InsTech - insurance & innovation with Matthew Grant

Chris Lafond, CEO: Insurity: The 30-year-old InsurTech (313)

Jul 28, 2024

Chris Lafond, CEO of Insurity, shares insights from three decades in the insurtech space. He discusses the company's growth in the London Market and addresses the challenges posed by legacy systems. Lafond explores the role of AI in underwriting, likening it to the modern 'data warehouse' era. He also questions whether the term 'insurtech' still holds relevance today. With a focus on strategic acquisitions and cloud solutions, this conversation offers a fascinating glimpse into the future of insurance technology.

20:21

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Episode guests

Chris Lafond

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Insurity leverages cloud technology and innovative AI tools to enhance underwriting processes and improve operational efficiency for clients.

The company's strategic focus on acquisitions reflects a shift towards profitability, while subsequently expanding its presence in international markets.

Deep dives

Insurity's Market Position and Growth

Insurity has established itself as a leader in the InsurTech space, operating for over 30 years and serving notable clients such as Travelers and Chubb. With over 1,300 employees and approximately $350 million in revenue, Insurity positions itself as not just an early player but a continuously evolving entity within the insurance technology sector. The company’s growth strategy focuses on expanding its presence in the London market and beyond, while carving out a significant niche in the MGA sector. Insurity's use of cloud technologies has become central to its operations, with over 400 customers utilizing its cloud services.

Intro

2min

Strategic Evolution in Insurtech

7min

Exploring the Impact of AI in the Insurance Sector

3min

Navigating the InsurTech Landscape

6min

The Challenges of Legacy Systems and the Future of InsurTech

3min

As one of the oldest insurtechs and thirty years in the business - what can we learn from Insurity?

Robin Merttens spoke to Chris Lafond, CEO of Insurity - a P&C insurance software provider offering cloud-based solutions to help companies focus on profitability.

After a series of acquisitions in 2019, Insurity continue to execute their thesis from five years ago in embracing the cloud and providing the industry with out-of-the-box technology solutions. It is currently trusted by 12 of the top 15 managing agents in London.

Tune in to hear Robin and Chris discuss Insurity’s expanding presence in the London Market and whether the term “insurtech” is a helpful word.

Key talking points include:

Celebrating three decades in the industry
GI Partners and expanding Insurity
Looking back at Insurity’s thesis in 2019
The need for underwriting workbenches in the London Market
Is AI the ‘data warehouse’ of our time?
To ‘insurtech’ or not to ‘insurtech’?
The future of acquisitions for Insurity
The curse of past technology decisions - the problems that occur with legacy systems

If you like what you’re hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn.

Continuing Professional Development

This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme.

By the end of this podcast, you should be able to meet the following Learning Objectives:

Specify how an underwriting workbench can help users
Explain what the cloud is in insurance and how it can help users
Summarise why mergers and acquisitions (M&A) can be beneficial for a company

If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 313 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast.

To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

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