“The platform has really grown up around the needs of the wholesale broker”, says Kingsley.
A highly experienced industry leader, Kingsley charts his 4 decade insurance career with brand names including Johnson & Higgins (acquired by Marsh) and Beazley Group and explains what attracted him to join cyber insurtech Sayata in 2020.
“The vision for building the company. We have a combination of ultra-bright tech minds and seasoned insurance professionals is the best way I can describe it.”
With Sayata having raised $60m across 3 rounds of funding, Kingsley goes to on to explain the development of the multi-carrier comparative cyber platform in early 2020, a place where wholesale brokers can access multiple quotes from multiple markets.
“Our distribution is 100% wholesale brokers. Wholesalers are most efficient in distribution of the small to midsize cyber product. They bring some value added consulting to the retail agent, helping them navigate through some of the issues around cyber.”
Kingsley outlines the benefits on offer to wholesale brokers and retail agents as well as the challenges to scaling the business in a changing market.
With 10 well-known carriers participating on the platform, over 100 Wholesale Brokerage firms appointed and 1200 active users, Kingsley highlights the recruitment opportunities across the Operations and Business Development teams, together with the cultural values that Sayata is developing as it grows apace.
Discussing the value high-performing insurance talent brings to the business, Kingsley says, “The key is identifying people that are willing to learn something new. I use myself as an example, it’s identifying people that bring experience but are willing to look at things very differently.”
On the topic of remote-working, Kingsley maintains, “With travel opening up, the team is going to spend more time on the road. I still believe there’s no substitute for face to face meetings.”
In conclusion, Kingsley gives advice to those considering a move from an incumbent insurance business to the world of insurtech.
“I think the key is developing your primary major. Have a strong, technical grasp on an insurance product and build that out.”
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.