The insurance industry is in search of growth and efficiencies with technology often in the middle. Technology can improve our productivity, disrupt our value chain, create new risk management opportunities, and open up new insurance markets through innovations. InsurTech is a global phenomenon and one of the fastest growing entrepreneurial industry segments.
So what is InsurTech exactly?
Innovative technologies disrupting established insurance practices to manage and transfer risk, by:
- Extracting savings and efficiencies from the current insurance industry model
- Addressing changing customer preferences and demands
- Utilizing new data and analysis for better segmentation to enhance both risk pricing and risk selection
InsurTech is more than insurance companies doing things digitally, or using big data or advanced analytics. It is about new capabilities that can change how we can manage risk – both in risk mitigation and how we can better match risks to capital.
What are we doing?
We have formed a dedicated InsurTech team that focuses on:
- Matching clients with technologies and partners that will help reach our clients' strategic objectives
- Leveraging a global internal network across Aon United in Risk and Health to identify enabling technologies that will be impactful to our client's business
- Providing entrepreneurs with choice and access to a portfolio of carriers
- Navigating the global regulatory environment to help our clients leverage these new technologies
- Monitoring the innovation environment through market intelligence platforms, investor ecosystems, and networks
- Developing our emerging innovation network with university partnerships and additional venture capital or accelerators based on our strategic heat map
Our innovation network
Carriers that engage with a partner who closely monitors the InsurTech start-up space and has established relationships will be better equipped to invest when a promising technology or business model emerges.
Aon Benfield is part of Aon UK Limited which is authorized and regulated by the Financial Conduct Authority. FP#12917