Novum founder takes tech-led strategy

Trade veteran Christopher Longo based Novum Underwriting Companions in 2019. As CEO, he lately led the corporate to its fourth yr of exponential income progress and has seen its proprietary on-line insurance coverage market entice greater than 7,000 retail brokers.

Longo’s success within the business lately led to his inclusion on Insurance coverage Enterprise America’s 2024 Hot 100 list, which acknowledges professionals whose innovation and excellence are shaping the insurance coverage business.

At Novum, Longo drives the corporate’s tech-led strategy to problem-solving by means of data-driven choices and synthetic intelligence.

“Novum is concentrated on modernizing an issue that has been round for years – how do you digitally transact business insurance coverage enterprise in essentially the most environment friendly means doable?” Longo told IBA. “Our options are product-agnostic and can be utilized in any phase, however now we have chosen to initially concentrate on business insurance coverage.”

Previous to forming Novum, Longo was COO and CIO of AmTrust Monetary. He stated the change in scale from AmTrust to a startup will be jarring.

“The largest problem pertains to the dimensions of our present platform,” Longo stated. “This progress is unbelievable, however it may be difficult, if not irritating, to go from an organization the dimensions and scale of AmTrust to a a lot smaller platform.

“What we do to beat this problem is to be exceptionally environment friendly at prioritizing what concepts and alternatives can have the best affect on the present firm,” he stated. “You should have a thick pores and skin on the subject of concepts, as we’re brutally trustworthy with one another behind closed doorways. I’m glad to report our course of is working very effectively and the largest problem now we have is being affected person.”

Whereas serving at AmTrust, Longo helped the corporate combine greater than 70 corporations by means of acquisitions throughout the globe.

Being an efficient chief, he stated, requires “having the ability to rapidly scale back large-scale, complicated issues into smaller, digestible, actionable gadgets, perceive the order through which they have to be executed, and methods to entice the fitting expertise to the challenge with the suitable construction wanted for fulfillment.”

Take a look at the remainder of the IBA Sizzling 100 here.

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