etn.
00:38:45 · Kosta, Angela, Sam
[00:38:45] S0: I saw that it was a... How how it was going... Sorry. How how it started? How it's going now? I saw the tweet. Tell it that... Because this is a... Well, I mean, you said it yourself. It's it's not... It's it's a rare thing in The UK, I think, to get something of that scale. Tell us a little bit about this bet. You made it three years ago. We've also had an amazing outcome. [00:39:01] S8: The journey throughout... There's there's gonna be more. There's so there's so many talented people here building great things. And you should have Amrit on the show to to tell [00:39:08] S0: yourself the CEO. [00:39:09] S1: We would love... Would love...
00:39:09 · Sam, Angela, Kosta
[00:39:09] S1: We would love... Would love... [00:39:10] S8: How it started, how it's going. The best part of this job is meeting just, I would say, unicorn people with interesting backgrounds that, can then decide to to start companies, especially in antiquated industries. My joke in insurance is it's a $7,000,000,000,000 industry that pushes around PDFs. Not anymore. Not anymore because there's a lot of really great companies. But Amrit can tell his story but it... It's pretty unique. He's got a computer science background and then became an actuary. Then worked, in several different markets as an actuary at large insurance companies, and then decided to start this company because he just saw how inefficiently risk was priced. And so it's very rare to have CS actuary background, and then have the magnetism that you can attract high quality people to work on... You know what? Sounds like a pretty boring problem unless you get into it. It's actually an incredibly interesting problem. [00:40:05] S1: Okay. [00:40:05] S8: And then the... How it started... How it's growing company is their their first office was in a car park. [00:40:11] S0: No way. This is old school stuff. [00:40:13] S8: Outside outside of London. I love it. And so I was at the... They announced the acquisition at the large Guidewire user conference, like, thousands of people. And I was like, alright, man. You've gotta have a good picture from the early days. [00:40:23] S1: Yeah. [00:40:23] S8: So they sent me this cart pack shot. [00:40:25] S0: It was like, yes.
00:40:25 · Kosta, Sam, Angela
[00:40:25] S0: It was like, yes. [00:40:26] S1: Hello. How do you find those people? Like, that is an incredibly rare human being. How is that? How does that even come about? How did that come about two years ago? [00:40:35] S8: Like, what is that gain a reputation in industry. [00:40:39] S0: Okay. [00:40:40] S8: But it's a couple things. Like, the... Like, it was just how I got so excited about financial services and insurance. It's just such an interesting class of problems. [00:40:49] S1: Yeah. [00:40:50] S8: And so I did a presentation for our LP conference, maybe 70 ago, just kind of mapping out the insurance industry where I thought some of the possibilities were. And that is a great beacon for smart people that are working in the industry and, like, alright. You know, Angela might not understand the intricacies of the problem I'm working on to the same degree I do. At least, I hope not. The CEO should know a lot more than investors. But at least there's some depth in the space. And then it was actually a credit to my, my partner, Joe Schmidt, who worked a lot in insurance too. He was over in London. He was talking to someone else. And they're like, actually, the smartest guy in insurance is is Amrit over here. And that's how we started to build that relationship. [00:41:28] S1: They just build that. They just have a little flag in the industry and and... [00:41:31] S8: Well, come... Like, if you're looking at insurance, how many CS turned actuary turned. Right? But again, like you have to be looking for the problem.
00:41:31 · Angela, Sam, Ed Leon Klinger
[00:41:31] S8: Well, come... Like, if you're looking at insurance, how many CS turned actuary turned. Right? But again, like you have to be looking for the problem. [00:41:39] S1: Yeah. Yeah. Okay. And so in terms of the the market that you kind of operate in, that you look at, what is the thing that you're most excited about now? You know, what is that thing that you're like, if someone's building in this particular kind of vertical within the space, I really wanna talk to them. [00:41:55] S8: Yeah. So my favorite expression borrowed from Marc Andreessen now is there's no bad ideas, only early ideas. [00:42:01] S1: Okay. [00:42:01] S8: So all of these CCs I thought weren't gonna work are now working. So think old legacy system that wasn't worth rip and replacing. Now the risk of not replacing it is way higher than actually replacing it. [00:42:14] S3: Yeah. [00:42:14] S8: So Amrit was doing that in pricing. I've got some other folks that are, Val and Investo that are doing it in mortgage. If you look across regulated industries, there's many more systems that are doing that. So that's that's kind of bucket one. Yeah. And then bucket two is once you've even agreed to swap it out, arguably, the even harder part is implementing it. And so mapping the processes on the old system and getting the new system in. And I think we're very early in that gnarly problem, which is part technology, but also very very human.
00:42:14 · Angela, Kosta
[00:42:14] S8: So Amrit was doing that in pricing. I've got some other folks that are, Val and Investo that are doing it in mortgage. If you look across regulated industries, there's many more systems that are doing that. So that's that's kind of bucket one. Yeah. And then bucket two is once you've even agreed to swap it out, arguably, the even harder part is implementing it. And so mapping the processes on the old system and getting the new system in. And I think we're very early in that gnarly problem, which is part technology, but also very very human. [00:42:42] S0: Interesting. Interesting. You you made some comments on X about agentic finance protocols, particularly with like consumer agents and how problems with KYC, merchants don't know whether this is a fraudulent transaction or actually human behind this. How do we get past that? How do we get because I used to try and game supreme drops back in the day and we would all use bots. And sometimes if someone's Wi Fi was slower than someone else's and you were using a bot, it would actually work in your favor because it was slightly delayed enough to be just crossover into the past. Like the the fastest human alive Yep. But it's it's too slow to be a bot. And it reminded me of that when I saw your tweet about, like, this whole KYC process. How do we how do we move past that? How do we start getting, like, less fraudulent signs around bot activity for consumer products?
00:42:42 · Kosta, Angela
[00:42:42] S0: Interesting. Interesting. You you made some comments on X about agentic finance protocols, particularly with like consumer agents and how problems with KYC, merchants don't know whether this is a fraudulent transaction or actually human behind this. How do we get past that? How do we get because I used to try and game supreme drops back in the day and we would all use bots. And sometimes if someone's Wi Fi was slower than someone else's and you were using a bot, it would actually work in your favor because it was slightly delayed enough to be just crossover into the past. Like the the fastest human alive Yep. But it's it's too slow to be a bot. And it reminded me of that when I saw your tweet about, like, this whole KYC process. How do we how do we move past that? How do we start getting, like, less fraudulent signs around bot activity for consumer products? [00:43:26] S8: Oh, 100%. Yeah. And so I just announced... Sardine, which is one of our fraud companies, just put out a a new protocol which they're calling know your human, which I think is Yes. Pretty pretty... Which is a pretty clever naming. And so so here's the problem. Anyone who's used a personal agent, one of the best use cases is for shopping. Your purchases are blocked. The, you know, official stats aren't out, but anecdotally, you know, 30, 40, 50% of the time. Why? All of this shopping is done through browsers. And then the IDs of the... Sort of IDs of those browsers to merchants look like bots, and all of the modern fraud companies block bots. [00:44:04] S0: Mhmm.