Weekly Newsletter 11 September: Accidental Entrepreneur?
Founders are frequent guests on the InsTech podcast. In our latest episode with Scrub AI’s Co-founder, Nicola Turner, we explore the idea of 'accidental entrepreneurs', the people who get so frustrated by constraints in their previous jobs that they decide to build a company to find a better solution.?
Nicola’s idea for Scrub AI arose from her own struggles with 'dirty' data as an underwriter. Similarly, in Episode 316, Guillaume Bonnissent, CEO of Quotech, shared how his difficulties in finding the right tools as an underwriter led him to start his company.
If you are curious about building a large company, our conversation with Marcus Ryu, Partner at Battery Ventures and Chairman of Guidewire the company he co-founded, in Episode 317. Marcus was an intentional entrepreneur - he knew he wanted to build a business and went out looking for a business that needed a new way of doing things. Founders need many skills, but what really sets successful entrepreneurs apart, according to Marcus, is the willingness to pursue their vision relentlessly, even when the odds are against them and the chances of success are low.
Listen to our conversation with Nicola Turner on founding Scrub AI here.
The latest from InsTech
ARTICLE: Managing the rapidly changing climate cycle - from one week to 25 years: the inside view
Explore the discussions from InsTech’s event, supported by EigenRisk and Reask, where insurers and climate experts tackled the latest in short-term climate modelling, including challenges like mid-season hurricane frequency changes and evolving climate risks.
WELCOME TO THE INSTECH NETWORK: Zühlke
Zühlke offers global business innovation services, specialising in developing new business models and products from concept to production.
WELCOME TO THE INSTECH NETWORK: V7
V7 automates complex insurance tasks using AI to process data from documents, images, and videos with pre-configured templates for submissions, claims, and reports.
Upcoming events at InsTech
NETWORKING EVENT: Catastrophe camaraderie summer meetup – “hail yes!”, 19 September, 4:00 pm BST
InsTech is continuing its early evening Catastrophe Camaraderie events. We’re bringing together those running models and using the results to share ideas and hear about some of the latest research, data and capabilities related to hail risk. For insurers, brokers and MGAs - only a few places remain.
WEBINAR: From audience to stage – realise your potential, 11 October, 11:00 am BST
Public speaking is tough for many people, but women can feel they face extra challenges and underrepresentation. Join us for a webinar where three women share their experiences and tips for overcoming common obstacles including our Event’s Director Susi Ozkurt. Useful advice for everyone.
NETWORKING EVENT: Making parametric insurance simpler and more accessible – the role of specialist brokers, 12 November, 6:00 pm GMT
Join InsTech and Miller’s parametric team for an industry-only event where we’ll discuss the need for greater collaboration across the parametric value chain, ways in which we can make it more accessible, and the valuable role that dedicated broker teams are playing in creating a bigger, more successful parametric market. For insurers - we have limited capacity.
Other news and insights we've seen
Moody’s acquires Praedicat
We are delighted to see two InsTech members getting together with the acquisition of Praedicat, a provider of casualty insurance analytics. This will expand Moody’s capabilities in casualty and liability modelling for the insurance industry.
The Demex Group raises $10.25m USD for its solution
The Demex Group, a technology-enabled MGA, has raised $10.25 million in Series A and SAFE funding for its parametric reinsurance solution, which addresses financial risks from severe weather events intensified by climate change.
Cytora and Overstone partner
Cytora has partnered with Overstone to integrate art intelligence into its platform, allowing specialty insurers to access Overstone’s data to manage high value art exposure.?
Nuix launched Cognitive AI in Nuix Discover
Nuix announced new enhancements to its Discover platform, including the upcoming release of Cognitive AI, which will improve the speed, accuracy and efficiency of identifying relevant documents and information.
Insurity partners with Gain Life
Insurity has partnered with Gain Life to integrate its claims communication platform to offer a fully integrated, automated 24/7 guidance and support solution for claimants and policyholders.
Sapiens partners with Addresscloud
Sapiens’ partnership with Addresscloud will provide insurers with geocoding and property data, enhancing geographic risk assessment and improving underwriting decisions.
Aon issues $45.5m USD Randolph Re wildfire cat bond
Aon, via White Rock Insurance Company PCC Limited, has issued a $45.5 million wildfire catastrophe bond using a Guernsey PCC structure, renewing coverage for a US insurer with high wildfire risk in California.
Earnix and Hexaware partner
Earnix and Hexaware are collaborating to enhance underwriting efficiency and pricing strategies for insurers, with Hexaware offering a comprehensive approach to pricing transformation and risk assessment.
Herald and Salesforce collaborate
Herald is collaborating with Salesforce to integrate its API into Salesforce's Financial Services Cloud, allowing insurance brokers to quote, compare and bind insurance directly within the CRM.
DOCOsoft on developing greener cloud computing software
DOCOsoft’s Engineering Manager, Daire Hickey, writes on the efforts being made to reduce the environmental impact of cloud computing by selecting eco-friendly cloud providers, optimising code and resources and adopting sustainable practices to balance the benefits of cloud technology with its significant climate costs.
Indico Data Podcast - Season 2, Episode 9
Indico Data, CEO, Tom Wilde co-hosting with Michelle Gouveia, VP at Sandbox Insurtech Ventures with Parul Kaul-Green, Strategic C-Suite Leader and Former Chief Digital Strategy Officer at Liberty Specialty Markets.
Tokio Marine Kiln establishes Specialty Reinsurance division
Tokio Marine Kiln (TMK) has launched a Specialty Reinsurance division, led by Phil Taylor, to drive its growth and diversification efforts.
Markel launches FintechRisk+
FintechRisk+ is a new insurance policy offering liability, theft and cyber protection for fintech companies, with coverage up to $20 million.
Great mention of our Salesforce partnership. Thanks, InsTech ??
Thanks for sharing the good news on our Insurity partnership, InsTech! ??