Innovisk Capital Partners, a new global InsurTech start-up that aims to address both the current and future fundamental changes in the insurance sector has been established, with insurance and reinsurance broker Willis Towers Watson as the majority investor.
The new InsurTech partnership has been launched with technology, data and modelling core to its offering, and will seed start-up underwriting entrepreneurs who either have already, or have a desire to build profitable and durable books of specialty commercial lines business.
According to an announcement on its launch, the heart of the offering is designed to augment underwriting by developing technology that utilises data and analytics in a more sophisticated manner, which in turn should support product innovation development and pricing, as well as improving distribution efficiencies.
Re/insurance broker Willis Towers Watson has been named as the majority investor in Innovisk Capital Partners. Carl Hess, Head of Investment, Risk and Reinsurance, Willis Towers Watson, said: “We see tremendous change in the industry value chain driven by technology and data and Innovisk Capital Partners is an opportunity for us to take an interested position in that shift as an
arms-length investor.”
The new start-up is being launched as a limited liability partnership as the preferred structure for entrepreneurial talent, and also to make sure that businesses that Innovisk invests in are independent, explains the announcement on its launch.
Innovisk’s Chief Executive Officer (CEO), David Thomas, commented: “Technology and data are fundamentally reshaping the value chain in insurance and bringing risk closer to capital. Historically the industry has often been costly, and inflexible data flows tend to be poor. New solutions and new thinking are required. Innovisk has been created to do just that, we are building a community of interest between parties who want to think differently about risk.
“We are taking a long-term view in building speciality businesses that can leverage technology to innovate all along the value chain with its capital partners.”
