In the next part of our series, I sat down with Nicole Schepanek, a SummerHack 2021 judge and Co-Founder and Managing Partner at Aureus Capital. We discussed her experience as a first-time judge, highlights from the global competition, and what advice she could offer teams at SummerHack 2022 to win big next year!
Nicole, thank you for joining us as a judge this year! We’d love to know, what inspired you to get involved with the event?
I really enjoy working with other experts and helping them think about what new ways are to innovate in the insurance industry. It’s at the core of my being. I love when different people from different parts of the industry around the world come together at these events, and that instills the spirit of innovation.
We’re grateful to have had you onboard this year! Not only did you judge the pitches, but you also joined the networking sessions, something new we added this year. What did you enjoy about your networking experience?
It’s interesting to learn more about the different viewpoints that global participants bring to these events, because it leads to fascinating discussions. It’s crucial to understand those viewpoints. We rarely see people working in insurance and those from other industries come together to think over and beyond the insurance spectrum. Too often, the insurance industry thinks within its box, rather than looking beyond. So, I enjoy the diversity and discussions at these events.
Now, coming to your perspective as a judge, what was your favorite solution from the Final Pitch Event? Why did it stand out to you?
All of them were great, to start, and were inspiring on different levels. Foresters really focused on the gig economy, and that’s both a big trend and challenge for us as an industry. I liked that they really put the customer first and thought about the gig workers’ needs. This was one of the more-developed solutions we saw, and they pitched with great spirit and energy when showcasing their solution.
After seeing these 12 pitches and other pitches within your career, what are a few key ingredients to creating a successful pitch?
Tell a story. Explain the challenge, opportunity, or problem you’re trying to solve. Why is it a problem? What’s our USP? Why can we solve it when no one else can solve it? It’s also crucial to think about what it takes to create a network effect and keep customers coming to you, rather than to someone else
What additional advice can you offer teams going into SummerHack 2022?
Focus on the fun! Be natural and enjoy the experience that comes with different viewpoints coming together to refine your ideas. I think it’s a really exciting event, and everyone that participates learns something, but should also enjoy themselves at the same time.
Drawing on your experience as a first-time judge, how would you describe it overall?
It was awesome! A big thumbs up to Cookhouse Labs and InsurLab Germany. What I really liked about it was that people from different dimensions of the ecosystem come together. Everyone is really excited and there is a great exchange of ideas, even beyond the event.
Continuing that thought, how do you think an event like SummerHack can help #MakeInsuranceBetter for everyone?
You bring together folks with different perspectives from the industry, and often they talk and exchange ideas. As an investor, I hear pitches all the time, but it’s very much one-sided. Here, people come together without a specific siloed focus, per se. Through this, we can innovate more openly. As a second step, thinking about the business model in detail and what kind of backing would be best for the ideas is crucial in order to execute them.