LITUS Insurance: Digitizing insurance sector
Nicola Larizza, CEO, LITUS Insurance

Nicola Larizza is the CEO of LITUS Insurance, a renowned Italian Underwriting Agency (MGA), providing Marine Cargo Insurance as Cover holder at Lloyd’s, Tokio Marine HCC and MS Amlin Marine. Coverages are offered in the European Union and worldwide through an innovative platform including API’s. The firm’s platform also explores Shipment DATA for risk assessment, pricing, exposures checking, predicting claims and fast claims reimbursement. In an interview, Nicola speaks on an array of topics. Excerpts:

Founding of LITUS Insurance

Nicola founded LITUS as an independent underwriting agency, to provide the best combination between the solidity, experience and reliability of a large insurer and the agility and dynamism of a small start-up. Expressing his happiness of reaching the goal at a very short span of time, Nicola says, “I also wanted to focus on all the possible intersections between marine insurance and Insurtech: for example, by making sure different platforms can dialogue as much as possible, by developing shipments’ remote tracking systems and by developing tailor-made insurance products for the e-commerce industry, to cover their last mile.”

Insurance technology industry – Challenges galore

The post-pandemic boom of technologies has boosted the development of online insurance platforms designed to reach customers anywhere, but sometimes these lack user-friendliness and reliability. “It is important to back them with a solid specialist structure behind the scenes and with spot-on customer service, to avoid bad reputation issues. We do this on all sides, from underwriting to claims.”

Features of LITUS’s comprehensive platform designed for digital natives

“Our clients are logistics companies and for them time is critical: that’s why our platforms are easy to use and responsive, making sure documents are issued quickly” says Nicola. Additionally, many different parameters are automatically checked by the firm’s systems, thus minimising the risk of compliance breaches (e.g. international sanctions etc.) and identifying any mismatch with the existing policy conditions.

Leadership traits

Marine insurance remains a niche area within the larger industry and it’s highly technical. People who work in it are driven by passion, they tend to remain loyal to this traditional risk field and therefore everyone knows everyone, adds this passionate entrepreneur. “There is cooperation as much as competition. I tend to encourage the former, with networking and exchange opportunities between professionals to make sure other people can benefit from my experience and the other way around.”

Apart from being resilient, visionary, and a team builder, Nicola says that he is also a determined, patient and optimistic person – all much-needed skills in long term business projects such as Litus.

The Success mantras

“As Italians, we are great at being flexible and creative by finding new roads when the main ones seem blocked by circumstances. I’d say, therefore, that one must always press on: even if you don’t seem to be pointing directly towards your initial goals, you can always find a path that brings you to your intended destination.”

Insurance startup entrepreneurs also need to get out of their comfort zone, bring their own project forward, believe in it, and most importantly not give up even though they face discouraging moments. “It may seem like a jungle sometimes, but there’s still much room for new ideas within this industry.”

“We may well be focusing on Insurtech, but we still value human relations and count on trusted partners first. I believe it’s a key to progress, as opposed to mere growth.”

LITUS – Forging ahead.

“We are keen to develop valuable partnerships with important logistics companies, to offer them innovative, technology-driven cargo insurance products. We want to build these all around them, so that they can feel they’re part of the product and their voice and needs have been heard. In addition, we want to grow internationally: we’ve already opened an office in Spain and we look forward to expanding ourselves in Europe and beyond.”

Nicola also adds that the industry is witnessing the benefits of tracking devices on cargo. “It is increasingly essential when it comes to shipments of perishables, theft-attractive and valuable goods – they help to reassure the insurer as much as the customer! As these devices become smaller and more accessible, it will be increasingly easier to add them to cargo items and that’s where part of our Insurtech focus will be in the upcoming times.”