The UK’s corporate and speciality insurance market trades about $91 billion premium annually. In modern business life major events such as concerts cannot be run; fleets of ships or planes operated; the interruption of a cyber event be handled; or in general businesses cannot operate without insurance.
The problem is that this market is inefficient and expensive with 40% of the premium going to the cost of the system. It can also take weeks for companies to find cover. InsurX is a digital exchange that algorithmically matches risks (the things being insured) against capacity (the risk appetite of insurers). In doing so they radically reduce the time and cost for companies seeking cover.
Will Isles is the co-founder and Chief Platform Officer of InsurX with responsibility for the Product, Data, and Engineering teams. He recognises that he is “responsible for the overall platform strategy including what products we develop and how we bring them to market.” He identifies how algorithmic underwriting is fundamentally transforming the corporate insurance market, and these needs are constantly evolving in step with the market.
InsurX started the year with eight people and now has almost forty bringing “personal leadership challenges around vision/mission, communication, team building/cohesion and prioritisation.” The Shott Scale Up Accelerator offers Will “both a raft of learning resources and a network of leaders who have experienced these challenges before or are undergoing them.”
He says of the Shott Scale Up Accelerator: “I am excited to form close relationships with my cohort. It is great to be part of a group of likeminded leaders and entrepreneurs at various stages of growth.” He is also a big fan of training workshops and says: “I will be taking the most applicable ones straight back to InsurX and running them with the Platform team!”
Having been through the Lloyd’s Lab Accelerator programme in 2022, InsurX are now beginning Phase 2 of their development over the next 12 months. They want to broaden the user base of their applications and get underwriters actively changing their risk appetite in their Rule Builder app. They also plan to launch new insurance products in the marine insurance market.
