Guy Carp helps with insurtech
Insurers are increasingly baffled by the array of insurtech companies competing for their attention and are struggling to conceive a strategy that ensures they keep track of important developments, while ignoring irrelevant background noise.
Because of this, more insurers are turning to their partners to help them navigate this landscape. For this reason, in August Guy Carpenter launched InsurTech Alliance, an initiative in collaboration with Numerati Partners, designed to help carriers to identify the right fit in a methodical approach.
InsurTech Alliance combines Guy Carpenter’s insurance industry insights with the technical capabilities and science and engineering expertise of Numerati Partners.
In addition to the InsurTech Alliance, Guy Carpenter has unveiled GC Genesis, an expanded insurtech advisory offering that serves to maximise the utilities and benefits of insurtech tools.
Claude Yoder, global head of innovation and product development, Guy Carpenter, said that the transformational advances that have impacted nearly all aspects of society are quickly catching up with the insurance industry. As such, the urgency to further automate and integrate technology into the business is rapidly rising.
“Insurers’ deployment of the forces of data, analytics and technology to power insurtech tools is a vital element in optimising operational efficiency and improving services across the insurance value chain,” Yoder said.
“From our engagement with participants in the industry, Guy Carpenter has learned that they are increasingly examining and deploying insurtech services.”
The industry’s recognition of the advancing capabilities of insurtech is evidenced by a bourgeoning insurtech startup trend. It is a sector that is expanding by 150 to 200 companies annually. Yoder said the plethora of new products and tools poses a challenge: finding the ‘right fit’ becomes more difficult as options continue to grow and potential users find that many are not insurance-driven or insurance-centric.
“Fundamentally, insurtech is not one-size-fits-all; the capabilities, utilities and delivery of each technology must match a host of criteria for each company. The process of developing or identifying the right fit is capital-intensive and requires dedication of significant resources, which can be particularly challenging for small- and medium-size insurers,” he said.
“In some cases, the investment to develop suitable technology and the financial burden of examining the plethora of offerings can fail to deliver a return on investment and even become an opportunity cost.”
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