Abacai Group, a new insurtech firm created by specialist private capital provider Sun Capital Partners and former Aviva CEO Mark Wilson, has made six senior leadership appointments.
The new leadership team, who will head up Abacai Technologies, will help deliver industry-leading expertise across four key verticals, which include pricing, technology, artificial intelligence, and product design.
James Ockenden, previously Chief Actuary of Sabre Insurance, and prior to that Head of Motor Pricing at AXA Insurance, has been appointed as Chief Actuary.
At Sabre, Ockenden delivered a net loss ratio which has averaged 48.8% since the business was listed in 2017.
Jonathan Hill has been appointed as Vice President of Pricing. He was previously Head of Pricing at Covea Insurance where he was responsible for technical and retail pricing across both personal and commercial lines.
Matt Fothergill will join as Deputy CEO of Abacai Capital. Prior to this appointment, he was Pricing and Underwriting Area Lead for all Motor brands at Direct Line Group. Prior to that he held senior leadership roles within insurtech businesses Darwin Insurance and Stabilis MGA, as Head of Pricing and Underwriting and Pricing Director.
He started his career in actuarial consultancy and brings over 15 years of personal lines insurance experience.
Chris Payne joins as Chief Technology Officer. Payne was previously Aviva’s UK Digital CIO and Digital Engineering Director, and has twenty-four years’ experience in key IT and change management positions, working across global markets.
He was responsible for delivering the UK Digital and Quotemehappy IT platforms whilst at Aviva.
Pierre du Toit joins as Chief AI Officer. Pierre was previously Chief Analytics Officer at Vitality, and prior to that the Head of Analytics for Business Banking at First National Bank.
At Vitality, du Toit built the Data Science function and helped pioneer the application of behavioural economics and machine learning models to attract, retain and incentivise customers to live healthier and longer lives.
Will Faulkner will join as Chief Product Officer after previously holding the role of Digital Product & Design Director at Aviva, where he helped pioneer the design of MyAviva, a digital customer proposition.
Wilson commented: “We have assembled a first-rate team with a wealth of expertise in insurance and the foresight to understand the opportunity AI and contextual technology has to play in transforming the customer’s experience. Our industry has lagged other sectors. That is about to change.
“The FCA’s announcement last month emphasises just how much the industry has taken the customer for granted and how loyalty to your insurer is penalised. We believe that is fundamentally unfair. Our intention is to drive product driven disruption in this industry, on behalf of both our B2B and B2C customers.”
