’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,’ says chief executive
Aventum has revealed that it will invest $12m into technology over two years to improve performance across its global operations.
The insurance group said that it wanted to create a proprietary technology function and would achieve this by continuing to develop its ATOMX platform inhouse.
The platform contains an integrated suite of 10 API and artificial intelligence (AI) driven products, including innovative claims, bordereau, pricing, broker and underwriter workbenches.
Aventum wants to continue developing the platform as it looks to save 1000 staff hours per month, as well as $2m per year.
Hasani Jess, chief technology officer at Aventum, said: “People might think that the degree of financial investment and faith it takes to commit to a tech strategy of this magnitude for a group of Aventum’s size would be inconceivable.
“To have the skills, culture, finance and vision to do this is rare, but then Aventum always dares to be different and that vision has been driven from the top.
“In reality, when you truly understand the cost benefit analysis, and bearing in mind the unique winning culture at Aventum, there is really no other option.
“It’s not as simple as making efficiencies and to be clear cost savings do not mean job cuts – the benefits are multi layered. Grow the top line, reduce costs and make work more enjoyable.”
‘Rising to the challenge’
The insurance group said that 25% of its global workforce was currently employed in tech and IT functions.
Read: Formula 1 star issues plea to London market amid world record attempt
Read: Bearman signs with Formula 1 team Haas on multiyear deal
Explore more software platform-related content here, or discover other news stories here
Having spent the last 12 months aligning the talent and investment, David Bearman, chief executive at Aventum, said that “we’re now in a strong position to rise to the challenge”.
“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,” he said.
“We’re embarking on one of the most ambitious tech programmes that anyone in the London market has ever undertaken. It will take us light years ahead of the competition.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
No comments yet