This is the first in a series introducing key members of the iXledger team and their department’s role in driving the project forward.
Today we invite you to meet Ciaran Sainty, one of our Product Directors.
I started my career in insurance in 2005 as a technician with Equity Direct Broking, holding various positions there – most recently as a Relationship Manager on accounts with Banks, Building Societies, and Motor Manufacturers such as Santander and Renault.
I wanted to get into underwriting, so in 2013 I joined Jubilee Managing Agency at Lloyd’s as an Affinity and Special Risks Assistant Underwriter. I moved to Sompo Canopius at the end of 2014, as an Underwriter in the Specialist Consumer Products division.
Finally, I became interested in insurtech and made the move to iXledger in April 2018.
What are you and your department currently working on?
At present my work is largely focussed on the step by step development of a full-blown insurance distribution marketplace covering the entire product lifecycle, benefiting insureds, distributors, and capacity providers. This is a huge development project taking into consideration many different aspects of the different customer journeys, and we have made great progress with this.
Alongside mapping the product lifecycle and its different aspects, immense attention is dedicated to pinpointing where IXT will be used within that cycle. This has resulted in the need for an updated IXT white paper, considering each independent aspect of the lifecycle and where we can add value over existing industry processes.
We are focussing on cyber insurance for a targeted launch, with a clearly developed roadmap for diversifying into other related products rapidly once the platform achieves penetration.
How do you see your work developing and impacting the project?
I see the marketplace evolving and growing constantly, and updates to the product being made continuously as we develop each step of the lifecycle. All projects to date have had input into the distribution platform. We have learned valuable lessons at each step, and are building upon the solid foundations we’ve laid along the way. This work has the potential to be truly revolutionary for the market, and will provide access to new capacity and insight whilst reducing costs.
There is a lot of ongoing regulatory changes, uncertainties, and hurdles to overcome. We are now FCA authorised which gives us a greatly improved reach, but, as we are building a global platform, regulation will continue to be a significant burden in unfamiliar territories.
Key milestones for your work
The product is now in build stage, and we have a significant interest from carriers and distributors and several established partnerships, but being able to take a real, working, and complete product to market will be a true test.
Interests and hobbies
Outside of work I like to experience live music and festivals, bouldering walls and rocks, and throwing myself down steep hills on my bike.
Please feel free to contact me and ask questions using @CiaranSainty.