Finance

Once viewed as disruptive competitors and threats to established insurance companies, insurtech startups are increasingly seen as supporting players that can help incumbent insurers enter new markets and offer new services.

Carrier venture arms and Silicon Valley stalwarts alike continue to pour money into startups promising to revolutionize the insurance sector.

Manulife, Sun Life and Industrial Alliance chipped in nearly $300 million to help the MaRS discovery district pay back a government loan.

The company partners with National Guardian Life to sell insurance coupled with connected toothbrushes in 16 states.

The star-studded funding round includes money from funds associated with Jay-Z, Kevin Durant and Robert Downey Jr., indicating insurtech's broadening appeal.

Business value is being generated by many startups – and no insurer is going to walk away from that.

Its venture arm is investing in a number of artificial intelligence companies, most recently machine-learning company HyperScience.

The digital giant's involvement with an Indian insurtech doesn't mean it will be selling policies soon, but does give insurers something to think about.

The $724 million in deal volume so far this year is a significant increase from the same period in 2017, say Willis Towers Watson and CB Insights.

The company has signed on with three companies in 2018, seeking early traction and a strong team., says business development VP.

Carriers cite the speed of product development in these programs and the ease of access to dozens of startups in one location as major benefits of these relationships.

The insurtechs showcased their platforms and the potential use cases for the industry, in areas such as claims, customer experience and underwriting.

Said Taiym will implement emerging technologies that will aid the broker in delivering improved strategic risk solutions for clients.

The insurer set up an innovation lab in 2016 with SVP of Commercial Auto Kim Garland at the helm, but also keeps a sharp eye out for transformation occurring outside company walls by insurtechs.

The NAIC's three-year plan to adopt emerging technologies and a newly announced focus on distracted driving are sure to catch carriers' eyes.

This week's Congressional hearing is likely to lead to new federal regulations aimed at all companies that collect personal identifiable information, including carriers.

The cash and companies are flowing in, but there are still only a small number of visible use cases that have made a difference in the industry.

Startups and their carrier and venture capital partners are looking to cooperate to transform the insurance industry, not simply 'disrupt,' says panel.

Carriers’ efforts to nurture startup companies in the region are paying off with increased innovations and deals, according to Willis Towers Watson.

For insurers, thinking of the network of capabilities available in specific geographical areas can provide tangible advantages when it comes to delivering on the promise of major technological advances.