“The insurance experts in the company define the technology requirements”, says Cory.
With a career background of building technology for strategic advantage, Cory shares his journey to co-founding reThought Insurance, a US-based insurtech focussed on flood protection for commercial buildings and HNW homes.
“Flood is the most challenging peril to underwrite. It’s difficult to price flood risk adequately,” says Cory, explaining how 90% of buildings in the US aren’t covered for flood, despite 99% of US Counties having suffered from flood since 1996.
Licensed in all 50 States and with risk spread across 40 States, Cory outlines the benefits to policyholders and brokers and the biggest challenge he’s faced in building the business. “Insurance is a complex multi-party transaction. It took us 2.5 years before we could write one policy.”
With a current headcount of 31 and fundraising for Series B, Cory gives insight in to growth plans, maintaining a collaborative, fast-paced start-up culture as the business moves forward and reThought’s approach to hiring new talent.
A completely distributed, remote company, even before the pandemic, Cory highlights the value of insurance knowledge to the business and the foundations needed to build a successful insurtech.
“Pick the right market, have the right insurance expertise and back it with technology. In that order.”
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.