The Future of Insurance Podcast – Andrew Johnston

Global Head of InsurTech, Gallagher Re

Season 4, Episode 19, June 13, 2023

Guest Bio

Andrew Johnston is the Global Head of Gallagher Re InsurTech. Based out of Nashville, Andrew is responsible for managing all InsurTech engagements (where InsurTechs are clients, and where InsurTech solutions are providing solutions to Gallagher Re’s traditional insurance client base). Andrew runs a global team who conduct deep forensic research on the InsurTech landscape, and also support a number of InsurTechs themselves who originate risk. Andrew is the author and editor of the Global Gallagher Re InsurTech report. He holds a PhD from the University of London.

Highlights from the Show

  • Andrew runs Gallagher Re’s insurtech business, after doing the same for Willis Re, which joined AJG’s Re business in 2021.
  • He got into the industry to look at the major trends like Cyber, the Sharing Economy and InsurTech while they were still new, and he felt that there was a strong role for a reinsurance broker in the emergence of these trends, especially InsurTech
    • That meant helping traditional players understand the new, emerging companies and tools and how they could help the business of those traditional insurance businesses
    • It also meant some of these emerging companies were taking risk, and needed reinsurance support, meaning Andrew and his team could help them as reinsurance clients
  • Andrew and his team produces the Gallagher Global InsurTech Report, which is a go-to resource everyone should get
  • Today, they find that everything has a tech angle, so the term InsurTech seems unnecessary or increasingly meaningless as a differentiator
  • While funding is down, it’s driven mostly by fewer mega rounds than a general crash in funding
  • They are seeing a better understanding at a senior level at carriers of the What rather than the How, meaning more of a focus on the value created by the solution rather than just the tech or company itself
  • While most companies are at the point of recognizing the need to digitize and modernize, some will get modernized by proxy because the partners they work with will have digitized, and these companies will use these new tools in their business
  • Companies are also being more disciplined in their selection of solutions, which actually can lead to more activity than fewer because buyers are more sure of what to do
  • While Andrew sees the overall idea and structure of insurance staying consistent into the future, he sees room for aspects to shift, like less focus on squeezing fractional points out of expenses, but rather new capital, coverage ideas or buyers or insured moments

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Thank you to our sponsor

This episode is brought to you by The Future of Insurance Volume III. The Collaborators, part of the Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

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