Andrei Craciunescu: Redesigning Insurance for the AI-Powered Startup Era
Description
On this episode of the Scouting For Growth podcast, Sabine VdL talks to Andrei Craciunescu, founder and CEO or RiskCube about why the next generation of insurance will be built like software; adaptive, transparent, and embedded into every business platform.
They also talk about how AI and data are transforming the role of the broker from middleman to intelligent orchestrator, and what the insurance experience of 2030 could look like when protection becomes invisible and trust becomes the new currency.
KEY TAKEAWAYS
What companies want from the insurance market is fast underwriting, not to talk with humans so much any more, especially startups, they want a quote in minutes not months. This is how we got into the segment where we offer business insurance for startups – mainly venture backed startups.
There are some providers that already offer what we are doing, but there is no comparison. Every founder needs to go to every insurance company separately and ask for a quote, which often vary a lot – sometimes 40% difference between quotes. They spend a lot of time investigating these quotes which is expensive and hard to understand. RiskCube is an AI insurance agency for startups where founders can buy and manage insurance online.
We looked at what an agency traditionally does; they have different processes in place like application for insurance, renewal, cancellation and claims. We tried to map out all these processes to see which can be done by AI agents. AI cannot solve the whole insurance value chain, but we see a huge adoption on the claims and applications processes.
Generally, most founders don’t really care which insurance company they’re with, they care that they have somebody that really understand them as a customer. We want startups to come to us because they trust the system which provides a fast experience that works for them. It’s not very complicated, what we do for them at the beginning, we provide a smooth process where we can say they have high, medium or low risk then evaluate different quotes for them.
BEST MOMENTS
‘Everybody’s pushing on the AI front, but the insurance market is also evaluating if it’s really necessary, it’s not all in which is impressive.’
‘We build the firm first and then embedded the technology inside the firm, this will make us defensible in the future because we will own the data in our agency and use it to train our own model.’
‘People are using a lot of AI nowadays, but nobody really understands where the data is going or hosted.’
‘Insurance companies tend to adapt AI for themselves, not for the whole market. We want to bring them all together in one channel.’
ABOUT THE GUEST
Andrei Craciunescu is redefining risk management with RiskCube, an AI-powered platform revolutionising insurance by streamlining risk assessments, accelerating quote processes, and providing real-time insights to help businesses secure coverage faster and smarter.
ABOUT THE HOST
Sabine is a corporate strategist turned entrepreneur. She is the CEO and Managing Partner of Alchemy Crew a venture lab that accelerates the curation, validation, & commercialization of new tech business models. Sabine is renowned within the insurance sector for building some of the most renowned tech startup accelerators around the world working with over 30 corporate insurers, accelerated over 100 startup ventures. Sabine is the co-editor of the bestseller The INSURTECH Book, a top 50 Women in Tech, a FinTech and InsurTech Influencer, an investor & multi-award winner.
This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/
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