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ITA Pro Weekly, October 15,2020

More gelato with dots and sprinkles, InsurTech NY 2020 cohort, Pie hits $100 mil in premium, and more…

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Hot off the presses!

Like delicious gelato, everybody loves data science and how it can help insurers fine-tune their product offerings. But gelato with sprinkles – and data with dots – is even better! In the third of a series of blog posts, Celent Senior Analyst Marty Ellingsworth talks about dots, and dots on a map -- especially dots on a map sprinkled around over time, and how to use observational data for risk-based pricing.

“Like the colors of gelato, we can uniquely paint all the connected and connectable devices in our homes, cars, phones, communities, and workplaces. Many upon many more connectable devices and sensors are inside each and let’s not forget larger machinery, and smaller wearables or even implantables. We can paint all those their own colors, too.”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

This week, InsurTech NY, the largest insurtech community in the New York metro area, announced its growth-stage insurtech accelerator cohort. 22 startups were selected to participate in its insurance carrier and broker sponsored program that focuses on providing resources to support traction, talent, and financing. The program will provide access to insurance carriers and brokers looking to deploy new technologies and provide financial backing to digital managing general agencies (MGAs).
 
"Our member carriers and brokers worked closely with us to hand-select startups that align with their organizational goals," said David Gritz, InsurTech NY Managing Director. "The goal of the program is to help startups accelerate the process of building long-term strategic relationships and gain knowledge on the best way to do so."

 

Pie Insurance, an insurtech specializing in workers' comp insurance for small businesses, has exceeded $100 million in cumulative written premium and surpassed $100 million in annualized run rate premium. In less than 3.5 years since being founded, Pie Insurance has cemented its spot as the fastest insurtech company to hit these milestones.

"Commercial insurance in the United States generates $300 billion in annual premiums. However, the industry operates in an almost entirely analog environment," commented Dax Craig, Co-Founder and President of Pie Insurance. "Pie leverages technology to modernize the entire insurance experience for small businesses, and our rapid growth is a testament to the huge unmet need in the market."

 
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