More than 50 start-up companies offering data, analytics and technology to the insurance sector enter the market every month. While this dynamic is welcome news for an industry that is rapidly adapting to the digital economy, it also creates the challenge of identifying the ’right’ technology that would fit each business.
As clients face many choices and challenges for testing and understanding the many options, the InsurTech Alliance was developed and set for launch on August 9, 2018.
The InsurTech Alliance was developed by Guy Carpenter in collaboration with data analytics and development consortium Numerati® Partners with the aim of enabling each insurer to examine services and products for data, analytics and general digital technology.
As we said on GC Capital Ideas earlier, all aspects of insurance, from claims, underwriting, policy administration to customer experience, operations, call centers and marketing are being influenced by the rapid rise of technology. InsurTech can also help insurers and reinsurers to effectively analyze and employ data, analytics and technology to drive down costs and increase client value.