For our newest Spøtlight instalment, we had the pleasure of talking to Hilario Itriago, the ex-RSA veteran who elevated the insurer's LatAm branch before co-founding and leading specialist insurtech incubator Bullfrog Ventures.
Midway through 2019, Bullfrog announced it had been acquired by global idea-to-exit consulting firm, Rokk3r, off the back of which it created a new division, Rokk3r Insurtech, geared at addressing various digital transformation projects in the industry.
- Hi there, can you tell us about yourself and what your company does?
- My name is Hilario Itriago and I am the Managing Director of Rokk3r Insurtech, a division of Rokk3r Inc. focused on the development and growth of the Insurance industry through the application of new business and operating models. New technologies are enabling in today’s global and connected world; Rokk3r Insurtech leverages the experience and services of Rokk3r in building exponential organisations.
- Where did the idea for Rokk3r come from, and what makes it unique?
- Rokk3r services are focused on consulting (“Think Phases”), development (“Co-build”) and growth (“Scale”). The company provides services to help entrepreneurs and businesses to innovate and create high growth companies through training, mentorship, and access to our global network of advisors, investors and business builders. Rokk3r Insurtech is unique in that it provides a Platform of capabilities for the delivery of solutions that through Rokk3r services enables an ecosystem that, we believe, doesn’t exist anywhere in the insurance world.
- What do you see as the most important qualities in a company’s team?
- In our case we have a diverse team that has a higher purpose than the business itself, we are truly committed to changing the world, and our diverse experiences and knowledge are springboards for our efforts to be successful. Collaboration and commitment are fundamental in our day-to-day work, but at the same time, learning and having fun form part of our full-time schedules!
- You recently made headlines after acquiring Bullfrog Ventures and subsequently launching Rokk3r Insurtech. Can you tell us a bit more about the new venture?
- Rokk3r Insurtech represents a new dimension for Rokk3r, as we decided that Insurance was too important a legacy industry and too relevant in our modern lives to not address its transformation. So, with the acquisition of Bullfrog Ventures, we saw the perfect acceleration of that transformation for our clients, leveraging the experience of the Bullfrog leadership as well as all the assets its platform delivers.
- Do you have plans to partner with/acquire any further businesses in 2019?
- As a public company we can’t make specific comments but let’s say we are keeping our options open!
- To date, you’ve raised a total $5m across two funding rounds, the latest of which came midway through 2017. Do you have plans to raise another funding round in the near future and, if so, what would the fresh financing be used for?
- As mentioned before, as a public company we can’t make specific comments, but we are currently focused on growth so that will be where our efforts will remain.
- Name another new venture within the insurance ecosystem who inspires you. Why?
- There are a few: Lemonade showed the way in the US since 2016, while others, such as Slice, are very interesting. Yet there are other, lesser known ones that we have in our platform that we think are making big difference in the industry such as Boxx Insurance and its product Cyberboxx, or LIKK Technologies and its IoT platform for early water leakage detection.
- One piece of advice for aspiring startups looking to disrupt the insurance industry?
- Understand the industry first. There are plenty of opportunities but knowing all the areas of opportunity helps immensely to “deliver the right punch!”
- Finally, what do you see as being the most disruptive tech trend in the next 3-5 years?
- We believe AI, Blockchain, Big Data and IoT is where all the disruption is going to come from. Out of those 4 areas many sectors will be impacted, including Insurance.
Find out more about Rokk3r.