InsTech - insurance & innovation with Matthew Grant & Robin Merttens

In this episode, Robin Merttens is joined by Tobi Schneider, Sector Engagement Lead for Financial Services & FinTech at the Edinburgh Futures Institute, to unpack one of the most ambitious research initiatives currently shaping the future of AI risk in insurance. Backed by UKRI and developed in collaboration with AXA Group and three leading universities, the project aims to build a foundational blueprint for how insurers can understand, audit and underwrite emerging AI risks.  Tobi shares why the shift from traditional to generative and agentic AI has outpaced current risk frameworks, leaving insurers exposed to risks that are poorly defined, difficult to monitor and impossible to price using historic loss data. He explains how his team is exploring dynamic underwriting models, parametric solutions and novel assurance techniques like LLM-based judges and automated red teaming, all with the goal of enabling safer, more accountable AI adoption.  Ahead of the Agentic AI Half Day event, hosted in collaboration with AI Risk, Tobi Schneider and Lukasz Szpruch wrote an article The New Frontier: Managing and insuring generative and agentic AI risks, further exploring this topic.   In this conversation, Tobi shares:  Why AI systems that function “correctly” can still produce harmful or costly outcomes  How traditional insurance models fail in the face of opacity, model drift and dynamic learning  What makes AI risk so difficult to price and how parametric triggers can help bridge the gap  Why better assurance leads to better insurance, and how incentives can drive safer AI deployment  How continuous monitoring tools are being developed to audit AI models in real time  What today’s early AI insurance offerings (from the likes of Munich Re and Relm) are actually covering  The role of non-profit research in supporting commercial innovation without commercial bias  What insurers can do now to prepare for an AI-driven future even without historical data  If you like what you’re hearing, please leave us a review on whichever platform you use or contact Robin Merttens on LinkedIn.  Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning.

Matthew Grant, CEO and co-founder of InsTech, discusses his journey of building a bootstrapped company that achieved a successful exit. He shares insights on viewing bootstrapping as risk management, emphasizing the importance of paying oneself from the start. Matthew highlights the value of hiring curious early-career talent and maintaining control over decision-making without investors. He offers cautions about equity schemes, financial stress, and the reality of crafting a business around actual customer needs, not just personal aspirations.

In this episode, Robin Merttens is joined by Andy Yeoman, CEO of Concirrus, to unpack how a key player in marine insurance tech has reinvented itself as a core platform provider for the specialty market, and what that transformation says about where the industry is heading.  Andy shares the thinking behind Concirrus’ pivot from ship tracking to full risk lifecycle processing, what it takes to build end-to-end technology in just 18 months, and why underwriters, not just CTOs, are now leading the charge on system change.  In this conversation, Andy shares:  Why marine was just the beginning and why modern platforms must serve multiple lines with depth, not just breadth  What today’s insurers really want from core systems: speed, interoperability and business outcomes  How Concirrus became an AI-first company and what that’s meant for product delivery, talent and culture  The rise of the tech-fuelled MGA and why they’re now the “risk entrepreneurs” to watch  How verticalised platforms are winning over underwriters by solving for class-specific nuance  What the shift from admin-heavy roles to empowered underwriting means for job satisfaction and talent retention  Why managing change is as important as building tech and what Concirrus learned from its own internal AI adoption  What’s next for insurance infrastructure as constraints fall away and innovation accelerates If you like what you’re hearing, please leave us a review on whichever platform you use or contact Robin Merttens on LinkedIn.  Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning.

In this discussion, David Wood, Managing Director at JBA Risk Management, and Jochen Papenbrock, Head of Financial Technology (EMEA) at NVIDIA, delve into the groundbreaking use of AI in flood modeling. They reveal how NVIDIA's GPU technology has revolutionized catastrophe analytics by enabling high-resolution simulations and ensemble methods. The duo explains the importance of running thousands of simulations to capture extreme weather events, the advantages of real-time modeling during floods, and how open-source tools are making these innovations accessible.

Dr. Thomas Kuhnt, an executive at HDI Global, Vincent De Ponthaud from AXA, and Ed Ackerman of Qover share insightful perspectives on the promising yet challenging world of Agentic AI in insurance. They explore the transformative potential of this technology while grappling with the risks of over-reliance and the cultural shifts required for governance. Key topics include building versus buying AI solutions, customer perceptions, the need for evaluation standards, and the emerging role of ‘agent managers’ to ensure responsible AI deployment.

In this episode, Claire Souch is joined by Tom Philp, CEO of Maximum Information; James Lay, AVP of Product Management at Verisk; and Stephen Martin, Head of Catastrophe Modelling at Westfield Specialty, for a timely discussion on the future of catastrophe model evaluation, and why it's no longer enough to simply trust what’s in the black box. As new specialist model vendors emerge and market expectations evolve, the panel unpacks a growing demand for transparency, interoperability and smarter ways to adopt models that fit real-world portfolios. At the heart of the conversation is a shared belief: the industry doesn’t just need more models, it needs better ways to evaluate and use them. In this conversation, they explore: Why traditional model validation no longer meets the needs of modern risk teams The shift from 'black box' outputs to meaningful model evaluation that supports business decisions How tools from Maximum Information and Verisk’s Model Exchange reduce the burden on small or lean teams The role of Oasis as a framework for opening up access across multiple model vendors Why standardisation and open data formats are essential for meaningful interoperability The growing role of niche vendors in reshaping perceptions of model transparency How automation is changing the regulatory and investor reporting game Why this is more than a tech upgrade—it's a cultural reset in catastrophe modelling Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning.

In this episode, Brian Owens is joined by Dana Foley (Head of Catastrophe Research at Chaucer), Joss Matthewman (Chief Revenue Officer at Reask) and Olivia Sloan (Head of Catastrophe Products at Fathom) to explore the growing influence of specialist model vendors in catastrophe risk modelling and why they’re anything but “niche”. With decades of combined experience across underwriting, model development and scientific research, the panel discusses how climate change, regulatory pressure and the need for portfolio-specific insight are pushing insurers to reconsider single-platform dependency. They explore how new vendors are filling gaps left by traditional models offering science-led, transparent and highly customisable solutions tailored to specific business needs. Drawing on their respective roles across the risk ecosystem, the panellists explain why the return to multi-modelling is gaining momentum and how platforms like Oasis are helping democratise access to emerging tools. In this conversation, the panel explores: Why “niche” models are proving critical in underserved perils, regions and use cases The evolution from black-box outputs to transparent, collaborative frameworks How science-first models enable faster innovation and user-driven risk views What’s enabling and blocking wider adoption of multi-modelling approaches How Fathom and Reask are using AI and machine learning to improve model fidelity Why regulatory scrutiny and climate change demand a more agile modelling approach The role of open platforms like Oasis in supporting innovation and vendor access What insurers need to consider when building a tailored, future-ready modelling strategy Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning.

Introduction In this episode, Robin Merttens is joined by Jack Miller, CEO and Co-founder of nettle, to explore how generative AI is being applied to one of insurance’s most complex and resource-constrained challenges: risk engineering. Jack shares how his work at McKinsey, leading AI transformations for insurers, exposed him to the inefficiencies in assessing commercial property risks and how that inspired Nettle’s founding. From mass retirements of risk engineers to the reality that most properties are never physically assessed, Jack outlines why the status quo is unsustainable and how AI can help underwriters make faster, more informed decisions without sacrificing depth or judgement. He explains how nettle is already working with insurers like Allianz to roll out configurable, production-ready tools that reduce manual burden, unlock previously inaccessible insights and integrate directly into existing underwriting platforms. In this conversation, Jack shares: Why risk engineering is facing a capacity crunch and how that affects underwriting quality The surprising statistic that sparked nettle’s creation: 97.5% of properties are never visited How generative AI can enhance, not replace, expert judgement in high-value underwriting Why depth, not breadth, is the key to building meaningful AI solutions in insurance Lessons from building a product insurers can implement in weeks not years The importance of involving underwriters in AI adoption from day one What most insurers get wrong about pilots, procurement and “proper” GenAI strategies How nettle’s partnership with Allianz helped shape a scalable, enterprise-ready product Why commercial P&C is the perfect proving ground for next-generation InsurTech If you like what you’re hearing, please leave us a review on whichever platform you use or contact Jack Miller or Robin Merttens on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning.

In this episode, Richard Gunn, President & CRO at hyperexponential, joins host Matthew Grant to share the inside story of hyperexponential's expansion journey from the UK to the US, and how the company is reshaping pricing and underwriting in the insurance sector. Richard reflects on seven years at hyperexponential, starting as the first non-engineering hire to now leading a fast-growing US team in New York. He explains how hyperexponential has evolved from a pricing platform into a broader decision infrastructure provider, with tools spanning triage, portfolio intelligence and AI-powered underwriting support. In this conversation, Richard shares: Why hx's "pro-code" platform sits between build vs buy, offering flexibility without compromising enterprise-grade credibility How the team landed major US clients before even setting up a US office The strategic lessons behind building trust with US insurers, from culture to communication The practical impact of generative AI and "vibe coding" in hx's product development and internal operations Why hx believes AI isn't about replacing roles but redrawing their boundaries to boost effectiveness What it's like to move across the Atlantic with a young family while scaling a tech business How New York's transient tech culture supports rapid networking and hiring His predictions on shifting insurer priorities from growth to profitability Resources & Mentions: AI Daily Brief (podcast recommendation) Book: Papillon by Henri Charrière Previous guests: Amrit (hyperexponential Co-founder & CEO), Marcus Ryu (Co-founder and Chairman at Guidewire and Partner at Battery Ventures) If you like what you’re hearing, please leave us a review on whichever platform you use or contact Richard Gunn or Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning.

In this episode, Robin Merttens is joined by Tim Hardcastle, CEO and Co-founder of INSTANDA, to reflect on what it takes to turn a contrarian vision into a global insurtech platform and what the next decade of innovation might look like. Tim left a senior role at Hiscox to build a no-code platform for insurers at a time when most said it couldn’t be done. Ten years on, INSTANDA powers operations around the world and is gearing up for its next big leap. This conversation revisits the early sparks of that journey, including a memorable chat at the Royal Exchange, and dives into the personal and professional lessons Tim has gathered along the way. In this conversation, Tim shares: Why the earliest versions of INSTANDA were built despite zero market demand How a falling out with a boss became the unexpected catalyst for entrepreneurship The reality of scaling a tech company in insurance including a motorbike sale to make payroll Why belief, timing and architecture were crucial to gaining traction How humility shaped both leadership style and product design What it means to lead through survival, scale and reinvention His view on legacy, moonshot AI and the importance of letting go What’s fuelling his passion ten years in and where the next decade might lead This one is part retrospective, part roadmap and full of insight for anyone thinking long-term about change in insurance. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Describe the early challenges of launching a no-code insurance platform in a sceptical market. Explain how belief, architecture and timing contributed to INSTANDA’s success and scalability. Define the role of humility in effective insurtech leadership and product design. If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 382 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.