Global risk and reinsurance specialist Guy Carpenter & Co. has announced the launch of a new subsidiary, an insurtech ‘matchmaker’ that aims to help insurers easily and safely hunt for and select insurtech partners.
Called GC Genesis, the subsidiary has been established due to the perception that insurers, while keen to make use of insurtechs in order to push their often creaky business methods into the 21st Century, are often unsure of where to start when it comes to seeking out potential new partnerships. Speaking to Insurance Journal, Victoria Carter, Vice-Chair of Guy Carpenter’s Strategic Advisory team, pointed out that insurers want to make sure that they ‘don’t make some extremely expensive mistakes’ when navigating a complex environment.
“Everybody feels that they should be doing something,” she told Insurance Journal, “but a lot of companies don’t know what to do. It’s not always enough to appoint an individual as head of innovation. Insurtech is complex and diverse. The resource and the commitment to analysing and identifying the right solutions for your business have to be taken pretty seriously.”
Claude Yoder, Chief Innovation and Product Development Officer at Guy Carpenter, explained a little about the principle behind the matchmaker: “We have compiled a proprietary database and research capability which spans thousands of insurtech operations, [in order] to create a clear map of this thriving and vast ecosystem of new insurance-focused capabilities and innovations. By assessing the baseline capabilities of our clients and establishing their strategic objectives, our aim is to help them navigate this ecosystem and to guide them to the most relevant insurtech partners.”
GC Genesis officially launched on 9 September in Monte Carlo, at the reinsurance Rendez-Vous de September event.