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Jeremy Keating Interviews Dawid Kopczyk from Quantee - Episode 3
56 Plays2 years ago
Join us for an insightful episode as we sit down with Dawid, the co-founder of Quantee. In this episode, we delve into:
The journey that led him to co-found Quantee
The company's customer-centric mission
The innovative technologies they utilize
David also provides a glimpse into the future of insurance pricing and the global trends shaping the industry. Whether you're interested in the fields of insurance, technology, or entrepreneurship, this episode promises to engage and inspire. Don't miss this intriguing conversation with one of the trailblazers in the insurance tech industry. Enjoy the episode!
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Transcript
Company's Mission and Introduction of Guest
00:00:00
Speaker
We aim to use most modern next-generation technologies to make pricing more individualized, personalized and fair.
00:00:13
Speaker
Ladies and gentlemen, welcome to this episode featuring David, co-founder of Quanti. Originally aired in July 2023, Quanti is a proud sponsor of the 2024 Price Writer Conference and David will also be joining us as one of our esteemed speakers.
00:00:31
Speaker
For Price Writer members, the full length version of this insightful interview will be available in our exclusive member area, launching later in 2024.
David's Career Journey
00:00:42
Speaker
To learn about memberships, visit our website at www.pricewriters.com. Hello David and welcome to the show. Hi.
00:00:52
Speaker
Nice to be here. Excellent. It's great to have you on as well. So the first thing I want to ask you about is how do you, how did you get to be where you are today?
00:01:06
Speaker
I've been an actress since 2013. I work mostly for the UK, Germany, and French insurance companies also having origins in Poland because that's where I'm living right now. During that times.
00:01:26
Speaker
old times, the data science and machine learning concepts were just starting to emerge in different sectors. The insurance sector was behind that, but there was also people getting interested in that kind of a re-op.
00:01:44
Speaker
I was working back then as an independent contractor in the UK. I think earning reasonable amount of money and having interesting projects, but sincerely I was missing something.
Quanti's Innovative Approach to Insurance Pricing
00:02:00
Speaker
I was missing something that would have a wider impact, especially on the pricing, the insurance pricing, generally on the insurance sector.
00:02:11
Speaker
And you use this most recent data science techniques, AI, and this kind of knowledge to solve the problems and challenges that insurance pricing had and have still at that moment. So that's why I co-founded Quanti. And this is where I'm currently very involved.
00:02:39
Speaker
what do you see as yours and Quanti's mission for insurance pricing? I think Quanti has very simple but powerful mission that everybody who works for Quanti understand and I think our customers also understand that we aim to use
00:02:59
Speaker
Most modern, next generation techniques, technologies to make pricing more individualized, personalized, and fair. So that kind of three topics, this is something that we underline on every step. We are also very customer-centric company. So we aim to produce a piece of software that is loved by the customers. And basically, we are not taking any compromises here.
Challenges and Trends in Insurance Software Development
00:03:26
Speaker
This is how I would describe our mission and vision. In terms of automation, we have the automated land-gantt models, but also automated machine learning models with ex-meable AI. On the other hand, we are able to be very flexible in terms of how you basically design the pricing process, the pricing pipeline.
00:03:54
Speaker
together with things like open source integration and in the end expose that to the sales channels to all of these ABX tests that are required for impact analysis for gathering the data for
00:04:11
Speaker
elements, models and even propensity by models which are used to offer the fully personalized prices for GI products. Doing a software for the insurance combines itself. It's a very difficult and challenging challenge. So it's not like you build the MPP and then go to the markets and that's it. I think you have to
00:04:39
Speaker
really careful and do all of the necessary stuff that are required for the price factories to do their job. My personal view is that insurance companies are not software companies, so it's very
00:04:58
Speaker
difficult to build such solutions it is possible but it's difficult and costly but even harder is to maintain such a solution
00:05:12
Speaker
We were brave some time ago to start this project, but right now I can, I'm feeling that it's something that really the interest companies are lacking and they need, and not only in Europe or here locally, but basically globally, global trends for that kind of price and their writing solutions. Yeah, I did agree.
00:05:40
Speaker
What we can observe globally is the trend of becoming more individualized, customer-centric, and basically dynamic in terms of the underwriting pricing. Of course, every market has its own pace, but the reality is that everybody's taking the same race.
Future of Insurance Pricing and Quanti's Role
00:06:00
Speaker
I think a lot of things are happening in the last years and there are events like inflation, regulations, AI, data, and you need your tax with aggressive pricing. So basically pricing departments want to react somehow to these market movements and do that swiftly within
00:06:25
Speaker
minutes or hours, not months, or even as if you're like getting a huge project. So this is achieved from, I would say, a risk-based to customer-based pricing, which is yet another step in the pricing sophistication. I think it's sooner or later we'll take that step. So my next question, David, is what would you see as your vision for the future insurance pricing?
00:06:55
Speaker
Yeah. So as I thought you before, we can see this global trend of being able to react very dynamically to the market movements. I think my personal reason, I think it's threefold. So first of all, I think people pricing, actually pricing analysis managers around the process.
00:07:25
Speaker
We need to have tools and capabilities to create any pricing change and map it to the sales channels within minutes or hours. Of course, with a property and license and so on. That's certainly not months. And I think this can achieve thanks to the automation of process, automation of modeling, GLM, machine learning.
00:07:51
Speaker
the users of AI to help and experience actress too.
00:07:59
Speaker
You know the process better or analyze the results better. Of course, from the deployment side of your cloud services and the whole branch of what we can call machine learning ops. So basically exposing your pricing strategy to the sessions as quickly as possible. This is what I actually call being dynamic in terms of the pricing.
00:08:29
Speaker
Secondly, I think pricing actuaries will not be limited only to the rating structures, but will be able to use the power of machine learning and AI, even generative AI, to automate the pricing and underwriting processes and to make this process more individualized and precise. This, of course, has to cover all of the transparency and fairness issues, but this is something that later will enlarge
00:08:59
Speaker
Because this is how actually we can offer more individualized and more fair price to the customers. Thirdly, the new class of models and data, I think it will allow actress to build some kind of other strategy to create or even new insurance products or new models, propensity to buy models.
00:09:25
Speaker
and allow the insurance companies to be truly customer-centric. So this is to achieve kind of strategy that you can offer certain insurance products within, sorry for that, you can offer the insurance products that are complementary
00:09:55
Speaker
And you can do that, all of that in terms of the pricing process within one system that is not a legacy system and can react quickly to the market environment. So this is like this three points is something that belief is a vision. So something that.
00:10:17
Speaker
everybody will strive to in terms of the insurance pricing.
Emerging Insurance Technologies and David's Insights
00:10:22
Speaker
I personally believe that this is what I personally believe and this is also how quantity generates value for our customers.
00:10:34
Speaker
Yeah, I definitely think that to, to pull on the personalization point, I think that's absolutely where it will go. Of course, there are some regulatory issues and habits of the customers in Europe. I think it will take time until the telematics be developed in here, but certainly it's
00:10:59
Speaker
It's kind of an insurance product that is worth to check whether this is also working in the European environment. And I'm also pretty excited about embedded insurance and parametric insurance. There's two types of insurance that use special of testimony. It's about the insurance and special of data. This is something exciting that is also on the horizon.
Optimism for the Insurance Market
00:11:28
Speaker
it will certainly need experts in pricing to calculate that property and offer the true value. Let's hope we see all of this. Awesome. All right, thanks a lot for your time this afternoon, David. Is there anything you want to add before we finish up?
00:11:48
Speaker
Nope, that was super interesting conversation. I'm always happy to share my thoughts and thoughts of my team about the insurance pricing. I think it's extremely interesting time, very fast in terms of what's happening on the market. It's always worth to talk about that and to share the knowledge outside.
00:12:19
Speaker
Yeah, absolutely definitely. Thanks a lot David and you have a good day. Thank you.