NAME: Teodora Gouneva
NEW JOB TITLE: San Francisco-based chief financial officer, Next Insurance
PREVIOUS POSITION: San Francisco-based, vice president finance, homes and experiences, Airbnb Inc.
INDUSTRY OUTLOOK: Next Insurance is disrupting a legacy market and severely underserved audience: small businesses. There are 30 million small businesses in the U.S., and 40% have no insurance and 75% are underinsured. Not only does insurance help protect those small businesses, but it can also enable entrepreneurs to take risks and increase their odds of success. Were on a mission to help small businesses thrive by providing a digital one-stop shop for all of their insurance needs and unlike other players in the space, were solely focused on small businesses and solo entrepreneurs.
GOALS FOR NEW POSITION: My immediate focus is building a strong finance organization that can help enable the business to execute and deliver results through insights, accountability, staying focused and putting the necessary financial and controls processes in place to ensure we achieve leverage and continue to scale. There was a significant amount of movement from Next and the industry as a whole in 2021, and its clear that insurtechs are creating much-needed value for customers, reinsurers and investors. Right now, were focused on expanding our products to meet the needs of our customers and building an insurance brand that small businesses love.
CHALLENGES FACING THE INDUSTRY: Traditional insurance is a fragmented, complicated and cumbersome experience. Industry reputation is one of our hurdles, but were addressing every one of those aspects to enhance the overall process. Leveraging the latest technology like artificial intelligence and machine learning, we provide instant, affordable and tailored insurance packages in 10 minutes or less, 100% online and at up to a 30% cost savings compared with traditional policies. We are a technology-led full-stack insurance provider, taking on the entire value chain. This includes writing policies, claims handling, pricing, servicing and underwriting.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: In my investment banking days, I was involved in several debt financing deals for health care insurance companies, but other than that I am very new to the industry.
ADVICE: Its important to understand the history of the industry. Small businesses have been the backbone of our economy. Insurance enables entrepreneurs to be bold, experiment and take risks, and thats critical when youre starting a new business. Its important to understand your customer and their needs in order to innovate new solutions. Innovation is part of the game, regardless of what industry youre in. Being able to evaluate through the lens of innovation is critical.
OUTSIDE THE INDUSTRY, A DREAM JOB: I love to be creative and build things, so as a kid I dreamt of becoming an architect.
COLLEGE MAJOR: I majored in mathematics/economics and German studies at Mount Holyoke College and then completed an M.B.A. from Harvard Business School.
LOOKING FORWARD TO: I am looking forward to joining an amazing and innovative team and helping them build a great company. I am also looking forward to learning a new (for me) industry that is very complex but fascinating.
FAVOURITE MEAL: Sushi for the main meal and always European chocolate for dessert.
BOOK: I do not have a single favorite book, but I really enjoyed reading everything from Malcolm Gladwell. His books challenge me to think and analyze information in a different way and ultimately help me develop as a better leader.
HOBBIES: I love to travel, play tennis and attend music concerts.
TV SHOW: I love watching travel shows and remodeling/real estate shows.
ON A SATURDAY AFTERNOON: You will find me on the tennis court trying to win some games against my kids, who by now are much better players than me.
