Aventum, the London-based international re/insurance group, is investing $12 million over two years to create an inhouse proprietary tech function across its global operations.
The group now has 25% of its global workforce employed in tech and IT functions, including a ringfenced Innovation Lab dedicated to fail-fast innovation.
The multi-million-dollar investment will see the development of ATOMX, a sophisticated technology ecosystem, designed and created inhouse, which will dramatically improve operational performance, saving 1000 staff hours per month. By allowing the group’s broking and underwriting talent to focus on value creation for clients, this inhouse tech function will save the group more than $2 million per year, the company said.
The company’s new tech program goes beyond making efficiencies, said Hasani Jess, chief technology officer at Aventum, who emphasized that “cost savings do not mean job cuts.”
“The benefits are multi layered: grow the top line, reduce costs and make work more enjoyable. Achieving what we have done in the first 12 months of ATOMX has undeniably set a new standard for what’s possible with impactful digital transformation in the insurance industry,” Jess said.
Aventum described ATOMX as a flagship insurance platform, an integrated suite of 10 API and AI driven products including innovative claims, bordereau, pricing, broker and underwriter workbenches.
It is based on fully cloud native technology built for webscale and flexibility, capable of supporting any and multiple lines of business. The now 130 strong tech and IT team has been fully integrated across the group in less than 12 months and is already rolling out the foundations of the ATOMX platform.
“That’s astounding when one considers the typical development time taken in insurance for similar projects or within a software house environment,” Jess said.
Jess became CTO of Aventum a year ago. He joined from Simply Business where he was CTO for five years and led its successful digital transformation. Jess’s background includes roles at major blue chip enterprises including TUI, Harrods, Deutsche Bank, UBS, IBM and Visa.
“We’re embarking on one of the most ambitious tech programmes that anyone in the London market has ever undertaken,” commented David Bearman, CEO of Aventum.
“It will take us light years ahead of the competition. Of course we’re under no illusion that it will all be plain sailing. We’ve spent the last 12 months aligning the talent and investment and we’re now in a strong position to rise to the challenge,” Bearman added. “Just like the development of an F1 car there will be a lot of resilience testing, but at the end of it, we’ll have a high-performance vehicle and no one will catch us.”
About Aventum
Aventum trades more than US$1.86 billion gross written premiums annually, with 17 offices globally. Through its re/insurance broking arm, Consilium, and its global MGA operation, Rokstone, Aventum offers a range of specialist and niche solutions in all lines of property/casualty re/insurance.
Source: Aventum Group
Topics
InsurTech
Tech
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