various actuarial leadership positions at organisations such as Eric Insurance, Genworth, Ernst & Young, Taylor Fry Consulting Actuaries, and more.
In this exclusive episode, Tim shares all about the add-on insurance market that we may not see in the headlines that much, but it’s certainly in many parts of our life.
- What is addon insurance?
- Types of add-on insurance in the market.
- How the add-on insurance market is running and the dynamics among the parties involved.
- What are the major business processes within the industry?
- The challenges, structure, and composition of various elements of the business processes.
- How the insurance policies and products are being packaged and sold.
- How the add-on insurance products are priced.
- The prevalence of the community-rated pricing system and why it needs to change.
- The changes that Tim and his company are looking to introduce to move into risk-rated pricing.
- Use of data analytics in risk-rated pricing.
- The technological infrastructure that is needed such as the API and the purchase of data from external sources.
- How this change into the risk-rated pricing can be revolutionary for the add-on insurance industry.
If you are a senior manager coming from an IT background, you will really enjoy the focus and understanding that Tim shares about the product challenges people are facing within the industry.
How the purchase and buying behaviours of the customers are super important for understanding how to sell a new or existing product. Also, how to take the ability to look at the bigger picture and the economics of different stakeholders into consideration.
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More links about the guest
What is one book that he would gift to his younger self:
- Desiderata by Max Ehrmann