INSURTECH-LED CHANGE IN THE LLOYD’S MARKET
Insurdata could become a “critical industry ‘utility’” according to the latest report on InsurTech change produced by Oxbow Partners and the London Market Association (LMA) for Lloyd’s Managing Agents.
The report, commissioned by the LMA, looks at why and how InsurTech is now relevant for corporate and specialty insurers and reinsurers, and provides some strategic ‘guiderails’ to help managing agents develop their response. Insurdata is one of 15 InsurTech firms highlighted in the report.
A copy of the full report is available to download from here.
Below is an extract from page 28 of the report which highlights Oxbow Partners’ View on Insurdata:
“Insurdata’s early pilots have generated results that have a material impact on (re)insurers’ underwriting. As long as the industry’s input data is of variable quality – something that is unlikely to improve soon as much of the data comes from policyholders’ own internal data on locations, which has not necessarily been collected for insurance purposes – companies like Insurdata will perform a useful role. We believe that Insurdata, with its experienced management team, could become a critical industry ‘utility’.”