Ducks “quack”, cows “moo” and cats go “meow”, will these thing ever change? How can an industry of insurers let go of their highly refined processes and structures to manage the exposure of unproven ideas.
The answer lies in a 3rd space.
A dedicated place where ideas can be formed around real emerging customer needs. Where the market-entry blocks of authorisation, early stage investment and insurer paper are removed.
In a collaborative forum where everyone has skin in the game, but no large power can exercise control. This is what we are building in the InsurTech Gateway, change is here.
We are a breakaway group from the startup build community of Hambro Perks in London. Here, a group of Private Angels from Insurance have seed-funded this business. Creating the kind of incubation capability that they wish they could have accessed in their early careers.
Think Big, Act Small.
With the arrival of incredibly disruptive tech and entrepreneurial talent, there is a clear opportunity today to develop, test and validate big ideas in small teams with small budgets in quick time.
The modern history of digital disruption of big industries has shown us that change is coming from small, well-supported teams who have been given permission to explore.
So what of the integration challenges?
A common conversation around InsurTechs is how, once validated, they can be consumed by the large insurers. Maybe this isn’t the only way. Perhaps they should be enabled to scale in their own way; provided capital, assistance and investment from wider sources.
So what’s in it for big insurance?
We’d like to move the narrative from ‘inspired by startups’ to ‘enabling future access to GWP on fairer terms’. We believe that transformational InsurTechs need to create both exceptional customer experience AND a fairer model for the value chain of risk carriers behind them. And it’s to this end that we encourage collaboration from all parties to evolve the new models of the future. To achieve this it is critical that we can engage longer-term thinkers from the insurance and reinsurance market with the remit to make things happen outside of their organisation. We call them ‘change-makers’ and we have been lucky enough to find and engage the first of these. But we need more.
If you would like to understand more about how you can be an enabler of the next generation of InsurTechs, please get in touch.
If you would like to hear more from Stephen, join us at InsurTech Rising Europe on the 11th of September.
Stephen Brittain, Co-founder & Director, Insurtech Gateway by
Florian Graillot, Partner, astorya.vc
Stephan Muecke, Private Equity Investor, Swiss Re
Maxime Mandin, Investment Director, Blackfin
Gijs Jeuken, CEO, Aegon Growth Capital Fund