The Art of the Merge

ISSUE
74
ISSN 2515-3803
The Art of The
Merge
2025 Contributors
Media Partners
Media Partners

WELCOME
Hello readers,
Change has always been part of the insurance story, but right now, it
feels like the pace has shifted up a gear. In this issue, we explore the
power of mergers and acquisitions to reshape not only businesses,
but the very foundations of how the insurance ecosystem connects,
collaborates, and grows. From integration and innovation to agility
and alignment, we look at what happens when strategy meets
transformation head-on.
Hayley Dalton, Editor
We begin on page 8 with Jeremy Riley, Managing Director of Insurance M&A at
FTI Consulting, who offers a clear-eyed view of where consolidation is heading
and what it means for the UK insurance market. Over on page 12, QuestGates
share how they’re rewriting the rulebook by challenging long-standing industry
norms, proving that progress often starts by asking “why not?”. Celebration
takes centre stage on page 16 as we spotlight the Global Insurtech Awards
2025, recognising the brilliant minds driving innovation forward. A huge thank
you to our partner, Digilog UK, whose continued support helps us shine a light
on excellence across the sector.
Our Editorial Board (from page 23) delivers a thought-provoking range of
insights on how strategic partnerships, data, and technology are shaping the
next chapter of insurance. And from page 41, Associations Assemble brings
together industry leaders to discuss the issues defining 2025, from customer
confidence and regulatory shifts to the power of inclusion and collaboration in
uncertain times.
In Features (page 47 onwards), Eddie Longworth returns with another
thought-provoking Just a Thought, alongside stories of international growth,
sustainability, and purpose-led leadership. On page 50, The Fraud Board
reconvenes to tackle the changing face of fraud, exploring how shared
intelligence, innovation, and trust are fuelling progress.
Rachael Pearson, Senior Project Manager
Rachael Pearson
Senior Project Manager
Modern Insurance Magazine
rachael.pearson@charltongrant.co.uk
Finally, Insur.Tech.Talk (page 59 onwards) takes us into the future, as Megan
Kuczynski introduces some of the brightest names in the insurtech space,
including CalcFocus, Adaptive Insurance, InsurTech Fund, Celent, Otonomi, and
more, before closing with insights from our Insur.Tech.Talk Editorial Board on
page 69.
Whether you’re navigating a merger, integrating teams, or simply curious about
what’s next, I hope this issue offers inspiration, clarity, and a renewed sense of
confidence in the road ahead.
Hayley
Happy reading — and here’s to what comes next.
Hayley Dalton
Editor,
Modern Insurance Magazine.
hayley@charltongrant.co.uk
ISSUE 74
ISSN 2515-3803
Editor
Hayley Dalton
Senior Project Manager
Rachael Pearson
Modern Insurance Magazine
is published by Charlton Grant Ltd ©2025
All material is copyrighted both written and illustrated. Reproduction in part or whole is strictly
forbidden without the written permission of the publisher. All images and information is collated
from extensive research and along with advertisements is published in good faith. Although the
author and publisher have made every effort to ensure that the information in this publication
was correct at press time, the author and publisher do not assume and hereby disclaim any
liability to any party for any loss, damage, or disruption caused by errors or omissions, whether
such errors or omissions result from negligence, accident, or any other cause.
MODERN INSURANCE | 3

Contents
8
50
12
59
16
4 | MODERN INSURANCE

8
12
16
23
Interviews
The Future of M&A in the UK Insurance
Market- Jeremy Riley, Managing Director,
Insurance M&A at FTI Consulting
QuestGates: Challenging the Way Things
Have Always Been Done
In Celebration
Global Insurtech Awards 2025
Editorial Board
Find out what our editorial board panel of
industry experts have to say in this edition
of Modern Insurance Magazine.
Insur.Tech.Talk
Interviews
59 Welcome
Megan Kuczynski, Senior Strategic
Advisor, Insurtech Insights
Founder & CEO, ClimateTech Connect
60 CalcFocus
Tommy McCahill, CEO, CalcFocus
Adaptive Insurance
61 Mike Gulla, CEO and Co-Founder, Adaptive
Insurance
63
65 Celent
Juan Mazzini, Global Head, Celent
67 Otonomi
Yann Barbarroux, CEO and Founder, Otonomi
InsurTech Fund
David Gritz, Managing Director, InsurTech Fund
41
Associations
Assemble
Modern Insurance’s panel of resident
associations outline the burning issues from
their unique area of the industry.
69
Insur.Tech.Talk
Editorial Board
Experts from the insurtech sector join us once
more to share their unique insights!
47
49
50
Features
INSUR.TECH.TALK BOARD
Just a Thought with Eddie Longworth:
Beyond the Bottom Line
AP Companies Invests in London Base as It
Sets Sights on Expansion
Fraud Board
Don’t miss our regular instalment of The
Fraud Board, where our collective of fraud
experts convene to discuss the key factors
affecting the fight against fraud in today’s
modern insurance landscape.
10 Minutes with...
56 10 Minutes with… Mark Lomas
Disclaimer: Our publications contain advertising material submitted by third parties. Each individual advertiser is solely responsible for the content of its advertising material.
We accept no responsibility for the content of advertising material, including, without limitation, any error, omission or inaccuracy therein. We do not endorse, and are not
responsible or liable for, any advertising or products in such advertising, nor for any any damage, loss or offence caused or alleged to be caused by, or in connection with, the
use of or reliance on any such advertising or products in such advertising.

Editorial Board
23
25
27
29
STRATEGIC PARTNERSHIPS
& DIGITAL AGILITY, THE NEW
DNA OF UK INSURANCE
Simon Smith, Director of Claims
Strategy, Carpenters Group
DRIVING A GREENER
FUTURE
Jane Pocock, CEO, Copart UK &
Ireland
STRATEGIC M&A: DRIVING
INNOVATION AND
INTEGRATION ACROSS THE
INSURANCE SECTOR
Glen Donaldson, Director,
QuestGates
TURNING CONSOLIDATION
INTO GROWTH: HOW M&A
IS REDEFINING AGILITY IN
INSURANCE TECHNOLOGY
Will Prest, Product Manager,
ParaCode
EXPLORING THE IMPACT
OF INTEGRATION AND
A SHIFTING MARKET ON
INSURERS, SUPPLIERS, AND
PARTNERS
Jaime Swindle, CEO – UK
Commercial MGA, GEO
Underwriting Services
CUSTOMER EXPECTATIONS
IN 2025 AND BEYOND
John Keeton, Operations Director,
FMG
HOW COLLABORATION
AND DATA ARE RESHAPING
MOTOR INSURANCE
Jonathan Hewett, Chief Executive,
Thatcham Research
NAVIGATING CHANGE:
ENABLING OPERATIONAL
RESILIENCE AND
PROFITABLE GROWTH
THROUGH DECISION
INTELLIGENCE
Alex Johnson, VP Insurance - Global
industry lead, Quantexa
31
33
35
37
INVENTING THE NEXT
CHAPTER
Mia Constable, Head of Business
Development, e2e Total Loss Claims
Management
CRACKING THE CODE
OF SPOKEN ENGLISH:
HOW CLAIMBOTICS IS
TRANSFORMING VOICE IN
CLAIMS
Nik Ellis, Director, Laird Assessors
COLLABORATION IN A
CHANGING MARKET: M&A AS
A CATALYST FOR HIGHER
STANDARDS
Phillip Witterick, Commercial
Director, Auxillis
RISING VEHICLE THEFT
DRIVES INNOVATION
IN MOTOR INSURANCE
RECOVERY
Mick Jennings, CEO, Nationwide
Vehicle Assistance (NWVA)
STRATEGIC ACQUISITIONS
DRIVING CUSTOMER-
CENTRIC GROWTH IN
VEHICLE GLASS SERVICES
James Reynolds, Commercial
and Finance Director, National
Windscreens and Cary UK
DRIVING EFFICIENCY
AND INTEGRATION
IN MODERN CLAIMS
MANAGEMENT
Gilly Daniels, Managing Director,
Witness Wise
EVOLVING TOGETHER: HOW
CONSOLIDATION IS SHAPING
A STRONGER, SMARTER
REPAIR INDUSTRY
Chris McKie, Managing Director,
Vizion Network
6 | MODERN INSURANCE

39
COLLABORATION THAT
KEEPS PACE WITH
CHANGE
Joe O’Connor, Deputy CEO, RDT
The Fraud Board
51
TIME FOR A UNIFIED APPROACH
IN CLAIMS MANAGEMENT
Bobby Gracey, Head of Counter-Fraud,
Charles Taylor
53
55
RECIPROCITY: THE ENGINE
ROOM POWERING OUR
COUNTER FRAUD CAPABILITY
Matt Gilham, Director, Whitelk
A STEADY HAND DURING
TIMES OF CHANGE: WHY
INDEPENDENCE STILL MATTERS
Anthony Byrne, Operations Director,
RGI Solutions
KEEPING AHEAD IN THE FRAUD
ARMS RACE
Ben Fletcher, Director of Fraud and
Financial Crime, Allianz UK
RIDING THE WAVES
OF CHANGE: HOW
COLLABORATION IS SHAPING
THE FUTURE OF FRAUD
FIGHTING
Ursula Jallow, Director, the Insurance
Fraud Bureau
42 MASS
Motor Insurance Taskforce Faces
Criticism for Lack of Balance
Sue Brown, Chair, Motor Accident
Solicitors Society (MASS)
MGAA
Navigating A Bright Future: Key Trends
Shaping H2 2025
Mike Keating, Ceo, Managing General
Agents’ Association (MGAA)
43 CHO
Four Is Good for Competition
Anthony Hughes, CEO and Chair, The
Credit Hire Organisation (CHO)
FOIL
Unlocking Competitive Advantage
Through Neurodiversity
Mark Huxley, Founder of Huxley
Advisory, Forum of Insurance Lawyers
(FOIL)
45 CII
Customers Want Recognition and
Certainty from Their Insurers
Dr Matthew Connell, Director, Policy
and Public Affairs, Chartered Insurance
Institute (CII)
MODERN INSURANCE | 7

THE FUTURE
OF M&A
IN THE UK
INSURANCE
MARKET
After years of record-breaking deal
activity, the UK insurance M&A
landscape is entering a new era of
recalibration. As valuations remain
strong but deal volumes cool, 2025
has brought a shift from “growth at
any cost” to disciplined, data-driven
acquisition strategies. Private equity,
backed consolidators and strategic
buyers alike are now reassessing risk,
focusing on integration, and prioritising
sustainable synergies over scale alone.
In this interview, Jeremy Riley,
Managing Director, Insurance M&A at
FTI Consulting, discusses how market
maturity, changing rate environments,
and evolving investor expectations are
reshaping deal structures, and where
he sees the next wave of opportunities
emerging across the insurance value
chain.
Q. What’s your current take on M&A activity within the
insurance sector, and how have shifts in deal flow and
valuations over the past year reshaped how buyers are
assessing and structuring acquisitions today?
A. We’re currently seeing significant market recalibration.
Following record-breaking years in 2023 and 2024, the UK
insurance distribution market cooled considerably this year.
As of mid-2025, deal volumes were approximately 30% below
the same period in 2024, making this potentially one of the
quietest periods in the past five years. This is not a collapse;
it reflects the maturity of the UK insurance brokerage market,
which has undergone consolidation over the last two decades.
In the UK insurance brokerage sector, the reduced number of
sizeable, actionable targets has made it increasingly difficult
for financial sponsors and large insurance platforms to meet
their growth objectives. The old “growth at any cost” mindset
that relied on multiple arbitrages has shifted towards a more
disciplined approach. Leading consolidators are now asking
tougher questions around strategic fit, integration challenges
and realistic synergies. Investors and large platforms are
focusing on completing integrations to position themselves
for higher valuations at exit. Historically, the ten most active
buyers have accounted for roughly 60% of UK transactions.
However, by mid-2025, several of these serial acquirers had
announced few, if any, new UK deals. They’re taking a step
back to digest and consolidate previous acquisitions and to
focus on other regions in Continental Europe.
Large, high-quality, well-integrated insurance brokerage
platforms continue to command premium multiples. Following
StonePoint Capital’s investment in Ardonagh at the end of
2024, reportedly at 17x PF adjusted EBITDA, GTCR announced
in May 2025 the acquisition of JMG Group for no less than
18x PF adjusted EBITDA. Distribution platforms with proven
integration capabilities, centralised operations and strong
organic growth are achieving multiples 1.5 to 1.8 times higher
than more fragmented competitors.
In the insurance carrier market, a number of the largest players
have already changed hands in 2025, likely reflecting efforts
to deploy increased capacity following several years of hard

FEATURES
market conditions, strong underwriting profits and investment
yields. Non-life insurance carriers continue to command the
highest P/B multiples, as illustrated by Inigo’s acquisition by
Radiant at 1.5x P/B. Large life insurers and pension funds have
traded at an average of 1.0x P/B, with Athora’s acquisition of
PIC notably standing out at an estimated 1.1 to 1.3x P/B.
Structurally, we are seeing, and expect to see, an acceleration
in how deals are approached and structured, reflecting the
market’s maturity and the size of available targets. Buyers are
increasingly turning to alternative acquisition mechanisms
such as co-investments or continuation vehicles. This trend
is particularly evident as PE-backed consolidation platforms
reach the end of fund timelines and need to extend holding
periods while providing liquidity to existing investors. This was
seen with McGill & Partners and Warburg Pincus at the end of
2024. In addition, buyers are prioritising integration planning
during diligence rather than delaying it until after deals close.
It is important to note that while deal flows have normalised
from unsustainable highs, valuations remain robust for quality
assets.
Q. In your view, which macro or sectoral risks are most
underappreciated today by buyers and sellers, and how
would you advise mitigating them during diligence or
structuring?
A. The rate environment and its impact on organic growth.
Insurance distribution businesses have been riding a wave of
rising rates for several consecutive years. Their revenues and
EBITDA figures have been driven by premium increases rather
than new clients. However, we are now entering a softening
cycle. The Global Insurance Market Index showed rates have
declined for five consecutive quarters through Q3 2025.
Despite this, many deals are still at risk of going to market
based on EBITDA figures that reflect peak-cycle conditions.
As rates soften and commission income compresses, current
valuations will appear unrealistic. To calculate normalised
EBITDA projections that strip out rate inflation and account
for various softening scenarios, buyers should stress-test
financial models for a potential decline in average revenue
over the next three years.
PE concentration risk. The insurance distribution sector is
experiencing unprecedented PE ownership. According to
FTI Consulting’s 2024 European Insurance M&A Barometer
Report, there were 437 PE-backed transactions across
Europe in 2024 alone, and over 200 in the first half of 2025—
representing more than half of all M&A deal activity for the
year. Many of these funds are approaching the end of their
investment periods and will need to exit. When multiple PEbacked
brokers enter the market simultaneously, it could flood
supply and depress valuations across the industry. In addition,
if a major platform exits at a disappointing multiple, it may
reset market assumptions for all other PE-backed businesses.
Sellers expecting generous exit multiples may face a rude
awakening that leads them to postpone the sale of their
business. There was a recent example of this in the UK
insurance distribution market. A sale process was launched
in early 2025, initially targeting private equity buyers before
being extended to strategic bidders. The process was pulled
when the group didn’t reach the desired valuation.
Q. When you advise clients on “deal readiness”, what pretransaction
planning steps (e.g. data readiness, synergies
modelling, integration playbooks) differentiate successful
buyers from the rest?
A. Successful buyers tend to excel in the following areas:
Choice of advisors: They engage market, operational and
pre-deal due diligence experts with sector-specific knowledge
who can stress-test assumptions with real market data rather
than relying on generalist M&A advisors.
The old
“growth at any cost”
mindset that relied
on multiple arbitrages
has shifted towards
a more disciplined
approach
Sector understanding: They have a deep understanding of
market dynamics specific to the target’s sector. This enables
them to model synergies with precision, identify risks early
and anticipate post-close execution issues.
Data readiness: By regularly checking data quality and
monitoring the market, they can spot serious data issues
during due diligence that directly influence expected
synergies and valuation decisions.
Integration planning: They start preparing for integration
well before exclusivity through methodical planning and
rigorous analysis to identify critical drivers that will influence
synergy success and strengthen confidence in execution.
Communication: They have well-defined communication
plans and initiatives to engage the target company’s
employees both before and after the acquisition.
Q. How should insurers or financial services firms structure
their balance sheets and capital base now (in 2025) to be
optimally positioned for opportunistic M&A or consolidation
in 2026?
A. We are entering a period where financial distress and
strategic repositioning will create a buyer’s market. The
reinsurance market is growing, and Fitch predicts this
trajectory will continue in 2026, with reinsurance capital
reaching record levels. For insurers, this creates opportunities
to transfer risk and free up capital without diluting returns on
equity.
For brokers and MGAs, the financial situation is different but
equally important. Many PE-backed consolidation platforms
are carrying significant debt from aggressive acquisition
programmes. Businesses with strong balance sheets will
have a competitive advantage when sellers prioritise deal
certainty. Sellers are likely to accept lower multiples from
well-capitalised buyers who can close deals quickly without
relying on additional financing.
The worst position is having capital tied up in illiquid
investments that cannot be easily sold when an opportunity
emerges. Where possible, shift to shorter-term assets,
accepting lower returns for better access to capital, and
secure committed acquisition and debt facilities from banks
before they are needed.
Sellers who plan to remain independent should focus on
building their financial resilience by maintaining strong
capital ratios above regulatory requirements, demonstrating
organic growth and considering bringing in minority investors
such as family offices and insurance-focused private credit
funds that can provide permanent capital without pushing for
a quick exit.
MODERN INSURANCE | 9

JUDGING
UNDERWAY
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Once again, the solution is detailed validation of each synergy
category. When EBITDA bridges remain uncertain, tie a portion
of the payment to achieving specific synergies after closing.
Renegotiating the purchase price downward to reflect realistic
projections is preferable to closing at inflated valuations and
struggling to explain synergy shortfalls to investors later.
Q. What role does data and analytics play in post-merger
integration (PMI) success in the insurance context, and how
do you ensure the integration captures value “on day one”?
A. Data and analytics play a critical role in post-merger
success for insurance entities. Data literacy provides newly
combined entities with a competitive advantage across areas
such as risk monitoring, pricing, and customer experience
management. These gains often follow careful testing and
model updates, as each legacy entity’s data was created
in different business contexts and therefore carries distinct
information.
Robust data governance and strategy can support the new
organisation by preserving and improving data quality and
efficiency. However, to reap the benefits of full integration,
it is important to separate back-office integration from the
identification of new opportunities to combine data, which
works best if carried out in a clean-room environment.
Q. With so many deals stalling or being renegotiated in the
current climate, what warning signs or “red flags” do you
see most often in mid-process transactions, and how do you
help clients course-correct?
A. Management team misalignment or retention risks can be
significant. For example, a founding partner who previously
agreed to stay through the transition but plans to retire within
18 months, or a top-producing underwriter or broker who is
already in talks with a competitor, creates substantial risk. In
broker acquisitions especially, the business often depends on
relationships. If key people walk, revenue follows.
Red flags include vague or defensive responses about
future roles and pay structures. Solutions typically include
retention bonuses, performance-linked earnouts and honest
conversations about post-acquisition expectations. If a seller
wants to exit completely from a relationship-dependent
business, it is not necessarily a deal-breaker, but the valuation
must reflect the risk of customer attrition.
Declining financial performance during diligence: When
revenues begin to fall or margins shrink during the evaluation
period, buyers need to reconsider their interest and valuation
despite the time and fees invested. They must assess whether
the opportunity still makes sense given current financial
performance and consider the downside scenario if the
negative trend continues. This often leads to a readjustment
of the valuation, more aggressive earnout structures, or
walking away entirely.
Unrealistic valuation expectations: Sellers sometimes anchor
their price to competitor multiples despite significant
differences in size, profitability and profile. The course
correction requires detailed valuation analysis showing how
the target compares to recent comparable transactions
across key metrics. This sometimes leads to a repriced deal
but often reveals there is no price both parties would accept.
Q. Looking ahead to 2026, which sub-segments (e.g.
specialty insurance, insurtech, captive/alternative risk,
reinsurance) do you see as ripe for M&A, and what strategic
theses will underpin successful deals in those areas?
A. Insurance MGAs and specialty lines brokers will remain an
M&A hotspot for strategic buyers and PE-backed platforms
seeking expansion through acquisition. The traditional rollup
of regional firms for scale is losing momentum, replaced
by thematic consolidation around specific risk verticals and
complementary capabilities.
Buyers now target firms with proprietary data, analytical
tools or access to niche markets that can be leveraged across
broader platforms. An MGA with advanced risk-modelling in
a specialist industry, or a broker in a niche sector, becomes
highly valuable to a platform seeking diversification and
pricing sophistication. The focus is shifting from cost-cutting to
revenue growth and capability enhancement.
Private equity investors are broadening their focus across the
insurance value chain, moving beyond distribution into claims
management, loss adjusting and adjacent services. The UK and
Continental Europe offer strong consolidation potential, with
several PE-backed claims platforms quietly initiating roll-ups.
As these investments near the five-year mark, more exits are
being explored. For instance, Charles Taylor has reportedly
appointed advisors for a sale process, potentially signalling
a new phase of sector consolidation or a merger that could
create one of the largest claims management platforms in the
region.
M&A activity across insurance service providers has already
risen, with over 50 transactions announced in the first half of
2025. This benefits both PE firms deploying “dry powder” and
strategic acquirers strengthening competitive positioning.
Carrier and reinsurance M&A is also gaining pace after years
of limited activity. Major recent deals include Radian’s $1.7bn
acquisition of Inigo, Skyward’s $555m purchase of Apollo
Group, Brookfield’s £2.4bn acquisition of JUST, Sompo’s
$3.5bn acquisition of Aspen, Ageas’s £1.3bn acquisition of
Esure, and Aviva’s £3.7bn acquisition of DLG.
After six years of hard market conditions and strong
underwriting profits, insurers have built significant capital.
As markets soften and organic growth slows, this capital is
increasingly being channelled into M&A to unlock synergies,
combine complementary capabilities, and enhance profitability.
Jeremy Riley,
Managing Director,
Insurance M&A
at FTI Consulting
The common pattern is insufficient alignment early in the
process. Deals that proceed smoothly are those where
expectations are rigorously discussed before entering
exclusive negotiations and where transparency prevails.
EBITDA projections: Pro forma EBITDA bridges built on
unrealistic assumptions are a common red flag during midprocess
transactions. Deal teams often create projections
anchored to cost synergies or revenue uplifts that lack
rigorous support and deteriorate upon closer scrutiny during
diligence.
MODERN INSURANCE | 11

INTERVIEWS
CHALLENGING
THE WAY THINGS
HAVE ALWAYS
BEEN DONE
When it comes to mergers and acquisitions, we
knew QuestGates would be a great company
to talk to. Their story isn’t just about growth,
it’s about how to do it the right way. From their
beginnings as a small specialist loss adjusting
firm to becoming one of the UK’s leading
independent businesses in the field, QuestGates
has built its success on people, purpose, and a
clear sense of identity.
We were keen to hear about their journey in
M&A: how they choose who to partner with, how
they blend cultures, and how they’ve managed
to grow without losing what makes them
different.
Because for QuestGates, acquisitions aren’t
simply about scale, they’re about strengthening
expertise, investing in talent, and protecting
a culture that values integrity, innovation, and
collaboration above all else.
From day one, our strategy at Questgates has been to provide
specialist claims-related services where innovation, technical
expertise, and market-leading service levels are the USP, rather
than the lowest price or the ability to handle large volumes of
low-value claims. This focused approach has shaped a business
that is, in many ways, unique and enables us to provide these
services nationally and globally via our partnership with the vrs
global loss adjusting organisation.
I believe QuestGates is unique, both in terms of our service
offering and culture. We have a very wide client base and,
whilst the nature of our services means that we are not always
a client’s largest supplier in terms of overall spend and/or
volume of claims handled, we are considered a key supplier in
so far as the level of insurer indemnity spend is concerned.
Growth has primarily been organic and through over 20
acquisitions, with the majority having revenues of between
£1 million and £3 million. In the early days of the business,
acquisitions were primarily focused on widening our
geographic coverage, with Amedeo and Rossiters historically
serving Scotland and Ireland respectively, and filling our needs
in those countries. However, as the business has matured,
we have increasingly looked to widen our service offering,
providing all of our services in-house rather than via third-party
partnerships or subcontract relationships. In doing so, we have
always looked to add businesses that provide services not
exclusively related to insurance claims, but those offering wider
services which enable us to retain resources and better serve
our clients’ needs during surge events. Examples of this are
the acquisitions of Structural Surveys and Ramsay McMichael,
who provide structural engineering and surveying services
respectively. The benefits of this model have been illustrated by
our ability to handle an increased volume of subsidence claims
where others did not have the capacity. Using subcontractors
can cause quality control issues and misalignment with insurer
expectations. By keeping the work in-house, engineers are
spread across a wide variety of cases, allowing us to uphold
high standards by recruiting and retaining the best individuals.
Prior to completing an acquisition, we place a lot of emphasis
on culture and ensuring that both staff and clients of the target
companies would support the transaction. This means that we
generally knew the business beforehand, have used them as
a supplier, or they have been recommended by a client. We
always talk to staff and clients and have not proceeded where
there has been any reluctance from either. As a result, it is
rare for us to lose any staff following an acquisition, and we
regularly increase the volume of work provided by a particular
client once they become part of the QuestGates group. In some
instances, we have initially only acquired part of the equity in
the target company. For example, Hyperion (a global specialist
in sport, entertainment, and leisure claims) and Rossiters
(Ireland), following a period of acclimatisation, all asked to
become part of the wider group.
In developing services, it is important that we listen to our
clients’ needs. We then either acquire or develop services
that are flexible and meet these needs. All of the acquisitions
have added capacity, expertise, services, and clients, but by
diversifying (whilst ensuring that the services are consistent
with our business’s values and strategy) we have increasingly
been able to cross-sell our services. Many of our services have
been developed in-house, although they may be strengthened
by acquisitions, motor being a good example. We have always
provided these services, but our capacity was increased by
the acquisitions of TSS, All UK, and CMA, whilst the recent
MODERN INSURANCE | 13

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Our growth has continued with no impact on our culture, whilst
Equistone have introduced a CFO and non-executive director
who have added substantially to our expertise, both appointed
with our involvement.
acquisitions of Brownsword and Toppings have added forensic
accounting, credit hire, and surveillance to the breadth of
motor services we are able to offer.
We have responded to requests from our clients to provide
the likes of agricultural adjusting, where we now have an
established team, along with legal services. What began as
the acquisition of QCH Legal, a very small niche practice,
and the recruitment of Jason Spencer, formerly of Crawford
Law (although we made it very clear to him that we were not
interested in replicating their volume business model), has
allowed us to establish a standalone legal practice regulated
by the SRA. Solely via recruitment, we now have around 50
specialists providing fraud, recovery, and policy interpretation
services, and we are hopeful of completing an acquisition
shortly which will further strengthen our legal expertise.
Communication and flexibility are key. Whilst we put
considerable effort and research into the companies we
acquire and ensure that there is a cultural fit and desire from
both staff (both the acquired company’s employees and
our own) and clients, there is no ‘one size fits all’ approach
to successfully integrating new acquisitions. We have learnt
that timescales can vary, that people do not generally like
change, and that even the smallest companies have processes,
individuals, or technology which can benefit the wider group.
The fact that we are an owner-managed business is a clear
factor in our ability to retain staff, build trust, and move
towards integration. Although inevitably some decide it is not
for them, we only ask that they give us time before reaching
any conclusion. All of our staff can be shareholders, we
regularly consult with staff groups, value their contribution,
and have bonus systems that reward staff for the level of their
contribution.
In 2023, after 20 years of trading, it was clear that we needed
to consider how we wanted to finance and structure the
business going forward. Whilst we were open to considering
all options, we were adamant that this would not change
our ownership model, cultural identity, or strategic direction.
Following discussions with numerous potential investors,
supported by careful referencing and client consultation, we
eventually agreed an investment from Equistone Partners
Europe, a partner-led business that understood our culture and
ambitions. Importantly, Equistone are a minority shareholder
with no ability to become a majority and are contractually a
long-term investor. Vitally (and most private equity houses
were not prepared to entertain this), the investment does not
involve the use of any debt. Twelve months on, we are seeing
the benefit of choosing the right partner and ensuring that the
basis of the investment is correct, and the strategy clear and
understood by everyone. We have been able to reward the
original investors and put in place a robust financial structure.
The UK loss adjusting market is dominated by a very small
number of US-based global businesses whose operating models
are very different to ours, in that whilst they often provide
specialist claims services, they are predominantly focused
on meeting insurers’ volume requirements, which inevitably
requires pricing that delivers a low margin. In our view, insurers
will increasingly have less requirement for these solutions
due to the rise of automation and AI. Whilst we use and are
investing heavily in technology, our services will always require
an element of human involvement and interaction, particularly
in high-value, complex, or sensitive claims. Our role as the UK
and Ireland partner in vrs enables us to provide services on a
global basis, but the vrs partners’ business plan mirrors our own
in being focused on specialist claims services.
There is a need, even in household claims, where there are
large or technical claims and where vulnerable customers need
our approach, as evidenced by the Which? magazine super
complaint, for services that are customer-focused. However, in
the same way that we have acquired many of the companies
known for their specialist expertise and high levels of service
delivery, the vrs partners are coming together (Adene, for
example, now own most of the European partners as well as
those in Singapore and Australia, working very closely with us),
which will enable us to continue to meet our clients’ developing
needs.
So, what about the future? Looking ahead, it will be more of the
same. We will remain owner-managed and continue to look to
add further services where we see a genuine need from clients,
whether this be organically or through acquisition. However,
we will not lose our focus on delivering high levels of customer
service in specialist technical areas, listening, responding, and
reflecting our clients’ developing needs. To achieve this, we
will focus on recruiting, developing, and retaining the best
individuals in the industry.
Brokers and MGAs inevitably demand high levels of service and
flexibility in the type of solutions provided, and we work closely
with BIBA and the CII claims community board to develop
innovative services to support them and the wider industry.
Our longstanding operation of the BIBA valuation facility for
over ten years and the development of our broker charter are
examples of what can be achieved in this respect. It is now
almost 20 years since QuestGates became the first niche loss
adjusting company to win an award at the British Insurance
Awards for our response to environmental claims, and we
consider that our future success is heavily dependent on more
of the same: to continue to disrupt, challenge outdated models,
and not be content to simply accept the way things have
historically been done.
Chris Hall,
Chief Executive of QuestGates
MODERN INSURANCE | 15

The Global Insurtech Awards have returned this year, once again
shining a spotlight on the creativity and innovation driving the
ever-evolving global insurtech community. As pioneering products
and services continue to reshape the insurance landscape, we are
proud to celebrate those who are challenging tradition and pushing
the boundaries of what’s possible in insurance technology around
the world.
This year, the calibre of entries we received was truly outstanding
- a testament to the passion, ingenuity, and progress happening
across our industry. We’d like to extend a huge thank you to our
incredible panel of judges, whose expertise, time, and support were
invaluable in helping us recognise this year’s deserving winners.
The team at Modern Insurance Magazine are once again delighted to
announce our exceptional award winners, with heartfelt thanks to our
valued sponsor, Digilog UK, for their continued support.
To register your interest in the Global Insurtech Awards 2026,
please visit www.globalinsurtechawards.com
16 | MODERN INSURANCE

Best Customer
Engagement Software
Winner: Insurtec.com
Most Promising Start up
Winner: QuickFacts
“We’re honoured that QuickFacts has been named
“Most Promising Start-Up” at the Global InsurTech
Awards. This recognition reflects our team’s
commitment to helping brokerages work smarter
by bringing carrier information, appetites, and
workflows together in one place. It’s a powerful signal
that the market sees the momentum behind what
we’re building, and it gives us fresh energy to keep
innovating for our partners. A big thank-you to our
clients, carriers and the broader InsurTech community
for supporting us.”
Highly Commended: Armilla AI
Best Underwriting
Technology
Winner: DigitalOwl
“Winning “Best Underwriting Technology” is an
incredible honor and a proud milestone for our team.
It validates our mission to transform how underwriters
review and interpret medical data, combining AI
innovation with deep industry expertise. At DigitalOwl,
we’re focused on giving underwriters tools that think
like they do, built and refined by professionals who
understand the challenges firsthand. This recognition
reinforces our commitment to empowering carriers
with technology they can trust to deliver faster, more
accurate, and more consistent decisions across every
case.”
“Winning the Best Customer Engagement Software
award is an incredible recognition of our team’s
commitment to redefining customer experience in
insurance. My Portal was built to give customers
complete control over their policies through smart
automation, intuitive design, and instant access —
and it’s now the UK’s highest-rated insurance app.
This award validates the innovation and hard work
behind transforming a traditionally complex process
into a simple, self-service digital journey that benefits
both customers and brokers alike. We’re proud to be
helping shape the future of insurtech.”
Joint Highly Commended: KGiSL Technologies
Private Limited
“Impressive recognitions for our products —
NSure, Marvel.ai, and Converse.CX — reaffirm their
versatility and truly global relevance,” says Prassadh
Shanmugam, Director & CEO, KGiSL. Revolutionizing
the way businesses operate, each KGiSL product is
built on a deep understanding of our customers’ real
and industry-wide challenges, guided by a clear vision
to create meaningful impact. Engineered to deliver
maximum value with minimal complexity, our solutions
are among the most efficient and transformative in
their segments, helping the industry work smarter,
faster, and with greater empathy.”
Joint Highly Commended: DICEUS
“Being recognized at the Global InsurTech Awards
confirms the value we bring to insurers and their
customers. The Super App was built to solve real
problems — to simplify insurance journeys, reduce
churn, and improve customer experience. We’ll keep
listening, improving, and delivering tools that truly
make a difference.” — Illia Pinchuk, CEO
Highly Commended: Cogitate
“This award is a great honor for the Cogitate team.
The award recognizes Cogitate’s advancements in the
industry with our embedded agentic AI, the growth of
our pre-integrated ecosystem, and the elevated user
experience we’ve designed for underwriters. Above
all, it reaffirms Cogitate’s unwavering commitment to
empowering underwriters with state-of-the-art tools
for success.”
MODERN INSURANCE | 17

Insurtech Influencer
of the Year
Winner: Epam- Eric Fenton
“Recognized as Global Insurtech Awards, Insurtech
Influencer of the Year for 2025 is significant - but it’s
not an award anyone achieves in a silo. True Influence
is the act of identifying a challenge or gap, then
translating that vision into innovation by strategically
ideating, researching, and establishing the right team
for delivery.
I am lucky enough to work alongside some of the
smartest minds here at EPAM and our partners across
the globe. This collaborative approach is precisely
how we deliver IT Servicing consistently, with
quantifiable business value for our clients.”
Highly Commended: DigitalOwl- Yuval Man
“It’s an honor to be recognized among the industry’s
top innovators. At DigitalOwl, we’ve always aimed
to lead through collaboration and transparency. By
giving insurers AI they can trust, we’re helping them
unlock new possibilities for efficiency, accuracy, and
quality in medical record reviews.” – Yuval Man, Co-
Founder and CEO”
Insurtech of the Year
Winner: Skan AI
Best Claims Processing
Software
Winner: Snapsheet
“Winning the Global Insurtech Award for Best
Claims Processing Software from Modern Insurance
Magazines reinforces Snapsheet’s mission to engineer
technology built for the way claims really work. With
intelligent automation, no-code configuration, and
an open architecture, Snapsheet empowers business
teams to run claims with efficiency, accuracy, and
control without the need for custom development or
large engineering teams. Insurers, TPAs, and MGAs
worldwide trust Snapsheet to run smarter operations,
and we’re proud to be recognized for reshaping
how claims are handled at every stage of the claims
lifecycle.”
Highly Commended: Laka
Best Data Solutions
Provider
Winner: Wisedocs
“Winning InsurTech of the Year shows that our
approach is working. We help insurance companies
understand how their teams work so they can
serve customers better. Most insurers struggle
with outdated processes that create delays and
frustration. Our platform captures real work patterns
and shows leaders where to improve. We also help
companies build better AI agents based on observing
how humans actually do the work. This award tells
us the industry values better decision-making based
on real human-work data. We’re excited to help more
insurers transform their operations and deliver for
their customers.”
Highly Commended: Simfuni
“It’s an honour to see Simfuni’s software, which
orchestrates modern insurance operations,
recognised as Highly Commended for Insurtech
of the Year. By streamlining payments and policy
servicing into a unified digital solution, we’re helping
insurers increase efficiency and customer retention.
This accolade reflects the measurable success our
clients are achieving with Simfuni’s smarter policy
administration software.
- Shaun Quincey, CEO, Simfuni”
“Winning the Best Data Solutions Provider award and
being Highly Commended for Best B2B Insurtech is
an incredible honor for Wisedocs and a testament
to our team’s dedication to innovation, integrity,
and building the future of claims intelligence. This
recognition underscores our mission to transform
how insurance carriers, legal teams, medical
professionals, and government entities manage
claims through trusted, AI-powered document
platforms and data solutions. It reflects the tangible
impact Wisedocs has made in driving efficiency,
compliance, and scalability across the claims
ecosystem and fuels our commitment to redefining
the future of data-driven claims intelligence.”
Highly Commended: Simfuni
“Being Highly Commended for Best Data Solutions
Provider affirms Simfuni’s commitment to helping
insurers unlock the full potential of their data.
By transforming fragmented legacy records into
accessible, AI-ready insights, we’re enabling insurers
to operate with greater clarity, compliance, and
confidence - turning data from a burden into a
strategic advantage.” - Shaun Quincey, CEO, Simfuni
18 | MODERN INSURANCE

Best D 2C Insurtech
Winner: Laka
Best B 2B Insurtech
Winner: Bolttech
“We’re super proud to be winners of the ‘Best D2C
Insurtech’ award. It recognises Laka’s mission to rewrite
the rules of insurance with a fairer, community-driven
approach built on transparency and trust. Our collective
model ties premiums to the real cost of claims, creating
a system that promotes fairness, shared benefit, and a
truly customer-first experience with best-in-class claims
support. This award celebrates how innovation can
transform insurance into something that people stand
with, not against.”
Highly Commended: Gigasure Services Limited
“We’re thrilled to be recognised as a leading D2C
Insurtech at the Global Insurtech Awards 2025. This
commendation reflects our mission to reimagine
travel insurance through simplicity, transparency, and
technology, empowering customers to protect their
journeys in real time, on their terms.”
Best Cloud-based Solution
Winner: Sapiens
“Winning the Best Cloud-Based Solution award at
the Global InsurTech Awards is a proud moment for
Sapiens and a reflection of our ongoing commitment
to innovation and customer success. Our cloud-based
solutions empower insurers to modernize operations,
improve agility, and deliver exceptional value to
their customers. This recognition underscores our
dedication to driving digital transformation across the
insurance ecosystem and highlights the strength of our
technology, people, and partnerships. We’re honored to
be recognized among the industry’s leading innovators
shaping the future of insurance.”
“Winning the Best B2B Insurtech award is a proud
milestone for bolttech and a testament to our vision
of connecting people with more ways to protect what
matters most. This recognition reflects the dedication
of our global team and the trust of our partners and
their customers. It strengthens our commitment
to innovation and delivering embedded insurance
solutions that make protection simple, accessible, and
relevant. This recognition drives us to create even more
innovative solutions that make protection simpler and
more meaningful for customers everywhere.” - Stephan
Tan, Chief Executive Officer, EMEA, and Group Chief
Investment Officer, bolttech
Joint Highly Commended: Wisedocs
“Winning the Best Data Solutions Provider award and
being Highly Commended for Best B2B Insurtech is an
incredible honor for Wisedocs and a testament to our
team’s dedication to innovation, integrity, and building
the future of claims intelligence. This recognition
underscores our mission to transform how insurance
carriers, legal teams, medical professionals, and
government entities manage claims through trusted,
AI-powered document platforms and data solutions.
It reflects the tangible impact Wisedocs has made in
driving efficiency, compliance, and scalability across
the claims ecosystem and fuels our commitment to
redefining the future of data-driven claims intelligence.”
Joint Highly Commended: Simfuni
“We’re proud to be Highly Commended for Best B2B
Insurtech, recognising the measurable impact of our
partnerships and what collaboration in Insurtech can
achieve. This recognition showcases how Simfuni
empowers insurers to work smarter by unifying data and
automating workflows to improve efficiency, strengthen
compliance, boost retention, and modernise the
customer experience.” - Shaun Quincey, CEO, Simfuni
Highly Commended: SAP Fioneer
“Being recognized among the best cloud-based
solutions affirms Cloud for Insurance as a modern core
platform built for agility and scale. It enables insurers to
manage core operations online while adapting to shifting
markets through business-led configuration, open
integration, and data-driven intelligence.”
MODERN INSURANCE | 19

Best Insurtech Team
Winner: Majesco
Best Embedded Insurance
Provider
Winner: Protect Group
“Majesco’s recognition as the Best InsurTech
Team of 2025 by the Global InsurTech Awards is a
powerful validation of our commitment to innovation,
collaboration, and customer success. This honor
celebrates the strength of our team who are united
by a bold vision to reshape insurance for a new
era with our AI-native and Cloud-native portfolio
of solutions, data-driven insight, and relentless
execution. It reflects how Majesco continues to push
boundaries, deliver measurable business value, and
empower insurers to adapt and thrive in a rapidly
changing market. Above all, it recognizes the passion,
commitment, and work of the Majesco team, our
customers, and partners.”
Highly Commended: Optimalex
“We are profoundly honored and we thank the Global
Insurtech Awards. This dual recognition for ‘Best
Use of Machine Learning’ and ‘Best Insurtech Team’
validates our core mission: to bring unparalleled
fairness and efficiency to insurance claims. This
award belongs to our exceptional team, customers,
and partners.”
“Winning the Best Embedded Insurance Provider
award is an incredible honour and a proud milestone
for Protect Group. This recognition celebrates our
mission to redefine what embedded protection
can be: simple, smart and customer first. Through
our Pulse Technology platform and Refund Protect
product, we’re helping Partners across travel,
hospitality, transport and ticketing deliver flexible,
data driven refund solutions that enhance customer
confidence and generate new revenue streams. This
award validates the hard work and innovation of
our global team and Partners who share our goal
of creating better, fairer experiences for travellers
worldwide.”
Highly Commended: Redbook New Zealand
“Its great to be recognised for the work we are doing
in enhancing our services and solutions across the
entire needs of our insurance customers. We currently
serve customers operating in New Zealand who are
based in the UK and Australia and RedBook operates
across the Asia Pacific including in China, Thailand,
and Australia.”
Best Global Insurance &
Insurtech Collaboration
Winner: Sprout AI
“This award recognises Sprout.ai’s commitment to
transforming claims processing through AI-powered
innovation and collaboration. Our partnership with
Scottish Widows, part of Lloyds Banking Group,
demonstrates the power automation can have –
improving accuracy, reducing processing times,
and enhancing customer care – during life’s most
difficult moments. This award validates our vision
that automation should empower people, not replace
them, and celebrates the positive change we’re
driving across the insurance industry worldwide.
Roi Amir, CEO at Sprout.ai said: “Working with
Scottish Widows we have proved that AI and
automation are not just about efficiency. The prize is
to deliver better outcomes for customers.”
Highly Commended: Duality Technologies
“We are honored to be recognized among global
leaders transforming insurance through technology.
This award celebrates the power of collaboration
and privacy-enhancing innovation in shaping a more
transparent, data-driven, and secure future for the
insurance ecosystem.”
20 | MODERN INSURANCE

Best Use of Machine
Learning
Winner: KGiSL Technologies Private Limited
Best Insurance
Management Sytstem
Winner: KGiSL Technologies Private Limited
“Impressive recognitions for our products — NSure, Marvel.ai, and Converse.CX — reaffirm their versatility and
truly global relevance,” says Prassadh Shanmugam, Director & CEO, KGiSL. Revolutionizing the way businesses
operate, each KGiSL product is built on a deep understanding of our customers’ real and industry-wide
challenges, guided by a clear vision to create meaningful impact. Engineered to deliver maximum value with
minimal complexity, our solutions are among the most efficient and transformative in their segments, helping the
industry work smarter, faster, and with greater empathy.”
Joint Highly Commended: DigitalOwl
“Being recognized for our use of machine learning
highlights the strength of our approach. We’re
committed to building AI that truly understands the
context and nuance within medical data. It’s validation
that technology built with domain expertise can truly
change the way underwriters and claims professionals
work.” – Yuval Man, Co-Founder and CEO
Highly Commended: InsuredHQ
“This recognition reflects the dedication of our team
at InsuredHQ and the trust of our customers. It
also highlights the importance of platforms like the
Global Insurtech Awards, which champion innovative
companies from smaller markets with global ambitions.
We’re proud to be part of that story.”
Joint Highly Commended: Optimalex
“We are profoundly honored and we thank the Global
Insurtech Awards. This dual recognition for ‘Best Use of
Machine Learning’ and ‘Best Insurtech Team’ validates
our core mission: to bring unparalleled fairness and
efficiency to insurance claims. This award belongs to our
exceptional team, customers, and partners.”
THE GLOBAL INSURTECH AWARDS 2025,
KINDLY SPONSORED BY DIGILOG UK!
MEDIA PARTNERS
MODERN INSURANCE | 21

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EDITORIAL BOARD
Strategic Partnerships & Digital
Agility, The New DNA of UK
Insurance
The UK insurance market in 2025 is undergoing rapid
transformation. Mergers, acquisitions, and strategic
partnerships are reshaping the sector at pace, driven by
the need for scale, digital innovation, and cost efficiency.
Beneath the headlines, a deeper shift is redefining how
insurers, partners, and customers interact for the better.
Transactional relationships are being replaced by true strategic
alliances. Today’s partnerships are built on long-term collaboration
and shared value. The “win for all” approach now underpins how
insurers and supply chain partners operate. From insurers to repairers,
tech providers to customers, success is shared across the ecosystem.
With M&A activity surging, integration planning has become critical.
Early engagement on data sharing and technology platforms is now
standard practice. It’s about more than combining businesses; it’s
about creating seamless, future-ready organisations that can adapt
quickly.
Agility has become the industry’s defining trait. Cross-functional
teams are emerging to respond to partner changes or seize
new opportunities, and this expectation extends to suppliers. At
Carpenters Group, we’re seeing increasing demand for expertise in
areas such as claims handling and support for vulnerable customers.
processes. We’re changing that fast. Today’s customers expect
seamless, self-service claims journeys with real-time updates.
Whether submitting a claim via WhatsApp at midnight or tracking
progress on their chosen device, they’re in control.
Our MyClaim App data confirms this shift in expectations, and our
in-house development teams are leading the way. It’s no surprise
that others are seeking partners to help bridge their digital capability
gaps.
But transformation isn’t just about technology; it’s about
communication. Poor communication has long been the industry’s
weakness. Now, transparency and clarity are taking centre stage.
Customers want clear, jargon-free updates and genuine visibility
of their claim’s progress. Combine that with service that balances
empathy and speed, and you have a real game-changer.
The future of insurance is collaborative, agile, and digital-first. Those
embracing these principles will thrive. Those who don’t risk being left
behind.
Simon Smith,
Director of Claims Strategy, Carpenters Group
Digital transformation sits at the heart of this evolution. At Carpenters,
our “Ask it Once” principle shapes how we design digital journeys.
For too long, customers have faced repetitive, frustrating validation
Driving a Greener
Future
Most people within the industry will be aware that Copart
acquired Hills Salvage and Recycling, now operating
as The Green Parts Specialists, in 2023. One of the key
drivers behind this acquisition was the growing demand
from insurers for cost-effective, environmentally friendly
alternatives to new vehicle parts.
We’re incredibly proud that our insurance partners have placed their
trust and confidence in us to help them achieve their Environmental,
Social and Governance (ESG) goals. The move also aligns perfectly
with our own Plan-Net-Zero sustainability strategy and the Copart
Cares ESG commitment, reflecting our shared dedication to reducing
environmental impact across every stage of the automotive lifecycle.
By integrating The Green Parts Specialists into our operations, we’re
contributing to a more circular economy within the vehicle repair
sector. Through the supply of quality-assured green parts, we’re
helping to reduce the carbon footprint associated with manufacturing
new components, while promoting the reuse and recycling of valuable
materials that might otherwise go to waste.
Our investment in this area has been significant. We’ve upgraded
infrastructure, expanded our logistics fleet, and introduced advanced
dismantling and depollution systems across our facilities. These
developments have strengthened our operational capacity, enabling
faster distribution, greater availability, and a more efficient service for
our insurance partners and their repair networks.
For insurers, the advantages are clear. Green parts are typically more
affordable than OEM equivalents and often available sooner, helping
to reduce both repair times and overall claims costs. This creates a
better experience for policyholders, who benefit from faster, more
sustainable repair solutions that maintain the highest standards of
quality and safety.
The use of green parts also supports insurers in meeting increasingly
stringent environmental regulations. Every component is traceable
and quality controlled, providing measurable data that evidences
carbon savings and reinforces a greener, more transparent claims
process.
Looking ahead, the demand for responsible, sustainable business
practices will only continue to grow. Supported by our U-Pull-It
and Cash for Cars brands, we’re proudly building a future-proof
ecosystem that strengthens Copart’s position as a market leader in
vehicle recycling and sustainable parts solutions.
Jane Pocock,
CEO, Copart UK & Ireland
MODERN INSURANCE | 23

Straightforward insurance
technology from straight
talking insurance
professionals.
Commercial Personal Niche
ParaCode is a cloud-based policy administration and
claims management software platform designed for
commercial, personal and niche insurance products
0333 444 3131
enquiries@paracode.net
paracode.net

EDITORIAL BOARD
Strategic M&A: Driving Innovation
and Integration Across the
Insurance Sector
The past few years have seen a sharp rise in mergers and
acquisitions across the insurance sector, a trend showing
no sign of slowing. As client, consumer, regulatory and
shareholder expectations evolve, insurers and suppliers
alike are under increasing pressure to deliver more value
and efficiency. Continued investment in technology,
people, service development and diversification has
become essential, with targeted M&A emerging as one of
the most effective tools to achieve this.
Many insurers, for example, have acquired InsurTech firms to
enhance their digital capabilities, streamlining claims handling,
improving communication and accelerating settlement times. These
developments require all of us to adapt, often reshaping how we
work with clients who are now part of larger, more tech-enabled
organisations. The benefits are clear: access to richer data, stronger
collaboration, greater efficiency and ultimately improved outcomes
for customers, creating opportunities for those ready to embrace
change.
The supplier landscape has evolved too. Within the claims sector,
disaster restoration firms, contractors and specialist consultants have
seen significant consolidation. This brings both opportunity and
challenge. On the one hand, combining complementary services can
deliver a “best of both worlds” model, boosting innovation, surge
capacity and service quality. However, excessive consolidation risks
reducing choice and weakening the competitive edge that drives
progress and sets industry standards.
In this environment, relationship management is more important
than ever. M&A transitions can introduce uncertainty, including
new contacts, changing models and revised SLAs. Proactive
communication, transparency and trust are key to maintaining
continuity and confidence.
At QuestGates, we have long adopted a targeted M&A strategy to
diversify and enhance our service offering. Our acquisition of Toppings,
a forensic accountancy practice specialising in Third Party Economic
loss, brought in-house expertise we previously outsourced, delivering
measurable savings and cultural alignment.
Similarly, recognising demand for end-to-end claims handling, we
acquired a small law firm in 2023. Less than two years on, that team
has grown to more than 40 legal professionals covering subrogation,
fraud and indemnity.
This evolution reflects a wider shift in expectations. Clients want fewer
handovers and greater accountability under one roof. Strategic M&A
enables that vision, driving innovation and ensuring the insurance
claims sector continues to evolve to meet changing needs.
Glen Donaldson,
Director, QuestGates
Turning Consolidation into Growth:
How M&A Is Redefining Agility in
Insurance Technology
Mergers and acquisitions are rarely just financial
transactions; they ripple across entire ecosystems,
reshaping how insurers, suppliers, and technology
partners work together. Over the past year, we’ve seen
consolidation create both opportunities and challenges,
particularly when it comes to integrating operations and
aligning priorities across newly combined organisations.
For technology providers like ParaCode, these shifts have had a clear
impact on our relationships. When two businesses come together,
they often inherit overlapping systems, siloed data, and different
approaches to product design and distribution. This complexity can
delay the very benefits that M&A is supposed to deliver, from greater
scale to more efficient operations. Increasingly, our role has been to
help insurers cut through that complexity and move forward with
platforms that are adaptable, transparent, and designed for long-term
growth.
What has changed most is the urgency. Whereas technology
modernisation might once have been treated as a multi-year
aspiration, M&A activity has made it a near-term priority.
Organisations cannot afford to spend years untangling legacy systems
if they want to retain customers, deliver consistent service, and
capture the synergies that drove the deal in the first place. We’ve seen
insurers place greater value on flexibility, choosing platforms that can
be configured quickly to align teams, products, and processes across
the new entity. That flexibility is especially important in specialist
markets, where products are more complex and cannot easily be
supported by rigid legacy systems.
The other shift has been in collaboration. M&A highlights the
interdependence of insurers, brokers, MGAs, and suppliers. Clients
increasingly expect their partners to work together seamlessly,
regardless of corporate boundaries. That has meant building stronger
integrations, opening up data flows, and ensuring that our platform
supports resilience across the supply chain. For us, collaboration now
goes beyond a technical task, it is about helping firms maintain trust
and continuity through periods of change.
Ultimately, consolidation in the market has accelerated a broader
trend: the recognition that agility, rather than scale alone, is what
drives success. By focusing on technology that can evolve as
businesses evolve, insurers can turn M&A from a source of disruption
into a catalyst for growth.
Will Prest,
Product Manager, ParaCode
MODERN INSURANCE | 25

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EDITORIAL BOARD
Exploring the Impact of Integration and
A Shifting Market on Insurers, Suppliers,
And Partners
Following a record-breaking year of mergers and
acquisitions (M&A) activity in 2024, there has been
a notable slowdown, with a recent Marshberry blog
quoting year-to-date volumes down 38% in comparison.
This lull invites many in the sector to reflect on how
M&A trends are reshaping relationships with insurers,
suppliers, and broader ecosystem partners.
Additionally, private equity investors, who have fuelled much of the
M&A activity, are increasingly cautious amid economic uncertainty,
inflation, and higher staff costs. This caution reverberates through
the ecosystem, as capital providers’ concerns about exit values and
deal multiples influence not only acquisitions, but also how portfolio
companies approach partnerships and supplier contracts.
For me, leading several complex business integrations this year
has offered firsthand insight into the profound effects of these
trends. Integrating multiple distinct organisations, each with its
own culture, systems, and people, has underscored that M&A is far
more than an operational exercise; it’s fundamentally about people
and relationships. Moving teams from competitors to collaborators
requires trust, transparency, and cultural alignment. This process
directly translates to how we interact with external partners: mutual
understanding and a shared sense of purpose have never been more
critical.
empowering teams and enhancing the broker experience, realising
these benefits is often dependent on a small number of key suppliers
who determine the pace of change. This dependency can introduce
delays, as suppliers juggle competing priorities, extending project
timescales and slowing our ability to capture the full potential of
integration.
As an MGA, maintaining strong relationships with both capacity
providers and brokers is crucial throughout the M&A cycle. My
experience has been very positive; adding specialist teams and
businesses has strengthened these partnerships, enabling deeper and
more sustainable connections.
For me, success in the M&A era is no longer measured solely by deal
timelines or financial metrics, but by the strength of collaborative
relationships across the ecosystem. Embedding cultural cohesion
within teams and extending that ethos to external partners, has
become a strategic priority. Whether working with insurers, suppliers,
or technology vendors, the imperative is clear: build something better
together. M&A may have posed the years greatest challenge, but it
has also highlighted that genuine partnership is the biggest reward.
Jaime Swindle,
CEO – UK Commercial MGA, GEO Underwriting Services
The practical operational challenges of aligning systems, from
underwriting platforms to IT infrastructure, has forced us to reassess
how we work with suppliers. While integration brings significant
opportunities to simplify systems and invest in new technologies,
Customer Expectations
In 2025 And Beyond
Today’s insurance customers expect the same seamless,
digitally enhanced experiences offered by leading tech
companies. The bar has been raised, and policyholders
now demand a fully integrated omnichannel journey
when contacting their insurer, with the flexibility
to switch effortlessly between channels to access
information, advice and service.
This shift is driving transformation across the insurance industry. As
the claims partner to many major UK insurers, FMG has invested
heavily in developing digital solutions that meet these evolving
expectations.
However, while digital innovation drives efficiency and scalability,
we’re not handing over every decision to technology. With nearly four
decades of expertise, our people remain firmly in the driving seat.
We Still Answer the Phone
Policyholders can opt for a digital journey, reporting their claim online
at their convenience via FMG ENOL, then tracking and managing it
through FMG Connect, our self-serve omnichannel platform. Around
45% of customers choose this option. Yet many still prefer to speak
to a person, particularly at the point of notification. Our highly trained
claims experts are available 24/7 to handle every aspect of the claim
on their behalf. It’s all about delivering a richer experience and giving
every customer the choice.
We Won’t Automate Everything
Automation is not the answer to every process – nor do customers
want it to be. Our approach focuses on identifying where technology
adds the greatest value and where human intervention makes the
real difference. For example, our intelligent ENOL reporting can
detect a multi-vehicle incident missing third-party details, prompting
a colleague to step in and ensure data accuracy. Likewise, ENOL is
unavailable for customers stranded at the roadside, where immediate
assistance and welfare checks are essential.
We’re Still the Experts
At FMG, technology amplifies the capabilities of our people. By
removing repetitive tasks, it allows our claims handlers to focus on
what they do best – listening, advising, solving complex queries and
supporting customers. This balance not only enhances the customer
experience but also boosts employee engagement and satisfaction.
FMG will continue investing in digital solutions to meet evolving
expectations, while empowering our people to deliver the personal,
expert service our customers value most.
John Keeton,
Operations Director, FMG
MODERN INSURANCE | 27

Driving towards
safe, secure,
and sustainable
motoring
thatcham.org

EDITORIAL BOARD
How Collaboration and Data
Are Reshaping Motor Insurance
At Thatcham Research, we have seen firsthand how
collaboration across the industry is reshaping the way we
work together. Our approach has evolved significantly in
recent years, particularly through our ongoing strategic
data distribution arrangement with LexisNexis Risk
Solutions.
This collaboration ensures that the automotive risk intelligence we
provide is accessible, consistent and actionable across the entire
ecosystem. We have moved from simply supplying data to actively
integrating it into the workflows that matter most at the point of
quote.
One of the biggest challenges this year has been communicating
through data the widening gap between vehicle complexity and repair
capability. Modern vehicles are evolving faster than the industry’s
ability to repair them efficiently. This has become a major priority,
driving our focus on repairability as a cornerstone of insurability. With
UK repair costs now reaching around £1.6 billion per quarter, it is clear
that unless the root causes are addressed, this trend will continue.
Customer expectations have also changed. Drivers now expect
transparency around why some vehicles cost more to insure than
others. They want to understand total cost of ownership before
making a purchase. This shift has major implications for insurers, who
increasingly need granular, real-time data to deliver accurate quotes
and manage claims effectively.
If there were one industry practice I could change, it would be
to embed insurability considerations at the vehicle design stage,
rather than as an afterthought. The Vehicle Risk Rating system we
launched in September 2024 gives manufacturers clear metrics
around performance, damageability, repairability, safety and security.
Designing with these factors in mind benefits manufacturers, insurers
and customers alike.
Our investment in cloud data infrastructure and AI capabilities
has also had a major impact. By combining traditional automotive
expertise with advanced analytics, we are providing predictive
insights that allow insurers to understand and forecast risks with
greater accuracy.
Market shifts, including our collaboration with LexisNexis, have
strengthened relationships across the ecosystem. We are now moving
toward a model where data flows seamlessly between stakeholders,
improving consistency and the accuracy of risk assessment.
Sustainability is another key focus. By weighting repairability
more heavily within our Vehicle Risk Rating system, we encourage
manufacturers to design vehicles that can be repaired efficiently.
This reduces waste, extends vehicle lifecycles and supports true
sustainability in practice.
The insurance industry has always depended on accurate risk
assessment. What is changing now is our collective ability to capture,
share and analyse the data that makes those assessments truly
reliable.
Jonathan Hewett,
Chief Executive, Thatcham Research
Navigating Change: Enabling
Operational Resilience and Profitable
Growth Through Decision Intelligence
Insurance is undergoing a profound shift. A softer market
and rising risk complexity is met with intensified M&A
activity and evolving customer expectations, where
speed, transparency, and empathy are essential. This has
reshaped the insurance ecosystem and led to fragmented
operational decision environments – forcing them to
rethink growth strategies whilst maintain a sharp focus
on robust operating models.
In a soft market, insurance companies face a paradox: grow premiums
and market share while protecting margins. This pressure drives
distribution teams to push for faster decisions and often leads
to higher-risk underwriting strategies. External factors such as
inflation, climate risk, and geopolitical instability further complicate
underwriting and increase the complexity of claims prediction and
prevention.
Post-merger integration adds another layer of complexity.
Organisations must quickly unify operational cultures and disparate
systems to avoid incomplete and siloed information, which can
perpetuate risk silos. Many fail to avoid the “silent killer of efficiency”
- duplicated effort, inconsistent risk selection decisions, and missed
growth opportunities due to an incomplete view of the portfolio.
In this environment, traditional data analytics and AI decision-making
models remain insufficient and the industry must adapt to move away
from its reliance on fragmented data during customer decisioning
processes.
In an omni-channel ecosystem of brokers, MGAs, and agents, it’s
crucial to provide clarity and alignment across lines of business. To
enable precise decision-making and deliver personalised experiences,
fast claims resolution, and underwriting quality, the industry requires
a joined up “contextual fabric”.
This contextual fabric leverages modern AI and advanced analytics to
reveal hidden relationships among customers, producers, risks, and
assets. It grounds AI models and supports operational teams. This
trusted, unified view of truth, bypasses complex data architectures
and legacy systems with a dynamic, 360-degree view of people,
places, businesses, and risks. The outcome is a resilient and agile
insurance organisation capable of navigating tomorrow’s change and
improving millions of decisions daily
Proven to enhance operating resilience through 10x faster presubmission
triage and risk assessment it has improved loss ratios by
over 3% through perpetual portfolio management. It has also turned
claims from a cost centre to a strategic growth enabler, uncovering
up to 50% more growth opportunities and delivering 75% automation
in complex claims segmentation.
As insurers look ahead, the imperative is clear: build an agile
context-centric business that can shape the future of insurance
decision-making.
Alex Johnson,
VP Insurance - Global industry lead, Quantexa
MODERN INSURANCE | 29

DIFFERENT

EDITORIAL BOARD
Inventing
the Next Chapter
In every market, in any sector of industry, there is
a constant upheaval of clients, suppliers, products,
services and people. In addition, the pace of technology
driven change is accelerating almost on a daily basis and
the consequences for clients, suppliers and customers is
substantial.
These developments are not problems to be solved – but
opportunities for growth, development, and for finding new solutions
to what might have seemed like intransigent problems. Instead of
worrying about the potential negatives and challenges of M&A we
need to be embracing the new roads to success that will invariably
arise.
Of course, there may be some initial setbacks. The loss of a major
client that is the subject of an acquisition and where the new owners
have alternative supply arrangements they do not want to change. Or
market consolidation with fewer players may initially seem an obstacle
to be surmounted with a host of maybe financial and resource issues
to be faced.
But, in truth, this type of development is nothing new and agile
suppliers need to be attuned to these constantly shifting structures
that will surely place new demands on the business but which, in turn,
should then drive new innovations, initiatives and insights. Without
this type of constructive change we would never have seen some of
the amazing opportunities that are beginning to open up in the use of
AI to achieve more, with less, and at a reduced cost for our business
and that of our clients.
At e2e the Innovations Unit brings together the best brains in the
business plus, where appropriate, external input, to make sure that
we are always scanning the horizon for the next sector development.
The impact of M&A is always high on our agenda, but we view these
changes with excitement at the doors that may then open.
In the next 6 months – as in the last 6 - e2e will be introducing a raft
of new solutions, technologies, services and pricing mechanisms with
many of these having been driven by the needs of a changing client
base plus, of course, the demands of regulators who, are constantly
seeking improvements in outcomes driven by the Consumer Duty.
New partnerships on the horizon promise exciting times ahead
and the demands of an ever-changing marketplace will certainly
bring new challenges, but the watchwords of future success for any
supplier are flexibility, agility, and creativity.
Mia Constable,
Head of Business Development, e2e Total Loss Claims Management
Cracking the Code of Spoken
English: How Claimbotics is
Transforming Voice in Claims
‘English’ has been the biggest challenge we’ve faced
this year. We’ve been busy developing Claimbotics,
our voicebot for the claims industry. While text-based
automation, such as email, WhatsApp, and SMS, has
become second nature and delivers smooth, consistent
results, voice has tested us in new ways.
Spoken English is messy. Regional accents, background noise, filler
words like “erm” and “you know”, and the quirks of the language itself
all make it harder for a machine to process than neatly typed text. We
don’t talk in structured sentences; we pause, restart, and sometimes
change track halfway through. That unpredictability has been the
toughest nut to crack.
But far from being discouraging, it has been a hugely positive driver
for us. It has forced us to think differently, training our models to focus
less on perfect transcription and more on capturing intent, even when
the words are not exact. We have also adopted a more pragmatic
outlook. Sometimes, “good enough” really is good enough. If a bot
understands the customer well enough to complete the task, that is a
success, even if the transcript is not word-perfect.
It has also reinforced the importance of Human-in-the-Loop design.
The goal is not to replace people, but to enhance them. Where voice
technology struggles, there is no ego; we simply ensure a seamless
handover, keeping the experience smooth and frustration-free.
What excites me most is that we feel on the cusp of a breakthrough.
Each iteration has taken us closer to a voicebot that not only works
but works well enough to make a meaningful difference in real claims
journeys, from FNOL to accounts chasing. In some use cases, “well
enough” is already creating value, saving time, reducing costs, and
giving customers a faster, easier experience 24/7.
As we head towards 2026, this challenge has shaped my priorities
around pragmatism and progress: keep pushing forward with
innovation, balance ambition with usability, and accept that small,
incremental wins often pave the way for bigger leaps. Claimbotics
has been a tricky project, not technically but in terms of English
articulation. However, I am more confident than ever that voice is
about to come of age in our industry.
Nik Ellis,
Director, Laird Assessors
MODERN INSURANCE | 31

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EDITORIAL BOARD
Collaboration in a Changing
Market: M&A as a Catalyst for
Higher Standards
The UK motor insurance market is evolving at pace.
Consolidation via merger and acquisition activity, among
insurers, brokers and across the wider supply chain, is
redefining how the industry works together to deliver for
customers. Where once partnerships were built around
transactional relationships, today they are now grounded
in integration, shared standards, and a commitment to
creating one seamless customer journey.
Consolidation in the Insurer and Broker market is often seen as a
challenge for claims suppliers but in today’s market, it’s becoming
a catalyst for improvement. As businesses merge or expand,
comparisons are inevitable: service levels, technology platforms,
quality standards, and customer outcomes are measured side-by-side.
This “healthy comparison” effect is raising expectations across the
board. The result is competitive benchmarking that drives innovation,
consistency, and hopefully the selection of supply partners not just on
cost, but on shared values and performance standards.
That has been our experience at Auxillis - collaboration has
always been at the heart of our partner relationships – operational
cooperation has targeted efficiency: aligning systems, streamlining
processes, and reducing duplication. But as M&A activity accelerates,
the focus has shifted toward true integration that isn’t just technical
but cultural as well. Auxillis has been investing in digital capability,
prioritising transparency and communication so that, in strategic
partnership with Insurers, we look to operate as one ecosystem for
the customer’s benefit.
This means shared data environments, integrated claims journeys,
and unified service standards that remove the friction between
insurer, broker, and supplier. By working in ever closer collaboration,
insurers can ensure consistent oversight of outcomes, data accuracy,
and fair value so that customers not only receive the service they’re
promised but that it’s measured and improved continuously.
We strongly believe that where Auxillis and our insurer partners have
co-designed processes, shared insights, and jointly own customer
outcomes we are moving to set a new benchmark for the market.
In a period of consolidation, this approach ensures that scale doesn’t
dilute service quality it enhances it. The result is a more connected
claims journey, higher regulatory confidence, and rising standards
that benefit everyone, most importantly, the customer.
Phillip Witterick,
Commercial Director, Auxillis
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EDITORIAL BOARD
Rising Vehicle Theft Drives
Innovation in Motor Insurance
Recovery
One of the foremost challenges confronting the motor
insurance industry this year has been the sustained
escalation in motor vehicle theft. According to Office
for National Statistics (ONS) and related sources, the
number of vehicles stolen in the UK in the year ending
March 2025 was 121,825, compared with 70,216 in the
year ending March 2015, an increase of 74% over the
decade.
These trends have material implications across the claims and
underwriting landscape. The ABI reported that motor insurers paid
out a record £11.7 billion in motor insurance claims in 2024, much of
this surge is attributed to rising theft rates.
These figures aren’t just statistics, they represent disrupted lives,
strained insurer resources, and a growing urgency for coordinated
recovery efforts.
At NWVA, we’ve responded by sharpening our focus on SVR (Stolen
Vehicle Recovery). Our priority is clear: to be a trusted partner in
returning assets swiftly and securely, whether to the customer or the
insurer releasing pressure on overstretched Police resources.
And we’ve seen the impact firsthand.
Just last month, our team recovered a stolen Hyundai Tuscan within
48 hours of the theft, thanks to seamless coordination with the insurer
it was secured and recovered for inspection, before returning to the
customer. The owner’s relief was palpable, and the insurer avoided a
full payout.
Earlier this summer, we reunited a family with their stolen car just
days before their planned holiday. That recovery wasn’t just logistical,
it was emotional.
There is of course a commercial benefit. Through our direct
relationships with insurers, (meaning we get to the right person first
time) we’ve been able to reduce storage charges and streamline the
“next steps” whether that is repair or salvage.
As we come to the latter part of the year, our focus remains on
the impact we have made in SVR with plans to increase our reach
geographically, as well as streamline the insurer interaction through
MI and technology.
It’s a common thought that the “bad guys” are always one step ahead
and if this is true our plan is certainly to speed up the process of
“catching up”.
Mick Jennings,
CEO, Nationwide Vehicle Assistance (NWVA)
Strategic Acquisitions Driving
Customer-Centric Growth in
Vehicle Glass Services
A long-term acquisition strategy has been central
to National Windscreens’ growth and innovation
for the past seven years, and remains a key pillar in
strengthening our position as a market leader in the UK
vehicle glass repair and replacement sector.
Cary Group, the Sweden-based European specialist in sustainable
vehicle glass repair and replacement, began its UK expansion in
2018 through the purchase of a significant part of the National
Windscreens network. Full consolidation of the brand was completed
in August 2025, marking the start of a new phase focused on targeted
acquisitions that enhance coverage, scale, and customer experience.
Our acquisition approach is driven by what we can give to a business,
not just what we can gain. Expanding capacity in key regions and
ensuring complementary customer profiles are important, but true
success comes from enabling each acquired business, and its people,
to grow and thrive within our wider organisation.
Retention and integration of people are at the heart of this approach.
By valuing local expertise and industry experience, National
Windscreens ensures that each acquisition strengthens its collective
capability. We take the time to understand every aspect of the
business so that we retain its value.
Integration requires careful alignment of cultures, systems, and
technologies. Success is ultimately measured through customer
satisfaction, reflected in National Windscreens’ market-leading Net
Promoter Score (NPS) of 81.5 in September, with every acquisition in
the past 18 months matching or exceeding this benchmark.
The evolving vehicle market continues to shape acquisition priorities.
Advanced Driver Assistance Systems (ADAS) recalibration is now a
core service area, and National Windscreens’ continued investment
in physical workshop infrastructure ensures it remains ahead of
demand. Larger-capacity workshops provide the static calibration
facilities essential for ADAS-equipped vehicles, while offering
customers comfortable, convenient environments with Wi-Fi and
refreshments.
Interestingly, we’re seeing a growing number of customers
choosing to visit our workshops rather than opt for mobile services.
Convenience, comfort, and confidence in the quality of calibration
work are driving this shift.”
Looking ahead, National Windscreens’ acquisition strategy will
continue to evolve alongside changing vehicle technologies and
customer expectations. Drawing on European best practice within
Cary Group, the company remains committed to expanding its
capability and position as the leading UK vehicle glass brand.
James Reynolds,
Commercial and Finance Director, National Windscreens
and Cary UK
MODERN INSURANCE | 35

EDITORIAL BOARD
Driving Efficiency and Integration
in Modern Claims Management
As the insurance sector continues to evolve through
consolidation, rising operational costs, and shifting
client expectations, claims organisations face mounting
pressure to deliver faster and more efficient services
without compromising quality. Two key trends are
driving significant transformation: the growing reliance
on outsourcing and the need for end-to-end service
delivery that reduces friction and accelerates the claims
lifecycle.
At the heart of this transformation is the ability to anticipate needs
and proactively support the entire claims process. By delivering fully
packaged claims with witness and financial evidence in a single,
streamlined service touchpoint, we have seen marked improvements
in accuracy, reliability, and overall claims resolution times. This
integrated approach minimises the typical back-and-forth between
parties, reduces administrative burden, and enhances confidence in
the evidence presented. It also allows insurers and legal partners to
move quickly and decisively, with all essential information in hand
from the outset.
In parallel, an increasing number of firms are turning to outsourced
solutions to manage complexity and scale operations amid rising
labour costs. Outsourcing is no longer simply a cost-cutting measure.
It is becoming a strategic tool to drive efficiency and resilience in a
landscape of mergers and acquisitions. Recognising this shift, we
have adapted our operational model to act as a trusted extension
of internal claims teams, offering flexible, high-quality support that
seamlessly integrates with our clients’ systems and workflows.
This approach means being more than a supplier. It involves aligning
with the strategic goals of our partners, understanding their
operational pressures, and delivering consistent value at every stage.
Whether through out-of-hours statement taking, rapid turnaround
times, innovative financial evidence solutions, or enhanced digital
capabilities, our focus is on removing obstacles and enabling faster
decisions.
The impact has been significant. By combining anticipatory
service with operational agility, we have helped partners reduce
claims lifecycles, improve customer satisfaction, and build scalable
processes capable of weathering industry change.
Looking ahead, these trends will intensify. Firms that embrace
proactive service delivery and smart outsourcing will be best
positioned to navigate the growing complexities of the insurance
landscape. Efficiency, integration, and partnership are no longer
optional; they are essential to staying competitive and delivering
exceptional outcomes.
Gilly Daniels,
Managing Director, Witness Wise
Evolving Together: How
Consolidation is Shaping a
Stronger, Smarter Repair Industry
2025 has been a year of significant transformation across
both the insurance and automotive repair industries, with
consolidation once again a major driving force. While
this may feel disruptive, it’s far from unprecedented.
The industry has weathered several consolidation phases before, each
bringing opportunity for both established players and ambitious new
entrants.
History tells us there are always winners and losers in such cycles, but
also a degree of predictability in the pattern.
At Vizion, we’ve built our business to evolve in step with these
changes. I often say we’re privileged to hold a uniquely horizontal
view of the industry. Our partnerships span vehicle manufacturers,
insurers, repairers, customers, and the wider supply chain. This
breadth of perspective helps insulate us, and our partners, from the
turbulence consolidation can bring, allowing us to adapt quickly and
emerge stronger.
Perhaps the most notable shift in recent years has been the evolution
of our partnerships. What was once collaboration driven largely by
volume, cost, and customer metrics has matured into something far
more strategic. Today, the focus lies on data integration, efficient
outsourcing, shared governance, and truly joined-up operations,
where all parties operate as extensions of one another.
and shared understanding of future risks. Together, we’re tackling
the industry’s toughest challenges, from material shortages to
misinformation around repair costs and the growing complexity of EV
technology.
Sustainability remains central to this journey. We played a founding
role in ARIES (the Accident Repair Industry Environmental Standard),
helping fill the gap left by PAS 2060. In under six months, over 800
repairers have committed to measurable carbon management under
ARIES, proof of the industry’s determination to make sustainability
real. A “greener claim” now extends far beyond the repair itself,
becoming as vital as connected platforms, real-time communication,
and exceptional customer care.
If there’s one challenge we must address urgently, it’s recruitment.
The industry faces a serious skills crisis that only collective action can
solve. At Vizion, we’re tackling this through expanded apprenticeship
programmes and continued support for AutoRaise, the charity
bridging the skills divide. A thriving, skilled, and diverse repair sector
underpins every success we achieve together.
Chris McKie,
CEO, Vizion Network Ltd
Through the Vizion Collective, our group of businesses now spans
the full bodyshop repair ecosystem. This gives insurer partners
unparalleled insight and continuity, enabling better long-term planning
MODERN INSURANCE | 37

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EDITORIAL BOARD
Collaboration That Keeps
Pace with Change
For us, consolidation isn’t unusual -
it’s part of how this market evolves.
Many of our clients, particularly
MGAs, are used to adapting as
portfolios grow, merge, or change
direction. The interesting part isn’t
the M&A activity itself, but how
collaboration keeps pace with it.
At RDT, we’ve always approached partnerships
with flexibility in mind. The insurance
ecosystem is built on movement - new books
of business, new partners, new suppliers - and
our role is to make those transitions as smooth
as possible. Collaboration means ensuring that
technology and relationships can flex quickly,
without disruption to operations or customers.
Over time, we’ve seen an even greater
emphasis on interoperability and speed. When
clients bring new teams, systems, or partners
into the fold, they need technology that works
with what’s already there - not against it. Our
ACE workflow platform is a good example of
that flexibility. It enables insurers and MGAs
to connect new processes, suppliers, and data
streams without rebuilding their infrastructure,
keeping information flowing and operations
steady.
And with the advent of AI, that integration
is becoming even easier. Intelligent tools can
now transform unstructured content - like
emails, PDFs, and claims documents - into
structured, usable data. This doesn’t just cut
down manual effort; it means that information
from different parties can be standardised and
shared instantly, allowing systems and teams to
connect faster and with far less friction.
That ability to connect without friction helps
our clients move faster, deliver a consistent
claims experience, and protect business
momentum during periods of change.
But effective collaboration goes beyond
technology. The strongest partnerships are built
on openness and shared intent. We’ve seen that
in the way clients co-develop enhancements
with us - shaping new features that reflect
how their businesses are evolving. The same
applies to our Intelligent Document Processing
tools, where joint insight has helped refine
automation that works in the real world, not
just in theory.
So, while the market keeps shifting, our
approach remains steady: stay adaptable,
stay connected, and keep the customer
experience at the heart of every decision. M&A
might change the structure of the industry,
but it doesn’t change the fundamentals of
good collaboration - trust, transparency, and
technology that helps people work better
together.
Joe O’Connor,
Deputy CEO, RDT
MODERN INSURANCE | 39

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ASSOCIATIONS ASSEMBLE
ASSOCIATIONS
ASSEMBLE
Welcome to Associations Assemble!
Modern Insurance Magazine is delighted to be joined by some of the leading
names from our industry associations, organisations and institutes!
This issue voices the thoughts of:
Sue Brown,
Chair, Motor Accident
Solicitors Society (MASS)
Mike Keating,
CEO, Managing General Agents’
Association (MGAA)
Dr Matthew Connell,
Director, Policy and Public Affairs,
Chartered Insurance Institute
(CII)
Anthony Hughes,
CEO and Chair, The Credit Hire
Organisation (CHO)
Mark Huxley,
Founder of Huxley Advisory
Forum of Insurance Lawyers
(FOIL)
MODERN INSURANCE | 41

ASSOCIATIONS ASSEMBLE
Sue Brown
Title: Chair
Association: Motor Accident Solicitors Society
(MASS)
Motor Insurance Taskforce
Faces Criticism for Lack
of Balance
Motorists across the UK continue to face record-high
insurance premiums. Yet the government body set up
to investigate the issue, the Motor Insurance Taskforce,
has operated almost entirely in the shadows since its
creation last year.
The Taskforce was launched following criticism from former
Transport Secretary Louise Haigh and is co-chaired by the
Department for Transport and HM Treasury. Its membership
spans Whitehall, including the Home Office, Ministry of Justice,
Department for Business and Trade, Department for Education,
and key regulators such as the Financial Conduct Authority and
Competition and Markets Authority. Ministers or representatives
from Scotland, Wales, and Northern Ireland have also been
involved.
A stakeholder panel was created to provide external input.
Insurance representatives included the ABI, BIBA, the MIB, the
Society of Motor Manufacturers and Traders, and the price
comparator Compare the Market. Consumer groups Which?
and Citizens Advice also participated.
Claimant organisations representing road traffic accident victims
were notably absent. This omission raises serious concerns about
the balance and fairness of the process.
The Taskforce’s report is expected this autumn, possibly timed
with the November Budget. For claimant representatives, the
process echoes George Osborne’s 2015 Budget reforms, which
were sold as cost-cutting measures for motorists but ultimately
favoured insurers and limited access to justice for many injured
people.
Recent FCA publications heighten these concerns. One
report concluded the reforms reduced premiums by £15 in
2022-23, despite evidence that average premiums have not
fallen as promised. Another report issued this summer leaned
heavily towards insurer-friendly recommendations with little
consideration of the impact on injured claimants.
By excluding claimant organisations, the Taskforce risks
producing recommendations that lack balance and credibility.
While Which? and Citizens Advice are important consumer
advocates, neither has the specialist expertise in personal injury
law to scrutinise insurer arguments in this highly technical area
Government scrutiny of insurance costs is welcome and overdue.
However, the lack of transparency, participant imbalance, and
likely insurer-favourable outcomes could seriously undermine
the credibility of its conclusions. The Taskforce risks repeating
past mistakes, penalising accident victims while insurers face
minimal accountability and motorists see little
real change. Access to justice may once
again be eroded.
Mike Keating
Title: CEO
Association: Managing General Agents’
Association (MGAA)
Navigating a Bright Future: Key
Trends Shaping H2 2025
As we move into the second half of 2025, the MGA and
regional broker community faces a pivotal moment. A
challenging economic year is evolving rapidly, shaped
by regulatory change, technological acceleration,
shifting SME needs, and deeper collaboration across
the insurance value chain. For those ready to adapt
and invest in meaningful partnerships, the future looks
bright. What are the key developments to watch?
From a regulatory perspective, the FCA’s consultation paper
CP25/12 – Simplifying Insurance – is a step towards a modern
framework. The MGAA welcomed its focus on innovation
and consumer outcomes but stressed the need for broader
reform. MGAs are underwriters, product designers, and market
innovators, not intermediaries. Treating them as brokers
creates duplicative governance, unclear co-manufacturing
responsibilities, and disproportionate compliance burdens.
Without recognition of their distinct role, innovation and MGA–
insurer collaboration can be stifled.
The regional insurance market remains a key growth driver.
MGAs are increasingly valued as specialist, responsive partners
to the UK’s regional brokers. While multinational brokers
dominate global GWP, regional brokers are closest to the SME
base, which accounts for over 16 million jobs and more than
half of private sector turnover. In areas such as Leeds, brokers
seek MGAs offering fast turnaround, region-specific cover, and
decision-making autonomy. MGAs with local insight and strong
service standards are meeting this demand, delivering speed,
expertise, and flexibility.
Sustainable growth depends on strong supplier relationships.
From claims handling to digital infrastructure, the MGA supplier
ecosystem is now a strategic enabler of performance and
reputation. Leading MGAs combine tech-enabled supply chains
with partners who deliver faster decision-making, consistent
claims outcomes, smarter data capture, and scalable digital
processes. These capabilities are crucial to meet regulatory
expectations while serving brokers and policyholders effectively.
Agility is now fundamental. MGAs that adapt confidently
to regulatory shifts, deploy new technology, deepen broker
relationships, and optimise claims will lead the market. The
MGAA’s 2025 Annual Conference reinforced this: MGAs are not
just surviving—they are driving innovation. With support from
regulators, suppliers, and capacity partners, they will continue
delivering outstanding outcomes for regional brokers and their
SME clients.
The road ahead may be complex, but with collaboration,
purpose, and agility, it is also rewarding. The future is bright, and
MGAs are ready to navigate it.
42 | MODERN INSURANCE

ASSOCIATIONS ASSEMBLE
Anthony Hughes
Title: CEO and Chair
Association: The Credit Hire Organisation
(CHO)
Four Is Good for
Competition
In the 2020s, regulators seem increasingly attracted to
foursomes. Ahem, excuse me; this is Modern Insurance
Magazine, a sober publication which does not enjoy a
reputation for erotic writing, so let me explain.
Scanning across many UK industry sectors, four appears to be
the optimum number of players, at least in the view of industry
regulators; four satisfies the basic requirements for a competitive
market and makes the industry sector much less onerous to
regulate. Four major retail banks, four supermarkets, four telcos,
and so forth.
Is personal lines insurance going down the same path? In recent
months, deals for Atlanta (Markerstudy), DLG (Aviva) and Esure
(Ageas) have created fewer, bigger scale players. The number of
underwriters for home and motor has shrunk accordingly, and
critics argue that the market for motor and home is becoming
less competitive as a result.
Scale is potentially bad news for suppliers. They need to scale
up themselves (look at loss adjusting for example), to ensure
they meet the onerous criteria needed to service these huge
businesses, which leaves many smaller operators struggling to
access capital or capability to invest in the kit needed to handle
mega accounts.
It also becomes harder for big insurers to do business with
small brokers, because the regulatory hoops they need to jump
through make that trading relationship uneconomic.
It’s no surprise that broking has been in the grip of a wave of
consolidation for the last decade or more. Big brokers have the
muscle to deal with insurers on equal terms. Small ones don’t,
and neither do they have the resources to deal with the tsunami
of regulatory bureaucracy.
Market consolidation is an unstoppable force, even in science
fiction: In Disney’s latest take on the Alien Series, Alien Earth
(highly recommend by the way), governmental institutions
have been replaced by five mega corporations: Weyland Yutani,
Prodigy, Lynch and Threshold.
I suspect all of them will be providing their citizens with
insurance facilities.
Mark Huxley
Title: Founder of Huxley Advisory
Association: Forum of Insurance Lawyers
(FOIL)
Unlocking Competitive
Advantage Through
Neurodiversity
Neurodiversity offers a powerful strategic advantage,
particularly in precision-driven, risk-focused sectors
like insurance, legal, and professional services.
Organisations that successfully tap into this talent gain
a competitive edge through sharper problem-solving
and innovative, out-of-the-box thinking. The unique
cognitive strengths of neurodivergent professionals,
such as deep pattern recognition, superior attention to
detail, and sustained, intense focus, deliver immense
commercial value where precision and deep analytical
skills are vital.
The business case for dedicated inclusion is clear, and several
organizations demonstrate good inclusive behaviour by actively
optimising for these skills. For instance, Direct Line Group
established a Neuro-Diversity Network which led to an autistic
employee rethinking a struggling process. This creative approach
resulted in a substantial rise in the audit pass rate, moving
it from 66% to 91%. This commitment moves beyond simple
compliance to truly harnessing specialised talent, resulting in
direct commercial gains. A key component of this success lies in
creating a psychologically safe environment where individuals
feel comfortable to unmask their differences.
Such environments are built on specific, measurable good
behaviours and proactive strategies. This begins with routine
education, such as regular neurodiversity training for managers
to foster inclusive communication and equip teams to support
varied needs. Organisations must encourage openness by
highlighting neurodivergent role models and providing clear
support pathways to build trust. Proactively implementing
adjustments, like offering flexible working arrangements, quiet
sensory spaces, or preferring written over verbal instructions,
improves overall accessibility for everyone. Key industry alliances,
such as the Group for Autism, Insurance, Investment and
Neurodiversity (GAIN), further drive change by encouraging
firms to commit to inclusivity benchmarks and systemic process
reviews.
This must be embedded as inclusive practices in the hiring
process. Instead of traditional interviews that can disadvantage
some candidates, try using skills-based assessments to
accurately measure capabilities, ensuring access to a wider talent
pool. By shifting from reactive compliance to these intentional,
actionable strategies, we can champion neurodiversity, unlock
innovation, strengthen team resilience, and build truly adaptive,
forward-looking workforces.
MODERN INSURANCE | 43

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ASSOCIATIONS ASSEMBLE
Dr Matthew Connell
Title: Director, Policy and Public Affairs
Association: Chartered Insurance Institute (CII)
Customers Want
Recognition and
Certainty from Their
Insurers
Customers are calling for change in two key areas
of insurance above all others: they want their loyalty
to be recognised, and they want greater certainty
about what their insurance covers. These priorities
consistently emerge through the Chartered Insurance
Institute’s (CII) regular Trust Index research, which
surveys 1,000 consumers and 1,000 small and
medium-sized enterprises (SMEs) several times
each year.
The Trust Index measures the gap between what customers
expect from insurers and what they experience in reality. This
‘expectation gap’ is explored across a range of areas, including
feedback from consumers and SMEs who have made a claim
in the past year. Participants are asked to rate the importance
of specific service statements and then assess how well their
insurer performs against them. The results provide valuable
insight into where the insurance industry is falling short and
where trust can be strengthened.
For consumers, the largest expectation gap relates to loyalty.
Many feel that insurers fail to take their loyalty into account
when setting renewal prices, particularly after a claim. One of
the clearest examples is the statement: “My provider takes my
loyalty into account when calculating renewal quotes after I
have claimed.” Long-standing customers who have gone years
without making a claim believe that a single incident should not
erase years of responsible behaviour. They want to see their
continued loyalty acknowledged through fairer pricing and
renewal practices.
When thinking about certainty, consumers are less focused on
the clarity of policy documents or the technical details of cover.
What matters most is how their insurer responds when problems
arise. A significant expectation gap exists around the statement,
“My insurer handled my complaint professionally and fairly.” This
suggests that consumers equate certainty with trust that they
will be treated with fairness and respect if they need to make a
complaint.
For SMEs, loyalty is a smaller concern, but clarity is crucial.
When making a claim, business owners want clear and timely
communication. Large expectation gaps are found around
statements such as, “My questions are answered quickly and
clearly,” and “The policy documents are easy to read, with little
or no small print.”
Ultimately, insurers that reward loyalty and provide transparent,
consistent communication will be best placed to close the
expectation gap. Recognition and certainty remain the
foundation of lasting customer satisfaction.
MODERN INSURANCE | 45

WHEN INDUSTRIES
MERGE, SUPPLY CHAINS
REALIGN
At Laird, we combine expert analysis with adaptable solutions to
deliver clarity in every stage of the claims process.
laird-assessors.com

BEYOND THE
Bottom Line
Estimates by analysts far more qualified
than me suggest that only 70% of mergers/
acquisitions reap the anticipated benefits for
all the stakeholders. In other words, an awful
lot of things can go pear-shaped to derail the
ambitions of all those involved.
But it doesn’t have to be that way.
By way of a background picture, we know that in 2024, the
UK insurance market recorded 152 M&A transactions totalling
£4.1 billion, matching 2023 levels. Within this total the personal
lines sector (including motor and home) showed a record 29
deals or 19% of the total.
Since then, we have had completions by Aviva and Direct
Line, Ageas and Esure/Saga, plus a raft of new activities in the
broker market. The appetite to grow via acquisition is clearly
considerable and for some is the short cut to greater success.
But it can also be the quickest way to lose value and achieve
nothing but heartache and disappointment.
Culture Eats Strategy for Breakfast
Let me tell you a story…
A few years ago, a claims management company with a stellar
reputation acquired a niche operation that filled a hole in their
own offer to potential clients. The business being acquired was
strong, profitable, and set for further growth. The combination
of the two should have been a great strategic success.
But it wasn’t.
Within a couple of years, the company being acquired had all
but disappeared, their brand became fairly inconsequential,
and the potential strength of the new market offer seemed to
make little difference to the success of either entity.
A familiar tale of corporate failure that, to my eyes, foundered
on a failure to recognise that the cultural gap between the
entities was as wide as the Grand Canyon. The smaller business
being acquired was a relative newcomer, entrepreneurial,
flexible, agile, and built on the success of committed staff.
The much larger business had been around for years, was
driven by ‘process’, regulation, financial targets to satisfy
external shareholders, and was far more attuned to the world
of corporate governance.
A successful marriage between them was not impossible
and the fault did not lie with the underlying strategy. Instead,
there was insufficient consideration during the acquisition due
diligence to understand what, exactly, was being bought and,
culturally speaking, who was doing the buying.
A business is so much more than clients, P&L, IT, products or
services.
It is the bundling together of all these elements, and more,
that creates a living, breathing creature that will be difficult to
change. In 70% of cases the integration plan works but in the
remaining 30% it is most often the absence of just such a plan
and one that needs to be built on a real appreciation of the
underlying cultural ethos of both businesses – and not just the
enterprise being purchased.
Money Doesn’t Make the World Go Round
In my very real example shown here, the failure lay in believing
that the purchase was simple a financial transaction. A deal
that would acquire a stream of profits, assets, and clients –
hopefully at a price that reflects ‘value’.
But I would take a pretty good guess that the due diligence
did not include the potential marriage of vision, values,
and styles of both businesses. It may not have included
an understanding of decision-making, communications,
leadership style, behavioural characteristics, formal and
informal networking.
But even if all this work is done and the acquisition proceeds
there is then phase 2 of the whole project. How do we bring
it all together in such a way as to have a new business and
cultural model that emerges from the marriage of the two
enterprises?
Too often I see one business (the acquirer) are seeking
to impose themselves on the target enterprise but to the
detriment of both parties. Can it really be true that the
acquirer always knows best? Even if the target is not the best
run enterprise and is failing to exploit its potential this surely
cannot mean that they know nothing. That their potential
contribution should be ignored?
So, the solution to this conundrum is for all the leadership of
the acquirer to start from the premise that all the parties have
something to offer. No-one has a monopoly of knowledge
and – above all else – plan for a joint future that exploits all the
best elements of both parties.
Not an easy ask – but the
rewards are worth it!
A Personal Opinion-
Eddie Longworth,
CEO, e2e Total Loss Claims
Management
MODERN INSURANCE | 47

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by claims professionals
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activity calendar for 2025 contact
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FEATURES
Global Care, Local Expertise:
How AP Companies Redefines
Medical Assistance
AP Companies Invests in London
Base as It Sets Sights on Expansion
Global medical assistance specialist, AP
Companies, has established a new strategic base
in the City of London to strengthen relationships
with existing partners and to spearhead future
growth in the general insurance, London and
Lloyd’s markets.
Founded in 1997, AP Companies is an international
provider of medical assistance, cost containment,
and third-party administration (TPA) services to the
international private medical insurance (IPMI), travel,
maritime, and aviation sectors. With 250 employees
around the globe its network of over 125,000 contracted
medical providers deliver seamless access to quality
healthcare and reliable cost management for both
emergency and planned medical care solutions.
The new London office will be headed up by Lizzie
MacLehose, who has over 15 years’ experience in
international medical assistance. She will oversee an
experienced team of six, the office serving as the
company’s new commercial and strategic centre.
Operational support will continue from its existing site in
Beckenham, ensuring seamless delivery across all services.
Lizzie MacLehose, Head of Development and Co-operation
Worldwide, AP Companies, commented:
“Establishing a dedicated operation in the heart of the
City of London will enable us to better support our
existing clients across the medical, travel, and maritime
insurance sectors and to develop new business in the
London insurance market.
“Being close to the head offices of major insurers,
reinsurers, and brokers is a deliberate strategic step and
will drive faster decision-making, help foster deeper
collaboration, and anticipate the evolving needs of this
critical market. The London insurance and maritime
community is built on relationships, expertise, and faceto-face
interaction, and this new office puts us right at its
centre.”
The medical assistance provider has built a strong
reputation over the last decade for combining its global
medical expertise with digital innovation. Its AP Direct
App and AP Global Health Cards for example enable
cashless access to medical care worldwide, streamlined
claims processes, and help insurers meet conduct risk
obligations.
Natalya Butakova, CEO, AP Companies added:
“This is a major strategic move for our business and
underlines our long-term commitment to the London
market and our ambition to be the partner of choice for
insurers, reinsurers, and brokers seeking tailored, effective,
and innovative medical assistance solutions.”
Natalya Butakova, CEO of AP Companies, reveals
how her team combines cutting-edge technology,
global reach, and personalised care to deliver fast,
reliable medical assistance anywhere in the world,
from remote offshore sites to major cities, while
keeping costs under control.
Q. What makes AP Companies stand out in medical
assistance and cost containment?
A. We combine global coverage with strong local
expertise. Our network of trusted healthcare providers
enables high-quality assistance while managing costs.
What sets us apart is our balance of advanced technology
and a personal approach. Digital tools ensure efficiency
and transparency, while we remain focused on the human
side of every case.
Q. What challenges do you face supporting people in
remote or high-risk locations?
A. Limited medical infrastructure, communication
barriers, and time sensitivity are key challenges. Where no
hospital or specialist is nearby, we arrange telemedicine
consultations, evacuations, or on-site support through our
network. Reliable communication can be difficult offshore,
so we use secure digital and satellite tools. Skilled teams
trained in complex logistics ensure patient safety.
Q. How does technology improve the help you provide?
A. Telemedicine connects patients with doctors 24/7
for early diagnosis and care. Data analytics guide
improvements by tracking outcomes, costs, and provider
performance. Our Global Health Cost Index benchmarks
fair pricing, and our Automated Cost Containment Tool
streamlines claims—making care more transparent and
responsive.
Q. How do you ensure your global network meets your
standards?
A. Every provider is strictly vetted and regularly reviewed
through audits, case assessments, and feedback. Our
in-house medical team collaborates with treating doctors
to ensure evidence-based, cost-effective, and culturally
appropriate care worldwide.
Q. What are your growth goals and how do you ensure
responsible expansion?
A. We aim to strengthen our global presence while
maintaining personalised service. Growth includes
expanding offices, digital investment, and insurer
partnerships. Responsible expansion means compliance,
training, and technology that enhances human expertise—
keeping us agile, reliable, and patient-focused.
Q. Why open an office in the City of London?
A. London is a global hub for insurance and assistance.
Our Gracechurch Street office brings us closer to partners,
supports collaboration, and provides insight on market
trends—helping us expand healthcare access effectively.
MODERN INSURANCE | 49

THE
FRAUD
BOARD
MODERN INSURANCE | 50

TIME FOR A
UNIFIED APPROACH
IN CLAIMS
MANAGEMENT
Fraud remains one of the biggest challenges facing the
insurance industry. While technology and investigative
techniques have advanced, the fight against fraud is
still fragmented. To protect genuine customers, reduce
loss ratios and safeguard industry reputation, anti-fraud
measures must play a central role in claims management.
Today, fraud detection is inconsistent across insurers. This
imbalance allows large numbers of fraudulent claims to go
unnoticed, even though companies often handle similar
portfolios. Automated fraud detection has helped to some extent,
but without widespread adoption, its benefits are limited to those
insurers with the necessary technology budgets.
The financial stakes are significant. In 2023, the ABI reported over
£1.1 billion in fraudulent claims – a 4% increase from the previous
year – with motor insurance accounting for nearly half a billion
pounds. These costs are ultimately borne by honest customers
through higher premiums and contribute to the sector’s
reputational challenges.
A key issue is the absence of minimum industry standards. Each
insurer applies its own mix of technologies and investigative
approaches, leaving the sector uneven. Some businesses are five
to seven years behind their peers, yet all operate in the same
market. This inconsistency creates vulnerabilities that fraudsters
exploit, moving from one insurer to another in search of weaker
controls.
The solution lies in collaboration. The industry must establish
baseline standards for fraud prevention and detection, creating
a common framework across insurers and supply chains. A
harmonised approach would unlock new opportunities, including
meaningful use of big data, enabling more effective identification
and deterrence of fraudulent activity.
While technology is crucial, improvements can also come from
smarter processes. Some insurers lack robust screening at
underwriting, allowing known fraudsters to enter their books.
Simple due diligence and better data sharing could prevent
this. New fraud trends increasingly involve sophisticated fake
documents, including AI-generated content, which require the
right tools and training to identify and mitigate.
At Charles Taylor, we see fraud in everyday claims and complex,
high-value losses alike. Fraud often begins opportunistically
before evolving into repeat or professional behaviours wherever
vulnerabilities exist. This is why a proactive, preventative strategy
embedding fraud detection throughout the claims process is
essential.
Insurance fraud is not a peripheral issue. It undermines customer
trust, damages profitability and inflates premiums. The industry
cannot afford fragmented
approaches. A harmonised,
collaborative strategy will protect
insurers and restore confidence
across the sector.
THE FRAUD BOARD
RECIPROCITY:
THE ENGINE ROOM
POWERING OUR
COUNTER FRAUD
CAPABILITY
Collaboration has long been our industry’s superpower
against insurance fraud. We’ve built the habit of sharing
data and intelligence, joining the dots and coordinating
collective action. We’ve shown that reciprocity works in
practice and overcomes the otherwise limited visibility
of any single insurer.
This culture did not appear overnight. Insurance has led the way
in sharing data and intelligence. From the early days of claims
sharing via CUE and MIAFTR, to pioneering fraud and device-data
consortia. From adopting the National Intelligence Model to share
intelligence safely and lawfully, to the operation of the IFB as the
industry data and intelligence hub with its databases of proven
and suspect fraud. Each step strengthened the same underlying
principle: contribute and benefit.
Fraud keeps changing. So must we. And through 2025 we have
seen a renewed emphasis on cooperation and reciprocity to
ensure our collective capability keeps pace with evolving threats.
This is epitomised by the IFB’s delivery of their Broadening the
Membership programme, part of their strategy over the last three
years. This modernised the membership structure to drive crossindustry
reciprocity, enhanced member capability and extended
IFB membership across product lines and the wider insurer
ecosystem.
To me, three areas really stand out:
Modernised membership documents, placing reciprocity at the
centre of collaboration and enabling the next level of data and
intelligence sharing.
Simpler, yet still robust rules for members, improving protection of
shared data while enabling timely use across the full membership.
A wider, connected membership base, strengthening overall
sharing and the ecosystem’s ability to support insurers.
With this programme delivered, the IFB’s new five-year Connected
to Protect strategy launched in October now goes further. It aims
to broaden participation across products and partners, raise data
quality and quantity, and deepen public and sector trust. The goal
is not just bigger data. It is better outcomes: improved decisions,
greater disruption, broader prevented losses, fewer victims.
For counter fraud leaders, the message is simple: reciprocate and
cooperate. Keep contributing high-quality data, enable lawful and
right-time use, and bring business partners onto the same page.
This is how we will achieve the next step-change in collaboration.
Bobby Gracey,
Head of Counter-Fraud, Charles Taylor
Matt Gilham,
Director, Whitelk
MODERN INSURANCE | 51

Scan to chat
with Jamie,
our Technical
Services Director

THE FRAUD BOARD
A STEADY HAND
DURING TIMES OF
CHANGE: WHY
INDEPENDENCE
STILL MATTERS
The insurance sector has seen an increase in
merger and acquisition (M&A) activity in recent
years. It’s undoubtedly reshaping the marketplace
and redefining relationships across the sector. For
many, consolidation offers the appeal of a “onestop
shop”, a single, larger organisation covering
their client’s multiple needs all under one roof.
There are some huge benefits to the increased reach, resources
and services that a larger company can deliver. A single point
of contact for multiple solutions, supported by extensive
infrastructure and investment is a major draw for many clients
who value efficiency and scalability.
We believe there’s an important complementary role for smaller,
independent firms in this evolving landscape.
While large firms can offer strength in numbers and a broad
service portfolio, independent firms bring their own, distinct
advantages. This is especially true when a client’s needs are
more niche and specialised. A tailored approach with empathy,
expertise and sensitivity can make all the difference when
compared to a one-size-fits-all option.
Smaller, independent firms can remain nimble. They can quickly
adapt to the rapidly changing requirements of clients and easily
accommodate more specialist needs and services. In such cases,
flexibility, empathy, and personal understanding can be just as
important as product breadth or price. Specialist firms offer deep
expertise and experience, niche knowledge, and close client
relationships.
During times of change, for example during a merger process,
the guidance an independent firm can provide can be crucial. As
contracts and ownership structures change, a deep knowledge
of clients and processes allows independent firms to guide
their clients through the uncertainty. As people change roles,
adopt new ones and begin to learn about their new clients,
independents provide continuity when it’s needed most.
Ultimately, both the large and independent firms have important
roles to play in today’s insurance ecosystem. Consolidation brings
efficiency and scale. Independence brings agile, specialised
service.
KEEPING AHEAD
IN THE FRAUD
ARMS RACE
Insurers are constantly striving to improve
insights to enable smarter, data-led decisions,
greater agility and stronger outcomes for
customers and businesses alike. However, this
focus on innovation and improvement is not
unique to our industry’s legitimate players.
Fraudsters are applying the same mindset to their
operations. One of the most significant changes
we have seen in recent years is the growing agility
and sophistication of those committing fraud.
In the world of cybercrime, the term ‘brute force attack’ is well
known. It refers to automated systems using trial and error to
break through digital defences and access secure information.
If you picture that same approach being applied manually in
the fraud space, you start to understand what we are now
witnessing. Fraudsters are continually testing boundaries, using
every possible combination of methods to find a way through.
While their techniques may not always be automated, the intent
and persistence are remarkably similar to cybercriminal activity.
The risks are present across every channel through which we
conduct business, and at every stage of the customer journey.
It would be naïve to assume that if criminals cannot find a way
in from the outside, they will simply give up. Increasingly, they
are looking for opportunities from within – exploiting internal
processes, systems, and sometimes even relationships to achieve
their goals.
This challenge is not new. The insurance industry has always
faced the delicate balance of designing systems that serve
genuine customers efficiently while preventing misuse by a small
but determined minority. What has evolved is the scale, pace
and coordination with which fraudsters are now testing those
systems. The consequences of failing to adapt quickly enough
can be severe, not only financially but in terms of customer trust
and brand reputation.
In the past, implementing robust fraud controls could provide
a reliable defence for a time. Today, that period of protection
is shrinking. The only sustainable way forward is to take a truly
holistic view of our controls – constantly monitoring, testing
and refining them. Staying one step ahead requires the same
innovation, curiosity and agility that we value so highly in every
other area of our business.
While large-scale M&A will no doubt continue, we believe
independence will always have a place in the insurance
ecosystem. For 35 years, our family-run ethos has shaped the
way we work. Providing consistency,
long-term trust and a steady hand,
we’re proud to be the independent
option for our clients.
Anthony Byrne,
Operations Director, RGI Solutions
Ben Fletcher,
Director of Fraud and Financial Crime,
Allianz UK
MODERN INSURANCE | 53

THE FRAUD BOARD
RIDING THE WAVES OF CHANGE:
HOW COLLABORATION IS SHAPING
THE FUTURE OF FRAUD FIGHTING
It may be because I grew up living on the coast, or
maybe I’ve just seen it all in my career, but fraud
fighting to me is like surfing – riding the waves to
ultimately strive to come out on top. In a world
driven by technology, keeping pace with the
fraudsters has never been more challenging.
Digitalisation, social media and the global economic environment
are creating risks that cut across multiple sectors, but the impact
on the insurance industry is profound. We’ve seen organisations
either adapt and streamline their operations, or expand to capture
new markets. But as they’ve been focused on riding the waves,
they’ve also learnt that when it comes to fighting fraud, crosssector
collaboration is key.
IFB’s role of leading the collective fight against fraud, means we’re
very much alive to the challenges our members are facing. We
haven’t stood still either – we’ve adapted and evolved as a trusted
partner to ensure that we are set to support our members today
and into the future.
So, what has been our approach to collaboration so far?
At the end of 2025 we will see the completion of the of the IFB’s
three-year strategy, Forward Together. This was pivotal for creating
some new building blocks to allow the IFB membership to broaden
both in size but also through delivery of new types of products and
services to create enhanced value for the industry.
Underpinned by a renewed focus on membership engagement,
the work saw us produce updated Articles of Association, seeking
support and approval from our members, followed by members
signing up to a new membership agreement. We have also been
reviewing our levy model and modernised our membership rules
so that they are much clearer and easier to understand, enabling
our members to make best use of our products and services in a
safe way, protecting our collective data and membership.
None of this was possible without member input and we had a
number of working groups that helped shape the direction and
they provided vital feedback. In fact, it was these working groups
– 14 in total - that have really been central to delivering our whole
Forward Together strategy, whether inputting into our technology
replatforming project or joining-up on Prevention campaigns to
ensure we are having maximum impact when it comes to raising
public awareness.
leaders of the collective fight against insurance fraud, the IFB
plays a central role in ensuring the insurance sector meets these
expectations. This includes making valuable connections for
better data sharing, as well as educating and protecting society
on behalf of the industry.
As we stand together against fraud, Connected to Protect
will require entirely new levels of collaboration. The industry
understands the value of collectively sharing data for the
mutual benefit of driving enhanced, actionable intelligence
for the collective good. We will encourage even more of this
collaboration between the IFB, our members, our partners and
the public through deepening their knowledge and trust.
Furthermore, the IFB will start to build new and stronger
relationships across our membership and with partners across the
private and public sectors and internationally. This will bring more
opportunities for the insurance sector and help strengthen our
collective resilience.
As we build these new connections, we’ll keep engagement with
our existing members at our heart. We’ll continue to listen and
gain a deep understanding of what’s important to them and how
we can unlock further value.
A key working group for us this year and going into 2026 is our
Members Design Advisory Committee who are influencing the
design and build of our new single technology solution. This
will enable members to access greater quantity and quality of
data through more usability and productivity. The outcome
will be faster and result in more informed decisions and better
protections for the honest customer. This is a significant milestone
in reimagining data and intelligence and one that we need to
make sure we get right, which can only happen through member
input and collaboration.
In summary, we’ve spent the last three years laying strong
foundations for transformative change and this year will see us
looking outwards and navigating the same challenges as the rest
of the industry – we’ll see you on the next wave!
What does this mean for how we will collaborate going forward?
We must remember that evolving the IFB has been against a
backdrop of significant socio economic and political developments
and our new five-year strategy 2026-30, Connected to Protect,
is much more aligned to the broader challenges faced by the
industry.
On top of consolidations and expansions, the insurance sector
now faces a number of government and regulatory expectations
following signing up to the Insurance Sector Fraud Charter
developed in response to the UK Economic Crime Strategy. As
Ursula Jallow,
Director,
The Insurance Fraud Bureau
MODERN INSURANCE | 55

minutes with...
Mark Lomas
What’s your most memorable career
achievement?
Q
My most memorable moment has been the
unveiling of the Diversity & Inclusion Champion
Aportraits in the Old Library. The media and social
media interest was tremendous, and the ongoing
feedback highlights how powerfully the portraits reflect
the diversity and modernity of the Lloyd’s Market. Overall,
seeing Dive In continue to expand globally stands out as a
truly memorable career achievement.
What has been the most valuable piece of advice
you’ve received?
QThe most valuable piece of advice I’ve received is
this:
A
Spend 95% of your time thinking about how others will
respond to the objectives you want to achieve and what
their questions might be. Spend 5% of your time on what
you want to say.
I’ve always found that to be great advice. It reminds me to
approach conversations and decisions with empathy and
perspective.
What has been the key positive and/or negative
impact of change in your area of the market?
Q
One of the most positive developments we’ve seen
across the industry has been the continued impact
Aof the Dive In Festival. Over the past decade, it has
played a transformative role in driving talent and a culture
of belonging across the market, and its influence is clearly
reflected in the results of Lloyd’s annual Market Policies
and Practices survey.
Since 2020, there has been significant progress, women in
leadership have risen from 29% to 36%, while employees
from ethnic backgrounds have increased from around 8%
to 14%, with 22% of new hires now from ethnically diverse
backgrounds. Workforce reporting has also strengthened
considerably, with firms collecting ethnicity data rising
from 43% to 95%, disability data from 33% to 77%, sexual
orientation data from 13% to 63%, and social mobility data
now gathered by 26% of firms.
across six continents, more than 100 events hosted in
over 30 countries and available in 60 languages, and
over 300 speakers. These results demonstrate how
sustained commitment to talent and culture, powered
by collaboration and accountability, continues to drive
meaningful, measurable change across the market.
If you were not in your current position, what
would you like to be doing, and why?
Q
Music. I’m a trained musician and graduated from
the Juilliard School of music, so it would have to be
music because it always soothes the soul!
A
What three items would you put on display in a
museum of your life, and why?
QKarate Trophies - It reminds me of being young and
doing competitive sport.
A
A Clarinet - I spent many years of my life training as a
musician.
The recent Lloyd’s Memorial Plaque commemorating
victims of the Trans-Atlantic Slave Trade - It’s an
important moment of reflection that I’m proud to have
played a part in.
What three guests would you invite to a dinner
party?
Q
I would invite Jürgen Klopp, Rosa Parks, and
Stevie Wonder for an evening that combines sport,
Ainclusion, and music. I think it would make for an
unforgettable night.
Mark Lomas,
Head of Culture at Lloyd’s, a Global Festival Partner
of the Dive In Festival
This progress is mirrored in the growing global reach
and engagement of the Dive In Festival itself. This
year’s event marked another milestone for the industry,
with 33,500 registrations from nearly 100 countries
56 | MODERN INSURANCE

INSUR.
TECH.
TALK

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That’s the bad news. The good news is that we are entering a new era of data-driven
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Includes two days of masterclass content,
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www.climatetechconnect.io

WELCOME
Greetings, and welcome
to Insur.Tech.Talk!
Dear Readers,
Welcome to the riveting #74 issue of Insur.Tech.Talk!
It is November and the conference season is in full swing! Pour yourself some
pumpkin spice and enjoy hearing from some incredible pioneers and leaders
shaping the future of insurance.
Mike Gulla, CEO of Adaptive Insurance shares how utility power issues
and interruptions were costing US businesses $150B annually. Adaptive’s
GridProtect solves for this by covering losses from short duration power
outages. There are blazing trails with a recently announced partnership with
Tokio Marine HCC which now offers GridProtect in 18 states.
Our friend David Gritz, Co-founder and Managing Director of InsurtechNY and
the Insurtech Fund gave us a rundown of some of the most promising new
technologies he is seeing in the market. He also shared his insights on the M&A
landscape and recent blockbuster IPOs of Neptune Flood and Slide.
Tommy McCahill, CEO of award-winning insurtech, CalcFocus, shares his
thoughts on why trust is paramount in the age of AI. Yann Barbarroux, CEO
and Founder of Otonomi shares how his company addresses extreme weather
risks through an advanced algorithmic model that leverages data from toprated
companies to provide next-generation cargo delay insurance. He also
gives us insight on how the tariff wars are affecting the global insurance
industry.
Last but not least, Juan Mazzini, newly appointed Global Head of Celent, shares
his insights on current technology trends (hello agentic!) and also his vision for
Celent.
Happy reading,
Megan
Megan Kuczynski,
Senior Strategic Advisor, Insurtech Insights
Founder & CEO, ClimateTech Connect

INSURTECH
CalcFocus
Tommy McCahill is the CEO of CalcFocus, leading its
transformation into a cutting-edge provider of cloud-enabled
insurance technology. With a foundation in advanced
mathematics and deep expertise in Life Insurance and financial
services, Tommy brings strategic vision and innovation to the
industry. Building on the legacy of his father, Tom McCahill,
founder of one of the first insurance illustration software
companies, Tommy has grown CalcFocus from a boutique
consultancy into a leader in policy administration and
illustration solutions. Under his leadership, CalcFocus launched
CoreCalc, Forecast, Achieve, and Migrate, helping insurers
modernise operations and embrace digital transformation. His
commitment to quality, integration, and employee well-being
continues to drive the company’s success.
QTommy, the origins of CalcFocus are fascinating.
You started the company with your father and built
it through word of mouth. CalcFocus is more than a
technology provider; you’re a trusted partner in shaping the
future of insurance. Tell us more about CalcFocus and your
value-driven approach.
A
In the late 1970s, after being drafted into the Marine
Corps, my father taught at colleges in Philadelphia. During
a public lecture about what he saw as revolutionary,
the personal computer, he was approached by two insurance
executives from The Equitable who offered him seed money to
create an insurance illustration company. He loved the math and
programming, worked incredibly hard, and built the best product
in the market.
Decades later, my wife, who had just completed her PhD in
Geophysics, and I began remotely consulting for insurance
technology companies outside the US while awaiting her
Green Card. We became experts in insurance calculations and
technology, working for both legacy and modern enterprise
software providers. Over time, we built a network of contacts,
many of whom now work for CalcFocus.
A little over ten years ago, I decided we could build insurance
software better than anyone else. We focused on creating the
best product and ensuring our customers were happy, and that
focus has remained central ever since.
QIn 2023, CalcFocus received two prestigious Celent
awards: the Luminary placement for your Forecast
Illustration System and the Advanced Technology
Award for Achieve Policy Administration. How have these
awards impacted CalcFocus’s market position and client trust?
We are seeing significant growth in the Group Voluntary market.
CalcFocus was designed from the start to support both Individual
and Group applications. Few competitors offer a single system
capable of supporting a member’s family with Universal Life
coverages alongside Critical Illness and Disability policies, for
example.
Our application is componentised but also supports end-to-end
processing. We provide New Business and Illustrations, Billing
and Collection, Accounting, Commissions, Valuation, Reinsurance,
Claims, and many more components in a single application with a
shared calculation engine.
QYou’ve mentioned that AI will become increasingly
important, particularly in data analytics and data
warehousing for CalcFocus. However, you’ve said your
primary differentiator is deep insurance business knowledge,
which prioritises functionality and problem solving over flashy
technology. Why is that value especially important in today’s
market?
AWe’re releasing some exciting AI applications in the first
quarter of next year, and our employees already use AI
daily, which has greatly increased their efficiency. Large
Language Models are revolutionary tools. But while we’re excited
about AI and proud that our technology is cutting-edge and
entirely new, those facts alone don’t prove anything.
Carriers should focus on future business value and cost, not
flash. The best software provider is the one with the deepest
understanding of the customer’s business and the most out-ofthe-box
functionality ready to deliver.
We believe we have built the best configuration tools in the
industry, but we’re cautious of competitors who claim that
anything is possible because of their low-code or AI solutions. We
are opinionated about the best ways to handle complex use cases,
based on experience and mature solutions. Even with current AI,
there are no silver bullets in enterprise insurance software.
QTommy, what is next for CalcFocus now that you are in
scale-up mode?
AWe remain focused on improving and maintaining the
industry’s best product. Our priority is keeping existing
customers happy and ensuring they are always up to date
with our latest releases. Now that our administration system is
mature, over the next 12 to 24 months we will continue to focus on
AI initiatives that increase productivity and enhance our Migrate
toolset. We’re making significant investments in data analytics and
developing new insights driven by our actuarial projection engine.
ACelent’s team really knows their stuff. They perform
in-depth, independent reviews of enterprise software,
so their validation meant a lot. As a bootstrapped
organisation focused on product excellence, we never spent
money on marketing, something we’ve now started to correct.
At the time, the Celent awards provided crucial independent
recognition and opened doors to larger carriers.
QWhat trends are you seeing across the Life, Health,
Annuities, and Group space? And what advantages
does a one-stop-shop approach to policy administration
offer?
AMany legacy carriers are burdened with outdated
software and are losing the experts who understand it.
Since insurance policies must be serviced for decades,
replacing these systems is essential, and we’ve had consistent
success helping carriers retire old administration systems.
Tommy McCahill,
CEO, CalcFocus
60 60 | MODERN | INSURANCE

INSURTECH
Adaptive Insurance
Mike brings over 20 years of experience from Hippo Insurance,
Allstate/Esurance, Nationwide, and Verisk to his role leading
Adaptive, an AI-driven climate resiliency company. At Hippo,
he launched the first smart home IoT insurance program, now
standard in the industry, and at Esurance, developed the first
direct-to-consumer online home insurance quote. His startup
expertise and innovative approach have driven Adaptive’s
success in the parametric insurance space. Based in Austin,
Texas, Mike enjoys life with his family while steering Adaptive
toward ambitious growth.
QMike it was great to have you on stage at both
ClimateTech Connect, NYC and Washington DC! You’ve
had an illustrative career in the insurance industry with
tenures at Nationwide, Esurance, and Hippo before founding
Adaptive Insurance. What was the void you saw missing in the
industry that Adaptive aims to fill?
AFirst, thanks for having me at your events with such
passionate audiences. To answer your question: What
always stood out to me is the lengthy claims process
which puts burden on the customer at a time of great stress.
We needed a product based on third-party data and collected
in real-time, allowing us to trigger a claim and make a payment
as fast as possible after an event occurs. Once we had that
hypothesis, it was immediately obvious that we needed to build
a parametric product. Then we discovered the staggering fact
that utility power issues and interruptions were costing U.S.
businesses $150B annually. There’s no insurance product that
exists to cover short-duration power outages (less than 24
hours), which our data shows actually account for over 90% of all
power outages nationwide. As a result, GridProtect was born.
QRecent stats tell us that the last decade saw a 78%
increase in the amount of power outages nationwide. A
year ago, Adaptive launched GridProtect, a parametric
insurance platform to solve this risk, can you share how the
product works and who specifically it is designed for?
AWe started building our own proprietary technology
platform, so we could harness data, insurance, and
services and then analyze, act, and adapt them to
emerging climate risks. Using our platform, we specifically
designed GridProtect to cover losses from short-duration power
outages for frankly, anyone who relies on electrical power.
GridProtect is a good fit for SMEs that feel the effects of a power
outage, like restaurants, retail, professional offices, even car
washes. It’s also a good fit for homeowners who have everything
come to a standstill without power. And parametric is such a
clean and simple solution. We call it our “if/then insurance.” If the
power goes out, then a claim gets automatically triggered and
the customer gets paid, usually in just a few days. As easy as that.
Q
This past June, Adaptive announced a partnership with
Tokio Marine HCC to tackle the $150bn in power outage
losses. What an exciting partnership, congratulations!
With TMHCC’s financial strength and deep expertise in
specialty insurance, Adaptive Insurance will now bring
GridProtect to 18 states across the U.S. Can you share a bit
more about the partnership with our readers, and how it could
be a real game changer for SMEs?
A
There are a number of points about this partnership that
we think make it a game-changer:
• TMHCC believed in our mission and in our team right from
the start. And we recognized that their reputation, one of their
most important assets, was equally important for us to protect by
building a program that meets their expectations.
• From a capacity perspective, TMHCC enabled us to launch our
product across 18 states. In my entire career, I’ve never been able
to launch a product across that many states at one time.
• TMHCC is the leader in specialty lines products in North America
and has the highest rating an insurance company can receive, A++.
This is something critical to our customers: though we are a new
company, we have extremely stable financial support backing us.
Q
Mike, can you expand upon the use of AI and sensor
technology in the GridProtect product? I know you
attend and speak at many industry conferences. What
technology trends are you seeing transforming resilience in the
face of extreme weather and climate events?
AAI is everywhere. You won’t see a company that relies on
technology that doesn’t use some form of AI. That said,
AI can’t do everything and I don’t think it will ever get
there. Combining the power of AI with professionals who know
how to optimize it for their use case is where you’ll see the most
benefit. Like so many companies in the weather and climate
space, Adaptive uses AI to analyze our (tremendous amounts
of) data faster than we’d ever be able to do with just a human.
We’re also seeing that all the emphasis on IoT investment over
the last decade is now at a point where it’s starting to pay major
dividends in how much data has been collected. Now, with sensor
technology deployed at a mass scale, data at a granular level has
reached a meaningful, accurate, and dependable stage.
QAdaptive Insurance is really blazing trails. You have
achieved so much traction in a short amount of time.
What is next for you in the next 12-18 months?
AEverything. Primarily, we’re pioneering the path to climate
resiliency. We’ll continue hiring the best professionals who
believe in our core mission and accessing the most reliable
data we can to enhance the resilience of our customers. We also
plan to expand the reach of GridProtect while building out new
parametric and service products in the climate space. It’s an
exciting time to be in the insurance industry.
Mike Gulla,
CEO and Co-Founder,
Adaptive Insurance
MODERN INSURANCE | 61

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We look forward to connecting with you soon.

INSURTECH
InsurTech Fund
David is the Co-Founder of InsurTech Fund, a seed-stage VC fund
investing in early-stage Insurtech’s and adjacencies, with a portfolio
of 21 companies. He is also Managing Director and Co-Founder of
InsurTech NY, North America’s largest Insurtech community, which
has supported over 200 startups through its accelerator and Digital
MGA Lab. Previously, David was Director of Innovation at the Silicon
Valley Insurance Accelerator and Co-Founder of Zero, a behavioral
safety Insurtech acquired by Everest Re. A frequent industry speaker
and advisor, he holds a J.D. from Mitchell Hamline School of Law and
engineering and business degrees from Lehigh University.
QDavid, congratulations on the three-year anniversary of the
InsurTech Fund! The numbers are impressive, over 2,000
applicants and 21 deals so far. The InsurTech Fund invests
in early-stage Insurtech companies and supports them from seed
through Series A rounds. Your portfolio represents some of the most
innovative players in the Insurtech ecosystem. Can you highlight a
few recent standout technologies? What trends are you seeing as
applications come in?
AInsurTech Fund invests across insurance distribution and
technology, and there are three standout companies worth
mentioning.
1. Sertis – This MGA focuses on professionally managed multi-family
properties and requires policyholders to use a loss control software
platform that delivers real-time underwriting insights. Habitational
property is a challenging line of business, and Sertis is the only
underwriter with detailed insights into the true causes of risk and
liability at each property. This represents a growing trend of embedded
loss control within underwriting.
2. Deep Vector – Deep Vector provides intelligent data processing for
insurance loss runs. It can ingest workers’ comp, liability, or property
loss runs, process the documents, and generate insights about each
account relative to the broader market. Deep Vector reflects our
philosophy on AI investments: the best opportunities are built around
specific use cases that allow startups to develop a “data moat,”
enabling them to sustainably outperform generic large language
models.
3. Gigaforce – Gigaforce offers a subrogation scoring platform that
helps carriers and third-party administrators identify which claims have
the potential to recover indemnity payments from the at-fault party.
Subrogation is often overlooked because it’s difficult to predict its
financial impact, but Gigaforce helps insurers make it a reliable revenue
stream. This ties into a larger trend of startups delivering better data
and decision tools.
Q
It was exciting to see the fund’s first exit earlier this year, with
Quantee being acquired by Guidewire. What are you seeing
in the overall M&A landscape?
AThe M&A market for Insurtech’s is healthy. Acquirers are actively
looking for deals and have the capital to execute them. There
are two primary types of economic buyers, each with distinct
motivations.
The first group is insurance writers, carriers, brokers, and MGAs.
They’re seeking to grow through Insurtech acquisitions that help them
enter new markets, digitize existing lines, or attract new talent. The
acquisitions of Corvus and Next Insurance are great examples, as both
provided their acquirers with digital platforms to modernize areas of
their business that had lagged behind.
The second group consists of technology companies serving the
insurance market. These acquirers look for complementary solutions
they can offer to existing customers or recurring revenue streams that
strengthen their business model. Quantee and EvolutionIQ are strong
examples of this type of transaction.
QI’d love your take on the recent IPOs of Neptune Flood and
Slide. You described Neptune as the “Anti-InsurTech IPO”,
can you elaborate? How do Neptune and Slide tell similar
stories in different lines of business? And can you expand on your
view that these IPOs prove “climate lines aren’t just insurable;
they’re investable when you specialize, model well, and secure
capacity”?
AThe first wave of Insurtech IPOs, Lemonade, Metromile,
Hippo, Root, and Doma—were largely viewed as VC-backed
growth stories lacking underwriting discipline. For several
years, the prevailing sentiment was that Insurtech’s didn’t belong
in the public markets because analysts would penalize them for
behaving differently from mature insurers.
Neptune Flood and Slide tell a very different story.
Neptune Flood was profitable at the time of its S-1 filing. The
company found success by specializing in a technically demanding
line of business that requires deep underwriting expertise and
sophisticated catastrophe modelling.
Slide took a different approach, leveraging a government insurance
depopulation strategy—a tried-and-true method from traditional
insurance playbooks.
Both demonstrate that when you underwrite rigorously, even
climate-exposed lines can generate profitable results for both
primary insurers and reinsurers.
QYou and your Co-Founder, Tony Lew, are exceptional
community builders. I’ve attended the InsurTechNY
conference for years, and I always find the content,
connections, and atmosphere invaluable. Pier 60 in New York
is such a refreshing change from the typical hotel ballroom
conference experience. Next year’s theme, “The Human Side of
Insurance,” is intriguing. In the age of Dot.AI, why is the human
side so important? What can attendees expect?
AEveryone wants to discuss the next AI model release, but AI
is just a tool, at least for now.
What’s missing from the conversation are the philosophical, ethical,
and economic questions about how AI will transform the way we
live and work. AI can do more than save time; it can fundamentally
redefine the “jobs to be done.” Roles will evolve from simply
analyzing risk to partnering in risk mitigation.
Our upcoming conference will give people a platform to explore
those human dimensions—the future of work, the shifting nature of
expertise, and how we can ensure technology enhances, rather than
replaces, human connection in the industry.
QFinally, what’s next for you, David?
INSURTECH
AOur focus is on growing our platform to serve even more
of the insurance industry. Next year, we plan to launch a
risk-bearing entity
to support startup MGAs
with capacity. It’s an exciting
evolution that aligns perfectly
with our mission to empower
innovative founders and help
the Insurtech ecosystem thrive.
David Gritz,
Managing Director, InsurTech Fund
63 | MODERN INSURANCE
MODERN INSURANCE | 63

INSURTECH
Celent
INSURTECH
Juan is the Global Head of Celent and leads the insurance
practice across EMEA, APAC, and LATAM. He provides
strategic research and advice to C-level executives in
financial services on fintech, insurtech, innovation, emerging
technologies, and business transformation. With over 30 years
of experience in insurance and banking IT, Juan has been
involved in launching innovative business models, including
Latin America’s first reinsurance exchange, a digital direct
insurer, and multiple greenfield (re)insurance operations.
Before joining Celent, Juan was Corporate Vice President
at Sistran, where he expanded its presence to 14 countries,
including the US. He has deep expertise in core insurance
systems, partnership selection, innovation management,
project and vendor management, market entry strategy, and IT
due diligence.
QJuan, huge congratulations on your recent appointment
as Global Head of Celent, a research and management
consulting firm focused on the application of
information technology in the global financial services industry.
Can you tell us more about this expanded role and your vision
for Celent going forward?
AI joined Celent 14 years ago to establish its financial
services practice in Latin America. At that time, digitising
our business meant offering our research in PDF
format and providing advice through phone calls or on-site
consultations. Today, the use of data and AI challenges us to
evolve and deliver greater value to our clients by providing
insights based on our proprietary data, enhanced by AI for
efficiency and tailored advice, all contextualised by expert
industry advisors. As Head of Celent, my role is to lead us into
this new chapter.
QLast year, GlobalData announced it had acquired Celent
from Oliver Wyman. Can you share what this acquisition
means for Celent and your clients?
ACelent’s acquisition by GlobalData is rooted in the
potential of combining Celent’s unique expertise and
data in financial services with GlobalData’s extensive data
assets, tools, and advanced analytics capabilities. For clients,
this acquisition provides access to a broader range of insights
across various sectors, enhancing their understanding of market
dynamics beyond financial technology. Improved data analytics
will support more informed decision-making and strategic
planning. In addition, clients will benefit from new services and
products that leverage GlobalData’s expertise while continuing
to receive the unbiased and independent research that Celent is
known for.
QJuan, you always provide impactful insights on
technology trends in the industry. What standout
technologies have you observed during the fall
conference circuit?
AAI in all its forms undoubtedly stands out. However, many
organisations in the financial services industry are still,
or should be, focused on the fundamentals of legacy
modernisation, reducing technical debt, and improving data
capabilities while managing new technology, reskilling staff,
and fostering effective innovation. Another critical aspect is the
emergence of new risks. The insurance industry must play a role in
building resilience, protection, and prevention to cope with these
risks while adapting to model and forecast them more accurately.
A Celent colleague recently introduced the concept of “liquid
risks,” a new paradigm for understanding threats that are
fluid, systemic, and constantly evolving. These risks arise from
the convergence of four accelerating forces: climate change,
geopolitical instability, social fragmentation, and the rise of AI.
Together, these forces collapse traditional risk models, making
volatility the new baseline. Insurers need to adapt and fulfil their
purpose in this new reality. Data, technology, and a culture of
innovation are essential tools to address the liquid risks of our era.
QJuan, you are also making strides as Co-Founder of
the Miami Insurtech Advocates Hub (MIA Hub), a notfor-profit
platform connecting the global insurtech
ecosystem. Congratulations on the third anniversary. What’s on
the horizon for MIA Hub?
AThe MIA Hub was created as a not-for-profit organisation
through the collective efforts of founding members from
both traditional and new players in the P&C, Life, Health,
and Benefits insurance sectors. Our collaborative model has
evolved to include various tech sectors with interests in insurance,
such as fintech, agritech, proptech, and regtech. As a result, our
platform now encompasses more than 470,000 tech companies
globally, helping our members connect with the right partners.
Operating from our international hub in Miami, we have an
extensive network of over 800 members across more than 41
countries. We aim to close 2026 with over 1,000 members while
significantly increasing our presence in the APAC and MENA
regions to foster innovation and create a more inclusive and
expansive insurance industry. The secret of the MIA Hub lies in its
collaborative nature, where members act as nodes that amplify
each other’s reach, enabling us to connect with tens of thousands
of individuals and organisations worldwide.
Juan Mazzini,
Global Head, Celent
65 | MODERN INSURANCE
MODERN INSURANCE | 65

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INSURTECH
Otonomi
Yann Barbarroux is the CEO and Founder of Otonomi, a
Brooklyn-based insurtech offering the first-ever cargo delay
insurance. Otonomi gives shippers a simple yet powerful way
to mitigate financial risks from cargo delays.
Before founding Otonomi, Yann worked across tech, capital
markets, and risk management, with a focus on digital assets,
algorithmic trading, and decentralised economics on Wall
Street. From 2013–2020, he was part of Citigroup’s Ventures
innovation arm, running fintech and insurtech dealflow and
co-founding an incubated startup using deep tech (blockchain,
ML) for financial products in Latin America. After these
explorative years, he caught the entrepreneurial bug and
launched Otonomi in 2020.
QAs extreme weather events grow in severity; supply
chains are at risk globally. Otonomi’s tagline is “The
Next Generation Insurance for Global Trade Disruption.”
How does Otonomi solve this with its Cargo Delay Insurance?
Beyond weather, what other disruptors affect global supply
chains?
AOtonomi tackles weather-related risks with an advanced
algorithmic model that leverages top-rated global data
to provide next-generation cargo delay insurance. It
continuously monitors storm trajectories, climate conditions,
and weather patterns along shipping routes, offering shipmentspecific
risk modelling and dynamic pricing.
The system automatically evaluates threats like hurricanes,
flooding, and extreme temperatures, triggering claims when
qualifying delays occur. This enables fast, data-backed decisions
instead of subjective assessments. By removing manual
processing, Otonomi ensures rapid payouts, often within hours,
helping businesses maintain cash flow. Predictive insights also
allow logistics providers to make smarter routing and scheduling
decisions, reducing exposure before issues occur.
QHow have tariff wars impacted global logistics
insurance?
ATariff wars have added layers of complexity and
uncertainty to global logistics. Companies reroute
shipments to avoid higher duties, creating longer transit
times and exposing cargo to unfamiliar routes and new risks.
Insurers must constantly update risk assessments as traditional
route data becomes outdated.
Trade disputes have accelerated reshoring and nearshoring,
diverting cargo through ports with limited historical data.
Inventory strategies are shifting too, some businesses stockpile
goods, others scale back to stay flexible, each creating new
exposures. Financial uncertainty compounds the issue, as
companies risk inventory devaluation, unprofitable contracts, and
disrupted supply chains.
The unpredictability of tariffs makes pricing risk difficult.
Traditional insurers often raise premiums or restrict coverage.
Next-generation providers like Otonomi instead use algorithmic
models incorporating real-time geopolitical and trade data,
providing agile, adaptive, and more accurately priced protection.
QWhat emerging technologies are having the biggest
impact on global supply chains?
AThree stand out:
Artificial Intelligence and Machine Learning – AI and ML
enable predictive analytics, demand forecasting, and intelligent
decision-making. At Otonomi, algorithmic models assess real-time
risks and deliver data-driven insurance, showing how AI transforms
risk management and speeds up claims.
Blockchain and Distributed Ledger Technology – Blockchain
enhances transparency, traceability, and trust by creating
immutable records of transactions and cargo movements. It
reduces fraud, simplifies customs, and supports smart contracts
for automated compliance.
Digital Twins and Simulation Technology – Digital twins create
virtual replicas of supply chains, allowing companies to test
scenarios, stress-test resilience, and identify vulnerabilities without
disruption.
Together, these innovations are creating smarter, more resilient,
and transparent supply chains. Competitive advantage now
depends on how well companies integrate such tools to anticipate
and mitigate disruption.
Q
How has Otonomi transformed claims processing?
ATraditional cargo insurance involves lengthy manual claims
and extensive documentation. Otonomi’s algorithmic
approach automates the process through real-time
tracking and verified data. When a qualifying delay is detected,
claims are processed automatically, cutting red tape and reducing
human error.
Payouts are significantly faster, shrinking from weeks or months
to potentially hours, helping businesses stay liquid. Transparent,
data-driven decisions also reduce disputes, ensuring fairness and
predictability for both clients and insurers.
QWhat is your vision for Otonomi over the next 3–5 years?
AOtonomi aims to become the global benchmark for
real-time, automated risk transfer in trade. As volatility
increases, we’re leading the evolution from reactive,
paperwork-heavy insurance to digital, parametric protection that’s
transparent, immediate, and accessible.
By combining predictive analytics, blockchain smart contracts,
and API integrations, Otonomi will empower freight forwarders,
carriers, and shippers to embed protection directly into their
operations. Our platform will mature into a real-time risk
intelligence ecosystem
where logistics data, weather
forecasting, and AI converge to
quantify and mitigate exposure
dynamically.
Ultimately, we envision cargo
delay insurance that’s as
seamless as booking freight,
expanding across air, ocean,
and land, closing the $50
billion global protection gap,
and making global trade more
resilient, predictable, and
insurable at the speed of data.
Yann Barbarroux
CEO and Founder, Otonomi
MODERN INSURANCE | 67

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INSIGHT
EDITORIAL
BOARD
WELCOME to the Insur.Tech.Talk
Editorial Board.
Modern Insurance Magazine’s board of insurtech experts come together once again in this
latest issue, showcasing the very best thought leadership insights from the heart of the
insurtech marketplace.
This issue voices the thoughts of...
Manjit Rana
EVP Insurance, Clearspeed
Denise Garth
Chief Strategy Officer,
Majesco
Andy Cohen
President, Snapsheet
Will Wood
Director, INSTANDA
Gavin Peters
Chief Growth Officer,
Genasys
MODERN INSURANCE | 69

INSURTECH
The Impact Of M&A Activity on the Insurance
Ecosystem: An Insurtech Leader’s Perspective
After a notable downturn of M&A activity in
the insurance industry in 2023, we’ve seen a
resurgence in deal-making over the last 18 months
as carriers leverage mergers and acquisitions to
bolster expansion strategies, position themselves
to take greater advantage of next-generation
technologies such as AI, and strengthen their
customer and product offerings.
The global insurance industry has always evolved through cycles
of consolidation and innovation, but the current wave of M&A
activity is being driven by particularly complex market forces.
Insurers are seeking not only scale and efficiency but also
innovation and resilience in a market shaped by technological
disruption, rising customer expectations, and ongoing economic
uncertainty. M&A has become a lever for transformation rather
than simply a means of expansion.
From an InsurTech perspective, the opportunities and challenges
that come with this resurgence are clear. One of the most
significant benefits of being involved in an M&A transaction is
the potential for growth. If an InsurTech already has a trusted
relationship with an acquiring insurer, that partnership can
evolve rapidly post-acquisition. Integration into a broader
business ecosystem often leads to larger contracts, faster
adoption of technology, and greater market visibility. For many
InsurTech founders and investors, acquisition represents not just
an exit but an opportunity to scale faster.
However, there are risks. Many InsurTechs recognise the
possibility of being displaced if the acquiring insurer already
has a preferred or proprietary technology solution in place.
Smaller firms that rely heavily on a single partnership or client
relationship are especially vulnerable.
For InsurTechs currently in a sales process, M&A activity can
also cause delays and uncertainty. Once an acquisition begins,
priorities often shift and third-party vendors are deprioritised.
Extended sales cycles can put pressure on startups with limited
cash flow and small teams, delaying crucial revenue and, in some
cases, threatening survival.
Perhaps the most visible impact of M&A is on people. The
integration of two organisations often leads to duplication
of roles and resources, requiring difficult decisions about
workforce reductions, retraining, or redeployment. Yet,
progressive organisations are using these moments to rethink
how technology and talent work together. Artificial intelligence,
automation, and analytics are now central to efficiency, and
many insurers are exploring how these tools can augment rather
than replace human capability.
For InsurTech leaders, readiness and foresight are essential.
Understanding where their business sits within the wider
insurance ecosystem, and how that ecosystem might change
following an acquisition, is key. Entire supply chains and
partnership networks can be disrupted, particularly when large
players are involved.
Two merging insurers may each have different networks of
preferred partners, suppliers, and vendors. Once these are
rationalised, the consolidation can significantly reduce the flow
of business to existing suppliers. For companies fine-tuned to a
particular level of demand, even a modest reduction can have
serious financial consequences.
The ripple effect can reach far beyond the immediate
transaction. A recent example, albeit in a different context, is
the Jaguar Land Rover cyberattack, which severely disrupted
its supply chain. Reports suggest that even weeks later, the
organisation remained “incapacitated,” with estimated losses
in the hundreds of millions and turmoil among suppliers. The
insurance ecosystem carries similarly complex dependencies,
and when a major player changes direction, the knock-on effects
can be far-reaching.
Looking ahead, it seems inevitable that we will continue to see
heightened M&A activity among insurers, particularly in the
competitive UK property and casualty (P&C) personal lines
market. Margin pressure, regulatory challenges, and shifting
customer expectations are all prompting insurers to seek new
ways to scale and differentiate.
At the same time, the InsurTech sector itself is likely to undergo
consolidation. As the market matures, established players with
proven products are set to acquire smaller firms offering newer
versions of similar technologies. This trend will be driven by
the desire to integrate innovation more efficiently and reduce
fragmentation across the industry.
Over the next two to three years, the convergence of insurer
consolidation and InsurTech integration will create one of the
most dynamic and transformative periods the sector has seen
in recent memory. The most successful leaders, whether in
insurance or technology, will be those who anticipate change,
build resilient partnerships, and adapt quickly to evolving market
dynamics.
M&A is no longer just about scale; it is reshaping how
the industry collaborates, innovates, and competes. The
organisations that focus on sustainable, technology-enabled
growth will be the ones best positioned to lead in the next era of
intelligent insurance.
Manjit Rana
EVP Insurance, Clearspeed
MODERN INSURANCE | 71

INSURTECH
Lead or Lag: Embracing AI at Full Speed
Artificial Intelligence (AI) is a transformative
force reshaping industries and businesses. GenAI
and Agentic AI represent a distinct inflection
point, a leap forward in capability, accessibility
and business impact. Models are being deployed
across industries and businesses to rethink and
revolutionize the way businesses operate to the
benefit of customers and the businesses.
While AI Adoption is Surging, ROI is Lagging – Why?
Artificial Intelligence has gone mainstream. In early 2025, 78%
of organisations reported using AI in at least one business
function, up from 72% in 2024 and 55% in 2023. What was once
a differentiator has become a business expectation.
Yet, despite this rapid adoption, returns are not keeping pace.
A landmark MIT/NANDA study found that only 5% of GenAI
pilots deliver measurable financial returns, while 95% stall before
delivering tangible results. The issue isn’t the technology, it’s the
strategy behind it.
AI failures typically stem from flawed integration, unclear
objectives, or misaligned expectations, not technical limitations.
Many organisations experiment with AI without a clear plan
for business-wide integration, resulting in disjointed pilots and
limited ROI.
The divide between AI leaders and laggards is growing.
According to an October 2024 Boston Consulting Group report,
companies with a defined AI strategy achieved 1.5x higher
revenue growth, 1.6x greater shareholder returns, and 1.4x higher
returns on invested capital than peers. They also excelled in
employee satisfaction and customer experience, proving that
strategic adoption drives both performance and culture.
The message is clear: lack of strategy and inaction have real
business consequences.
GenAI and Agentic AI – Strategic Catalysts
Welcome to the era of intelligent insurance operations.
Generative AI (GenAI) and Agentic AI are more than
technologies—they are strategic catalysts capable of
transforming every facet of insurance.
These intelligent systems can enhance risk management, claims,
underwriting, customer service, and operations, while enabling
faster decision-making and improved experiences. The real
question isn’t “How will we use AI?” but “How won’t we?”
A broad strategic approach allows insurers to leverage AI across
the entire value chain—from real-time guidance and automation
to complex analytics and forecasting. When deployed at scale,
AI can significantly reduce operational costs in areas like claims,
billing, and policy administration while boosting efficiency
and accuracy. This has a direct impact on expense ratios and
profitability.
A strategic, not tactical, approach unlocks compounded benefits
that go beyond isolated use cases. When AI capabilities are
connected across the organisation, they drive exponential value,
continuous learning, and long-term agility.
Creating Real Business Value
The insurance industry is data- and process-intensive, highly
regulated, and financially pressured, a combination that makes
innovation both complex and essential.
Rising costs, talent shortages, outdated systems, and
profitability challenges demand bold change. AI is now a
strategic necessity to meet these pressures.
What begins as isolated improvements in automation or data
insight can evolve into a strategic multiplier, driving competitive
advantage, agility, and sustained profitability. The benefits are
not theoretical, leading insurers that invest strategically in AI are
already realising faster processing times, improved accuracy,
lower loss ratios, and better customer engagement.
However, many insurers remain stuck in pilot mode, testing
point solutions without a cohesive roadmap. To unlock full value,
insurers must adopt an enterprise-wide strategy that connects
people, processes, and technology.
Choosing the Right Partners in an AI-Driven World
In an AI-driven era, choosing the right partner can define longterm
success. Insurers should evaluate partners based on several
key factors, including AI and innovation readiness—assessing
whether the partner has clear, insurance-specific AI capabilities
that enable automation and insight-driven growth. They should
also consider cloud adoption, ensuring that the partner’s
customers are live in the cloud with access to frequent updates
for faster innovation and lower maintenance. Selection criteria
play an important role too, as it’s vital to choose a partner for
tomorrow’s capabilities rather than yesterday’s functionality.
Finally, insurers should examine whether their procurement
process rewards innovation, agility, and speed, or whether it still
clings to outdated measures of stability.
Partnering with advanced AI-powered platforms such as
Majesco Intelligent Core provides a strong foundation for
transformation. Benchmarks already show up to 100,000 hours
saved and millions in efficiency gains, enabling insurers to handle
greater volumes with existing teams and redirect resources
toward higher-value work.
AI – The Innovation Catalyst
AI is transforming insurance by helping companies stay ahead
of market, regulatory, and customer shifts. Success demands
visionary leadership and a readiness to rethink traditional
models. Leading adopters focus on core business processes for
competitive advantage, balance people and technology, and
move beyond productivity to drive growth and empowerment.
By investing strategically
in scalable AI, insurers
can accelerate the shift
from generative to agentic
intelligence. This is more than
a technological upgrade; it’s
a fundamental change in how
insurers operate and deliver
value. Those who invest now
will shape the industry’s future
and lead in the intelligent
enterprise era.
Denise Garth
Chief Strategy Officer, Majesco
MODERN INSURANCE | 73

INSURTECH
Redefining the Claims Process
With Agentic AI-Powered Workflows
Generative, deep learning, machine learning, LLMs, prompt
engineering, agentic, autonomous. All the AI buzzwords
saturating everyday conversations make it difficult to
decipher what forms of AI there are, how capabilities differ,
and what it means for different industries.
For P&C, the rise of Generative AI sparked rapid acceleration
of R&D across everything from underwriting and marketing
to billing and claims operations. But as tools kept coming, the
limitations of GenAI became clear when it came to handling
specificity, adjusting to edge cases, or taking action outside of
analyzing and regenerating existing data.
Early use cases of AI in P&C looked like simple automation of
manual tasks like summarizing adjuster notes, drafting emails,
or flagging potential fraud based on patterns it was trained
to identify. The evolution of AI-powered insurance tools has
entirely changed how underwriting, communications, and
claims are handled across every line of business.
But like most technology, the next iteration was already in
development, and it’s here. Agentic AI marks a new evolution
in automation, capable of tackling complex challenges, taking
autonomous action, and simplifying intricate processes like
building and deploying workflows. These systems don’t just
generate content like their predecessors. Agentic has the power
to completely transform the way we work, helping us to make
decisions, adapt to changing conditions, and execute tasks—all
within the parameters we provide it.
Where Agentic AI differs from GenAI
GenAI has a critical role in claims. It excels at instant analysis
and content generation, and can follow natural language
prompts for summarization, data validation, and similar tasks in
seconds. This saves adjusters and admins countless hours over
the lifecycle of a claim.
But Agentic AI takes action. It can make decisions, adapt to
evolving claim details, and operate autonomously to reach
defined outcomes, alerting adjusters only when human input
is required. This shifts workflows from reactive to proactive. It
creates a system that anticipates and initiates work in real-time
without requiring constant prompting.
Collaborate with adjusters in real-time.
For complex claims, Agentic AI can assist human adjusters
with providing relevant policy clauses or exclusions, suggesting
negotiation strategies, or simulating potential outcomes to
inform decision-making.
Coordinate catastrophe responses.
During large-scale natural disasters, Agentic AI systems can
track changes, identify at-risk properties, initiate early claims
notifications, and begin outreach before claims are formally
filed.
Automate subrogation workflows.
By identifying recovery opportunities, predicting liability, and
initiating subrogation files, Agentic AI improves accuracy and
recovery rates without costing carriers more.
What Claims Leaders Should Consider
As Agentic AI becomes a practical reality, claims leaders should:
Redefine human roles - As AI agents take over repetitive tasks,
human adjusters evolve into strategic problem solvers focused
on high value decisions.
Prioritize control - Agentic AI opens up a new segment of
opportunities, but it requires precise, methodical guardrails
in high-value use cases like claims. Agentic AI tools that are
configurable, coachable, and compliant with any set of rules
or parameters provided are the ones that will be the most
powerful in claims.
Scale thoughtfully - Start by adopting Agentic AI for specific
use cases and scale based on measurable impact.
For claims organizations, the shift from GenAI to Agentic AI isn’t
just technical; it’s operational. It’s a movement towards claims
that don’t only anticipate, but act and continuously improve,
delivering faster resolutions and more resilient operations.
What Makes Claims Workflows an Ideal Use Case For
Agentic AI
Even as technology advances across insurance operations,
claims remain the defining moment of truth for carriers. Yet
many claims’ teams continue to rely on siloed systems, manual
triage, and fragmented workflows due to a lack of resources
to automate operations or a lack of understanding of where to
start.
Agentic AI can change that narrative. It can:
Execute multistep workflows independently.
From gathering evidence to coordinating service providers and
payments, Agentic AI can manage routine claims from start to
finish entirely touchless.
Andy Cohen
President, Snapsheet
MODERN INSURANCE | 75

INSURTECH
Tech: The Driver Putting the Brakes On M&A
Mergers and acquisitions in insurance have
long been driven by familiar levers: scaling
up, diversifying portfolios, or improving
operational efficiency. Today, those
fundamentals still matter, but a new force
is shaping the market. Established carriers
and brokers aren’t just chasing market share,
they’re seeking modern tech stacks, digital
talent, API-ready infrastructure, and AI
capabilities to future-proof their businesses,
accelerating growth faster than internal
transformation programmes ever could.
Why spend years untangling a legacy platform when you can
acquire a digital-first MGA in months and inherit a competitive
advantage already built on innovation? That logic guided many
boardrooms through 2023 and 2024. EY reports that the UK
insurance sector saw 188 M&A deals worth £4.6 billion in 2024,
up from around 112 deals worth £3.7 billion in 2023.
But in 2025, UK transactions have slowed markedly.
2025: Demand is High, but Deals Are Slowing
Analysis from Marshberry shows that, as of mid-2025, UK
insurance distribution M&A was tracking 30–35% below 2024,
with around 64 deals announced by August compared to over
100 the previous year. Economic caution and regulatory scrutiny
play a role, but another factor is emerging: the technology that
initially drove acquisitions is now a source of friction.
While buyers expect new technology to accelerate
transformation, integrating it into legacy environments is often
slower and more complex than anticipated. Many insurers are
still absorbed in post-deal integration from 2023 and 2024,
tackling platform consolidation, data mapping, and process
realignment. The innovation-led advantages that attracted
acquirers frequently struggle to fit within the governance-heavy,
risk-averse frameworks of traditional carriers.
The Hidden Cost of Digital Integration
Acquisition is not the same as transformation. Absorbing
technology, talent, and systems only creates value if the
operating environment can incorporate them efficiently. A cloudnative,
API-led MGA bought for agility can quickly lose its edge
when submerged into legacy workflows and compliance rituals.
The result? Deals don’t fail outright, but value capture slows, and
boards hesitate to pursue further transactions until integration
dust settles. This has created a market of paradoxical conditions:
high strategic demand for M&A, but a narrowing pool of deals
that are truly integration-ready. Boards want to buy, but only
if they’re confident the acquired platform won’t dissolve into a
Frankenstein tech stack or a year-long integration project.
In this climate, M&A readiness has become a strategic
differentiator. Buyers seek targets that integrate cleanly; sellers
need to demonstrate “plug-in readiness.” Companies that show
clarity, simplicity, and interoperability in their tech operations
command higher valuations and accelerate due diligence.
Put simply: if everyone wants to acquire tech, operational,
architectural, and cultural tech maturity is now the currency of
M&A value.
Three Moves to Make Now to Win in Future M&A
Whether buying, selling, or positioning for a future merger, three
strategic moves can make a deal more attractive, agile, and likely
to capture value quickly.
1. Make adaptability the strategy, not a nice-to-have
Flexibility should be embedded into your operating model, not
just a cultural statement. Agile tech teams that operate across
legacy and modern platforms, cross-functional squads blending
underwriting and digital product expertise, and leadership
structures that empower rapid decisions are traits buyers now
seek. If your business can flex around change rather than resist it,
you don’t just get acquired, you attract investment.
2. Start documenting for due diligence now
Tech due diligence is a current bottleneck. Buyers are scrutinising
architecture maps, data lineage, third-party contracts, integration
routes, API gateways, cyber posture, and team structures. Many
businesses aren’t prepared, turning due diligence into a form of
digital archaeology. Treat documentation as a strategic asset.
Embed clarity and transparency in workflows and systems. It
pays off twice: operational efficiency today, accelerated deal
velocity tomorrow.
3. Build integration readiness into BAU before you need it
Most firms only think about integration post-announcement, but
by then, it’s too late. Standardise data models, invest in APIbased
connectivity, and maintain a living integration playbook
now. Phase-one integration prep should be business as usual,
not a panicked sprint after term sheets are signed. Buyers want
assets that plug in, not weigh down.
A Market at a Pivotal Point
The UK insurance market is at a turning point. Appetite for M&A
remains, but it is more selective, more tech-conscious, and far
more integration-aware. Those who prepare now, embedding
adaptability, documentation, and integration readiness, will
find themselves at the front of a deal queue that others are still
struggling to join.
Gavin Peters
Chief Growth Officer, Genasys
MODERN INSURANCE | 77

INSURTECH
Why it’s Time to Stop Letting
Integration Erase Deal Premiums
Insurance M&A is resurgent, and so is the familiar risk that the deal premium evaporates in
integration. The hard truth: value isn’t won at signing; it’s won (or lost) in the first 100 days.
The acquirer that treats integration as a product challenge, shipped in fast, safe increments,
consistently outperforms those who attempt multiyear, big-bang core migrations.
The Modular Moment
Modular, cloud-native platforms have changed the integration
calculus. Instead of forcing every entity onto a monolith, you can
ringfence legacy, stabilise the book, and stand up configurable,
API-first components that standardise what should be common
(rating, forms, FNOL, payments) while preserving what must be
unique (local products, partners, regulations). Each acquisition
becomes an accelerant, not a detour, because the platform is
designed to absorb variability without re-platforming.
From Theory to Operating Model
Here’s what a modern, modular playbook looks like:
Greenlight Day-One continuity. Keep existing policy
administration systems live; expose the minimum viable
integration via APIs for bordereaux, reporting, and compliance.
No outages. No customer disruption.
Stand up a Product Factory. Use no-code tooling to rebuild
priority products as configurable templates. Business analysts
and product owners own iteration; engineering focuses on
governance and guardrails.
Adopt a canonical data model. Map local variations once,
centrally, so pricing, reporting, and risk analytics scale across
entities.
Integrate through the edges first. Payments, document
generation, identity, and distribution are high-leverage, low-risk
components. Quickly standardise them to unlock group benefits.
Ship value every 30 days. Launch a pilot line, then a second
geography. Measure cycle time, loss ratio impacts from improved
rating, and cost-to-serve. Reinvest wins into the next release.
What Changes with this Approach?
Speed to market becomes the norm. With INSTANDA’s no-code
product builder, teams can design, test, and launch products in
days, not months, and without deep engineering queues. That’s
decisive when entering a new region or rationalising overlapping
portfolios post-deal.
Provocation for the C-suite
Deal making is picking up, but the easy synergies are gone.
Distribution is fragmenting, data sources are proliferating,
and regulators expect clarity across jurisdictions. A modular
architecture turns that complexity into an advantage: it absorbs
heterogeneity while maintaining a common backbone for
governance, data, and experience.
If your M&A plan requires a full core replacement before you
can launch or rationalise products, you’ve already taxed the deal
premium. Treat integration like a product: ship, learn, standardise,
and repeat. Measure success in cycle time, time-to-cash, and
reuse rate of configurables, and not in milestones that reward
project duration.
The INSTANDA Difference: A Practical Scenario
A global carrier acquires a specialist regional player. Instead of a
multiyear core migration, the integration team:
• Keeps the acquired book live and stable.
• Ports the bestselling product into INSTANDA using
standardised configuration; adapts rating, language, and
compliance for local regulation in days.
• Connects to group wide payments, FNOL, and doc-gen via APIlevel
integration, unlocking shared capabilities without disrupting
operations.
• Applies hyper-automation to high-volume admin tasks, freeing
underwriting and operations to focus on growth, not swivel-chair
processes.
Every merger or acquisition presents an opportunity to simplify,
standardise, and grow. With a modular blueprint, the first 100
days won’t drain value; they’ll create it. This approach leads to
faster launches, a lower cost to serve, consistent compliance
artefacts, and a platform that makes the next acquisition easier
than the last.
Configurability replaces custom code. Pricing tables, question
sets, forms, endorsements and workflows are configured once
and reused across entities, accelerating localisation and reducing
technical debt.
Integration is straightforward. INSTANDA’s open APIs and
prebuilt connectors reduce the friction of plugging into modern
payments, CRM, analytics, and claims tools. Legacy stays
ringfenced; the group platform does the heavy lifting.
Will Wood
Director, INSTANDA
78 | MODERN INSURANCE

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