Kyle Pelecky knows first-hand the need for data and analytics in underwriting and other insurance processes. “I’ve worked on the carrier side as a commercial property underwriting leader and, more recently, on the Insurtech side marketing technology platforms to insurers. I’ve seen how the technology platforms can dramatically impact ROI (return on investment) and profitability for insurers,” says Kyle.
What is Value Consulting?
I get asked that question all the time! I have an extensive commercial underwriting background. My insurance career began as an underwriting trainee at Allied Insurance, part of Nationwide and became a commercial underwriting manager. I then moved into an underwriting director role within the Select underwriting division at Travelers. Following Travelers, I returned to Nationwide, where I led the underwriting direction for commercial property and inland marine.
Over time, I saw how important technology, data and analytics were to the continued success of insurance carriers. I began exploring the idea of how to make a business case for the value of a technology platform that went beyond the platform itself. That’s where value consulting enters the picture. I took the leap and joined the Insurtech world at Verisk, where I had the opportunity to leverage my underwriting experience and use value consulting to help market technology platforms and property data to carriers.
What do you mean by a business case for a technology platform?
I work with insurers to measure the value of Betterview’s platform for their business. At the end of the day I want our customers to maximize what they are able to achieve with our product.
At Betterview, we work with prospective customers to create a custom business case around their use case. We spend time with them to fully understand their current process and work flows and to ensure that they achieve the desired result. We also confirm the success of the use case via a business realization assessment. The goal is to quantify the value and show the results such as improving workflow, reducing losses, lowering expenses, and improving customer experience.
How did you learn about Betterview?
When David Lyman and David Tobias first showed me the Betterview platform, I thought it was an innovative and forward thinking platform. I immediately saw the value for underwriters and insurers. I was also impressed with the leadership team. David Tobias comes from the insurance business and we aligned on how important it is to relate to the customer. I found the team to be extremely intelligent, motivated and, most important to me, to have a continuous improvement mindset.
How do you interact with Betterview customers?
At Betterview, we believe it is important to continually be in touch with our customers. We know it’s better to tweak processes along the way rather than waiting for something to fail. We want to engage not only with the technical aspect but with the people as well. Not everyone responds quickly and easily to new programs or new technology. We want to be sure we do everything to ensure the users see the value and can’t believe they ever handled property risks without this product.
Recently, Betterview’s Customer Success Manager, Rachel Salinas, and I met to discuss usage with the underwriting leader for one of our customers. Most underwriters were enthusiastic about the platform and used it daily; a couple were using the platform only sporadically. We asked to meet with the users to understand what changes can be made to make the product more functional and impactful within their process.
How do you think Betterview is equipped to help insurers deal with big issues such as pandemics – and the upcoming hardening property market – for example?
Betterview’s platform is helping insurers to underwrite new policies and renewals more effectively and efficiently. It also allows insurers to adjust claims and lessen the need for inspections without sending inspectors to physically look at a site. In a pandemic, this creates tremendous value for insurers while not exposing their staff unnecessarily.
With the hardening property market, the Betterview platform allows insurers to identify classes of business, say CAT-exposed coastal properties, and determine how to adjust rates in those areas as well as review the insurer’s book of business to determine how to address those areas with growing claims and challenges.
What do you do outside of work?
I have a wife and two boys, aged 11 and 9, and I enjoy spending time with my family.
When we are not in a pandemic, we enjoy taking road trips as a family. I also enjoy watching college football. I am a big fan of Iowa State University and was a member of the football team. I graduated with a BS in sports management from ISU and my first job was in sports information for the University. I also like playing tennis when I can as well as doing small handyman projects around the house.
What would people be surprised to learn about you?
As for being surprised about me, that’s a hard question. I think of myself as an open book – and I share a lot. However, I think people might be surprised that I am a big supporter of the arts. I love going to museums, broadway shows, opera and symphonies as well as watching football on Saturdays!
I think people that knew me when I was a child would be very surprised that I have a job sitting at a desk and working on a computer all day. As a kid, I was outside all the time. I grew up in a small town in Nebraska where they ran a siren to signal lunch and dinner times. Most days those might be the only times I was in the house and not outside playing in the yard or at a friends house.
What’s the best way to contact you?
You can reach me via email at firstname.lastname@example.org, call me at (602)- 489-4161 or connect with me on LinkedIn.