Blog: Week 3 with QnityReFri 26 Oct 2018
So, you are a startup? Tell me in a sentence what you do
Not so long ago, I was listening to a venture fund talk about insurtech. They talked about a massive number of concepts, but one struck a chord.
[…] the insurtech entrepreneur needs to land at least two of the key four elements (licensing, customer, capacity & tech) to be cosmically aligned and start scaling […]
In that regard, we feel incredibly fortunate that before hitting the half-year mark we got recognized by the market and Lloyd’s Lab as a startup to believe in, notwithstanding our really really early stage.
Yet, we would like to add a fifth element: Simplification.
And it all boils down to that infamous question: Tell me in a sentence what you do.
Let me take you through what that journey has been for us at QnityRe.
My business partner has a very strong inclination to put insurance within everyone’s reach, whereas I have always been fixated with pooling and mutuality and how underrepresented these two concepts are.
That was our start.
We did not think insurance was broken, or that we were the chosen paladins that were called by destiny to fix it. No, we are just two insurance lovers want to reinforce the social good that insurance has to offer.
As we narrowed down some of the choices that we wanted to work on, contradictorily, the borders of our concept quickly expanded with all the nuances that come with the world of regulated activities.
It’s a long and winding journey that of licenses, customers, capacity and tech where every interaction that you have expand your startup manifold.
And after many long hours and data points, we ended up with a multifaceted and intricate marketplace where the product design process resides with the customer rather than with the insurers.
There are many nuances to explain:
- how groups organize around a collective to leverage their purchasing power (demand),
- how the product builder works,
- what are the advantages of owning your insurance scheme,
- how you provide a legal framework to do this,
- the processes that you are going to run,
- how you find capacity (supply) in the market, and
- how we scale and make the above a sustainable business.
Our fifth element is boiling it down to a simple sentence that is easily understandable and tells our story.
At QnityRe, we are creating a marketplace platform that empowers SMEs and Individuals to freely build their own mutual insurance schemes and secure capacity from the market.
Or as our catchphrase sums it up:
Build, share, and secure insurance together.
We have learned to love complexity as part of the problem that we are trying to solve. In fact, as I said earlier, we did not get into this ride hoping to “fix” insurance, but rather reducing complexity, connecting with customers, and making insurance accessible to many.
As I put down these lines, we are writing our next chapter as residents of the Lloyd’s Lab where we have not only found a welcoming and pretty nifty home, but we have been truly accelerated by quickly debunking assumptions and accessing information.
QnityRe is now:
Leif Ollivierre -, legal professional, accountant Shipbroker and academic
Gregor Fabjan (left) – microinsurance lover, Python and Matlab madness, ALM guru, and breakdancer
Diego Rios (right) – your humble author