FinPro.’s Post

Transcript

Why is reinsurance so under resourced in terms of new taxes? You know we work with insure text and on the reinsurance technology side very few. So why do you think that is it where it is in the value chain? Is it the complexity potentially the combination of the law? So it's it's where it is in the value chain and it's also kind of a a misunderstanding as to the complexity of it. So so to that first point. I often think about insurance as like a big ocean of fish that are swimming around and right at the top you have, you know, your retail brokers in your MGA's and they're like brightly coloured tropical fish. Like swimming around the coral. Toronto attracted the attention of like domestic buyers. And then it kind of goes down and the fish get a bit darker and a bit uglier as you get until you get to like. The retrocession hairs kind of gobbling little morsels off off the bottom of the ocean. And, and so, so, you know, things become less pretty and things become less efficient and things become much more bespoke as you get further down that value chain. And, and So what that means is that, you know, it is a much more entrepreneurial environment. That's one of the reasons that I love it is it's all about solving really bespoke, really big problems for huge sums of money. But it's. That that means it's harder to build solutions for it you're not after a kind of really pretty looking casual thing that's gonna gonna attract people so so that's one of the issues the second issue is, you know, it's obviously seen as part of the insurance ecosystem. I think you. A lot of time, like virtually every article that you look at, virtually every conference that you go to, virtually every person CV they write like re stroke insurance or the the rears in brackets and and they try and try and capture insurance and reinsurance into one thing. And So what that tends to mean from a technology perspective is reinsurance is seen as like an additional bit of the insurance industry and because of its. You know, the size of the number of practitioners that are involved and, and things like that. It's often seen as a bit of an afterthought. And that means that the solution is often often aren't quite fit for purpose. They're trying to shoehorn you know, what is quite a bespoke reinsurance environment into an insurance shaped box. I think that we've been quite successful because for us it's kind of the only thought rather than an afterthought and and so we can build things that actually work for that space in particular.