Insurdata named in Oxbow Partners’ Insurtech 25
- 2018 will be a “transition year” for Insurdata
- Already used to augment data in 84 countries
- “One to watch” say multiple insurance executives
Insurdata has been named in Oxbow Partners’ Insurtech 25 – a shortlist of 25 technology-led businesses the management consultancy believes will have an impact on the insurance industry in 2018.
Insurdata technology is used by insurers and reinsurers to develop and augment building-level property insight. Oxbow Partners said the information generated from Insurdata’s proprietary data augmentation methodologies has a material impact on exposure management and modelled loss estimates, impacting pricing, underwriting, portfolio management and risk transfer.
Commenting on Insurdata’s inclusion in the InsurTech 25, Oxbow Partners said: “Insurdata has a world-class management team with decades of insurance modelling experience behind them (RMS). Early pilots in the first year of operation demonstrated impact beyond management’s expectations, suggesting to us that this business will have impact in 2018 and beyond.”
The approaches, tools and methods Insurdata has developed can make a material difference to modelled loss estimates.
It added: “Founded only in 2017, Insurdata has been quick to make an impact in the industry. Multiple insurance executives called out this business as one to watch based on the results of their 2017 proofs of concept.”
One such insurer is Paul Nunn, Head of Catastrophe Modelling, SCOR, who commented: “The approaches, tools and methods Insurdata has developed can make a material difference to modelled loss estimates.”
Oxbow Partners praised Insurdata’s global scalability, noting that the blockchain-enabled technology has already been used to augment data in 84 countries through both consulting projects and API integration.
API integration is available through clients’ internal systems or through third-party vendor technology at point of underwriting or retroactively through the post-bind portfolio management process.
Within the re/insurance industry, exposure data is predominantly analysed using Microsoft Excel, and Oxbow Partners noted the Insurdata Microsoft Excel add-in is readily available.
Jason Futers, CEO and Founder, Insurdata, commented: “We are already helping clients better understand and price risk by harnessing the power of high resolution, augmented exposure information. These are exciting times for InsurTech and we are proud to have been named alongside some of the industry’s most promising and innovative companies.”
According to Oxbow Partners, there are currently around 1,000 InsurTechs, and insurance executives have a tough time navigating the landscape.
“We created the InsurTech Impact 25 to highlight specific companies which we believe are well placed to impact the European insurance industry in 2018. We believe that European insurance executives should know all of these companies and be talking to many of them,” the company said.
“We believe 2018 will be a transition year for InsurTech… The emphasis will shift from ideas and opportunities to execution and results.”
Click here to download a copy of the Oxbow Partners 2018 InsurTech Impact 25 report.