An actuary who previously served Lloyd’s insurance clients and London market insurers has launched a risk consultancy that specialises in insurance industry innovation.
Paul O’Connor, a former consulting actuary at Lane Clark & Peacock, has introduced his firm Azimuth Insights which aim to help established insurers and insurance start-ups.
reported that O'Connor is now working with some clients including three well-known start-ups, which he refused to identify.
His firm intends to assist insurance start-ups in understanding and communicating the impact of their innovation to the wider insurance market.
"I'm helping start-ups communicate with established insurance partners and investors,” the report quoted O’Connor as saying. “Sometimes that can be as simple as helping people view their business plans through a quantitative lens – for example, exploring how their business model might impact underwriting results."
He said some of the tech-focused start-ups entering the insurance sector don’t necessarily want to become insurers themselves as they only want to find the right industry partners.
Azimuth Insights also aims to help established insurers identify and develop new solutions to key challenges facing their business.
“Some of the bigger firms are 'looking for innovation' and we can help bring some of the better ideas or partners to their attention,” InsuranceERM quoted him as saying.
“For those companies which have the ideas but don't have the resources to explore them, we can use our experience to help,” he added.