Industry's hottest insurtechs are innovating alongside insurers, making digital transformation easier and more accessible than ever
SAN MATEO, Calif. -- (Business Wire)
Guidewire (NYSE: GWRE) today announced that its Insurtech Vanguards program, an initiative providing a channel for connecting P&C insurers with technology innovators, has reached a significant milestone in its growth and primary objective to scout and incubate the next generation of insurance technology providers.
Since the program's launch roughly six months ago, 25 startups are now members offering digital solutions to insurers, ranging from claim inspection imaging and reporting to artificial intelligence (AI) and data analysis for fraud detection, and rapid compliance testing.
"We are thrilled to champion the trailblazers in Guidewire's Insurtech Vanguard program, which closely monitors the P&C industry and the needs of today's insurers worldwide to work faster and more effectively," said Laura Drabik, chief evangelist, Guidewire. "Through purpose-built technology solutions, these insurtechs are making their customers' jobs easier and businesses more efficient."
Launched in October 2021, Guidewire's Insurtech Vanguards is a community of select startups and technology providers bringing transformative solutions to the P&C industry and making innovation more accessible. As part of the program, Guidewire provides strategic guidance to and advocates for the participating insurtechs while connecting them with Guidewire's P&C customers.
According to CB Insights, worldwide investment in insurtechs grew from $7.6 billion in 2019 to $15.4 billion in 2021. As an investor in the insurtech market space and through its PartnerConnect Solution program, Guidewire has long supported disruptive new technologies by offering curated access to a host of insurtechs and more established third-party partner solutions with its Guidewire Marketplace.
Guidewire celebrates the following Insurtech Vanguard members and their innovative solutions in the following key P&C industry areas:
- Acclaim IQ is focused on insurance agent licensing compliance management which provides for the digital transformation of the agent appointment and licensing process for insurance carriers and MGUs (Managing General Underwriters).
- AgentSync powers rapid growth for insurance carriers, agencies, and MGAs by offering modern tools for producer management.
- Annex Risk builds APIs enabling the seamless cross-sell of flood and earthquake insurance.
- Bindable enables carriers to grow through alternative distribution, product diversification, and market expansion.
- Broker Lift provides a turnkey eCommerce platform for insurance brokers to instantly enable online sales and service to customers.
- EqualTo is a next-generation platform for managing broker and agent commissions. Insurers use EqualTo to automate the commission process and motivate reps and partners with powerful, real-time data.
- Albany Group focuses on regulatory technologies to bring complete control, insight and simplicity to insurance supply chains.
- AnalyticsIQ blends cognitive psychology with data science to help B2C and B2B organizations understand how and why individuals make decisions at home and at work with comprehensive, accurate, and reliable data.
- Gradient AI leverages a vast dataset of millions of policies and claims applying machine learning to assess risk more accurately, reduce loss ratios, and lower claims costs, enabling insurers to grow more profitably.
- Indico Data is the unstructured data company. With the AI-driven, Indico Unstructured Data Platform(TM), enterprises can automate, analyze, and apply unstructured data - documents, emails, images, and more - to a wide range of enterprise workflows.
- IntegerHealth combines advanced analytics with medical expertise to quantify healthcare outcomes for insurers and employers in the health plan and workers' compensation space, driving down costs while improving the quality of care.
- Instabase enables organizations to automate most critical business processes underpinned by unstructured data. The Instabase Automation Platform transforms unstructured data trapped in documents into structured data to drive end-to-end process automation.
- MākuSafe offers an award-winning safety, data and analytics solution using wearables aimed at improving worker health, safety, and productivity while reducing incidents and mitigating workplace hazards and risk exposures.
- Maptycs provides a geospatial assessment tool that integrates client data with external location-based and climate change data, to assist businesses with accurately defining their property risk exposure.
- Quantexa is a decision intelligence platform that creates holistic and connected views of customers and third parties across portfolios, connecting billions of disparate data records to inform customer intelligence, underwriting risk, and anti-fraud decisions.
- ReFocus delivers AI-powered retention, identifying customers most likely to leave and those where there are additional value-added services to provide, leading to higher customer retention and, critically, better customer experiences.
- Roostis a technology company focused on disrupting the traditional property insurance model through its property telematics suite of solutions providing peace of mind to property owners and rich data to insurers.
- Zensurance is a Canadian-based insurtech startup changing how small businesses, startups, and entrepreneurs across a broad range of industries in nine provinces purchase insurance.
- Zesty.ai offers insurers and real estate companies access to precise intelligence about every property in North America. The company uses AI to provide unique property insights and account for details impacting a property's risk, including natural disasters like wildfire.
- Attestiv assures the authenticity of digital media (photos, videos, documents) for insurance claims and underwriting. Using AI and blockchain technology, Attestiv reduces fraud while providing a foundation for touchless automation.
- Clearspeed voice analytics assesses the risk of insurance claims fraud quickly and accurately (>97%) reducing process costs and providing decision confidence for straight-through processing or fraud.
- Click-Ins digitizes and automates vehicle inspections without the need for special equipment or skilled personnel, enabling companies to assess the true condition of a car anytime, anywhere.
- Hosta AI leverages AI to accelerate remote property assessment accurately. With 4-8 pictures per room (no App/all phones), Hosta provides 1, 2, and 3-dimensional measurements, itemized material, floor plans, and customized reports.
- ICEYE owns the world's largest synthetic aperture radar (SAR) satellite constellation and provides clients globally with accurate, actual flood extent and depth information at the property level within 24 hours of a flood's peak.
- MotionsCloud automates inspection processes by providing an AI damage assessment engine for property and vehicle insurance carriers, servicing clients in Austria, Germany, Italy, Romania, Southeast Asia, Switzerland, and the US.
To learn more about Insurtech Vanguards, visit the Guidewire website. Guidewire invites P&C insurtechs to apply for membership in the Insurtech Vanguards program. Members are invited to participate in the upcoming Insurtech Vanguards Pitch Day '22. For Information about Guidewire's evangelist thought leadership program, visit https://evangelist.guidewire.com/.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 450 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
For more information, please visit www.guidewire.com and follow us on Twitter: @Guidewire_PandC.
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Senior Public Relations Manager
Guidewire Software, Inc.
Source: Guidewire Software, Inc.
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