Building a system for all
Guillaume has worked in the insurance industry for over 20 years, mainly as an underwriter. Unlike most, he has experience within several lines of business.
“I became a jack of all trades, working for many different (re)insurance underwriting teams, a Lloyd’s syndicate and an MGA. What I noticed through this experience was a lack of systems that met the needs of all the teams in these companies.
“There can be a blurred line between the day-to-day roles at an insurer, MGA and broker. But the core systems being marketed to these companies were taking a one-size-fits-all approach. I founded Quotech in 2020 to offer a different solution.”
Taking a modular approach
Quotech’s platform helps with a range of insurance processes, including pricing, distribution, policy administration, exposure management and claims. Each of these different areas is serviced by different modules. Guillaume goes on to explain the benefits of Quotech’s modular platform approach:
“We target teams, not companies. Some of our clients only need a couple of our modules, whilst others may take the entire system. This approach enables us to have a broad range of clients; from a five-person MGA to one of the world’s largest (re)insurers.”
Guillaume highlighted how this flexibility allows Quotech to solve the pain points of each client. Having a background in insurance has allowed the company to build a system that adapts to many potential operating structures within insurers, brokers and MGAs. Quotech also helps many of these companies with data ingestion, enrichment and management.
Using new data sources in insurance
There is now an abundance of data that insurance companies can use to enrich policyholder information. But if companies do not have a system that allows them to easily ingest this data, the underwriting process can become more complicated, rather than improved.
“Using new data sources shouldn’t have to mean a longer underwriting process. Quotech aims to integrate with any third-party provider that an insurance company wants to use and records all of the data. This includes not only the data that is of interest to underwriters today, but also in the future. For example, whilst an underwriter may not be using certain data points for rating today, in a few years’ time they may want to use them to refine their pricing model. This could include the financial sentiment of quarterly and annual returns when underwriting a D&O risk.”
Quotech asks insurance companies what data providers they want to work with, but it also has its own conversations with third-party providers.
I’m particularly interested in finding data providers that don’t currently have insurance clients, but whose offering could be adapted for insurers.
A good example of this is DisasterAWARE, which is the commercial arm of the Pacific Disaster Center. It monitors all natural catastrophes and a lot of manmade events around the world. Large corporations like Facebook and Shell had been using its data for years, but no insurance companies.
Quotech saw the opportunity to use this data within insurance and now resells it to Convex and Marsh. We are also integrating it into our new exposure module.
Plans for the future
Quotech is working on several areas over 2024; from new modules to more partnerships with third-party data providers.
“We already have a rating module; now we are releasing a new version that allows insurance companies to build a no-code rating engine. This can be used as part of Quotech’s modular insurance workbench, or standalone using APIs or spreadsheets.
“Our latest development is Quex, a live portfolio monitoring tool. We have worked closely with our clients to build it; they told us what they wanted their exposure management system to do and we created it.
“At the moment the exposure module supports property portfolios, and we are looking to expand it to more lines of business. We are also working to integrate with new third-party data providers.
“We are keen to speak to any Lloyd’s syndicate or insurance company that wants to have better insight into its exposure. For our main other platform modules, we’d also love to hear from MGAs that want to improve their core processes.”