Megan Bingham-Walker: Why Embedded Goods-in-Transit Insurance

On this episode of the Scouting For Growth podcast, Sabine VdL talks to Megan Bingham-Walker, Co-founder and CEO of Anansi, a cutting-edge company on a mission to revolutionise the goods-in-transit insurance industry.
Today, we will dive deep into Megan's journey as an entrepreneur, her vision for the future of goods-in-transit insurance, and the unique approaches and strategies that have propelled Anansi to success.

KEY TAKEAWAYS

• I spent a few years working with the Government, 5 years in venture capital specialising in CleanTech investing in early-stage startups.
• I really wanted to found a business in the area of machine learning and data and how you could solve problems using them.
• At Anansi we built a platform to essentially automate the process for goods-in-transit insurance.
• The problem retailers face at the moment is that they may not even know when an item is lost or damaged until a customer tells them, so even having an early identification of that is a big step up.
• Insurance is about information, essentially we are an information industry. The new aspect of what we’re doing is bringing this transactional data so that we have a very quick turnaround of 60 days max between when an item is shipped and when we process the claim, and the contract is completed.

BEST MOMENTS
‘The biggest problem we’re solving for the retailers is admin.’
"We've all experienced something going missing or getting damaged-in-transit, it’s the number 1 cause of customer complaints and never purchasing again. Having a bad purchase experience is a real decision point for consumers.’
‘Anansi is a West-African folklore character – I have some family connections to West-Africa and the Caribbean – it’s a spider character which is the keeper of knowledge.’
‘What’s exciting about the insurance industry is that there is so much opportunity for innovation and there are still so many areas where you can bring new data and processes, particularly on the claims side, to improve things that I think it’s a very rewarding industry to be part of.’

ABOUT THE GUEST
Megan is an award-winning entrepreneur, co-founder and CEO of Anansi – a company on a mission to make goods-in-transit insurance faster, fairer and more flexible for retailers who thrive on bringing innovative new technologies to market.
She is also an Ambassador of the charity Pump Aid which is empowering communities, transforming lives, with a mission to end water poverty in Malawi by 2030. In her spare time, she loves weightlifting, formula one, dancing, hiking, and skiing.

About Anansi:
Goods-in-transit insurance platform Anansi creates tailored, embedded, and low-admin insurance products for retailers, logistics providers, and marketplaces. Its open API and web app solution digitises manual processes, including claims, with parametric claim triggers automating repetitive processes. Its integrated platform uses Open Banking to allow customers to pay for cover and receive claims payments directly and instantaneously into their accounts. It is the only automated solution in a $33 billion market to offer data-powered signup, parametrically triggered claims and pay-outs when a parcel is lost or delayed, and a simple damage submission process.

ABOUT THE HOST

There are over 140,000 FinTech ventures out there, including FinTechs, InsurTechs, HealthTechs, and WealthTechs. And the number keeps on changing every month. One statistic remains the same: 25% of these ventures have received investment and support from the financing world. 75% of these businesses still seek financing support from institutional and corporate investors alongside value-creating commercial collaboration opportunities with Global Fortune 500. 

Through this podcast series, I would like to demystify the world of corporate venturing, including how corporations collaborate with growth ventures, how venture capitalists and corporate venture capitalists make investment and collaboration choices in ventures and give tech founders and entrepreneurs, the strategies, tactics, tools, and techniques to build, grow and scale their business by understanding how those with financing power think. So, listen in, share and comment as you see fit.

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