The open collective is now looking for others that are interested in the model to join the conversation
With 30 sign ups to its model since its launch in mid-May and ten more applying to join over the last few days, Totus Re seems to be putting its name on the map.
Totus Re is a reinsurance umbrella for all macro-perils.
Now the two co-founders James York, who is also founder of insurtech Worry+Peace and policy and communications chair at Insurtech UK and Liz Foster, also non-executive director at the Society of Insurance Broking (SIB) have plans to finalise the terms of reference and release them to those that have signed up.
This will allow them to ask members if there is a particular area of Totus Re that they would like to personally contribute to.
Now the pair are hoping to grow their sign ups further, it follows Totus Re at the beginning of June urging business bodies to call on the chancellor of the exchequer to agree the model.
Totus Re is an open collective to pre-empt macro perils for any catastrophic event.
Foster told Insurance Times that over the last week or so there has been an upsurge in interest, and people are getting more and more familiar with Totus Re as a name.
“As long as we can continue to move forward, enabling people to voice their opinions around Totus Re as a model, but also inject their own expertise,” Foster added.
This means people being able to have open conversations about the model.
York echoed this: “It is not easy to take it on in the public domain in a negative way as you fear looking like the outlier on that.
”Ironically, a bit of negativity from people trying to do similar things might not be a bad thing so we would absolutely love to engage with anyone trying to do something similar,” he told Insurance Times.
Speaking about why this is a good opportunity for the market, he added: “I know that there’s some individual’s in the market with a lot of influence looking to see a public consensus on this, the more people throw their weight into this, the more it will gain critical mass.”
He urged anyone that thinks the Totus Re model is a good idea to sign up and join the conversation.
Read more…The Briefing - Insurtech surviving Covid-19 government schemes for insurtechs ‘not all it’s cracked up to be’