Pitch Pact in one sentence?
Pact™ is your Claims Concierge, taking insurance claims from weeks to minutes.
How did you get your idea or concept for the business?
A few years ago, my parents booked a holiday of a lifetime going to Sri Lanka. Sadly, the night before, on Father’s Day, my father died from an unexpected heart attack.
To save my mother the trauma and give her the opportunity to grieve, one of my many jobs was to take charge of the insurance claim. It’s a process you absolutely do not want to be doing when you’re grieving. It was incredibly stressful. It took 12 weeks and constant communication through telephone, email, physical letters and filling out physical documentation to resolve the claim. In the 21st century, this is an archaic process that today’s technology allows us to streamline, reduce costs, bring confidence and disrupt an industry.
What was your journey like to get where you are?
Difficult, there were a lot of ups and downs, as every entrepreneur knows, but it’s those that made me and the company what it is today. The journey of an entrepreneur is a real roller coaster.
Where do you see your industry going?
Kicking and screaming into the 21st century. The old guard are trying their hardest not to use technology, however with the reinvention of banking it’s finally too late to put this off. Pact™ is helping insurers, brokers and underwriters finally utilise technology to remove its customer’s pain points.
What would you do in the event of a zombie apocalypse?
Hopefully this would only happen when I’m in the US. I’d head straight for Costco, they’ll have everything I need from food to weapons in BULK.
What made you choose your current location?
The UK is the 3rd largest insurance industry in the world and the largest in the EU with UK insurers contributing £29bn to GDP. This has created a huge market opportunity for us. Alongside this, London is the powerhouse of Europe for both Fintech and Insurtech, it’s a thriving and dynamic place for innovation. It placed third in the “2017 Global Start-up Ecosystem Ranking” following San Francisco and New York, but first in Europe.
Runway East is therefore perfectly positioned in the heart of London and with that perfect entrepreneurial buzz it makes it the right place for Pact™.
What is unique about your business?
Pact™ turns a physical form in to a conversation. Through our paperless process, our Artificially Intelligent Chat Bot talks you through registering claims and settles them digitally. All necessary information and supporting documentation are uploaded through insurer and broker white labelled applications on iOS and Android. Our platform performs its unique verification of the claimant and then verifies the claimants claims history from an array of international databases, whilst utilising both facial and voice recognition.
Pact™ valuation platform can take more than 500 million products and deliver a suggested replacement value, calculated by our pricing platform and depreciation model, facilitating rapid settlement in 26 currencies.
If you had one piece of advice to someone just starting out, what would it be?
Learn to love failure. Nobody’s perfect. In fact, the lucky people are the ones who fail early and often, setting the stage for recovering from missteps and learning from their mistakes. Remember, behind every mogul, scientist, inventor and artist lies a string of failures. It’s usually on the 3rd try that you succeed. Mark Zuckerberg, as an example, failed with CourseMatch and FaceMash before succeeding with Facebook.
Which company (other than your own) do you admire and why?
Microsoft, they made a lot of mistakes with the Zune and Windows Mobile, however even missing two of the biggest revolutions they continued to grow, dominate and re-engineer themselves. I especially like the new CEO Satya Nadella and his philosophy of empathy within the organisation. It’s domination of the cloud, alongside Amazon, shows how forward thinking they were when others were thinking about the here and now. Microsoft are also very kind to start-ups and Pact™ has been fortunate enough to have been accepted into some of their startup programs.
Who is/was your first client?
Pact’s first major partner is soon to be announced in a press release, so stay tuned.
If your company was a genre of music/artist what would it be?
I’d like to see Pact™ as Rock and Roll, as, like Rock and Roll, we’re everything the insurance is not. While insurance is still working from long, laborious processes; printing reams and reams of paper for one claim, we’re digitising the process by giving the customer the user experience they are craving.
In my spare time I like to…
Travel the world visiting some of the world’s top restaurants.
What is your favourite quote?
“The two most important days of our lives is the day we were born and the day we find out why we were born.” – Mark Twain
MORE FROM THE RUNWAY EAST COMMUNITY:
We spoke to Brigette Currin, co-ordinator of TechEast, a membership organisation for businesses and entrepreneurs based in the East of England.
We spoke to Runway East member Krasina Mileva, Founder of blockchain-based platform Dovu, that rewards users for positively impacting the future of their cities.
We spoke to Runway East Shoreditch member Andrew Webber, Chief Marketing Officer of business development company Whitespace.