InsTech - insurance & innovation with Matthew Grant & Robin Merttens

In this episode, Robin Merttens sits down with Haris Khan and Arved Pohlabeln, co-founders of Novee, to unpack what’s broken in specialty underwriting — and how AI is finally in a position to fix it. Having met as consultants at Deloitte, Haris and Arved kept encountering the same themes: overworked underwriters, inconsistent submissions, and transformation efforts that rarely made a real difference. That frustration turned into action. Today, they’re building Novee — an AI assistant designed specifically for underwriters, combining insight generation with targeted automation. In this conversation, Haris and Arved share: Why underwriting processes remain complex, fragmented and hard to standardise What makes specialty submissions so variable — and why every case feels like an edge case How Novee delivers value in two ways: by surfacing better risk insights and automating manual tasks Why underwriters are embracing AI tools now — not resisting them What it takes to get live in weeks, not months, with meaningful value The real-world impact of extracting information from unstructured submissions How they raised £1.6 million in seed funding and what they’re doing with it Why verticalised AI is outperforming generic solutions in insurance What it means to redesign underwriting interaction patterns — and why inbox to insight is the future The case for using AI before you fix your data, not after Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. 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: Describe the real-world challenges underwriters face when working with inconsistent, unstructured submissions. Define the concept of verticalised AI in the context of specialty underwriting and how it differs from generic AI solutions. List the specific ways Novee supports underwriters through both insight delivery and task automation. 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 381 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.

In this episode, Matthew Grant sits down with Jonathan Rake, CEO of Risk Data Solutions at Swiss Re, to explore how a major reinsurer is building data and analytics as core capabilities beyond traditional risk‑transfer. Jonathan explains why the shift matters, how analytics are being embedded in real‑time workflows, and what insurers and corporates should focus on as risk becomes more interconnected and dynamic. In this conversation, Jonathan shares: Why Swiss Re launched Risk Data Solutions and how it leverages internal analytics for client value How “certainty of insight” and real‑time decision‑making are redefining insurance workflows The differing risk‑analysis needs of large corporates versus insurers, and what each must prioritise How Swiss Re approaches partnerships: enabling versus enriching, and why you cannot go it alone The acquisition of Fathom (UK) and how model‑blending is raising the accuracy bar in catastrophe modelling His approach to leadership, maintaining balance outside work and keeping pace with change A bold prediction for 2026 — and the book he recommends to anyone interested in adventure, risk and innovation 'A Voyage for Madmen' by Peter Nichols If you like what you’re hearing, please leave us a review on whichever platform you use or contact Jonathan Rake or Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. 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 the tools and workflows that allow insurers to consume insights directly within underwriting platforms. Measure the business case for embedding analytics in risk workflows versus maintaining separate data functions. Produce a clearer understanding of how large insurers are operationalising resilience through data, modelling and partnerships. 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 380 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.

Catastrophe models have come a long way - but are decision-makers keeping up? In this panel from InsTech’s The future of catastrophe risk: where science meets reality, Alice Kaye (Inigo), Caroline McMullan (Verisk) and host Dickie Whitaker (Oasis LMF) confront the challenges of turning sophisticated risk models into clear, actionable decisions. Together, they explore why uncertainty is often more valuable than the average, how human biases still cloud our understanding of extreme events, and what’s needed to close the communication gap between modellers, underwriters and boards. This conversation gets real about the behavioural, structural and cultural shifts the insurance industry must make to better navigate risk in an increasingly volatile world. What you'll learn in this episode: Why point estimates often mislead decision-makers - and how scenarios can bring data to life The role of behavioural bias in catastrophe risk assessment (think hindsight, anchoring and mean reversion) How leading insurers like Inigo are integrating model outputs into daily underwriting and board-level strategy The importance of early-career training to build confidence in managing uncertainty How the interface between climate science, data science and vulnerability modelling is evolving Why pre-competitive collaboration with academia is critical for the industry's future If you like what you’re hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. 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: Identify gaps in skills and training that hinder effective risk modelling and decision-making. Produce more informed underwriting decisions by integrating multiple views of risk. Summarise best practices for bridging the gap between research, modelling and commercial application. 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 379 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.

In this special episode of the podcast, originally hosted by Indico Data’s Unstructured Unlocked, Matthew Grant, CEO of InsTech, joins Tom Wilde and Michelle Gouveia to discuss how insurers are harnessing third-party data and AI to make more informed, efficient underwriting decisions. With over 25 years in catastrophe modelling and analytics, Matthew shares his view on where the real innovation is happening and where insurers are still facing friction. From the rising value of external data sources to the operational impact of generative AI, the conversation is packed with insights that go beyond the buzzwords. InsTech is sharing this episode to highlight the practical challenges and opportunities facing carriers and reinsurers as they modernise their approach to risk. What you’ll learn Why many insurers still struggle to access the most basic risk data What third-party data needs to prove before it’s trusted in underwriting How AI is changing both the speed and depth of catastrophe modelling When it makes sense for carriers to build proprietary models—and when it doesn’t What reinsurers have taught the market about effective model use The quiet power of improving underwriting efficiency, not just accuracy How better data and analytics can help insurers write more risk with more confidence If you like what you’re hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Discover more episodes of Tom Wilde's and Michelle Gouveia's podcast at Indico Data's Unstructured Unlocked. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. 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: Measure the practical value of generative AI in improving underwriting efficiency and catastrophe modelling accuracy. Specify the thresholds third-party data must meet—cost and confidence—before it can support underwriting decisions. Explain how insurers are approaching the build vs buy decision when it comes to proprietary AI models. 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 378 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.

What are we still missing in catastrophe modelling and how can we close the gap? As part of InsTech’s The Future of Catastrophe Risk: Where Science Meets Reality event, this expert panel explored the limitations of current catastrophe models and how the insurance industry can evolve its approach to risk. Hosted by Ludovico Nicotina (Inigo), with insights from Sandra Hansen (Guy Carpenter) and Paul Wilson (Twelve Securis), the discussion focused on where models fall short, how emerging risks are challenging traditional assumptions and what it will take to build more resilient, climate-aware modelling frameworks. In this conversation, the panel explores: What current models overlook — from unmodelled sub-perils to social and infrastructure vulnerabilities How inter-annual clustering and systemic effects drive outsized losses The tension between increasing model flexibility and responsible use of adaptation features Whether vendors are providing enough transparency to support custom views of risk How the industry can better incorporate future climate states into today’s modelling tools The case for cross-sector collaboration and more open sharing of internal risk perspectives If you like what you’re hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. 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: Identify best practices for using adaptation and resilience features within CAT models responsibly. Produce informed strategies for interpreting and adjusting model outputs to reflect internal views of risk. Summarise the practical steps insurers and risk managers can take to bridge the gap between science and real-world application. 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 377 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.

In this episode, Robin Merttens is joined by Julian Schoemig, CEO and Co-founder of Diesta, to explore why payments and settlements remain one of the insurance industry’s biggest unsolved problems, and what it will take to fix them. From his early days selling boxing machines to Munich pubs to underwriting aviation at Munich Re, Julian’s career has been shaped by a single truth: business doesn’t count until the cash is in the bank. That mindset now underpins Diesta, a company building the financial plumbing to help insurers, brokers and MGAs move money with greater clarity, speed and control. In this conversation, Julian shares: Why insurance payment flows are so complex — and how that creates systemic risk What makes insurance different from other industries that rely on intermediated transactions The scale of the problem: seven times more money moves than is written in premium How Diesta connects policy systems, banks and documents to create a single source of truth Why traditional reconciliation tools fall short for insurance finance teams The real-world impact of unallocated cash, overpayments and delayed settlements What he's learned from building a product in a “boring but broken” space Why now is the right time for vertical, API-first infrastructure in insurance The case for making payments a first-class metric in performance and incentives Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. 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 the technological and structural reasons why insurance payment flows are more complex than in other industries. Explain how Diesta’s payment operations layer integrates with existing systems to streamline cash flow. Define the concept of a financial subledger in the context of intermediated insurance. 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 376 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.

What would happen if the next hurricane wasn’t just stronger but completely off the scale? Are we prepared for a Category 6 event, and would it even show up in our models? In this panel discussion from InsTech’s July evening event The future of catastrophe risk: where science meets reality, supported by Inigo, Ruth Petrie leads a conversation on how insurers are responding to more extreme, uncertain and fast-changing catastrophe risks. Featuring: Emma Watkins, Catastrophe Risk Leader Chris Weller, Head of Exposure Management, Inigo Tom Philp, CEO, Maximum Information Together, they challenge the assumptions behind traditional catastrophe modelling, explore the limits of the Saffir-Simpson scale and ask whether imagination, not just data, will define the future of risk management. In this conversation, the panel explores: Whether the industry should move beyond Cat 5 and how we define “extreme” risk Why flood, surge and rainfall are often more damaging than wind alone How climate change is altering where and how storms form — and what we can predict What insurers can (and can’t) do in the face of rapid intensification Why demand surge, rebuild costs and politics are now central to loss estimation What kind of event would truly “shake” the insurance market — and why This is essential listening for exposure managers, underwriters, brokers and risk leaders looking to challenge conventional thinking and prepare for what’s next. If you like what you’re hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. 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: Identify where insurers remain unprepared for rapid intensification and other emerging storm behaviours. Produce a more complete view of catastrophe exposure by integrating hazard, vulnerability and socio-economic factors. Summarise the panel’s recommendations for improving risk communication, preparedness and resilience across the industry. 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 375 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.

In this episode, Matthew Grant sits down with Matthew Eagle, Head of Global Model Solutions and Advisory at Guy Carpenter, to explore how one of the industry's most respected voices sees the future of modelling, capital management and advisory in reinsurance. With three decades of experience, Matthew reflects on what’s changed — and what hasn’t — in how reinsurers view risk. From the early days of catastrophe models to today’s generative AI agents and open modelling platforms, he shares how his team is helping insurers manage volatility, optimise capital and drive profitable growth. In this episode, Matthew shares: Why flood, wildfire and severe convective storm are the perils to watch — and model — more closely How generative AI is already reshaping pricing, underwriting and actuarial workflows What insurers need to know about build vs buy when it comes to new analytics tools How Guy Carpenter is scaling open-source tech through Oasis and data standardisation What skills are now essential for new analysts entering the industry How AI agents are being used to replicate complex actuarial decisions in seconds Why “good enough” modelling still matters, and where precision can be a false economy The link between terrorism modelling and gaming engines — and what it signals for future innovation If you like what you’re hearing, please leave us a review on whichever platform you use or contact Richard Hartley or Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. 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: Define the evolving skill sets required for analysts working in catastrophe risk and capital modelling. Identify the trade-offs in choosing between ‘build’ and ‘buy’ approaches when adopting new analytical technologies. Produce a framework for helping clients achieve profitable growth, manage volatility and optimise capital. 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 374 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.

In this episode, Matthew is joined once again by Richard Hartley to reflect on a major milestone in Cytora’s journey: its acquisition by US-based Applied Systems. But as Richard makes clear, this isn’t the end of the road. It’s a platform for scale. Listeners will hear how Cytora evolved from tackling political risk to transforming how risk flows through commercial insurance. Richard shares practical lessons from scaling into the US, explains why they rebuilt their platform around large language models and outlines why being agnostic to input but opinionated on risk output is a game changer. They also explore the cultural and technical alignment with Applied, the value of blending insurance expertise with external product thinking and what it really takes to make hard pivots, including knowing when to throw away what you’ve built. In this episode, Richard shares: Why Cytora rebuilt its platform around large language models — and what they threw away to make it work How “decision-ready risk” became a guiding principle for digitising insurance workflows What it really takes to expand into the US and earn client credibility market by market Why the idea of industry-wide standardisation is flawed — and how to work around it How to lead through uncertainty, scale a team and make tough product decisions Why insurance needs both deep domain knowledge and external perspective to innovate The underrated role of resilience in entrepreneurship — and what ballet and rugby taught him about pushing through If you like what you’re hearing, please leave us a review on whichever platform you use or contact Richard Hartley or Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. 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: Describe how unstructured data enters the insurance value chain and the implications for underwriting workflows. Define the concept of “decision-ready risk” and its role in modernising commercial insurance operations. List the key factors that enabled Cytora’s successful expansion into the US market. 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 373 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.

Jonathan Spry, CEO and co-founder of Envelop Risk, joins Robin Merttens for a deep dive into how data science, AI and portfolio-level modelling are transforming cyber reinsurance. As one of the earliest voices in the industry championing machine learning and systemic risk analysis, Jonathan shares what he's learned over nine years of building Envelop into a leading hybrid underwriter operating across London and Bermuda. In his own words, this episode is about building smarter ways to understand, underwrite and capitalise on emerging risk — with cyber as just the starting point. What you'll learn: Why Jonathan and his team focused on cyber risk and portfolio-level underwriting from day one The rationale behind favouring systemic insights over individual vulnerabilities How causal inference provides a leap forward in predicting tail events Why AI liability is already creating new market opportunities The need for creative, multi-source data strategies beyond traditional claims Why Envelop steers clear of SaaS and keeps underwriters embedded in the modelling process How algorithmic underwriting fits into the next chapter of insurance innovation Candid thoughts on the AI hype cycle — and what matters more than the buzz Jonathan also talks through Envelop's shift from MGA to reinsurer, how to think long-term in a volatile market and what kind of partnerships are needed to unlock new forms of risk. Book recommendation from Jonathan: The Book of Why by Judea Pearl and Dana Mackenzie. If you like what you’re hearing, please leave us a review on whichever platform you use or contact Robin Merttens on LinkedIn. You can also contact Jonathan Spry on LinkedIn to start a conversation! Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. 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: Identify the structural and economic drivers pushing insurers toward algorithmic and portfolio underwriting. Produce a strategy for aligning capital, analytics and data science in cyber reinsurance underwriting. Summarise how Envelop Risk evolved from an MGA to a hybrid reinsurer and the rationale behind its capital partnerships. 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 372 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.