Insurers are weighing two schools of thought when addressing insurtech: Developing technological capabilities in-house or teaming up with new entrants to gain required expertise. Partnerships, in particular, were popular this year among carriers, in efforts to modernize business workflows. Following is a summary of notable startup, insurer collaborations formed in 2017.
QBE partners with insurtech RiskGenius on policy distribution
Australian insurer enters a multi-year agreement with the startup to apply machine learning to its commercial policy underwriting process.
Excerpt: “QBE North America will be the carrier's first division to implement RiskGenius’ software, after completing a proof of concept with the startup earlier this year. The outpost expects to upload more than 125,000 policies into RiskGenius platform by June 2018.”
Aioi Nissay rolls out telematics offering for fleet drivers
Japanese carrier expands its partnership with Cambridge Mobile Telematics after launching a program for personal auto last year.
Excerpt: “CMT’s offering, available to insurers and fleet owners, gives Aioi Nissay’s drivers and managers an IoT-enabled smartphone app that offers trip-by-trip feedback, gamification functionality and a web portal to review past user scores and habits.”
Starr Companies partners with insurtech for online distribution
Commercial insurer tapped CoverWallet in July to help it develop products small business owners can purchase entirely online.
Excerpt: “Starr's hope is that CoverWallet’s technology helps it reach a bigger market. Through the agreement, the companies will collectively develop new insurance products, simplifying the click-to-bind process. The technology is expected to lower operational costs, resulting in savings for the customer.”
Travelers announced the launch of a smartphone app for its IntelliDrive usage-based insurance program this summer, in collaboration with TrueMotion.
Excerpt: “IntelliDrive captures driving information for all enrolled drivers in a household for 90 days and determines an overall score. Renewal premiums will be based on that score, while new customers can receive up to a five percent discount for enrolling.”
Commercial broker teams with Altumai’s to cut down on workers' compensation claims.
Excerpt: “The company is currently testing out wearables that include a belt device, one embedded on a safety vest and another for a worker’s wrist. These devices measure biometric data, such as hydration levels and heart rate, and assist companies in keeping their workers safe and healthy.
Gen Re tapped the startup in October to distribute its mobile-based musculoskeletal rehabilitation to carrier customers and their policyholders.
Excerpt: “As part of the agreement, TrackActive, which recently completed Startupbootcamp Insurtech’s London accelerator program, will work with Gen Re to refine its platform for the insurance industry with intentions of improving engagement and outcomes for consumers.”