The seed of Vellum traces back to challenges Julianna Muir, the company’s founder and CEO, identified consistently throughout her career.

She began as a reinsurance broker at Guy Carpenter, later joined McKinsey’s insurance practice, and then moved into the startup world, including helping build an MGA focused on small business insurance. Across those different roles and vantage points, she kept encountering the same underlying problem: despite major advances in technology, remarkably little had changed in the way the industry sends, receives and analyzes data, which has ‘huge costs’ for everyone in the value chain.

“As a consequence, the back of the value chain is forced to become extremely reactive,” said Muir. “It can take the reinsurer 90-plus days to receive data on risks that are underwritten today, and the level of fidelity associated with that data can decrease by over 90% creating huge costs alongside a lack of transparency and modern connectivity.”

Vellum was built to bridge this gap, enabling the back of the value chain to engage proactively with the front end to drive both mutual profitability and earlier identification of emerging risks.

Muir stresses that it is often the MGA/coverholder market that drives innovation. ” For Muir, genuine collaboration is the solution— and she believes it can only happen if everyone has the right data and information.

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