Insurance Prospectus uses analysis of insurance to tell new and compelling stories about insurance policy language. By looking at the wordings, history, case law, and emerging trends, Insurance Prospectus provides novel insight about the various relationships between insurance concepts and history, business, and economics.
Our general value proposition is that the insurance industry has the same potential to be revolutionized through statistics that baseball did in the early 2000s. Smaller organizations can be competitive with larger organizations with a ruthless commitment to anomalous strategies and against conventional wisdom (like, for example, the 2002 Oakland A’s). Larger organizations can become even more dominant by deploying teams of analytics professionals (like, for example, the 2004 Boston Red Sox who adopted the Sabermetrics approach after the A’s). And, unlike in Major League Baseball, the entire insurance industry has the potential to be revolutionized by new players who are much more agile than the incumbents they are going up against.
(As an aside: yes we know that actuaries provide a very important role for the insurance industry)
Our general outline for publishing content in Insurance Prospectus is as follows:
- Blog posts about interesting statistical trends in the insurance space
- Podcasts exploring the way the insurance industry has developed with industry experts
- White papers published on a collection of content after the requisite amount of research has been devoted to identifying, testing, and adapting different hypotheses.
Some of the topics that we have identified to start with include:
- (Silent) Cyber Insurance
- Emerging Risks
- Social Inflation
- A History of Wordings
- New Analytical Models for Insurance
You will learn about each of these topics and what they mean to Insurance Prospectus in subsequent posts. But you may be wondering “where is the prospectus in Insurance Prospectus?” Thankfully, Bryan Wilson pointed out the definition of “prospectus” to me:
“a printed document that advertises or describes a school, commercial enterprise, forthcoming book, etc. in order to attract or inform clients, members, buyers, or investors.”
As we begin to collect and aggregate all of the posts, podcasts, and whitepapers, we will create a printed version of the year’s Insurance Prospectus. We will print physical copies of the Insurance Prospectus, on demand, for anyone interested in receiving a curated version of our monthly musings.
Now you may be wondering, who the heck are these people? Thanks for asking. My name is Chris Cheatham. I founded a company in 2015 called RiskGenius. Our mission is to help insurance professionals deliver the right coverage impossibly fast. We do this by employing advanced technology (like machine learning algorithms) to read and understand and insurance policy and create structured data from it. Before RiskGenius, I was an insurance claims attorney.
The guy who edited this, Bryan Wilson, is a former RiskGenius employee that I hunted down out of law school to join our team because of his ability to translate complex concepts from law (including insurance) to computer science and back. He is now living in Airbnb’s, traveling around the U.S. and Europe speaking at conferences, hosting workshops, and seeding new-fangled ideas like this into the minds of at least a few people as the Editor-in-Chief of the MIT Computational Law Report. When I told him about this project, he had some great ideas and we started collaborating again and here we are.
With that, I leave you with my favorite quote:
“Concerning all acts of initiative (and creation), there is one elementary truth, the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, then Providence moves too.” William Hutchison Murray