InsurTech NY is debuting an index that scores insurance and reinsurance companies on their willingness and ability to partner with industry-related tech startups.
The organization, which bills itself as the largest InsurTech community in North America, said the index is based on input from InsurTech executives themselves. It’s designed to provide a rigorous and objective measure of how easy it is for a carrier and a startup to work together.
“InsurTech startups strive to attract the attention of a carrier or a reinsurer, but not all carriers and reinsurers are prepared to enter into a productive and ultimately successful partnership,” David Gritz, InsurTech NY co-founder, said in prepared remarks. “The Insurance Collaboration Index is a tool to help make all-important decisions about choosing and working with a partner. It also helps carriers understand their strengths and weaknesses, and what they need to do to be better partners.”
Carriers are evaluated on executive buy-in and sponsorship, competent project management, clear objectives, effective communications, and other factors. In addition to providing startups valuable input about potential partners, survey results will help carriers assess how prepared they are to work with startups across a wide range of criteria and offer insights to strengthen their policies and procedures.
Led by Gritz and InsurTech NY co-founder Tony Lew, the project draws on the expertise of an advisory board representing a broad cross-section of the insurance and innovation ecosystems. Advisory board members include Scott Hawkins and Alan Walters, Conning; Bryan Falchuk, Insurance Evolution Partners; David Bradford, Iosis Consulting; Mark Gardella, Zephyr Innovation Advisors; Mike Fitzgerald, CB Insights; Irene Yang, Finesse Consulting; and Cynthia Hardy, Pivot Global Partners.
Phase I of the project, which is now underway, is data collection. InsurTech NY is surveying executives from more than 200 InsurTech companies about their experiences working with various carriers and reinsurers. InsurTech executives are encouraged to participate in the survey, which can be found at https://index.paperform.co/. Survey participants will have early access to the results and will receive a customized report to help them optimize their choices of partners.
Source: InsurTech NY