Scouting for Growth Guillaume Bonnissent: Achieving digital underwriting excellence
On this episode of the Scouting For Growth podcast, Sabine VdL talks to Guillaume Bonnissent, CEO and co-founder of Quotech, a data provider and technology platform which aims to give access to the very best data to insurance practitioners - from executive decision-makers, brokers, underwriters, actuaries and even data scientists.
Guillaume has twenty years of insurance experience as both -> an underwriter and senior executive. Throughout his career, Guillaume encountered one constant issue: the poor quality of data available to decision-makers at all levels, mainly due to legacy constraints.
During the podcast Sabine and Guillaume cover: 1) leveraging 13 years of underwriting expertise to build Quotech, 2) delivering underwriting excellence in the 21st century, and 3) growing and scaling Quotech and finally 4) Guillaume’s roadmap to success.
KEY TAKEAWAYS
- Insurance companies must become better underwriters to remain competitive in the marketplace. Underwriting excellence is essential for an insurer to understand, price, and manage a customer's risk to minimise losses from potential insurance claims. Achieving this balance between profitability for the insurer and adequate protection for the insured is becoming increasingly difficult due to the complexity of engagements spreading across the insurance market.
- Our brokers give clients quick and insightful risk management advice while helping them fill in their application forms. Our underwriters access better, richer as well as more consistent data and analysis to apply their underwriting judgement. Our actuaries and underwriting managers analyse and review the underwriting judgement and all the data and analyses reviewed by the underwriter.
- Our process includes automated collection and analysis of each business class's most relevant data points, a complete audit trail of the data and decisions made against it, and management of the different authority levels, risk appetites and rating models.
- Underwriting excellence in insurance is the process of assessing, pricing and managing a customer's risk to achieve the optimal balance between profitability for the insurer and an adequate level of protection for the insured. The goal is to deliver a product that meets the expectations and needs of both parties while mitigating any potential losses from an insurance claim.
BEST MOMENTS
‘Amid the COVID-19 crisis, the global market for Digital Insurance Platform estimated at $102.2 billion in the year 2020, is projected to reach a revised size of $169.2bn by 2026, growing at a CAGR of 9% over the analysis period.’
‘Insurance companies must become better underwriters to remain competitive.’
‘Achieving the balance between profitability for the insurer and adequate protection for the insured is becoming increasingly difficult due to the complexity of the insurance market.’
‘Underwriting excellence involves multiple steps, such as analysing customer data and risk factors, assessing potential losses, and deciding on a fair price for coverage. Experienced underwriters must be able to review relevant information efficiently and accurately make sound decisions about each risk. Building strong relationships with customers is also important.’
ABOUT THE GUEST
Guillaume has 20 years of insurance experience as both an underwriter and senior executive.
Throughout his career, Guillaume encountered one constant issue: the poor quality of data available to decision-makers at all levels, mainly due to legacy systems.
I've held different positions in Underwriting and Operations, both in the Lloyd's and Company markets, and have underwritten other lines of business, from Credit Risk Insurance to Property Reinsurance.
I am very interested in Data Science with proficiency in R and Artificial Intelligence.
ABOUT QUOTECH
Quotech is a data provider and technology platform which aims to give access to the best data to all insurance industry practitioners - from brokers, underwriters, actuaries and data scientists to claims adjusters and business developers, all the way up to the Board of Directors. Quotech wants to help everyone in the insurance distribution chain to make better decisions based on accurate, material and relevant information.
Quotech creates beneficial insurance technology applications, making data-fuelled processes dramatically more efficient for commercial underwriters and brokers. Our founder, Guillaume, is our difference. We're also led by an experienced syndicate builder and MGA underwriter who's also a programmer. His first-hand understanding of re/insurance processes allows Quotech to deliver practical, efficient solutions that enhance and streamline workflows.
Website - https://quotech.io/
ABOUT THE HOST
Sabine is a corporate strategist turned entrepreneur. She is the CEO and Managing Partner of Alchemy Crew, a venture lab that accelerates the curation, validation, & commercialization of new tech business models. Sabine is renowned within the insurance sector for building some of the most renowned tech startup accelerators around the world working with over 30 corporate insurers & accelerating over 100 startup ventures. Sabine is the co-editor of the bestseller The INSURTECH Book, a top 50 Women in Tech, a FinTech and InsurTech Influencer, an investor & multi-award winner.
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