Andrew Egenes is Co-Founder and Head of Product for Layr.
Tell us about your company?
Layr is an AI-powered business insurance platform that automates the role of brokers and underwriters which enables small business owners to purchase insurance tailored to their company in minutes while performing the most common insurance-related tasks from a simple self-service portal.
What is your role in the company?
I'm responsible for identifying opportunities to improve existing commercial insurance processes while bringing the broader Layr vision to life.
What motivates you to get up every day and go to work?
Small businesses are the backbone of most economies and they're neglected by the current commercial insurance industry. We're helping them easily get the insurance they need to thrive.
What are some of the challenges of your job?
Commercial insurance is a legacy industry and operating within its existing boundaries and technological constraints can be frustrating, time consuming, and expensive.
How did you get into insurance?
In the company’s blog Andrew tells his and Philip’s story.
What advice would you give to someone who is starting in insurance?
Opportunities to have a positive and financially rewarding impact are limitless in the insurance industry. However, its regulatory burden is substantial and cannot be underestimated or taken lightly.
What would you like to see happening in the next year?
I would love to see a stronger focus on InsurTech from the broader FinTech investment community. FinTech grabs all the headlines and, in the U.S. at least, attracts more attention from investors even though the insurance industry is significantly less crowded with greater opportunities for innovation.
Is there a story that you wish to share?
The insurance industry wants to modernize and innovate and is looking to technology for ways forward. A great example of this is the Lloyd's Lab launched by Lloyd's of London. As part of the first Lloyd's Lab cohort, Layr has seen first hand how committed the industry is to getting better. While there has understandably been some resistance like when a Lloyd's broker told my co-founder that nobody would take him seriously because he was wearing jeans, the overwhelming response has been filled with curiosity, excitement, and a willingness to try new things.