In Episode 303 of the FNO: InsureTech Podcast, host Lee Boyd welcomes Phil McGriskin, Co-Founder and CEO of Vitesse, for a deep and timely discussion on one of the most complex, and often invisible, challenges in insurance: financial infrastructure behind claims payments.

Phil shares his journey from Australia to the heart of the Lloyd's insurance market, tracing a career that spans underwriting, brokerage, fintech entrepreneurship, and large scale payments innovation. With multiple successful ventures behind him, Phil brings a rare perspective to insurance, approaching long standing problems through the lens of payments, treasury, and operational control.

The conversation explores how Vitesse was built to solve the inefficiencies surrounding loss funds, delegated authority payments, and treasury visibility. Rather than focusing solely on speeding up payments, Phil explains why giving carriers real time insight, control, and transparency over capital is foundational to improving claims outcomes, reducing risk, and freeing trapped funds.

Lee and Phil also discuss what it took to deliver meaningful change inside the 300 year old Lloyd's ecosystem, how fintech principles must adapt to insurance regulation, and why modernizing financial infrastructure requires collaboration across carriers, TPAs, MGAs, and brokers.

The episode closes with Phil's pragmatic perspective on artificial intelligence within financial infrastructure, where AI can create real value today, and where human judgment and accountability must remain firmly in place.

Key Highlights

[05:30] – Phil McGriskin's Early Career, Moving from Australia to the Lloyd's Market How Phil's early experience in underwriting and brokerage shaped his understanding of insurance complexity.

[09:15] – The Origins of Vitesse and Lessons from Building Global Payments Companies Why Phil returned to payments after exiting his first fintech business and what insurance was missing.

[13:40] – Why Loss Funds and Treasury Visibility Became the Core Problem to Solve How carriers unknowingly tied up millions in poorly reconciled delegated authority funds.

[18:55] – Modernizing Claims Payments Inside the Lloyd's Ecosystem What it took to deliver the Faster Claims Payment initiative across a 300 year old marketplace.

[21:45] – Scaling Fintech in a Highly Regulated Insurance Environment Balancing innovation, regulation, and the realities of legacy insurance operations.

[25:10] – Implementing Technology Across Carriers, TPAs, and MGAs Why successful transformation requires engaging every party in the insurance value chain.

[29:20] – Expanding into the U.S. Through Lloyd's Connectivity and Regulatory Licensing How Vitesse leveraged existing market relationships to establish a U.S. footprint.

[32:40] – Carriers, TPAs, and the Role of Tier One Banking Infrastructure Why treasury safety, regulation, and bank selection matter in insurance payments.

[36:30] – Phil McGriskin on Responsible AI in Financial Infrastructure Where AI adds value today in treasury optimization and operations, and why humans must retain control over payment authorization.

[40:15] – The Future of Financial Infrastructure in Insurance Why shared platforms, transparency, and trust will define the next phase of insurance innovation.