Guy Carpenter, a subsidiary of Marsh & McLennan Companies, has announced new global capability to help clients navigate evolving InsurTech market.
Guy Carpenter launched GC Genesis, its expanded InsurTech advisory offering designed to meet clients’ desire to understand and use the dynamic universe of InsurTech.
GC Genesis will help insurance companies in identifying the right insurtech company. The new service will have an insurer-centric approach to the evolving space of data, analytics and digital technology-based products and solutions.
The services will be focused on core business functions of insurance carriers including distribution, underwriting, pricing, claims, and others.
Guy Carpenter CEO Peter Hearn said: “The InsurTech space has expanded rapidly in recent years, 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.”
As per the company, the new service will use data aggregation techniques to distill the vast insurtech landscape into easy-to-understand pieces and identify overarching themes and trends.
Guy Carpenter chief innovation and product development officer Claude Yoder said: “We have compiled a proprietary database and research capability which spans thousands of InsurTech operations, 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 will take two approaches. One is the fitting process, where it will review its client’s growth, profit and cost reduction strategies and will suggest the insurtech startups that might accelerate those plans.
Review of functional areas will help in coming up with a baseline from which the mostly likely solutions can be arrived that can bridge the gap between the current and needed capabilities.
In the second approach, carriers will have access to InsurTech Alliance service, which is a collaboration between Guy Carpenter and Numerati Partners. This service will combine Guy Carpenter’s (re)insurance and risk management expertise with Numerati’s technical capabilities and science and engineering expertise.
The service will enable insurers to get deeper data analytics and technological intelligence and help the clients to know the advantages of adopting the insurtech solutions.