‘There is an opportunity there to take a look at where the market is,’ says chief executive
Charles Taylor InsureTech is looking to drive growth in the London market with Lloyd’s “being the market everyone wants to be part of”.
That was according to chief executive Arjun Ramdas, who felt the insurtech was on an upwards trajectory and stressed that growing in the UK was important for the firm.
The business is the insurtech arm of insurance services and technology solutions provider Charles Taylor and has a team of more than 600.
While it currently has a claims platform with a London market focus, Ramdas told Insurance Times that ”there is an opportunity there to take a look at where the market is right now”.
“Sometimes when you have a hammer, everything looks like a nail,” he said when asked what the insurance technology buzzword of the moment was.
”In my role I have two hats – one for our products and the other for internal technologies.
“We are looking at the context for both of them.”
‘Special place’
The business’ London market roots can be traced back to 1884, when Charles Taylor Group was founded.
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In 2011 Charles Taylor was appointed by Lloyd’s of London to manage static claims across the market.
Two years later, the group developed its insurance technology ability with the launch of a Trax Claims management solution for the Lloyd’s market.
“We offer managed services to the whole market and we take an end-to-end look at that technology,” Ramdas said.
“This is what I would call open heart surgery clients – ripping apart policy admin platforms and claims platforms and replacing them with ours.”
While he said the business was getting traction and that there was an “attraction” for its products, he said that “we need to stay competitive”.
As a result, the firm is also looking to double down on its sales for the Europe, Middle East and Africa (EMEA) region as well as having a key focus in the UK.
”Being the birthplace of insurance, the UK has a special place for us,” he said.
”Most leaders can see the potential of technology, which fully came to life with working from home and – further in the spotlight – with the rise of generative artificial intelligence (AI).
“But, many players are dealing with a complex legacy technology estate, mainly due to growth driven by acquisitions.
”The information asymmetry caused due to systems not being able to talk to each other, both within a company and between different players in the value chain, drives up the need for a more effective and intelligent glue that can strengthen their digital capability.
“We see that attraction for our products, [but] we need to stay competitive.”
InHub
Another key focus for Charles Taylor Insuretech’s will be driving the adoption of InHub – its cloud-based Software as a Service (SaaS) centre which combines the insurtech’s insurance solutions into a singular cloud-native ecosystem.
InHub was initially launched at Insurtech Insights Europe 2022 and is designed to solve specific problems faced by participants in the insurance value chain.
In September 2022, the insurtech revealed its plans to hit the US with InHub after launching the product in the UK and Latin America.
Ramdas added: “With the present market conditions, clients are looking for a more cost effective and agile approach to modernisation and transformation that is facilitated by InHub.”
The insurtech has more than 100 customers – 15% of which are in the million dollars plus band in terms of annual relationships.
“Our intention is to continue growing at about 20% – bringing in the right customers who can leverage our tech solutions and human capital to solve their complex challenges,” Ramdas said.
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