Q&A with Alastair Speare-Cole, President of Insurance at QOMPLX

Alastair Speare-Cole, President and General Manager of the Insurance Division at QOMPLX, leads the overall strategy for the business unit, the development of QOMPLX’s underwriting-as-a-service platform, the management of the company’s Managing General Agent (MGA), as well as setting the direction for the company’s next-generation insurance decision platform that leverages a wide variety of data and advanced analytics to provide advanced risk and portfolio management solutions. Prior to joining QOMPLX, he served as Chief Underwriting Officer at Qatar, and he served as the CEO of JLT Towers from 2012 to 2015. He was also COO at Aon Re for ten years and has also held board appointments at reinsurance and banking subsidiaries in the United Kingdom.

Over the span of my career, I have seen this industry move from crude and manual deterministic models to stochastic models, SAAS actuarial tools, catastrophe modeling, and entity-level capital modeling.



MEDIA 7: Can you please tell us a little bit about yourself and your professional career?
ALASTAIR SPEARE-COLE:
I have spent much of my career involved in reinsurance where portfolios of risk are analyzed and traded. Over the span of my career, I have seen this industry move from crude and manual deterministic models to stochastic models, SAAS actuarial tools, catastrophe modeling, and entity-level capital modeling. And so, my career has shadowed this trajectory. Especially in the eighties, when I was involved in designing and building some of the early models.


M7: QOMPLX has recently partnered with COMBUS. What does this partnership bring to the table?
ASC:
I have long been a fan of COMBUS and Will Gardner, whom I have worked with in the past. The insurance industry has become reliant on too few dominant models. Models as we have seen in recent months over COVID-19 approximate reality but are always just that, an approximation. And it should be no surprise that their limitations show differences between what is predicted and what actually happens. One strategy to combat this is to have multiple ways of modeling the same thing. The insight gained from different views is key to developing a better understanding. The success of COMBUS and other independent modeling companies is vital to creating a diversity of views and our aim is to try to make them more easily accessible and integrable into insurers’ and reinsurers’ platforms.


Models as we have seen in recent months over COVID-19 approximate reality but are always just that, an approximation. And it should be no surprise that their limitations show differences between what is predicted and what actually happens.



M7: How do QOMPLX’s Insurance products help businesses overcome the problems in the insurance value chain?
ASC:
There has been an arms race going on within the insurance industry around gathering and using data for risk selection, risk pricing, and getting clients through the front door. Everyone wants faster insight and the ability to make faster decisions. Our concept is to provide people with a Lego kit of enterprise-grade software that will help them link everything together- from ingestion, organization, storage, and analysis for structured and unstructured data, co-integrated with insurance-specific workflow solutions built on a common underlying data fabric to delivering an edge in decision making, risk selection, and loss control.


M7: What are some of the challenges in risk management in the post-COVID-19 era?
ASC:
Business interruption has been an increasing concern for all risk managers, not just those who worry about the ‘just-in-time’ process and supply chain. COVID-19 has demonstrated that the business interruption coverage offered by insurers is often poorly constructed, not tailored to a world where intangible assets are as valuable as tangible and where there are some risks that are so systemic that only governments can cope with the accumulation of tail risk.


There has been an arms race going on within the insurance industry around gathering and using data for risk selection, risk pricing, and getting clients through the front door. Everyone wants faster insight and the ability to make faster decisions.



M7: What do you see as the future of InsurTech? How is QOMPLX contributing to its growth?
ASC:
There is a huge wave of investment in InsurTech. Whilst the ideas these startups encapsulate may inspire permanent evolution of insurance, as individual businesses many will fail. Tackling a small slice on an insured’s risk, however originally done, is not going to work if the results in insured having to buy dozens of niche products that still leave gaps. Insurers will not continue to support InsurTechs that cannot build scale and scaling means distribution which is expensive. And most InsurTechs like to build their own software when they could adapt off-the-shelf products. And this means that much of their seed money goes on this which is inessential, rather than distribution which is crucial. We are looking hard at ways of working with other partners to allow people who have a great idea to take it to market, rather than trying to build a standalone business which may saddle the idea with costs that it cannot afford.


M7: What is the best advice you’ve received?
ASC:
I think it is encapsulated by Kipling’s poem “If.”

ABOUT QOMPLX

QOMPLX helps organizations make intelligent business decisions and better manage risk through our advanced, proprietary risk cloud. We are the leaders at rapidly ingesting, transforming, and contextualizing large, complex, and disparate data sources through our cloud-native data factory in order to help organizations better quantify, model, and predict risk. Our specialized experts and technology solutions in cybersecurity, insurance, and finance power leading global corporations and mission-critical public sector agencies.

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Trellix, the cybersecurity company delivering the future of extended detection and response (XDR), today announced an expanded strategic partnership with One Source, a Managed Security Services Provider (MSSP) and technology delivery partner. Customers benefit from a Fortune 500 SOC capability built on the Trellix XDR Platform with AI-guided intelligence, enabling faster detection, investigation, and remediation. Trellix, the cybersecurity company delivering the future of extended detection and response (XDR), today announced an expanded strategic partnership with One Source, a Managed Security Services Provider (MSSP) and technology delivery partner. Customers benefit from a Fortune 500 SOC capability built on the Trellix XDR Platform with AI-guided intelligence, enabling faster detection, investigation, and remediation. “The partnership aligns with Trellix’s ongoing commitment to secure organizations from advanced cyber threats,” says Sean Morton, SVP of Professional Services at Trellix. “Leveraging One Source’s MDR capabilities and expanded footprint, we enable more businesses to build cyber resilience, with continued innovation in our combined products and solution offerings to stay ahead of bad actors.” One Source has multiple SOCs leveraging Trellix’s technology, staffed by the industry’s top experts to provide Managed Detection and Response (MDR) capabilities. Their team implements a proactive cyber strategy for customers specific to industry, technology environment, and vulnerabilities, built on the Trellix XDR Platform with 24x7 monitoring. The partnership and combined expertise benefits customers with enhanced services like managed threat detection and response, incident response, security operations and analytics, threat intelligence, threat hunting and forensics, and training and enablement. “The Trellix and One Source partnership is extremely powerful; the former offers an incredible set of security solutions, and the latter excels at personalized deployment and execution,” said Paul Moline, Chief Information Officer, Lindsay Automotive Group. “I never anticipated we could protect our environment with the same security solutions used by government agencies and Fortune 50 companies: I can now sleep at night.” The Trellix XDR Platform’s open architecture and broad set of native security controls across endpoint, email, network, cloud, and data security integrates with over 500 third-party tools to create multi-vector, multi-vendor event correlation and context to speed up investigations. The Trellix Advanced Research Center provides an additional layer of protection by continuously informing the platform with information from millions of global sensors on the latest threat vectors, tactics, and recommendations. One Source experts apply these insights to stay ahead of the constantly evolving threat landscape. “The collaboration with Trellix is a game-changer in reshaping the cybersecurity landscape,” says Eric Gressel, Executive Vice President of Sales, One Source. “Thanks to our partnership, we have access to the highest level of cyber intelligence to fend off newly-revealed hackers and their means of attack, enabling our customers with the most comprehensive offering of enhanced Managed Security Services to protect their businesses.” One Source has a proven track record supporting global businesses spanning retail, restaurant, automotive, healthcare, financial, and manufacturing industries. Trellix customers can rely on One Source's leading Managed Security Services to optimize technology expenses while enhancing telecom connectivity, IT infrastructure, and cybersecurity strategies. About Trellix Trellix is a global company redefining the future of cybersecurity and soulful work. The company’s open and native extended detection and response (XDR) platform helps organizations confronted by today’s most advanced threats gain confidence in the protection and resilience of their operations. Trellix, along with an extensive partner ecosystem, accelerates technology innovation through machine learning and automation to empower over 40,000 business and government customers with living security. More at https://trellix.com. About One Source One Source helps businesses simplify a complex technology world. One Source is the leading provider of Technology and Managed Security Services for enterprises. Today, One Source manages more than 2,500 customers, 45,000 business locations, and over one million assets throughout North America. In addition to Managed Security Services, One Source provides Managed Technology Expense Management, 24 / 7 local helpdesk, procures and provisions telecom & IT solutions, and manages customer service requests. One Source frequently generates triple-digit ROI for customers through contract negotiation, portfolio optimization, and ongoing expense management. In addition, One Source leverages partnerships with industry leaders, including Trellix to bring Fortune 500 security solutions and fully managed services to the mid-market. One Source's approach empowers businesses to focus on customers and revenue-generating activities. Learn more at https://www.onesource.net/.

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