A new Welsh technology company with global ambitions is aiming to redefine how businesses understand risk, make decisions and access commercial insurance.
Ragado, Co-founded by Lyndon and Raghad Wood, has spent several years developing proprietary artificial intelligence, underwriting intelligence and data technologies designed to help businesses identify risks, improve resilience and make better-informed decisions.
Headquartered in South Wales, the company combines millions of data points, advanced analytics and human expertise to create what it believes is a more intelligent approach to understanding business risk.
While commercial insurance represents the company's initial market focus, Ragado sees itself first and foremost as a technology and intelligence business.
Its platform has been developed to analyse complex business, financial, sector and risk-related information, helping businesses and insurers gain a deeper understanding of risk than has traditionally been possible through conventional underwriting approaches.
The company's initial product lines focus on Professional Indemnity insurance for technology and IT businesses, liability insurance for construction and trades businesses, and commercial insurance solutions for businesses with turnovers of up to £10 million.
CEO Lyndon Wood believes the business is entering a market at a pivotal moment:
“For more than three decades I have been passionate about helping businesses grow, overcome challenges and stay in business. We believe artificial intelligence, data intelligence and modern technology create an opportunity to fundamentally improve how businesses and insurers understand risk, assess resilience and make decisions.
“The future of underwriting will belong to organisations capable of turning vast amounts of information into meaningful intelligence.
“The opportunity is not simply to build a faster insurance process. The opportunity is to create a more intelligent understanding of risk itself.”
Raghad Wood, COO of Ragado, said:
“Artificial intelligence has the potential to transform how businesses access information and make decisions. Our vision is to build technology that helps simplify complexity and delivers practical intelligence that businesses can act upon.”
Ragado has already secured FCA authorisation and plans to work with insurers, brokers and businesses that share its belief that the future of risk management will be increasingly shaped by technology, intelligence and innovation.
Wood concluded:
“We have a clear vision, a clear strategy and global aspirations. Our ambition is not simply to improve existing processes. It is to build something genuinely different.”
