Guy Carpenter Announces New Global Capability to Help Clients Navigate Evolving InsurTech Market
Source: Business Wire
NEW YORK--(BUSINESS WIRE)--Guy Carpenter & Company, LLC, a leading global risk and reinsurance specialist and a wholly owned subsidiary of Marsh & McLennan Companies (NYSE:MMC), today announced the launch of GC Genesis, its expanded InsurTech advisory offering designed to meet clients’ desire to understand and leverage the dynamic universe of InsurTech.
The new service represents a comprehensive, insurer-centric approach to the evolving space of data, analytics and digital technology-based products and solutions. Designed to go beyond existing industry research, GC Genesis will employ a set of complementary services to allow its clients to navigate and ultimately use InsurTech to accelerate and de-risk their own strategic journey. The services are focused on the core business functions of insurance carriers: distribution, underwriting, pricing, claims, etc. With InsurTech continuing to expand and increasingly more capabilities for carriers to leverage, the new services provide a way forward for many of Guy Carpenter’s clients.
“The InsurTech space has expanded rapidly in recent years,” explains Peter Hearn, CEO of Guy Carpenter, “creating huge potential for the industry to capitalize on these advanced technologies, services and products. InsurTech is pioneering new solutions and expanding capabilities for carriers to achieve greater diversification, reduce costs and improve overall performance. Through GC Genesis, we will help our clients access and take advantage of that potential in the most effective ways possible.”
Part of the new offering will employ data aggregation techniques to distill the vast InsurTech landscape into easier-to-understand pieces and identify overarching themes and trends. Data, analytics, and technology capabilities underpin the InsurTech community of startups. Having an ability to identify those capabilities most likely to help carriers operationally is no easy task given the size, growth, and complexity of InsurTech.
“We have compiled a proprietary database and research capability which spans thousands of InsurTech operations,” explained Claude Yoder, Chief Innovation and Product Development Officer at Guy Carpenter, “to create a clear map of this thriving and vast ecosystem of new insurance-focused capabilities and innovations. By assessing the baseline capabilities of our clients and establishing their strategic objectives, our aim is to help them navigate this ecosystem and to guide them to the most relevant InsurTech partners.”
GC Genesis supports clients regardless of where they are in their InsurTech journey, and there are a variety of ways to engage with the program. The Fitting Process service provides a review of a company’s current growth, profit, and cost reduction strategies in the context of its current capabilities and new services or startups that might accelerate those plans. Reviews with functional areas identified by the client create a baseline from which a customized view of the InsurTech community is derived, highlighting the solutions most likely to bridge the gap between current and needed capabilities. Additional client discussions fine-tune recommendations, resulting in a roadmap to InsurTech and an efficient method of engaging targeted vendors across the insurance value chain.
Carriers can also access the second and complementary InsurTech Alliance service – an innovative collaboration between Guy Carpenter and Numerati® Partners LLC announced in July. Combining Guy Carpenter’s (re)insurance and risk management expertise with Numerati® Partners’ technical capabilities and science and engineering expertise, this new service enables insurers to dive even deeper into InsurTech with data analytics, and technological intelligence assessed and facilitated by leading scientists and engineers, presenting an advantage in the commercial adoption of new technical capabilities.
For those looking for holistic advice on their InsurTech strategy – from identifying needed capabilities and matching with vendors to test driving the actual platforms and signing contracts – companies can participate in both the Fitting Process and the InsurTech Alliance.
And, for the highest level of insight, influence and access, clients can become Founders of the InsurTech Alliance. This includes training (e.g., periodic workshops “bootcamps”) on technology adoption and innovation, technical assessments and consultations with the Numerati Partners Ecosystem of scientists and engineers, and the opportunity to direct the focus of InsurTech Alliance research as well as a variety of additional unique benefits.