Social Inflation is the Cause of Increased Claims

In today’s episode of Agents Influence podcast, host Jason Cass interviews Chris Cheatham, the CEO of Risk Genius. Chris talks about the importance of knowing your policy coverage, Covid-19 coverage concerns, litigations, and social inflation. Chris also shares what made them build the algorithm, and how Risk Genius can help with technology and automation. Episode Highlights: Jason Cass introduces guest Chris Cheatham. (1:01) Is Chris an Android or an iPhone user? (2:27) What was the last app that Chris downloaded? (2:35) Does Chris love to win or hate to lose?  (5:35) What does Chris attribute to his success, skill, or luck? (6:06) Chris shares his background story and the secret of his success. (8:22) Chris tells a story about the carrier who wants to use their software for policy review and checking. (13:49) Chris explains why they develop algorithms that understand General Liability policies. (18:29) Chris states that he was not necessarily an insurance expert when he started. (18:55) Chris shares that it took five years to figure out how they continuously add different lines of business for carriers. (19:26) Chris speaks about the greatest coverage crisis in the history of insurance. (20:53) Did anybody find out that there was actually COVID coverage? (21:56) Chris talks about social inflation. (28:57) Chris shares that Warren Buffett came up with a letter to the shareholders in 1975. (29:02) Chris says that some states are looking to create immunity for businesses that open up like nursing homes. (37:56) Chris states that policy checking will become even more vital going forward. (44:31)   3 Key Points: The idea of Risk Genius for developing the algorithms was if somebody would upload a policy, there would be a checklist of clauses they need to review.