FutureProof Technologies, a venture backed insurtech managing general agent (MGA) that follows an artificial intelligence driven algorithmic underwriting approach to hurricane exposed property risks, has made some key hires as it targets Florida excess and surplus (E&S) lines business.
The company is launching a Florida E&S homeowners product through its algorithmic underwriting MGA, using an API that can deliver instant quotes to brokers.
Given the challenges faced by Florida, additional underwriters with a modern approach could be welcome, both by homeowners and also risk capital providers looking to deploy reinsurance capital into the state.
To assist with its growth, FutureProof Technologies has announced two key hires, one of which comes from insurance-linked securities (ILS) specialist Nephila Capital.
FutureProof has hired Michael DSouza, who joins the insurtech MGA as its Director of Catastrophe and Portfolio Management.
DSouza has a deep knowledge of the Florida insurance and reinsurance market, catastrophe modeling, and portfolio optimisation techniques.
Most recently, DSouza worked at Nephila Capital in Bermuda as its catastrophe model manager for over 7 years.
Prior to that, DSouza was a catastrophe risk manager at Florida-specialist insurer American Integrity Insurance, and before that a client relations manager at catastrophe risk modeller AIR Worldwide.
Also of note, FutureProof has hired Andrea Ferrari as Director of Underwriting.
Ferrari has extensive admitted and E&S personal lines insurance experience gained through roles at Hippo as Director of Technical Underwriting, Rivington Partners as VP of Underwriting and Product, PURE as a Senior Underwriter and Wildfire Specialist, and Nationwide as a Personal Lines underwriting specialist.
Ferrari and DSouza will both report to Fid Norton, FutureProof Co-Founder and Chief Insurance Officer.
Norton commented on the hires, “The insurance crisis in Florida, coupled with impacts from Hurricane Ian, underscore the urgent need for a sharper view of risk.
“We are thrilled to match our unique risk modeling technology, trained on millions of hurricane and flood insurance claims, with the decades of profitable underwriting, program management, and catastrophe risk experience that Andrea and Michael bring to FutureProof.”
Alisa Valderrama, Co-Founder and CEO, added, “Launching in Florida may sound challenging, but our technology and team are uniquely positioned to address the exact problems that are roiling the Florida market.
“The Florida insurance crisis is not just about climate risk, but also about factors such as unmodeled social inflation and litigation costs.
“Because FutureProof addresses these Florida-specific drivers of losses for the first time, we can price and manage risk more profitably for our carrier and reinsurance partners.”