Members from Boost, Branch, Clearcover, Lemonade, Root Insurance, and others, have launched an advocacy group called InsurTech Coalition that aims to shape the industry’s future.
Insurtech Coalition has published an open letter to the industry that lays out its founding principles, which includes using technology responsibly within insurance.
The letter reads: “The insurance industry is in a time of radical change and innovation with new ideas challenging old business models and upending the status quo. Telematics and data science have profoundly altered the way we assess and understand risk, while new customer-facing technologies and artificial intelligence are transforming the way customers buy and interact with insurance products and services.”
With widespread industry changes heavily driving rapid technological advancements, insurtech Coalition is aiming to represent the interest of insurance companies by reinforcing its members’ core tenets and steadfast commitment.
The company is set to use technology responsibly in insurance, as well as empower modern consumers with innovative tools they need to protect themselves, and their businesses.
At the same time, the insurtech is looking to collaborate with regulators in building new frameworks in order to support emerging technologies and companies.
The group is also aiming to work towards providing transparency, better pricing and a better customer experience and reimagining insurance products to manage risk more efficiently.
The letter reads: “Our agility and ability to serve the ever-changing needs of today’s customers through cutting-edge technology position this group as the voice for the future of the industry.
Adding: “We will drive the industry forward in a way that aligns with our shared values of transparency, fairness, and consumer empowerment.”
In order to accomplish its aims and goals, the group is looking to grow. This will be done through adding more insurance companies and advocates who share the groups same vision.
“This is not a time for complacency. We invite all like-minded insurtech advocates to join the InsurTech Coalition to empower customers, advocate for innovative ways of doing business, and advance positive changes in the insurance environment,” the founding members of the Coalition said:
Further, Mayer Brown LLP is said to be advising the InsurTech Coalition.
“It is an honor to advise the InsurTech Coalition and support it in its mission to educate interested parties with respect to the adoption of novel uses of data and technology into insurance business processes, be a resource for the insurtech community, and advocate for consumers of insurance products,” said Jared Wilner, a Partner in Mayer Brown’s Insurance Industry Group.
