Industry experts join to launch new tech company
Several well-known insurance industry executives have joined forces to launch Swiftly, a global technology company, with operations in Bermuda and the U.S., focused on driving down insurance costs while improving customer experience through an innovative technology ecosystem.
Swiftly is led by Michael Lyons, founder and former CEO of Weston Insurance, with 25+ years' experience in re/insurance. He has partnered with Dmitry Mnushkin, Swiftly's Chief Technology Officer, a successful re/insurance technology entrepreneur and winner of Bermuda's 2019 Technology Innovation Award; Heather Kitson, Swiftly's Chief Operating Officer & General Counsel, former Deputy CEO of Convex Re, with 23 years of executive, financial and legal experience; and Joelle Turner, Swiftly's VP & Controller, formerly of Sompo International, with 17 years' experience in insurance finance and accounting.
Lyons, Swiftly's CEO, said, "We're thrilled to announce the launch of our new technology company, Swiftly, providing cost-efficient and customer-friendly support for both Life & Annuity and Property & Casualty insurance. Our team has created an ecosystem of secure, cloud-based proprietary technologies that support our clients in seamlessly operating and administering their insurance business with next-generation service efficiencies."
End-to-end technologies include:
- Policy administration
- Pricing and rating systems
- Enterprise Risk Management
- Call-center operations
- Claims tracking and administration software
- Transaction-level reconciliation
- Clearinghouse technology
"The inspiration for Swiftly came after repeatedly seeing gaps in insurance industry infrastructure," said Lyons. "My previous business mantra was, 'Don't build it if you can buy it, and don't buy it if you can rent it.' However, it's increasingly clear to insurance operators that for several critical and highly technical operational areas of insurance, there are no good rentable nor purchasable options available."
Lyons noted that Level 3 conversational AI is a very recent innovation, while certain middleware utilized by Swiftly to operationalize its proprietary technology didn't exist commercially until as recently as early 2021.
According to Mnushkin, what distinguishes Swiftly from competing insurtech platforms is its numerous interoperable technologies and advanced processes. "We offer full operational support behind our technologies, which means if a client wishes to access our entire technology ecosystem plus support, they have what's akin to an 'MGA-in-a-box'. This gives insurers and MGAs the ability to launch or expand at a significantly reduced headcount, while maintaining the highest service levels."
Kitson explained, "Our clients are able to greatly improve annualized ROI and net operating margins, while achieving higher customer service levels as a result of extensive real-time management tools, customer self-help tools, and repetitive process automations. Our clients also have the option to execute underwriting submission binds, all the way through secure payment, without the necessity of underwriter intervention." Additionally, "our clients achieve greater control of and insights into their customer data."
Mnushkin concluded, "Our company presents a strong value proposition to existing insurers looking to expand or new entrants looking to launch more swiftly and efficiently."