Description

On this episode, Sabine VdL interviews Mark Dennis, a seasoned insurance executive with strong expertise in software platforms.

Mark was the Global COO and Europe CEO for MunichRe Digital Partners, one of the most renowned InsurTech ecosystem builders, which has now been re-integrated within the core business of the MunichRe group. Today, Mark works with various young ventures and helps them with their scaling strategy. Today, he is supporting the Inshur team.

KEY TAKEAWAYS

• In my time, we’ve partnered with 25-30 InsurTechs and invested in only a few, so we’re quite selective about where the capital has gone. The examples where we’ve got it really right are where we’ve blended our products well. 
• In the early years, we were probably more invested in technology, and our assertion at the time was to offer the full tech stack of policy admin. In the middle of that five-year period, we looked at the market and realized there were people out there who could do it far better than we could; there were hundreds of policy administration vendors. You could decide whether to buy rather than build. So we pivoted that model away from building everything to having a network of best-in-class providers that we could connect to our InsurTech customers. Later, we focused more on data infrastructure and collaborating with our InsurTech partners to leverage a data advantage.
• It’s folly to seek perfect alignment; it’s better to seek out what everybody gets from the partnership, and it’ll vary and move around over time, but as long as everybody gets some kind of upside, then that’s being in a good shape. Seeking perfection is nonsense, really.
• Insurance has always been data-driven, even 4,000 years ago with the Phoenician traders. They’re always figuring stuff out based on data points (e.g,. When’s the safest time to sail across that ocean to deliver goods?) Now we have the benefit of technology that allows us to process a lot more data, and everybody’s trying to capture data points and gain a data advantage, though sometimes I think we don’t always know what we’re doing; we’re capturing data without necessarily a clear purpose. It’s much more about risk prevention and prediction than about the cure. It’s more a force for good now though I don’t think insurance gets the credit it deserves. In a way, it certainly needs its own PR campaign!

BEST MOMENTS

‘The key for me is wanting to be a partnership business, and we try to treat all our InsurTech relationships as partnerships, rather than too transactional.’ 

‘Without knowing it – because there wasn’t that much competition in the early days – we built the first InsurTech ecosystems, it wasn’t by design, it was just how it worked.’

‘It boils down to a few key questions: Is the team the right team? Are they balanced? Do they know the industry or are they being deliberately disruptive? Are they being positive with their disruption?’

‘You have to respect your insurance partner; they need to get something out of this and create value.’

ABOUT THE GUEST

Mark Dennis says: In 2016, I co-founded and built out MunichRe's Digital Partners business from scratch to what is now a large, global operation employing more than 100 brilliant people. With our insurtech and disruptive partners, we have helped build more than 20 insurance businesses.

As part of my role, I introduced a flexible working model, with employee wellbeing and care at its heart. For more than 5 years, we have operated a flexible model with meeting-free and wellbeing days, extended breaks, flexibility for working parents, and so on. I am proud to say that some of these ideas have now been adopted more widely in the other MunichRe businesses.

I am also passionate about giving people a chance. DP recruits people of all backgrounds and with diverse thinking. I was also an executive sponsor on Munich Re UK's inclusion and diversity programme and for the Re: Connect charitable foundation.

I now lead an independent consulting business focused on insurtech scaling, operational resilience, and change management. We also aim to work with more established insurance businesses to develop and execute their innovation ambitions.

ABOUT THE HOST

Sabine VanderLinden is a corporate strategist turned entrepreneur and the CEO of Alchemy Crew Ventures. She leads venture-client labs that help Fortune 500 companies adopt and scale cutting-edge technologies from global tech ventures. A builder of accelerators, investor, and co-editor of the bestseller The INSURTECH Book, Sabine is known for asking the uncomfortable questions—about AI governance, risk, and trust. On Scouting for Growth, she decodes how real growth happens—where capital, collaboration, and courage meet.

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