University takes stake in ‘spin-in’ company looking to transform insurance sector

University of Liverpool

The University of Liverpool has become a founding shareholder in a spin-in company which has been formed to take forward technology for use in the insurance and financial sectors.

Spin-ins offer a new approach for companies to collaborate with universities to develop commercial opportunities in return for an equity stake.

Intellegri, incorporated in December 2022 and based in Dorset, led by insurance industry experts, will spin-in to the University of Liverpool to commercialise software developed by Prof Simon Maskell, from the School of Electrical Engineering, Electronics and Computer Science.

Intellegri will have exclusive rights to further develop the university’s software for use in the insurance and financial industries sector.

The software developed by Prof Maskell and Dr Alex Phillips, experts in Bayesian modelling and inference, is based on a statistical model that can accurately, continuously and in real time assess the capital risk for insurance companies.

Intellegri is integrating the software into a cloud-based platform to develop a new product for insurance companies, capital providers and their customers to better model their capital adequacy requirements and improve their approach to Solvency II regulation.

Prof Maskell said: “I am excited to be part of this new university spin-in company to take forward my work.

“The statistical model that has been used to create this software was developed through my EPSRC-supported Big Hypotheses (BH) research project and Impact Accelerator Award funding.

“The aim of BH project is to develop ground-breaking algorithmic solutions that can be applied in real world settings across many sectors in both industry and government and this new software is an example of that. I look forward to working with Intellegri to develop this model into a new product.”

Andre Finn, founder and Chief Strategy Officer of Intellegri, said: “The Big Hypotheses model has been over 10 years in development, with funding of £14m. It’s proven; it’s capable of calculating millions of scenarios in near-real time and it has the potential to revolutionise capital reserving and reporting for insurers.

“We are thrilled to welcome Prof Maskell, Dr Phillips and the University of Liverpool to the Intellegri team as we take the Big Hypotheses model to market.”

Emma Nolan, Head of Enterprise at the University of Liverpool, will take a seat on the board of Intellegri as university nominee director. She said: “This is a great model for the university – working with experienced management teams and their investors can significantly accelerate the time to market for university technologies.”

Prof Maskell’s expertise in Bayesian modelling was used by the Government to estimate the UK’s R number during the Covid-19 pandemic. He is currently providing his statistical insight to help locate the missing Malaysian airlines flight MH370.

The formation of this spin-in was supported by the University of Liverpool’s Enterprise Team. The university’s portfolio goes from strength to strength, with 24 spin-out companies formed in the past five years.