GC’s insurtech matchmaking service

The sheer number of insurtech businesses around the world is a problem for insurers searching for tools or services that could transform their business model, according to reinsurance broker Guy Carpenter. The firm has responded by expanding its insurtech advisory offering to form GC Genesis, spearheaded by Claude Yoder, the firm’s innovation and product development officer. The initiative complements the InsurTech Alliance service, a collaboration between Guy Carpenter and Numerati Partners that was announced in July. “There are so many start-ups out there – well over 2,000 – it’s hard for insurers to know where to begin. Our service identifies which start-ups make most sense for individual clients. Then the client can take a smaller sub-set of start-ups forward into the InsurTech Alliance where a deeper technical evaluation of the start-up’s capabilities is performed by Numerati Partners, the technical assessment engine of the Alliance,” Yoder told Reactions. Vicky Carter, vice chairman, strategic advisory, added: “The time and the expense and the resource to navigate around this area of insurtech is huge and costly. We are condensing the process to identify the start-ups that are most relevant to any client’s needs.” The service starts with a fitting process that provides a review of a company’s current growth, profit, and cost reduction strategies in the context of its current capabilities and new services or startups that might accelerate its plans. “Client interaction, underwriting and claims are the main focus areas. On client interaction or distribution for example, today’s digital natives have different expectations over how they interact with service providers, whether it’s through mobile devices or voice recognition,” Yoder explains. “On the underwriting side the emphasis is on new sources of data that help insurers understand exposures better. On the claims side, transforming claims notes into meaningful insights is another example.” Yoder says the Alliance launched with Numerati Partners in July has been well received: “The response has been overwhelming in terms of the number of clients expressing interest but also the diversity in terms of geography and product mix – and their level of sophistication. Carriers everywhere realise how fast the technology is developing and they don’t want to be left behind.”

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