Hello! The next release of the ‘Inspire Insurtech’ series where we interview inspiring insurtechs to find out who they are, what they do, what we can expect from them in the future, and more is here!
Tell us Audeamus Risk’s brief pitch
An enterprise version of the FitBit watch. We are the world’s first resilience intelligence platform – recently launched module 1 is the Business Interruption Insurance B2B.
So how did Audeamus Risk begin?
The idea was sparked over a decade ago, when one the first properly structured Insurance Linked Securities (ILS) instruments was issued through so called Blue Wing Ltd SPV in 2007. An ILS bond was designed to protect London Docklands area against Thames river floods. At the same time Business Continuity Management started significantly to mature and for someone who used to be on both sides of the table, putting these two emerging domains together was very logical and represented potentially a very sound business case. However, full potential of this convergence was only realised in 2015 with the announcements of several new standards and advancement of ICT technologies. Even upon filing a comprehensive patent same year, no one could have predicted how quickly market would evolve and commence diversification towards different types or risk transfer? Luckily, Credit Suisse completed its first Operational Risk ILS-type transaction in May 2016, which proved that the industry is definitely heading in the same direction. Our module 1, BIAX beta-platform was consequently launched in July 2016.
How has Audeamus Risk evolved since inception?
We have successfully completed first part of beta testing in Australia and results produced so far are very encouraging. Since launching the platform in mid-2016, our innovative solution has earned numerous accolades not only locally but across the world. This includes recognition by Marsh and AON. We have been also invited to present at the leading industry conferences in Australia and overseas. Home-page and the News section of our website contains partial information about our activities.
What is your team currently working on?
Audeamus Risk is continuing to fine-tune its product and develop market opportunities across different industries and geographies. We are currently working on several strategic partnerships and alliances with globally operated entities.
Exciting! We can’t wait to hear more on these developments!
How does Audeamus Risk ‘give back’?
The core purpose of our existence is to enhance Societal Security through efficient risk transfer, fairer pricing and greater transparency.
What is Audeamus Risk’s biggest challenge in today’s markets?
It is definitely a slow change within the incumbent companies. Knowing that the a large portion of risk is still uninsured, it is very difficult to understand why Insurers adamantly refuse to change dysfunctional business and pricing models? While the cyber and other types of emerging risks are notoriously difficult to price; refusing to adopt new reality and continuing to use legacy systems and methodologies may prove highly detrimental to both insurers and clients alike.
We cannot agree more!
Anything else you’d like to say?
We are very proud to be a founding member of Insurtech Australia and are delighted to see how the organisation has evolved since its launch last year.
Audeamus Risk monitors resilience across the countries and continents