{"id":9745,"date":"2025-02-14T05:19:24","date_gmt":"2025-02-14T05:19:24","guid":{"rendered":"httpss:\/\/www.advantagego.com\/en-us\/?p=9745"},"modified":"2025-03-07T06:55:23","modified_gmt":"2025-03-07T06:55:23","slug":"voi-podcast-with-ben-hubbard-ceo-and-cofounder-of-parsyl","status":"publish","type":"post","link":"https:\/\/www.advantagego.com\/en-us\/content\/voi-podcast-with-ben-hubbard-ceo-and-cofounder-of-parsyl\/","title":{"rendered":"Harnessing AI and Tech-Driven Underwriting \u2013 Parsyl\u2019s Growth in Lloyd\u2019s"},"content":{"rendered":"\n<iframe title=\"Ep241 Ben Hubbard Parsyl: In the business of rewarding the best clients\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?from=embed&amp;i=9j9py-17f1bab-pb&amp;share=1&amp;download=1&amp;fonts=Tahoma&amp;skin=3267a3&amp;font-color=&amp;rtl=0&amp;logo_link=&amp;btn-skin=1b1b1b&amp;size=150\" loading=\"lazy\"><\/iframe>\n\n\n\n<p>In 2016, the insurtech scene wase exploding into life. Entrepreneurs seized on break-through technologies to trailblaze with new products and services, shaking up the insurance landscape dominated by incumbent insurance giants.<\/p>\n\n\n\n<p>During this time of excitement and opportunity, Ben Hubbard co-founded Parsyl and the firm made it into the first cohort of the Lloyd\u2019s Lab. It\u2019s never looked back.<\/p>\n\n\n\n<p>Today it underwrites profitability on supply chain risks \u2013 such as food, life science, pharmaceuticals and packaged good &#8211; using latest technologies and innovations.<\/p>\n\n\n\n<p>For example, Parsyl runs 100% of its submissions through artificial intelligence. It constantly revamps its products over rolling two-week cycles and updates its models from experience and new third-party data every four months.<\/p>\n\n\n\n<p><strong>Lloyd\u2019s muscle &nbsp;<\/strong><\/p>\n\n\n\n<p>It\u2019s growing muscle in Lloyd\u2019s is evident by its leadership of the Essential Consortium, coverholder status and operation of syndicate 1796.<\/p>\n\n\n\n<p>Explaining Parsyl\u2019s recent developments, Hubbard told Voice of Insurance host Mark Geoghegan: \u201cWe launched a consortium at Lloyd&#8217;s 18 months ago, and we&#8217;ve put 60 million of premium through that since its debut. It&#8217;s impressive. Really proud of that.\u201d<\/p>\n\n\n\n<p>The 40-staffed business is light on overheads, meaning it is less people-heavy than other syndicates, instead reliant on technology to carry out much of its work.<\/p>\n\n\n\n<p>\u201cThat is one of the most exciting ways to build a profitable insurance business,\u201d Hubbard explained.<\/p>\n\n\n\n<p>Parsyl builds its own technology, this means the data scientist and data engineers have the same standing as the underwriters.<\/p>\n\n\n\n<p>\u201cIt&#8217;s that kind of equality that creates creative friction, that creates better outcomes,\u201d he said.<\/p>\n\n\n\n<p><strong>\u2018Constantly changing\u2019<\/strong><\/p>\n\n\n\n<p>Geopolitics, climate, the new political leadership in the United States and environmental, social, governance (ESG) were all highlighted in the discussion as risks facing shippers.<\/p>\n\n\n\n<p>Hubbard said: \u201cIt is constantly changing and moving. And the exposures, even if they&#8217;re static, are changing, you know, by the hour. So, it makes it interesting.\u201d<\/p>\n\n\n\n<p>Using technology to unlock new classes of business, and some of the \u2018grey\u2019 area in between classes, is one of Parsyl\u2019s aims.<\/p>\n\n\n\n<p>Underpinning these ambitious plans will be the capital from its successful series C fundraising. &nbsp;<\/p>\n\n\n\n<p>The funding, Hubbard explained, will go towards growing the <a href=\"https:\/\/www.advantagego.com\/en-us\/products\/underwriting\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.advantagego.com\/en-us\/products\/underwriting\/\" rel=\"noreferrer noopener\">underwriting<\/a> operation, research, and development, along with investing in data technologies and capabilities.<\/p>\n\n\n\n<p>\u201cWhat we need humans to do is develop the business. It\u2019s the network, it\u2019s the judgement,\u201d said Hubbard.<\/p>\n\n\n\n<p>\u201cAs a US company with a Lloyd\u2019s presence, we actually have very light underwriting footprint in the US.<\/p>\n\n\n\n<p>\u201cMost of our footprint in the US is product, engineering and operations, so we want to grow our US presence.\u201d<\/p>\n\n\n\n<p>Another important part of the growth story is generative AI. Hubbard enthused: \u201cGen AI has been a big investment for us. I think we&#8217;re an early mover on it.<\/p>\n\n\n\n<p>\u201cWe&#8217;re seeing huge rewards. We want to keep that up. It&#8217;s one of the things I find myself surprisingly excited about.\u201d<\/p>\n\n\n\n<p><strong>Avoiding the \u2018stupid stuff\u2019<\/strong><\/p>\n\n\n\n<p>When it comes to underwriting appetite, Hubbard believed Parsyl is niche, focusing on perishables and pharmaceuticals.<\/p>\n\n\n\n<p>Even though market rates have softened, Hubbard is confident his business can continue on its profitable course.<\/p>\n\n\n\n<p>\u201cWe won&#8217;t compete with stupid and there&#8217;s some stupid stuff out there. But actually, I&#8217;d say that niche of the market, it&#8217;s underserved still, and so we find that there&#8217;s limited options for clients.\u201d<\/p>\n\n\n\n<p><strong>Exit strategy<\/strong><\/p>\n\n\n\n<p>Pressed by Geoghegan on an exit strategy for divesting the business, Hubbard was forthcoming.<\/p>\n\n\n\n<p>\u201cI think we have a plan, and we&#8217;re loving what we&#8217;re doing, and I don&#8217;t really want to be doing anything else, and hope this ride never ends. And I think actually everyone feels that way. So, we have a business plan at some point,\u201d he explained.<\/p>\n\n\n\n<p>\u201cYour trade sale, recap with a private equity company, IPO. Those are all options that exist. So, we&#8217;re focused on hitting our plan, and I do believe the rest kind of takes care of itself.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2016, the insurtech scene wase exploding into life. Entrepreneurs seized on break-through technologies to trailblaze with new products and services, shaking up the insurance landscape dominated by incumbent insurance giants. During this time of excitement and opportunity, Ben Hubbard co-founded Parsyl and the firm made it into the first cohort of the Lloyd\u2019s Lab. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[19,26],"tags":[14],"line-of-business":[],"class_list":["post-9745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts","category-latest-insights","tag-underwriting-workbench"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/9745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/comments?post=9745"}],"version-history":[{"count":0,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/9745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media\/6594"}],"wp:attachment":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media?parent=9745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/categories?post=9745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/tags?post=9745"},{"taxonomy":"line-of-business","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/line-of-business?post=9745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}