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Relm Insurance Insuring Innovation and Emerging Risks in Cannabis, Psychedelics, and AI

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Manage episode 504302441 series 3035057
Content provided by Cannabis Radio. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Cannabis Radio or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Joe Ziolkowski, CEO of Relm Insurance delves into the evolving landscape of insurance for emerging and high-risk industries. They specifically addressed the significant insurance gaps for THC beverages and the prevalent underinsurance within the broader cannabis sector. Ziolkowski highlighted Relm Insurance's strategic diversification within the cannabis market, expanding its operations and achieving 50-state Managing General Agent (MGA) status to enhance accessibility and direct engagement with clients.

The discussion also covered critical issues like climate change risks impacting cannabis cultivation, underscoring the necessity of robust data collection and compliance for accurate risk modeling and premium setting. Ziolkowski emphasized that meeting higher compliance standards, such as GMP, can lead to more favorable insurance terms. The conversation further explored the regulatory complexities of insuring new products like THC beverages, where traditional product liability may not suffice, and the nascent psychedelics industry, where Relm aims to facilitate business models by finding viable coverage solutions.

We learn about Relm Insurance's deliberate expansion into the AI insurance sector, a move Ziolkowski explained as a natural progression due to the similarities in underwriting new and emerging risks, including data governance challenges and underdeveloped legislative frameworks. He also noted AI's potential to improve efficiency in cannabis, such as in precision farming.

Ziolkowski concluded by stressing Relm's core vision of "making innovation resilient" and their long-term commitment to supporting forward-looking industries like cannabis, psychedelics, and AI, distinguishing them in the insurance market through their dedication to these sectors.


Advertising Inquiries: https://redcircle.com/brands
Privacy & Opt-Out: https://redcircle.com/privacy
  continue reading

436 episodes

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iconShare
 
Manage episode 504302441 series 3035057
Content provided by Cannabis Radio. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Cannabis Radio or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Joe Ziolkowski, CEO of Relm Insurance delves into the evolving landscape of insurance for emerging and high-risk industries. They specifically addressed the significant insurance gaps for THC beverages and the prevalent underinsurance within the broader cannabis sector. Ziolkowski highlighted Relm Insurance's strategic diversification within the cannabis market, expanding its operations and achieving 50-state Managing General Agent (MGA) status to enhance accessibility and direct engagement with clients.

The discussion also covered critical issues like climate change risks impacting cannabis cultivation, underscoring the necessity of robust data collection and compliance for accurate risk modeling and premium setting. Ziolkowski emphasized that meeting higher compliance standards, such as GMP, can lead to more favorable insurance terms. The conversation further explored the regulatory complexities of insuring new products like THC beverages, where traditional product liability may not suffice, and the nascent psychedelics industry, where Relm aims to facilitate business models by finding viable coverage solutions.

We learn about Relm Insurance's deliberate expansion into the AI insurance sector, a move Ziolkowski explained as a natural progression due to the similarities in underwriting new and emerging risks, including data governance challenges and underdeveloped legislative frameworks. He also noted AI's potential to improve efficiency in cannabis, such as in precision farming.

Ziolkowski concluded by stressing Relm's core vision of "making innovation resilient" and their long-term commitment to supporting forward-looking industries like cannabis, psychedelics, and AI, distinguishing them in the insurance market through their dedication to these sectors.


Advertising Inquiries: https://redcircle.com/brands
Privacy & Opt-Out: https://redcircle.com/privacy
  continue reading

436 episodes

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