The 5 Hottest Carriers in Insurance Technology
October 13, 2015 7:00 AM
2015 has been a big year for certain insurance technology ideas moving from the realm of theory to reality. Let's take a look at the courageous carriers that have powered an innovation agenda.
1. Erie Insurance
In April, Erie was granted conditional approval to test business applications of drones. The company talked the talk and walked the walk, with a claims drone in production fewer than six months later. If that wasn't enough, the company also piloted the use of Google Glass in claims.
2. John Hancock
Wearables and life insurance: A match made in heaven. That was the view posited by plenty of industry observers, but John Hancock was the first major life company to tie wearable data to the product, with the launch of FitBit-powered John Hancock Vitality in the spring. The Boston-based division of Manulife also launched an innovation lab at its headquarters, and partnered that with the Boston startup community, indicating we can expect more out-of-the-box ideas to come.
3. USAA
USAA is a big booster of insurance-relevant tech startups, investing this year in a smart battery for smoke detectors and a connected car company. It was also the biggest insurer to embrace the Google Compare aggregator, practically singlehandedly raising the profile of the channel. USAA also was a leader in developing drones.
4. MassMutual
MassMutual is taking on the challenges insurers face in attracting data science talent head-on, launching a program with several area colleges to grow a pipeline of data talent. The company also threw weight behind the startup Haven Life, which offers a MassMutual life insurance policy underwritten entirely online.
5. American Family
AmFam is on top of a number of trends across the industry. It is a leader in investing in startups, also was an early adopter of connected home and drone technology, and has made significant investment in analytics throughout the year.