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For more information, contact: 
Melini Hadjitheori
melinih@marcusevanscy.com

What prompted the idea to found Waggel?

I come from an entrepreneurial background and got interested in the Insurtech space. A friend mentioned the pain that they were having with their pet insurance and I had a hunch that it was a sector of the industry that wasn’t getting much attention. After doing the initial research I uncovered exactly what I had expected. The sector was still pretty mundane and outdated and could use a fresh approach.  

What are the risks of a start-up insurer and how are you competing with traditional insurers in terms of speed and dynamism?

One needs to understand the insurance landscape in terms of how to approach the industry as a start-up. It will be very hard to actually start off as an insurance company based on the regulatory and capital requirements thereby you are never really competing. Start-ups either have the option of going through an MGA or AR route if they are wanting to distribute a product or improve upon the current value-chain of existing carriers. The major risk in this respect is barriers to entry. The carriers have all the leverage over the start-up and speed and dynamism will really only help an insurtech start up if they have the right carrier as a partner.

What can traditional insurers learn from insurtechs?

My main take would be that insurers take a consumer first approach. The current approach is, “we have a product. It seems to sell. Let’s find as many distribution channels as we can.” My personal take is that by improving the product you will be able to sell more and have happier customers.

How do you value the importance of telematics in personal lines insurance? What is the added value?

This will always depend on the quantity and more importantly the quality of the data. If you have data that allows for significant inferences then telematics works great. If you don’t have reliable data then the key is to rather advance the telematics technology.

What would you like to achieve by attending the Pricing in Personal Lines Insurance?

I’m always interested in hearing from different lines and how their line of business is transforming.

Ahead of the 2nd Annual Pricing in Personal Lines Insurance conference, we spoke with Andrew Leal, the co-founder of Waggel, a new Insurtech venture, about the risks of a start-up insurer and how is competing with traditional insurers.

To view the Conference Agenda, click HERE! 

About the Conference:

This marcus evans conference will look at how firms are enhancing personal lines pricing models with data analytics, machine based learning and AI to improve predictability and increase profitability. The 2nd Annual Pricing in Personal Lines Insurance conference will take place on the 17th to 19th September 2018 in
Marriott, West India Quay, Canary Wharf, London, United Kingdom.

To view the Conference Agenda, click HERE!

Copyright © 2018 Marcus Evans. All rights reserved.

About the speaker:

Andrew Leal is the co-founder of Waggel, a new Insurtech venture that is looking to revolutionise pet insurance. Waggel’s goal is to change insurance into a membership based experience by rewarding healthy pet behaviour with perks and benefits from our hand selected pet partners.

The risks of a start-up Insurtech 

An interview with the co-founder of Waggel

Andrew Leal, Co-founder of Waggel

Speakers Include: 
  • Andrew Davies
    Head of Pricing Strategy, Delivery and Risk

    LV

  • Dan Bishop
    Head of Pricing
    Hiscox


  • Sascha Firle
    Director Advanced Analytics, Nordic UW, Head of Modelling and Pricing

    RSA

  • Steven Ball
    Head of Pricing and Analytics
    NFU Mutual
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