Bowen noted that Gallagher Re continues to “believe that $100 billion insured loss years is becoming the benchmark moving forward.” He also observed that thus far, the $100+ billion has almost solely been driven by high frequency/lower dollar ‘secondary’ events versus low frequency/higher dollar ‘primary’ events.
Most consumers don’t want to actively manage their finances using a personal financial management tool, which is why traditional PFM apps, focused on transaction categorization and budgeting, can never seem to capture more than a small share of their theoretical total addressable market (i.e., humans with money). There are two reasons why this is a problem in FinTech.
Scientists, historians and economists have long studied the optimal conditions that create a Cambrian explosion of innovation. In generative AI, we have reached a modern marvel, our generation’s space race. This moment has been decades in the making. Six decades of Moore’s Law have given us the compute horsepower to process exaflops of data. Four decades of the internet (accelerated by COVID) have given us trillions of tokens’ worth of training data.