Feb 23, 2022
Madhu Tadikonda is the President of Corvus Insurance overseeing risk, underwriting, and sales. He started his career at AIG, serving as both Chief Data Scientist in Commercial Insurance and then Global Chief Underwriting Officer. More recently, Tadikonda co-founded Archipelago Analytics, an innovative data platform that uses AI to digitize risk for large owners of commercial property. In this episode, he talks about the future of insurance, digitalization, and how he uses data analysis for better decision-making.
Key Takeaways
- A little bit about Madhu and today’s topic.
- Madhu shares his story of how he got to where he is today.
- His consulting and investing career has always been around using data analytics for better decision-making.
- Traditional vs. Cyber Insurance. Madhu shares what are the benefits of the latter.
- What are the opportunities he sees with Cyber? Madhu shares different scenarios where different risks can be mitigated in our digitized world.
- Risks don’t only happen individually but in aggregate and building confidence in your portfolios is important.
- How does Madhu see the current state of technology application of data in the insurance industry?
- Madhu also shares his perspective about insurtech and where it may lead to in the future.
- He also talks about how data analytics can evolve and be applied in the insurance industry in the next few years.
- Madhu shares what is underhyped, yet the most precious, in the insurance industry.
- What is the future for cyber price incentives for corporations? Madhu shares his insights.
- As a data scientist, Madhu shares his message to people who have interest in data and why the insurance industry can be a place for them.
- Data science and analytics can be used for good through insurance because it leads us to a secured and safer world.
- Madhu also shares his framework for decision-making throughout the changes he made with his career.
- Five years from now, what are the differences Madhu would see in the insurance industry?
- Madhu shares what he wishes he’d known way back when he started that he knows now.
Keep Getting Better
Quotes
“Even small changes in decision-making can make a huge difference in companies that pay a hundred million dollars in claims per day.”
“As smart as you think you are in pricing or underwriting, the bad guys are just evolving much much faster.”
“The insurance industry is data science for good. When we’re making analyses and using the price signals, we make workplaces, autos, and companies safer.”