POP Insurance Holdings (POP), a specialist insurance group headquartered in Sydney, Australia, and its MGA subsidiary Fusion Specialty Insurance (Fusion), have launched a worldwide partnership with Fractal Industries, Inc., an analytics and insurtech software provider that applies artificial intelligence to solve complex, real-world problems headquartered in Reston, Virginia, USA, with operations also in the UK.
Under the partnership, Fractals proprietary, data-driven decision support platform –including its software, data, analytics, services, underwriting platform and other Advanced Insurance Decision Platform (AIDP) capabilities — will be applied to enable Fusions M&A Insurance business, and ultimately other specialty insurance products.
Fusion intends to deliver a better insurance experience and efficiencies across the value chain for Fusions ecosystem of partners, including corporates, PE firms, re/insurers, brokers, advisors, law firms, brands and distributors.
Killian McDermott, POP and Fusions Co-founder and Executive Partner added: Technology-enabled insurance is engrained in Fusions vision, culture and business model. We are therefore excited to partner with Fractal, which will enable us to apply technology, data analytics and automated decision making to enable Fusions M&A Insurance product; and ultimately to differentiate in how we design, distribute, underwrite and fulfill other specialist products.
David Rogers, POP and Fusions Co-founder and Executive Partner and Head of M&A, commented: We are delighted to join forces with Fractal to enhance Fusions M&A Insurance product, and in particular the development of the SME segment. We also have an opportunity to work with our ecosystem partners to deliver greater efficiencies for the existing middle market M&A product across its processes and distribution channels. We intend to achieve a good balance between the expertise of our people and the application of innovative technologies, in order to deliver a better M&A Insurance experience for our Clients, and to support the growth of the overall market.
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Alastair Speare-Cole, President & GM, Insurance, at Fractal Industries commented: POPs Fusion M&A is further evidence of increasing specialization in the insurance markets, enabled by technological advances such as Fractals Advanced Insurance Decision Platform. Our strategic partnership further demonstrates the versatility of the Fractal AIDP to support multiple perils and identify, correlate, model, manage, and transfer risk. AIDP is a state-of-the-art tool that drives optimization across the entire insurance industry, providing dynamic contract evaluation, risk and value addition modeling, true risk transfer costs, and insight into impacts on regulatory capital.
About Fractal, POP and FUSION
Fractal Industries is a world leader in applying artificial intelligence to solve complex, real-world problems at petabyte scale. Its flagship offering, Fractal OS„¢, is a world-class Data Analytics-as-a-Service platform that blends capabilities ranging from data fusion, analytics, and reporting to advanced algorithms, simulations, and machine learning to drive optimization and enable timely, deeply insightful decision-making across the enterprise, especially for cyber-risk, insurance, and quant-finance use cases. Headquartered in Reston, VA, Fractal Industries also has offices in New York and London. www.fractalindustries.com
POP and Fusion
POP Insurance Holdings Pty Ltd. (POP) is developing a leading specialist insurance Group, delivering growth organically and through small cap acquisitions, focused initially on the Asia Pacific Region.
POP stands for: (1) Power of People “ enabling stakeholders to live their potential; and (2) Power of Protection “ high quality products and underwriting, focused on our clients and their needs; and (3) Power of Partnerships “ building a new specialist insurance ecosystem, through partnerships between clients, MGAs – underwriters, re/insurers, distributors, technology, marketing and services companies.
POPs current investments include FUSION Specialty Insurance Pty Ltd. (FUSION), an MGA platform to support expert specialty and specialist insurance sector entrepreneurs, as well as leading re/insurers to build specialist insurance businesses throughout APAC.
POP has also established POPAssures, an affinity insurance business.
POPMobi and POPServes are being developed to support FUSION and POPAssures through strategic partnerships with data analytics, mobile-based distribution, automation of insurance underwriting and administration, and insurance services capabilities.
POPs principals are Killian McDermott and David Rogers, who have fifty years collective experience and a successful track record of building profitable speciality and affinity insurance businesses, including re/insurers and MGAs in APAC, Europe, Latam and the US.