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The insurance business is having a moment as new technology and big data disrupt the space. Martha Notaras is placing her bets in fintech and insurtech companies.
Notaras is a managing partner at Brewer Lane and an investor in Lemonade, Ladder Life and similar companies that bring the insurance industry into the digital world. She joined this episode of the LA Venture podcast to talk about the future of insurance.
"Obviously, risk is a huge issue within insurance. And either you get it right or you don't, and it really has a lot to do with your ultimate profitability. And then there's infrastructure... some of it is incredibly boring. But you can make a really good living out of boring companies," said Notaras.
Her interest in insurance tech led her to Lemonade. She saw how the company embedded artificial intelligence into everything it does, speeding up the process for managing claims and saving customers and the business time and headaches.
"I think at one point, they had a world record for a three-second insurance claim, between the time that someone made the report and the money hit their bank," said Notaras.
Notaras' interest extends beyond home and auto and into cyber insurance as well. As ransomware attacks and hacks continue to make daily news, she sees a market for cybersecurity that impacts most startups. Notaras estimates that two-thirds of startups and SMEs still don't have adequate cyber insurance.Joshua Letona contributed to this post.
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