Nick Wright: Chief Business Development Officer, Pen Underwriting: Every problem has a solution (163)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 7 November 2021

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Managing General Agent (MGA) model has become a successful way for many insurtech startups to establish themselves, but the subject of this week’s podcast is a bit different to other MGAs in the marketplace. Pen Underwriting was created by bringing together 12 companies in 2014. Its work covers claims, pricing, and distribution with more than £650 million in gross written premium per year. Chief Business Development Officer Nick Wright joins Matthew on Podcast 163 to explain how Pen Underwriting supports its partners and why investing in innovation is a key part of the company’s approach. Talking points include: Advantages of the MGA model Creating products for insurer partners Monitoring the market and looking outside of insurance The growth of parametric and usage-based insurance Using telematics to mitigate risk More information on Pen Underwriting is available from the company’s InsTech London member profile page. 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 London 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: Identify some of the benefits of innovation in insurance Understand what is unique about MGAs and some of their advantages Determine how telematics can be used to mitigate risk 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 163 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

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0:00.0	Well, inspired by all you early risers, listen to this first thing in the morning,
0:17.3	I recorded this episode as the sun rose on Monday morning this week and actually
0:21.6	wasn't too bad. Matthew Grant here and if you've just found us, well, welcome. And for our regular
0:27.3	listeners, thank you for all the continued support. 7.45 a.m. last Sunday morning, I got my first
0:33.2	text with feedback on the podcast for that day with a photograph. Makes it all worthwhile. Thank you.
0:39.2	Now, MGA's, that's managing general agents,
0:41.9	are a common way for the insuretech startups
0:44.0	of the last five years to have built their business,
0:46.0	and we are delighted to work with many of them.
0:48.9	Penn underwriting is an MGA, but it's a bit different,
0:51.1	and a lot more revenue than most.
0:52.9	Maybe all of the new breed of
0:54.2	insuretech MGA's coming out. Innovation has been at the heart of what they're doing, but as Nick
0:58.9	Wright explains, it's the people that count. So if you're building some technology and looking
1:03.2	for a business partner, you're an insurer with capacity or indeed anyone out of our side of
1:07.8	insurance has access to clients looking for an insurer or just simply curious about what's going on, you may want to take a closer look at what Penn is up to.
1:15.4	Now, it's been another busy week for us at Insteck London. We had over 300 people register for
1:19.8	our live chat discussion this week, launching our report on crypto insurance, and the report
1:24.5	is now available on the website. Robert and I host the dinner on
1:27.6	Wednesday evening and we're getting ready for our next two face-to-face events here in London on
1:32.2	the 9th of November supported by ISI and the 30th November supported by S&P. Details at
1:38.7	www.com.com.com.com. Anyway, nothing about us. Here's Nick.
	...

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