There are some fascinating stories about companies that have existed for 10 years. At this point, almost every company will have found its product-market fit, be generating revenue and, in most cases, moved beyond start-up to scale up - but each of them will also have had to navigate through some tough headwinds and in many cases shift tack to identify what their clients really need.
Praedicat is one such company and Matthew Grant caught up again with Bob Reville, Co-founder and CEO.
With a mission to help insurers, and others, understand the emerging risks and potential litigation costs from substances that have the potential to be as expensive as asbestos is - Bob and his team reveal some of the hidden problems facing society, and insurers, in the years ahead.
But you don’t have to be a casualty underwriter, or even have any knowledge of liability insurance to find a lot of value from this discussion. We cover a lot.
- Bob explains why a change of name from its original offering - as a casualty catastrophe model - got the attention of underwriters as buyers.
- You will learn about the major new threat from “litigation finance”.
- Hear about the three phases of emerging risks and what insurers can do about them - look out for “emerging interest, emerging damage and emerging litigation.”
- Do you ever wonder how to determine the cost-benefit of the data, analytics, or technology you are buying or selling? Bob reveals some of the approaches and measurements that Praedicat uses to demonstrate the value to its clients of using its product, the Nekomodel X. (Nekomodel X - if you are wondering what it does - and where the name came from - we reveal that too.)
We’re delighted to have Praedicat as one of our corporate members at InsTech. Details of how to contact Bob and his colleagues are in the episode notes. If you are an insurer looking for technology partners - or building and selling your own solutions and are interested in membership, please contact me, Matthew Grant on LinkedIn or any of us - firstname.lastname@example.org
There is so much fascinating content in there, we’re going to be releasing this as a feature article in the near future so look out for that. In the meantime, to find out more about what we are doing at InsTech with our events, reports, articles and newsletters - and what we can do for you - head to www.instech.co.
If you like what you are hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn.
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Continuing Professional Development - Learning Objectives
InsTech is accredited by The Chartered Insurance Institute (CII). By listening to an InsTech podcast, or reading the accompanying transcript, you can claim up to 0.5 CPD hours towards the CII member CPD scheme.
By the end of this podcast, you should be able to meet the following Learning Objectives:
- Describe some of the potential future issues affecting insurance industries and how to overcome the challenges
- List some of the advantages rebranding a product can make a positive impact on a business
- Explain some of the ways transparency and accuracy in underwriting can reduce churn rate
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