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I'm busy building a new insurance company called Cuvva. Initially, we had planned to work with the existing software platforms, as we had assumed it would be t
by BillinghamJ 11y ago
I'm busy building a new insurance company called Cuvva.
Initially, we had planned to work with the existing software platforms, as we had assumed it would be too difficult to build the stack ourselves.
But their terms were completely financially untenable for our model. Additionally, they have never supported a truly mobile insurance platform before, so we were concerned that it wouldn't deliver the experience we wanted.
So we ended up building everything from scratch. It took less time than we were quoted by the various software houses, at about a fifth of the cost. We couldn't be happier with how it has turned out.
- wjnc 11y agoLife or SLT business? Then I'm truly impressed. Any links? P&C on the backend is imho a few orders of magnitude simpler (although I enjoy the statistics there more). 30 to 50 year complex contracts and then try to manage your market risks. Edit: sorry, you mentioned the name. Nice idea! I guess you are so far away from traditional products you actually stand a chance. (For readers from other sectors: Market is cut throat and multiline insurera have lower capital requirements so new monoline in Europe is practically impossible.) You'll have contracts running for hours, not decades ;)
- BillinghamJ 11y agoHourly/on-demand motor :) Helps enable people in the UK to borrow their friends' cars (which is often illegal here). There are a few more complexities in motor insurance which don't exist in other verticals also.