Tim Quayle, OneAdvent & Matt Jones, Cowbell: The plumbing and wiring for successful insurance businesses (257)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 30 July 2023

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Launching a new insurance business is hard, particularly for those with limited experience in the complexities of a regulated market. OneAdvent can help. Joining Matthew this week are Tim Quayle, COO at OneAdvent and Matt Jones, Chief Strategy Officer at Cowbell, a cyber insurance company entering the UK market. We cover some of the important areas when launching an MGA - and proved that talking about insurance can even be quite fun. Topics covered include: Core problems in launching insurance businesses and why “plumbers” are needed to fix them What you need from a partner when entering a new market The barriers to entry for cyber insurance businesses How to stay flexible and why it is the key to success What gives successful MGAs the “edge” in growing their business In addition to hearing about Cowbell Cyber’s experience, we talk about other OneAdvent partners including OTT Risk and ARMD. You can contact this week's guests, Tim Quayle and Matt Jones, on Linkedin. If you like what you are 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. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us [email protected] Continuing Professional Development InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast, 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 primary challenges involved in launching an insurance business Describe the factors to consider when entering a new market in the insurance industry Summarise some of the unique challenges and barriers to entry faced by cyber insurance businesses 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 257 page of the InsTech 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	Tim, Mac, great to have you again. Tim, it feels like about 12 hours since I last saw you, and it was, because you came to our event last night and we had a packed room. So this is great. I get Tim Quail twice in 24 hours. Do you have a successful evening last night?
0:14.3	Yeah, it was fun. I've been wanting to get stuck into chat GPT for a little while now. I have a day job and a family with young kids. So it's sort of
0:21.9	aspirational, but it was nice seeing some of the stuff together. Well, yeah, no event these days
0:26.5	survives with that a bit of chat GPT or generative AI and no podcast survives for that talking about it.
0:32.7	So thank you for getting that one in that. Matt, we haven't seen you for a while. We've moved from our old sticky
0:37.8	floor dark nightclub into somewhere much more upmarket. So we're going to get you back in the
0:42.1	Code Node again before too long. Yeah, I guess I haven't been coming because I feel like, you know,
0:46.2	you've gone into a place that's too fancy now. I need the old sticky nightclub dance floor to be
0:50.7	really comfortable coming along. Anyway, thanks for having me again, Matt.
1:09.3	Good morning, good afternoon and welcome Matthew Grant here, CEO of Insteck. Now, we know many of you are inviting us along to join you for your run, commute, walk,
1:12.8	or even mowing the grass. But I learned last week that the Instap podcast is also being used to set
1:18.1	the music in at least one luxury spark. Thanks, Jan, for sharing that one with us. Now, as you can
1:23.9	probably tell, we've got a lively couple of guests this week, and we're going to cover a lot, including an update on some other companies in our global network.
1:31.2	Well, of course, MGAs play a really important role to help cover new areas of insurance protection and allow insurers access to special knowledge and clients they would struggle to get on their own.
1:41.1	Now, one advent is making it easier to set up and launch an MGA, and cyber is an
1:46.0	area with lots of opportunity for innovation. So if you enjoy listening to this even half as much
1:50.7	as I enjoyed recording it, you're going to learn a lot and you're in for a treat.
2:03.9	Well, let's just crack on with the show.
2:06.3	So first, a bit of introduction to one advent.
2:12.8	So you are a specialist MGA services platform, and you are supporting, well, I think a fascinating range of insurance businesses, some of which we know quite well, setting up in the UK.
2:16.5	And your role really is to allow those companies to focus on building their businesses, creating insurance
2:21.4	products, distributing those products, and you're based here in London, and the MJ platform was launched
	...

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