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ITA Pro Weekly, September 17,2020

Insurtech investment has “legs,” calling out digital insurance laggards, Acrisure’s bet on tech for agents, and more…

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Hot off the presses!

In spite of natural disasters, nasty politics, and COVID-19, the current landscape for insurtech investment continues to be robust – and shows no signs of slowing down, according to the experts. In a recent Electronic Chat, Matt Perlman, partner with private investment firm IA Capital Group, looks at the present and future of the insurtech investment market, and why it seems so bulletproof.

 “The COVID environment has actually been actually a boon to a number of themes we’ve already been developing prior to the shutdown that have only gained momentum. Digital distribution--buying insurance products through mobile and digital channels--has significantly accelerated, as well as the idea of remote underwriting and claims adjudication, for example virtual home inspections through drone or aerial imagery, or photos or videos collected by homeowners through their smartphones using AI and image recognition to simulate or improve upon insights from on-site inspections.”

 

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.

 

While just about every insurance company touts the importance of digitalization to improve the user experience, improve performance, and build business, the fact is that fewer than 30% have truly digitized the value chain, while 13% are not leveraging digital technologies within their current business processes.

The findings come in the fourth edition of the ACORD Insurance Digital Maturity Study, which looked at the top 130 global insurance carriers representing $2.3 trillion in 2019 premiums and 38% of global market share, covering virtually all lines of insurance business.

“The insurance industry is at a critical and uncertain inflection point,” the study states. “Insurers who fail to meaningfully differentiate their offerings will suffer from a lack of consumer-buyer engagement, give up business to competitors, and leave themselves vulnerable to disruptive entrants. Slow-to-adapt incumbents who insist on viewing their products as commodities, competing only on price, will not be able to succeed against those able to adopt a buyer-driven approach, learning how to attract and retain customers through brand differentiation and customer-centric capabilities.”
 

 

Acrisure, based in Caledonia, Mich., is one of the top 10 largest brokers in the world, with much of its growth spurred by robust mergers and acquisitions. Its recent purchase of Tulco LLC’s insurance practice positions Acrisure to deliver advanced data science, AI, and machine learning capabilities to its agency partners.

Greg Williams, Acrisure’s co-founder, president and CEO, takes a look at how Acrisure is providing its agency partners with powerful technology tools like AI, ML, and robotic processing to help them succeed in today’s customer-centric world.

“Acrisure views digital capability as the best of ‘man and machine.’ Specifically, a digital platform allows us to be nimble, data-rich and durable, while innovative technology and machine learning enhance the productivity of our teammates. Our objective is to be the most tech-enabled broker in the world, which will benefit our clients and our more than 8,500 employees. The world is becoming more digital so our efforts to deploy artificial intelligence, machine learning and robotic processing is simply meeting the world where it wants to go. It’s about continuously improving for the benefit of all constituents, including employees.”

 
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