“They couldn’t give me data or any sense whether or not I had the right coverage. The answer was always ‘just trust me’. I was convinced that there was a real opportunity to address some of these data problems.”
Leo charts his transition from Wall St to starting a small commercial real estate investment fund – where he was responsible for overseeing the portfolio’s insurance – and the motivation to setting up New York-based LineSlip Solutions.
“When I went in for my renewal conversation, I was shocked at the quality of the deliverable.”
Leo explains how he went from idea to creating a viable business.
“Serendipitously I ran into somebody who was struggling because their largest customer, a global top five private equity fund, wanted to see their commercial insurance data across all 200 of their portfolio companies and they had multiple brokers obviously, they had many different carriers or markets. I said, ‘I can do that’”.
Investing in data science, LineSlip were able to extract and aggregate meaningful insurance data and develop relationships with brokers to cater for their private equity funds.
Leo highlights the benefits on offer to clients and shares his outlook for the insurance sector, the culture LineSlip is building and the importance of hiring people that understand both the challenges of risk managers and the value that LineSlip can bring.
“I came to the conclusion that I wasn’t the best at everything a long time ago. The key is to hire people that are better than you, resource them appropriately and empower them.”
He concludes “You have to focus on the core value proposition. These gathering clouds around our economic outlook, it’s going to raise the bar as to which solutions a customer invests in. The way you transition from being a nice to have to a must have is offering a clear return on investment.”
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.