Harsaae to launch new insurance venture
Kaspar Harsaae, founder of AI-powered insurance software firm Parasol Platforms, is launching his own Managing General Agent (MGA) as a proof of concept to demonstrate his vision for transforming the insurance industry.
Harsaae’s journey in the insurance industry began in 2021 when he joined Aon Canada as a risk associate after graduating. He was struck by the manual nature of many insurance processes, which he encountered repeatedly during his time at Aon.
One of the first things he noticed was the piles of paperwork scattered across desks, which he later learned had arrived via fax machine. This frustration ultimately set Harsaae on a path that led to the creation of Quorin Specialty, a London-based MGA set to launch in September.
Quorin Specialty has secured $60m of capacity for its launch into the energy and property markets. Harsaae views it as a test case for a much broader ambition, rather than just another MGA.
After joining Aon’s graduate programme, Harsaae rotated through various broking disciplines and began building internal workflow and data initiatives. These projects eventually led to a role in Aon’s data analytics function and convinced him that insurance’s digital transformation would likely come from outside the industry.
Harsaae spent seven months speaking to brokers, underwriters, and insurance leaders across multiple markets to gather feedback. The idea that repeatedly surfaced was that “there is a story behind every placement,” which became the foundation for Parasol Platforms.
Parasol Platforms was designed to bring together information from client meetings, emails, placement activity, and underwriting decisions to create an “insurance story.” The platform generated significant interest, with Harsaae securing pilot projects and conducting discovery programmes with brokers seeking faster trading systems.
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However, the experience of integrating the technology into other businesses revealed a problem. Harsaae explains that the software works best when firms adopt the whole vision, but most organisations wanted to utilise individual components rather than undertake wholesale change.
This led to implementations becoming altered, with clients choosing certain elements while excluding others. Harsaae and his team eventually decided to step back from their software pilots and focus on building an insurance business around the technology instead.
The business that came out of this thought process was Quorin Specialty. Launching in September, the MGA will initially focus on renewable energy, energy, construction, and property risks.
Harsaae emphasizes that technology alone is not the answer and that creating a culture of continual improvement is key. He wants underwriters and brokers to feel they can raise ideas and pain points with the team, which will lead to iterative developments.
By launching Quorin Specialty, Harsaae aims to make a difference and show people that things can be done differently. If successful, Quorin could pave the way for a new generation of insurance companies that prioritize technology and innovation.
It will be worth watching how Quorin Specialty performs.
