Finance

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.