Specialty Spotlight: Richard Reggel, Chief Commercial Officer (EMEA)

Richard Reggel has navigated through the dynamic landscape of the (re)insurance technology industry for nearly a decade at Verisk. His experience and leadership have undoubtedly contributed to the company's steady rise as a global leader in insurtech solutions. 

As the Chief Commercial Officer for EMEA at Verisk's Specialty Business Solutions, Richard has spent nine transformative years at the company, watching it evolve from a nimble technology organisation, then called Sequel, into a powerhouse of comprehensive technology solutions. His impact on Verisk's growth is significant, yet he is quick to deflect attention towards the collective efforts of the company.  

Despite the impressive growth of Verisk Specialty Business Solutions, Richard emphasises the company's continued commitment to maintaining the personalised attention of a smaller enterprise. This belief stems from his strong conviction in maintaining a customer-centric approach, which he considers the cornerstone of success. 

Pioneering InsurTech Innovations 

Richard began his tenure at Verisk when it was known as Sequel Business Solutions. This long association has allowed him to witness and influence the transformation of Verisk into a full-stack technology provider. However, despite such significant evolution, Richard is keen to underscore that the company has never strayed from its core commitment - attention to detail and care for its clients. 

"We've managed to keep our focus on doing the right thing by our clients," says Reggel. This ethos, he believes, is one of Verisk’s key differentiators. 

Since taking on the role of Chief Commercial Officer over the past 10 months, Richard has been instrumental in guiding the strategic vision of Verisk. Having previously served as head of sales, Richard views his current role as a major pivot, which requires him to delve deep into determining not only where the company stands today but also where the market needs and wants it to be. 

In a world that's rapidly embracing digitisation, Verisk, under Richard’s guidance, has been actively investigating data augmentation and generative AI into the underwriting process. However, with the understanding that AI's integration is a delicate process, Richard insists on maintaining a cautious approach, especially considering potential regulatory implications. 

The Power Trio: Smart People, Great Software, and Comprehensive Data 

According to Richard, the heart of Verisk’s success lies in the convergence of three elements: smart people, great software, and comprehensive datasets. As a leader who enjoys connecting with people and understanding the pulse of the market, Richard’s unique perspective helps Verisk strike a balance between addressing client needs and pioneering forward-looking solutions. 

Richard’s priorities for the remainder of 2023 include focusing on market modernisation and digitisation, reducing frictional costs, and improving efficiency. He also plans to explore how to pass data through Verisk’s ecosystem of products, enabling even more seamless service provision. 

As Verisk continues to innovate and adapt to the changing landscape, Richard expresses his pride for being part of such an esteemed organisation. Despite the challenges the industry poses, Richard believes Verisk is uniquely placed at the centre of the insurance technology market. The company has not only retained its agility but also accumulated significant credibility and resources, allowing it to realise its strategic goals. 

Richard's own words encapsulate his feelings towards the company: "Where else is there better to be than here?" His strategic vision, innovative mindset, and unyielding dedication to delivering exceptional customer service will undoubtedly continue to guide Verisk to new heights in the insurance technology industry.

Would you like to discuss more? Get in touch and arrange a meeting with Richard: rreggel@verisk.com