On Tuesday 16th October, Ninety hosted members from the UK insurance community to hear our special guests’ views on what’s happening in the insurance scene Stateside.
In a casual and relaxed setting, everyone enjoyed Ninety’s typical hospitality of drinks and nibbles, this time with a USA theme.
As a first to a Ninety event, we had a speaker join us via video link from New York. Shefi Ben Hutta, the editor of Coverager, presented her views on some of the insurtechs that are reaching high market valuations with a lead generation model.
Shefi raised the notion of ‘users, not customers’, added a reality-check to the Lemonade hype cycle, and reminded the UK insurers that some of the larger US personal lines carriers probably have more auto / car policyholders than there are drivers in the whole of the UK.
Next came Kaenan Hertz, Ninety’s Client Partner based in New York. His ‘Insurtechs vs Incumbents’ story was a tale of three players: Sure, Assurant and Geico. Kaenan demonstrated how these companies are using technology, data and user experience to innovate.
Kaenan also highlighted a number of interesting US insurtechs:
- Viewspection – image-based inspection app for policy holders to give a virtual tour of their homes to loss control professionals.
- Plank Re – Artificial Intelligence analyses large data sets, and APIs serve the insights to underwriters for commercial insurance. A use case of the technology can be understood through their Slippery Floor game http://www.planckre.com/playground?game=slippery
- HazardHub – a database of geospatial hazard risk for property insurance
- Honk – the ‘Uber’ for roadside car assistance. The free app connects drivers with roadside assistance partners.
To close the event, one of our senior consultants, insurance innovation specialist Manjit Rana, presented his views on what happened at Insuretech Connect in Las Vegas.
6,000 + attendees from across the insurance eco-system
- Move from protection to prevention
- Big increase on focus towards healthcare and life from P&C personal lines
- From front-end and distribution-based solutions to risk management
- USA based propositions generally less sophisticated than European ones but better funded (and funded earlier)
- Nothing we’ve not really seen before
- Bigger proportion of incumbents compared to InsurTechs
- Smaller contingent of European delegates
- A lot more tech players – focusing on enablement
- Every InsurTech seems to be powered by AI
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