Creating C-Quence?

A year ago, together with a few colleagues C-Quence became reality. In our first year I have been asked many times why I started the company. The motivation was that, over many years, I have witnessed at close hand how the commercial insurance industry continually applied short term fixes to deep seated problems like waste, duplication and a business model that had hardly moved on in decades despite huge changes in the business world around us.
Ever more frequent redundancy programmes was and remains a characteristic approach to containing costs, often without putting in place alternative, more efficient ways of working. You can only go so far with less people to do more of the same work but eventually you need to fundamentally change the model.
As an engineer by training used to creating robust, pragmatic solutions to problems based on deep understanding of the evidence I found this mentality frustrating. It was obvious that fundamental change was both needed and possible given the availability new technologies and data analytics.
Personal lines insurance had been transformed through clever use of technology and data so why was commercial insurance so far behind?
It’s true commercial insurance, especially mid-market and above is more complex in range and scope than personal lines which is why the broker is key to client relationships, but I never bought into the line that underwriting complex risks was more art than science.
My view was that by applying technology and data analytics we could create sophisticated techniques to match the complexity of the risks and deliver valuable insights that would better support the risk management advice that brokers increasingly offer their clients.
So, with the help of key supporters we set about creating C-Quence with a vision to deliver a radical, powerful, transformative and highly efficient way of trading and servicing commercial insurance. Firstly we mapped the problems then designed a solution that backers and capacity providers found commercially viable. We then built the team to make the dream real.
Within ten months, with the help of some very supportive brokers, we designed and built a trading and underwriting platform. We also produced our first product – an easy to understand comprehensive Management Liability suite that is considerably more succinct than the market norm.
We had proved it was possible to create a new, automated and highly efficient way for brokers to deliver sophisticated insurance solutions quickly and with enhanced levels of service. The challenge now is to develop the immense possibilities that data analytics offer whilst continuing to evolve and broaden the product range.
 
Jacqueline McNamee
Founder and CEO of C-Quence