As reported by Venture Scanner, there are 1,552 insurtech startups across 14 categories through Q3 2019. For insurers who are interested in exploring the new technologies offered by this long list of insurtech companies, the first step is to identify the organizations that can that meet their needs.
The second step for insurers is to evaluate the solutions or technologies offered by these organizations using the insurer's internal data. For insurers, this can be a change of how they have traditionally evaluated new technologies. On-premise systems are few and far between these days as insurtech solutions are typically offered as cloud-based solutions.
Often times the sharing of internal data outside of the data center creates friction for insurers to evaluate insurtech solutions from one or more insurtech providers. There are several internal issues that need to be addressed including data security, data privacy, and compliance.
Mark Stender, President of Intellagents and Jackie Vergne from Aureus Analytics, discussed how, when done correctly, data sharing can be an enabler as opposed to an inhibitor for evaluating and adopting new cloud-based technologies and solutions.
The insurance model is changing, and data is not going to be stored all in one place. With over $16B invested in insurtech over the past several years, insurance is going to become more about different distribution mechanisms, POS solutions, IOT connections, and AL/ML new data sources all coming together to create a better customer experience.
President at Intellagents
Mark is the Co-Founder and President of Intellagents, an Insurance API Ecosystem that connects an insurer’s systems with modern insurtech solutions, data and AI providers along with traditional software providers.
Mark has over 30 years of experience as a senior IT executive, entrepreneur and innovator leading business transformation initiatives in the insurance and financial services industries. He is also the author of three patents in the insurance and technology space ranging from legacy modernization to mobile insurance.
Before co-founding Intellagents, Mark held positions as Chief Digital Officer at Prudential Financial and Vice President of Enterprise Architecture at Travelers.
Director, Customer Success, Aureus Analytics
Jackie is a senior operations executive with over 20 years of experience in global multi-line property and casualty insurance companies.
She has made significant contributions by strengthening the financial, competitive, operational, and client service performance of insurance businesses.
In her previous roles, Jackie held various operations and underwriting positions with Franklin Mutual Insurance, Swyfft, Duck Creek Technologies, Chubb, Selective Insurance, Fireman’s Fund, and State Farm.
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