Product Lead (Employee #3)
The way insurance rates are currently set results in massive inefficiencies that increase prices for policyholders like you and me. From years of experience, I know for a fact that a machine learning approach is orders of magnitude better than what the largest insurers do - and our customer list is proof of that claim. These inefficiencies can all be solved by better use of existing data. Soteris exists to do just that.
Soteris is a YC-backed company with a multi-year runway and almost $1mm of contract revenue serving a massive industry. We write machine learning software to more accurately price insurance risk.
We’ve now gone live with two large insurers and are deeply embedded in their workflows. Those relationships provide us both significant revenue and meaningful customer engagement to inform future product steps. As our first product manager, you will be the fourth team member, working alongside three PhDs with extensive experience tackling challenging data science problems in highly competitive landscapes. You’ll work hand-in-hand with the Founder & CEO to help us zero in on product-market fit and to help us translate our broad vision and a lucrative market opportunity into a series of scalable, defensible products.
I founded Soteris because the way insurance rates are set results in massive inefficiencies that increase prices for policyholders like you and me. From years of experience, I know for a fact that a machine learning approach is orders of magnitude better than what the largest insurers do - and our customer list is proof of that claim.
Before Soteris, I built a $750 million property and casualty (everything that’s not life or health) insurance company from scratch, out of a $16 billion hedge fund called Pine River Capital. This gave me deep visibility into how insurance works, through which I saw firsthand how much of the insurance value chain is littered with processes that might have made sense in 1920 – but are way past their prime in 2020. These inefficiencies lead to increased prices for policyholders, and they can all be solved by better use of existing data.
I started Soteris to do just that. In a short time, Soteris demonstrated that we could solve these problems to the tune of almost doubling our first customer’s policy profitability. They plan to drop rates for at least 80% of their applicants as a direct result of the efficiencies Soteris’s software provides. I think that’s pretty cool.
Soon after, Soteris signed two enterprise production contracts with large insurers, at which point it was still just me at the company. So I started to build out the team from there.
Since Mridul joined last year, we’ve built an additional set of algorithms to rank-order the applications in an underwriter’s review queue to optimize the use of their time. We’ve also finished implementation for and gone live with both customers - and so far, the customer feedback is extremely positive.
Wei, our ML engineer, left his position at Google to join our team in August and has already contributed to our algorithmic process. We’re looking to add employees #3-5 to the team by year-end.
In the end, our goal is to own the entire data value chain within property and casualty insurance. We just raised a large round from a number of top investors, including Y Combinator, Amplify Partners, Khosla Ventures, and Data Collective. Combine that with a lot of early revenue and a low burn rate, and we have a long, ample runway to execute our mission.
WHAT YOU'LL DO:
You would work hand-in-hand with the Founder/CEO to build and own our product strategy, from ideation through execution to customer success, working alongside a growing team of engineers.
Specifically, alongside the Founder/CEO, you would:
- Work hands on with both our current customers and potential future customers to intimately understand their pain points, in service of defining the long-term strategic vision for Soteris’s product suite.
- Coordinate closely with our engineering team to understand build costs for potential features and products.
- Determine our feature and product roadmaps by weighing those costs against their attendant benefits.
- Manage the build process to ensure stellar execution of future builds.
- Define and establish the internal standards we use to govern our product development process.
- Experiment and iterate on the practices we already have in place with customers and analyze data from user research to make pragmatic decisions about how to best grow our products.
- Collaborate with our customers to ensure successful integration of our software into their workflows.
WHAT YOU’LL NEED:
- Experience building, launching, and iterating on successful technical products, ideally in an ambiguous, zero-to-one business environment.
- The ability to influence a mix of internal and external stakeholders, including C-suite executives from large publicly-traded companies, even without explicit authority.
- The technical acumen necessary to win the respect of world-class engineers - not necessarily as an engineer yourself, but as someone who can set realistic roadmaps and inform engineers’ thinking on how to build great products.
- Compelling communication skills, both in 1:1 and group presentation settings.
- A high learning rate, and the humility and self-awareness necessary to make maximal use of it.
- An approach to teamwork similar to ours (reach out to find out more here).
- A distaste for inefficient systems, and a desire to make a dent in a problem that affects everyday people all over the world.
If you think you might be a good fit for this role - and/or if you want more information on our firm, our approach, or our values - please apply!