Ep208 Gilbert Harrap CEO InsurX: Building a new Insurance Utility

Today’s guest is well on the way to cracking a problem that has
been vexing the market for thirty years and something I have been
writing about specifically for the last twenty.


We all know that the process of syndication of risk in the London
and other international insurance and reinsurance markets is full
of inefficiencies and ripe for reform.


But just because a problem has been around for a long time and
has been well documented, it doesn’t make finding and
implementing a solution any easier.


I have lost count of the number of insurance and reinsurance
exchanges I have seen launch and then wither and die over the
last two decades.


Gilbert Harrap, the CEO of InsurX is someone who is setting out
to change all of this.


Many exchanges failed either because they were founded by people
with little understanding of complex insurance or they alienated
their potential users, particularly the brokers, who often
rightly or wrongly perceived them as a threat to their
businesses.


InsurX is different because Gilbert is someone with market
experience who is focusing on building a utility that could help
both underwriters and brokers increase volumes and improve
margins.


This is a fascinating conversation with someone running a
business that has already gained significant traction in two
classes of business and is looking to expand across the board.


Gilbert is one of us and I think that’s a big part of why InsurX
has been well received. He is laser-focused on helping brokers
serve customers better while allowing underwriters to diversify
in smart new cost-effective ways.


He doesn’t want to be an underwriter or a broker – he just wants
to be the one connecting them using intelligent new methods that
add value to both parties.


I really enjoyed my time with Gilbert and left feeling that
InsurX might be one of the first exchanges to make it in the
complex syndicated risk space.


I also ended this conversation feeling much more optimistic about
the future of the London Market and its prospects of increasing
its global share of high-quality insurance business.


 


LINKS: We thank our naming sponsor AdvantageGo:


https://www.advantagego.com/