Insights
Writing on insurance risk models, ML underwriting, and the European InsurTech market — from practitioners who have built in the sector.
28
Articles since 2020
All Articles
What 2026 Seed-Stage InsurTech Looks Like
The companies we are backing now are solving problems that did not exist two years ago. A look at where the next wave of ML-driven insurance infrastructure is being built — and what the founding teams have in common.
Fund II at the Halfway Mark: Deployment Observations
With Fund II approximately halfway deployed, what the investment pattern has revealed about our thesis — where the data asset and regulatory moat arguments have held, and where we have had to update our thinking.
AI Regulation in Insurance: What Changed in 2025
The EU AI Act's high-risk provisions entered application for insurance underwriting systems in August 2025. A field observation on what has concretely changed for InsurTech companies and where the regulatory picture remains unsettled.
European InsurTech Consolidation Patterns
After five years of capital deployment into European InsurTech, the market is consolidating. What the acquisition and wind-down patterns reveal about where durable value was actually built — and what it changes in our evaluation framework.
AI Model Explainability in Insurance: The EIOPA Question
European insurance regulators are more advanced on AI explainability requirements than most founders realise. This is a design constraint, not an afterthought.
Continuous Underwriting: The End of the Annual Policy?
If risk can be assessed in real time, the 12-month policy period is an anachronism. The technical and regulatory conditions for continuous underwriting are aligning.
The Embedded Insurance Supply Chain
From MGA to carrier to reinsurer: how embedded insurance products need to wire together the entire supply chain, not just the distribution endpoint.
Risk APIs and the Platform Layer Emerging in Commercial Lines
Commercial insurance is building a data platform layer two years behind personal lines. The infrastructure companies enabling this are now the highest-value seed targets.
Portfolio Reflection: What the Best Seed Rounds Had in Common
Across 14 investments, three patterns appear in the rounds that generated the most durable companies. They are not what most investors talk about.
AI Claims Triage: Reducing Leakage at the Point of FNOL
First Notice of Loss is the highest-leverage intervention point in the claims lifecycle. ML triage models that fire in the first 60 seconds change economics permanently.
European InsurTech Funding Patterns: 2024 in Review
Seed and pre-seed activity held steady while Series B+ rounds contracted. What this means for founders raising in 2025.
Fund II Thesis Update: Where We See the Decade Going
With Fund II closing in September 2023, we share the updated thesis: why ML-driven individual risk assessment — not pooled loss modelling — is the defining opportunity in European insurance for the 2020s.
API-First Insurance Infrastructure: Building the Plumbing
Insurance-as-a-Service platforms need to solve the same cloud-scale infrastructure challenges that fintech API companies solved five years ago.
From Actuary to Investor: Mads on the Transition
What the actuarial mindset gets right about startup evaluation — and where it has to be consciously unlearned.
Supply Chain Insurance: The Last Frontier
Trade credit and cargo insurance are the last major lines where ML-based risk assessment is still nascent — the data infrastructure hasn't existed until recently. The conditions have shifted.
Why SME Digital Insurance Is Finally Having Its Moment
Small business insurance has lagged personal lines in digitisation by a decade. The regulatory and data conditions that prevented it have shifted.
Climate Risk and Parametric Triggers: A New Class of Contract
Climate change is not just an exposure problem. It is a model recalibration problem — and the parametric contract structure handles it elegantly.
AI Underwriting Models: The Accuracy Trap
High test-set accuracy is not a competitive moat in insurance underwriting. Here is what actually is.
Nordic Insurance Incumbents: A Disruption Timeline
Why Scandinavian carriers are moving faster on digital transformation than their Western European peers — and what that means for startups.
Seed-Stage InsurTech: What We Look For
Three questions that determine whether a founding team understands the insurance distribution chain well enough to change it.
Claims Automation: How Far Can It Go?
Fully automated FNOL-to-payment for low-complexity claims is here. The question is regulatory comfort, not technical feasibility.
Reinsurance Meets Machine Learning: A Practitioner's View
How ML changes treaty pricing — and why reinsurers will adopt it faster than primary carriers.
The Case for Usage-Based Commercial Insurance
Telematics matured in personal lines. The commercial fleet market is where the actuarial math gets interesting.
Fraud Signals at Scale: Lessons from Nordic Banking
Building fraud detection for €2B daily transaction volume teaches you what insurance industry data pipelines are still missing.
Embedded Insurance: The Distribution Revolution Hiding in Plain Sight
API-distributed insurance is not a product innovation. It is a structural shift in how premiums flow.
Why We Backed Shift Technology
A fraud detection system that learns from claim patterns rather than rules — and why the distinction matters at scale.
Parametric Insurance and the Death of the Loss Adjuster
When the trigger is the index, not the claim — how parametric structures change the underwriting calculus.
The Actuary as Investor: Why Mathematical Heritage Matters
What twelve years of pricing catastrophe bonds teaches you about evaluating seed-stage startups.