Fresh Perspective on Insurance
Dating back 5 years, we’ve had the good fortune of being early investors in unicorn insurtechs like Hippo (home insurance) and Unqork (low code for carrier onboarding) and recent breakouts like HDVI (telematics-powered fleet insurance) and Spark Advisors (Medicare broker software). We’ve consistently backed insurtechs spurred on by two undeniable trends: (i) workflow digitization across the value chain and (ii) data becoming a meaningful, if not sole, driver in decision-making.
The industry has made incredible strides in digitization. On the frontend, technology has removed friction in the carrier-customer relationship: growing the list of policies available to customers globally and shortening the time to apply and receive quotes. On the backend, software has streamlined staff workflows: from sourcing and underwriting to claims.
BUT the data piece has yet to materialize. The explosion of insurance software has in many ways prevented brokers from optimizing their data usage. Not only is data locked within non-digital practices (physical paperwork and personal relationships), it’s now also siloed within point solutions. Beyond the documents on their desk, brokers interact with 10+ pieces of software: email, CRM, the Agency Management System,…the list goes on. Few of these systems communicate with each other and many require tedious data entry to function. Today, data does not work for brokers, brokers work for their data.