Aventum multi-million investment to support global in-house tech development

Aventum, a global re/insurance group, has dedicated $12 million to develop its own in-house technology function across all its international operations.

This move has resulted in 25% of Aventum’s global workforce now being dedicated to Tech & IT functions, including an Innovation Lab focused on fail fast innovation.

The multi-million dollar investment will see the development of ATOMX, a sophisticated technology ecosystem designed and built entirely in-house.

ATOMX is expected to dramatically improve operational performance, saving 1,000 staff hours per month and over $2 million per year.

By streamlining operations, Aventum aims to free up its brokers and underwriters to focus on delivering greater value to clients.

Hasani Jess, joined Aventum as Chief Technology Officer 12 months ago, commented: “People might think that the degree of financial investment and faith it takes to commit to a tech strategy of this magnitude for a group of Aventum’s size would be inconceivable. To have the skills, culture, finance and vision to do this is rare, but then Aventum always dares to be different and that vision has been driven from the top.

“In reality, when you truly understand the cost benefit analysis, and bearing in mind the unique winning culture at Aventum, there is really no other option. It’s not as simple as making efficiencies and to be clear cost savings do not mean job cuts – the benefits are multi layered: grow the top line, reduce costs and make work more enjoyable. Achieving what we have done in the first 12 months of ATOMX has undeniably set a new standard for what’s possible with impactful digital transformation in the insurance industry.”

ATOMX is a flagship insurance platform, an Integrated suite of 10 API and AI driven products including innovative claims, bordereau, pricing, broker and underwriter workbenches.

The cloud-based platform has been designed for web-scale and flexibility, capable of supporting any and multiple lines of business.

In under a year, a dedicated team of 130 tech and IT professionals has successfully integrated within the group and is actively laying the groundwork for the ATOMX platform.

“That’s astounding when one considers the typical development time taken in insurance for similar projects or within a software house environment,” explains Hassani.

Commenting on the multi-million dollar tech investment, David Bearman, CEO of Aventum, said: “We’re embarking on one of the most ambitious tech programmes that anyone in the London Market has ever undertaken. It will take us light years ahead of the competition. Of course we’re under no illusion that it will all be plain sailing.

“We’ve spent the last 12 months aligning the talent and investment and we’re now in a strong position to rise to the challenge. Just like the development of an F1 car there will be a lot of resilience testing, but at the end of it, we’ll have a high performance vehicle and no one will catch us.”

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