Am working at similar insurance "tech" company.

Maybe you'd be surprised at how easy it is to lose money... At least - to me - it seems hard to be profitable with the margins required to have a silicon valley office + salaries. The company I'm at is very worried about loss ratio. You oversubscribe to one region because you're competitive there and some minor weather event happens - bad time. Even if your company isn't paying directly for losses, you lose lots of money in having to handle claims and you lose leverage with contracts in the future with the people who do actually pay out the claims.