At ITC London, the panel ‘Insurtech Journeys, from Product to Profit‘ brought together founders and insurers to unpack what it really takes to build a successful insurtech. Moderated by Finn Magee, CEO of Insurtech Canada, the discussion featured Sam Fromson (Co-Founder, YuLife), Janthana Kaenprakhamroy (CEO, Tapoly), Iryna Chekanava (Senior Innovation Underwriter, Chaucer), and Clare Dodd (UK General Manager, Empathy).
They explored topics from early-stage decision-making to investor pressure, partnerships, and supporting vulnerable customers.
Building a business
For Clare Dodd at Empathy, the challenge was navigating early-stage chaos. With hindsight, she would have aligned user experience and compelling ROI cases for insurer partners from the outset.
Tapoly’s Janthana Kaenprakhamroy highlighted the underestimated complexity of the insurance value chain. Starting with a focus on distribution, she quickly realised things like product innovation were just as important. The result became a constant balancing act.
Managing pressure to scale quickly
The conversation then turned to venture capital and growth expectations.
YuLife’s Sam Fromson emphasised the importance of having ‘understanding capital’ i.e. investors who recognise that changing people’s relationship with insurance takes time. Partner choice, he noted, is critical, quoting advice from an early advisor of his: “It’s easier to get divorced than to get someone off your cap table.”
From the insurer perspective, Iryna Chekanava of Chaucer warned that early high premium volumes can be a red flag if they are not sustainable. Long-term success depends on having investors who understand that insurtech is not about quick returns, but patient, disciplined growth.
Bringing customers in
When it comes to customer acquisition, there seems to be no single silver bullet.
Tapoly experimented extensively across channels, from PPC to embedded distribution, before finding that partnerships delivered the strongest results. However, Janthana emphasised that partnerships only work when actively nurtured. Insurtechs must ensure partners remain engaged and motivated to promote the offering.
YuLife echoed this, explaining that insurer partners who truly believed in the proposition became powerful advocates. The key was identifying early what resonated with them and clearly articulating that value in sales conversations. When that alignment clicks, insurtechs can find themselves pushed front and centre.
The role of insurers
YuLife stressed how disruptive staff turnover can be within insurers. When key supporters leave, previously agreed stakeholder maps and project momentum can quickly unravel. Goodwill and a shared understanding of urgency on both sides are essential to keep the partnership moving forward.
Tapoly added that it is of huge benefit when insurers have a dedicated, experienced team that understands both insurtechs and corporate processes.
Designing for vulnerable customers
Clare at Empathy shared how communication styles were embedded from the very beginning, alongside smart technology designed to recognise vulnerability early. By analysing user behaviour, language, and engagement patterns on their platform, the business could better understand customer needs and respond with appropriate care and support.
Final thoughts
The journey from product to profit in insurtech is rarely linear. As this panel made clear, success depends on the right partners and investors, patience, and a deep understanding of both customers and the insurance ecosystem.
For more insights from ITC London, check out our post from day one – ‘Embedding Innovation from Within – ITC Europe‘.
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