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This is a fascinating article in AM Best about Insurance startups, so called insuratechs.
Laboratory of the Minds. January 2021 Meg Green.
"The program brings together 10 or so hand-picked tech companies to collaborate with Lloyd's, where they are partnered with volunteer mentors....
With both sides signing nondisclosure statements, Lloyd's syndicates can provide data points for the tech companies to use. They also help educate the startups on the ins and outs of the insurance business, and share what kind of products they'd like to see developed. "
"“There are no casualty catastrophe models today. [Insurers] are not sure that they know what that is or that they want it,” Reville said. However, he said, casualty insurers all have emerging risk functions....
Casualty catastrophe modeling, emerging risk modeling, and underwriting analysis are “just three ways to describe the same thing. The acceptance is different depending on what we call it. ... It's essentially the same activity,” he said."
Insurtechs “quite often go to insurance companies with a bit of the puzzle missing in terms of the knowledge that they have,” Gaze said.
Laboratory of the Minds. January 2021 Meg Green.
"The program brings together 10 or so hand-picked tech companies to collaborate with Lloyd's, where they are partnered with volunteer mentors....
With both sides signing nondisclosure statements, Lloyd's syndicates can provide data points for the tech companies to use. They also help educate the startups on the ins and outs of the insurance business, and share what kind of products they'd like to see developed. "
"“There are no casualty catastrophe models today. [Insurers] are not sure that they know what that is or that they want it,” Reville said. However, he said, casualty insurers all have emerging risk functions....
Casualty catastrophe modeling, emerging risk modeling, and underwriting analysis are “just three ways to describe the same thing. The acceptance is different depending on what we call it. ... It's essentially the same activity,” he said."
Insurtechs “quite often go to insurance companies with a bit of the puzzle missing in terms of the knowledge that they have,” Gaze said.
