Scout InsurTech Interview with TOWR

TOWR is an early-stage insurtech startup that seeks to empower customers to streamline their operations and reduce costs through the automation and simplification of complex reinsurance contract administration. Michael Fiedel sat with Founder and CEO, Brandon Driscoll, to learn more about how TOWR is impacting the industry.

Who are your clients?

TOWR’s clients are small and mid-sized insurance carriers, MGAs or self-insured companies or groups – really any company who has to keep track of reinsurance contracts and reinsurance transactions.

What does your product do?

TOWR is a cloud-native web application that allows companies to manage all their reinsurance contracts, accounting transactions, payables and receivables.

How much capital have you raised?

TOWR has been exclusively bootstrapped by its founder.

Was the company born from within or outside the industry?

TOWR was created from within the industry. I’ve spent most of my professional career struggling to find a clean, intuitive solution to merge the legal intricacies and the accounting complexities that naturally exist with reinsurance. I’ve found that a huge gap exists in this market – where many admin software vendors say they have a reinsurance solution, but it’s not entirely built out. Or, other companies offer somewhat of a solution, but it's not intuitive and is expensive. So, the market typically resolves itself to spreadsheets.  

What growth metrics have you accomplished over the last 12 months?

The last twelve months have been entirely spent in the build stage. TOWR was formed in February 2024, with initial design and build of the application occurring shortly thereafter. Much of the built effort was focused on the artificial intelligence – which aids users interpreting the unstructured reinsurance legalese into structured, usable data. Once we had a working prototype, we focused on finding a beta test client, which we secured in November 2024.  

Within your domain, what is the current challenge the industry is facing?

Given that the bulk of TOWR’s customers will be in the carrier space, expense-ratio management becomes the name of the game. Many lines of business continue to remain unprofitable with growing concerns for environmental and geopolitical factors impacting property, nuclear verdicts from runaway juries impacting liability lines and uncertainty in market conditions – the only real control is on expenses. TOWR aims to help its customers remain competitive.

How does TOWR take a unique approach to providing value?

TOWR gets to work immediately. There’s very little time spent in implementation. It’s entirely up to the users to determine just how much they want to get out of the application. TOWR was built to provide cost-effective support to self-reliant small IT teams to push and pull policy and claims data through a simple API, or full integrations within the customer’s IT ecosystem. We spent a lot of time and effort focusing on the user interface and user experience, which we think outperforms many would-be competitors.

What inspired the team to start this company?

It was really an “alignment of the stars” type of journey. I’m a trained computer programmer, historically been involved in insurance system builds and integrations, learned reinsurance accounting principles along the way and work where innovation and vision are keystones. I felt as though the technology I had been following made significant strides and had reached a point where the barriers and risk were just mitigated enough for me to take the leap.  

Can you share any goals for the next 12 months for the company?

The next 12 months are going to be focused on:

1. Product development and roadmap: We’re programming a lot more of the complex aspects of reinsurance.

2. Partnership: We are looking for different avenues of generating revenue.

3. Marketing: We want people to know about us and what we can offer to save their company’s bottom line.

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