Guy Carpenter & Company, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has announced the launch of InsurTech Alliance, a new insurer-focused suite of capabilities designed to help carriers understand and exploit the data and analytics-driven innovations emerging from InsurTech.
The announcement sees Guy Carpenter look to expand its InsurTech offering and sees the broker collaborate with New York-based data analytics investment and development consortium, Numerati Partners.
Guy Carpenter aims to leverage Numerati’s affiliated network of scientists, engineers, academic institutions, public and private sector entities and non-governmental organisations in developing and maximising the service’s potential.
The new service is designed to enable insurers to inform their management with tech intelligence, which is validated by leading scientists and engineers, and which in turn gives insurers “a front row seat to innovation,” explains the broker.
“We formed the InsurTech Alliance after listening to our clients and the challenges they face taking advantage of the new capabilities offered by start-up companies,” said Claude Yoder, Global Chief Innovation and Product Development Officer for Guy Carpenter.
“There is clearly growing interest in keeping pace with innovations impacting all steps of the insurance value chain. Because the InsurTech space is moving so quickly, you need unique technical skills to understand and test which new capabilities are going to work for you.”
Concurrently, Guy Carpenter has announced The Scientific and Engineering Expo, from which it plans to provide an opportunity for insurers to “test-drive the InsurTech Alliance” via exhibits, hands-on demonstrations and presentations by InsurTech vendors.
“There are over 50 new start-up companies formed each month,” added Yoder. “Technologies are evolving so rapidly that it is critical for insurers to have resources with intimate knowledge of these changes to keep pace.”