Several industry executives have partnered to launch Swiftly, a global technology company, with operations in Bermuda and the US.
The company is led by Michael Lyons, founder and former CEO of Weston Insurance, and brings over 25 years of experience in the re/insurance sector.
He has partnered with Dmitry Mnushkin, Swiftly’s Chief Technology Officer, a re/insurance technology entrepreneur and winner of Bermuda’s 2019 Technology Innovation Award.
Heather Kitson has joined as Swiftly’s Chief Operating Officer & General Counsel. She was previously the former Deputy CEO of Convex Re, with 23 years of executive, financial and legal experience.
Joelle Turner has been appointed as Swiftly’s VP & Controller, formerly of Sompo International, with 17 years of experience within insurance finance and accounting.
Lyons, Swiftly’s CEO said: “We’re thrilled to announce the launch of our new technology company, Swiftly, providing cost-efficient and customer-friendly support for both Life & Annuity and Property & Casualty insurance.
“Our team has created an ecosystem of secure, cloud-based proprietary technologies that support our clients in seamlessly operating and administering their insurance business with next-generation service efficiencies.
“The inspiration for Swiftly came after repeatedly seeing gaps in insurance industry infrastructure. My previous business mantra was, ‘Don’t build it if you can buy it, and don’t buy it if you can rent it.’
“However, it’s increasingly clear to insurance operators that for several critical and highly technical operational areas of insurance, there are no good rentable nor purchasable options available.”
Lyons noted that Level 3 conversational AI is a very recent innovation, while certain middleware utilized by Swiftly to operationalise its proprietary technology didn’t exist commercially until as recently as early 2021.
Mnushkin said: “We offer full operational support behind our technologies, which means if a client wishes to access our entire technology ecosystem plus support, they have what’s akin to an ‘MGA-in-a-box’.”
“This gives insurers and MGAs the ability to launch or expand at a significantly reduced headcount, while maintaining the highest service levels.”
“Our company presents a strong value proposition to existing insurers looking to expand, or new entrants looking to launch more swiftly and efficiently.”
Kitson explained: “Our clients are able to greatly improve annualised ROI and net operating margins, while achieving higher customer service levels, as a result of extensive real-time management tools, customer self-help tools, and repetitive process automations.
“Our clients also have the option to execute underwriting submission binds, all the way through secure payment, without the necessity of underwriter intervention.
“Additionally, our clients achieve greater control of and insights into their customer data.”
