The Hi everyone. Today I will be talking to Toby Topips, CEO and co-founder of Laca.

We'll be covering a few interesting points

around business model innovation, leadership and culture

and expansion in new markets. So good afternoon, Toby, I'm so pleased.

So good afternoon, Toby. I'm so pleased to be with this afternoon to talk about Lacan.

Thanks for having Miss Abin.

So first it would be great if you could introduce Laka and I would love if you could also tell us how the proposition came about because we used to talk a lot with one another,

even before you join the Sautaup Kinshutarch accelerator with another name

and it would be great for you to talk to us about how you came up with this new name, Laka.

Very happy too.

So Laka's first and foremost about business model innovation And the story goes that I can conveniently play my dad for all of this,

who is an insurance broker home in Germany where I grew up.

I went through the ranks, an apprenticeship of an insurance company, studied something,

dry as insurance business and actuarial sciences in Cologne, by no means an actuary,

but an appreciation for the trade, spent a bit of time with AXA as a student assistant that also has an intern, and at some point then ran a fast away from it as fast as I could because insurance in Germany in the late 2000s was not the most agile place to be in and I actually start my career in corporate finance first a few years with KPMG followed by Barclays here in London and yeah came over to the UK in at the end of 2013.

And at Barclays I was in the investment bank covering FinTech and insurance from an

M&A perspective and my job was in a daily basis to look into the funky new stuff that FinTech was peer-to-peer lending, robot-wise, all the good stuff.

And the next day I would go back to an insurance transaction and at some point these two words

which have come together and colluded and there was a very simple line of questioning or thinking really that I played around in a spreadsheet and I paid out more in claims

meaning I increased the loss ratio on a spreadsheet and the profits came down for

the insurer and you felt like hang on if I do my job better so to speak paying up more acting more than the customers best interest my profits come down so there is this conflict of interest where you feel like I make more money by doing exactly the opposite what the customer wants us to do.

At the same time you see the FinTech world challenging status quo, you see the challenger banks, you see the FinTech world challenging status quo you see the

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