“We look for a willingness to re-imagine the entire underwriting and rating process, how that’s distributed through brokers and the relationship with insurers,” says Andy who has a background in underwriting as well as stints at Lloyds and AON UK.
Partnering with Xceedance, NuVenture launched in 2020 and is an incubator focussing on helping those who have a desire to run their own MGA. Difficult to achieve in isolation, NuVenture identifies founding teams – often led by an entrepreneurial individual – provides the funding, the outsourced services required and the full support to get the business up and running in return for equity.
Andy talks through breaking in to the C-suite, his biggest achievements – including setting up NuVenture and two MGAs in the midst of lockdown – and how he’s dealt with setbacks in his career.
Discussing how NuVenture is adopting tech, Andy says that the starting point must be the customers, “Who needs to benefit from the tech and digitisation?”
He maintains that there’s too much cost in the insurance system and one way to change that is through embracing new technology. As a start-up NuVenture aren’t burdened by huge legacy systems and can enjoy the benefit of being able to access Xceedance’s tech solutions.
Andy talks through the characteristics NuVenture look for when attracting talent and the challenge of reaching enough of the right people with an entrepreneurial mindset who want to do things differently.
If you’re considering setting up an MGA, Andy advises to think it through as it’s not for everyone. “Start to write a business plan. It starts to give you momentum. It’ll help to bring it to life or not”
The Insurance Coffee House Podcast is hosted by Nick Hoadley, CEO, Insurance Search, the Executive Search Consultancy for growing Insurance and Insurtech businesses across the globe.