Aventum’s $12 Million Investment in In-House Technology: A Game Changer for the Insurance Industry
Aventum, a prominent London-based international re/insurance group, is making headlines with its ambitious $12 million investment over the next two years aimed at establishing an in-house proprietary technology function. This strategic move reflects the company’s commitment to enhancing operational efficiency and driving innovation across its global operations.
A Significant Workforce Shift Towards Technology
Currently, 25% of Aventum’s global workforce is dedicated to technology and IT functions. This includes the establishment of a dedicated Innovation Lab, designed to foster a fail-fast culture that encourages rapid experimentation and innovation. The emphasis on technology is not just about cost-cutting; it’s about leveraging talent to create a more agile and responsive organization.
Introducing ATOMX: A Revolutionary Technology Ecosystem
Central to this investment is the development of ATOMX, an advanced technology ecosystem created in-house. This sophisticated platform is set to dramatically enhance operational performance, enabling the company to save an impressive 1,000 staff hours each month. By streamlining processes, Aventum aims to allow its broking and underwriting teams to focus more on value creation for clients, ultimately saving the group over $2 million annually.
Hasani Jess, the Chief Technology Officer at Aventum, emphasizes that the initiative is not merely about cost savings but also about improving job satisfaction and creating a more enjoyable work environment. “The benefits are multi-layered: grow the top line, reduce costs and make work more enjoyable,” Jess stated.
The Comprehensive Features of ATOMX
ATOMX is described as a flagship insurance platform, integrating a suite of 10 API and AI-driven products. These include innovative solutions for claims management, bordereau, pricing, and dedicated workbenches for brokers and underwriters. The platform is built on fully cloud-native technology, providing the scalability and flexibility necessary to support various lines of business.
In less than a year, Aventum has successfully integrated a tech team of 130 professionals across the organization, laying the groundwork for the ATOMX platform. Jess notes that the rapid development pace is particularly remarkable compared to traditional timelines in the insurance sector.
Leadership and Vision Behind the Transformation
Hasani Jess, who took on the role of CTO just a year ago, brings a wealth of experience from his previous position at Simply Business and roles in major corporations such as TUI, Harrods, Deutsche Bank, and IBM. Under his leadership, Aventum is embarking on one of the most ambitious tech programs in the London insurance market.
David Bearman, CEO of Aventum, shares his enthusiasm for the project, stating, “We’re under no illusion that it will all be plain sailing. We’ve spent the last 12 months aligning the talent and investment and are now in a strong position to rise to the challenge.” He likens the development process to creating a high-performance Formula 1 car, emphasizing the need for resilience testing to ensure the final product is top-notch.
Aventum: A Leader in Global Re/Insurance
Aventum operates with a gross written premium exceeding $1.86 billion annually and has a presence in 17 offices worldwide. Through its re/insurance broking arm, Consilium, and its global Managing General Agent (MGA) operation, Rokstone, Aventum offers a diverse range of specialist and niche solutions across all lines of property and casualty re/insurance.
The Future of Insurance Technology
The investment in technology by Aventum is indicative of a broader trend within the insurance industry towards digital transformation. As companies strive to remain competitive, the integration of advanced technology solutions is becoming increasingly essential. The focus on innovation and efficiency not only enhances operational capabilities but also improves client relationships and satisfaction.
In summary, Aventum’s commitment to developing an in-house technology function through the ATOMX platform is set to revolutionize its operations. By prioritizing innovation, efficiency, and employee satisfaction, Aventum is positioning itself as a leader in the evolving landscape of the insurance industry. As the company continues to implement its ambitious technology strategy, it will undoubtedly set new benchmarks for success in the sector.
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