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InsTech - insurance & innovation with Matthew Grant

Jeff Radke: Co-founder & CEO, Accelerant: Growing the MGAs of the future (185)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 10 April 2022

⏱️ 48 minutes

🧾️ Download transcript

Summary

Traditional insurers’ minimum premiums, small transactions and subsequent inability to absorb clients’ portfolio volatility leave MGAs vulnerable. Accelerant provides insurance capacity, technology and investment for MGAs in property and casualty insurance. Jeff Radke, Co-founder and CEO of Accelerant, speaks to Matthew about the role of Accelerant in championing the latest technology and supporting individuals. They cover the support MGAs get from being members of Accelerant and address the problems that specialty commercial underwriters face and how to tackle them. They also discuss how to handle a remote, global business in the age of working from home and the war for talent. Talking points include: What MGAs should focus on when building capacity The benefits to MGAs of being a member of a company that has a large, diverse portfolio as opposed to a traditional, monolithic insurance company The growth potential of intermittent and embedded coverage The power of algorithmic underwriting and the prerequisites to make it work How different brokers are evolving and their willingness and ability to handle new technology The importance of energy, enthusiasm and experience in Accelerant’s business model Emerging threats of inflation and what pushing higher deductibles back to policyholders could mean for insurers 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 - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech London podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. The Learning Objectives for this podcast are: List the benefits a company with a diverse portfolio has over traditional insurers, and why these would be advantageous to MGAs Describe the ways in which technology is advancing traditional insurance processes (such as algorithmic underwriting) Summarise how insurers can prepare for the rising threats of inflation and the impact this will have on policyholders If your organisation is a member of InsTech London and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 185 page of the InsTech London website or email [email protected] 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.

Transcript

Click on a timestamp to play from that location

0:00.0

We're awfully patient.

0:02.3

Once we find a management team that we're excited about, we tend to do double and triple

0:07.0

and quadruple down on that management team because that's the rare thing in the world,

0:11.2

in our view.

0:12.4

It's not hard to find motor business.

0:15.2

It's not hard to find property business or liability business.

0:18.3

What's hard to find are partners.

0:19.9

What's hard to find are really great specialty underwriters.

0:35.1

Good morning, good evening, wherever you are and whatever you're doing. And a special mention

0:39.9

this week, if your dad's name is James, you live in Australia and you're in the car wondering

0:45.0

why you have to listen to this weird stuff once a week on the way to school. Matthew Grant here,

0:50.1

your host for the INSTECH podcast and partner, along with Robin Mertens, and our growing team

0:54.4

at INSETTLondon, we're discovering some of the latest innovations driving improvements in insurance

0:59.1

and risk around the world. Now, if you listen regularly, you'll know that every one of our guests

1:04.2

is special in their own way. Some of them bring great insights into what's happening in the world

1:08.8

we're living in. Others have founded companies that are truly making an impact.

1:12.8

All of them have stories worth hearing.

1:14.1

Otherwise, well, what's the point of doing this?

1:16.2

My discussion with today's guest, Jeff Radke, and the company he founded, Accelerant,

1:20.0

is really fascinating and fast-paced.

1:23.1

It's an insight into what is really driving change now.

1:26.0

Now we talk about how Accelerant is supporting a lot of

...

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