Guy Carpenter & Company, LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has launched an expanded InsurTech advisory offering called GC Genesis.
The new service represents a comprehensive, insurer-centric approach to the evolving space of data, analytics, and digital technology-based solutions, and is designed to go beyond existing industry research, the firm said.
GC Genesis will be focused on the core business functions of insurance carriers, such as distribution, underwriting, pricing, and claims, and will help Guy Carpenter’s clients to leverage the growing capabilities of InsurTech.
Guy Carpenter explained that the expanded offering will employ a complementary set of services to allow its clients to accelerate and de-risk their strategic journey through the use of technology.
“The InsurTech space has expanded rapidly in recent years,” explained Peter Hearn, Chief Executive Officer (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.”
Guy Carpenter added that data aggregation techniques will also be used within the new service to distil information, identify industry trends, and support the InsurTech community of startups.
“We have compiled a proprietary database and research capability which spans thousands of InsurTech operations,” said 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.”
Additionally, GC Genesis will include a Fitting Process service that provides a review of a company’s growth, profit, and cost reduction strategies in the context of its current capabilities, and identifies how new services or startups might accelerate those plans.
Carriers can also access a second complementary InsurTech Alliance service, which employs the science and engineering expertise of Numerati Partners LLC to provide even more detailed data analytics and technological intelligence assessments.
The InsurTech Alliance, announced in July, is a new suite of InsurTech capabilities developed by Guy Carpenter in collaboration with Numerati, a New York-based data analytics investment and development consortium.
To access the highest levels of insight, Guy Carpenter explained that GC Genesis clients can also become Founders of the InsurTech Alliance, which includes training on technology adoption and innovation, technical assessment and consultations with experts from Numerati, and the opportunity to direct the focus of InsurTech Alliance research.