Sep 30, 2020

Riskbook raises £2m for its Lloyd’s-recognised platform

Riskbook
Lloyd's
Venture 1 Insurance
Insurance
William Girling
2 min
Reinsurance tech provider Riskbook has announced that it has secured £2m (US$2.56m) in seed funding for its digital platform approved by Lloyd’s
Reinsurance tech provider Riskbook has announced that it has secured £2m (US$2.56m) in seed funding for its digital platform approved by Lloyd’s...

Reinsurance tech provider Riskbook has announced that it has secured £2m (US$2.56m) in seed funding for its digital platform approved by Lloyd’s.

The investment round included contributions from Episode 1 Ventures, MMC Ventures and Seedcamp. Riskbook now hopes to fulfil its mission of revolutionising the reinsurance placement process and scaling to meet the contemporary needs of brokers and reinsurers globally. 

Featuring a number of industry veterans at the helm, including Jerad Leigh, Co-Founder and CEO (TigerRisk and Aon) and Ben Rose, Co-Founder and President (Aon and Lloyds), the company also intends to expand its knowledge pool even further.

Building enthusiasm in the market

The team’s combination of industry expertise and technical prowess were what attracted Episode 1 Ventures to the funding proposition, as Damien Lane, Partner, explains:

“We loved the team's combination of deep market insight gained from years of industry experience and their hugely impressive technology capability. 

“In a short space of time, the team has built something that has had an enthusiastic reaction from all sides of the market and all the investors are looking forward to working with Jerad and Ben to continue to deliver game-changing solutions to the industry.”

Leigh himself added that the support received contributed to Riskbook’s positive reception in the market as an up-and-coming provider.

“We are excited to be partnering with leading venture capital firms to create the placing experience the reinsurance community has dreamt of for decades. Paired with Riskbook’s win-win-win philosophy, this new funding cements our role as a trusted independent provider to cedents, brokers and reinsurers alike.”

Championing digital

Following on from Bain’s recent report that the post-COVID-19 insurance market should be characterised by its adoption of digital technology, Riskbook is certainly poised to take its place in the sector’s new garde.

With approximately only 20% of brokers in the US, the UK and Canada offering any kind of online or mobile portal, the company’s tech-assured and industry-recognised platform is a prime example of the revolution taking place. 

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Jun 11, 2021

SLK Software: Optimising performance in the digital economy

SLKSoftware
AI
Automation
CNAInsurance
2 min
Recently featured in our profile of CNA Insurance, we take a closer look at how SLK Software is powering disruption in the digital era

Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.

As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:

  • Relationship oriented
  • Strategically focused on a desired outcome
  • Reliant on automation tech

Believing in purposeful automation

SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies. 

Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.

The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:

Accelerating workflow processes

In addition to these services, SLK offers three products/platforms: Avo Assist - RPA, Avo Assure - Test Automation, and Avo Discover - Process Discovery.

 

 

The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance. 

Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:

“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.

Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.

Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.

Pictured: SLK Software team (source)

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