The PwC Insurtech team has revealed the eight newest insurtech firms to have completed the Scale | InsurTech ‘19 programme, which focuses on building commercial value for both scale-ups and incumbents in the insurance industry
The Scale | InsurTech ‘19 programme ran for 11 weeks with support from the UK PwC insurtech team. As well as supporting the cohort to identify commercial opportunities with potential clients, the programme enabled the firms to refine their business model and value propositions, raise their profile within the insurance industry and prepare their business for growth internationally.
Participants undertook a business development curriculum which provided valuable insight into areas such as sales and marketing, leadership and culture, as well as how to approach fundraising.
The eight firms that make up the Scale | Insurtech 2019 cohort are:
- Artesian Risk & Compliance Hub, a service that lets companies automate risk assessment faster and more accurately through the use of structured and unstructured data sources to allow automation of underwriting policy.
- Artificial, which helps insurers, brokers and MGAs with the distribution, pricing and negotiation of risk. From the digitising of processes to the application of machine learning, their platform is structured around four core products: Build, Distribute, Price and Manage.
- Atidot, which provides a cloud-based platform giving life insurers data-driven insights to inform decision making and develop new business strategies. They allow insurers to take control of existing data to improve understanding of customers’ behaviour and create viability into their risk.
- Data-XL, which wants to make pricing changes stick by helping insurance companies manage their price variable through following the model of retail companies. It has developed two plug-and-play solutions: Price Optimisation and Supplier Overcharge Detection.
- Innovative Applications, a tech incubator that produces AI software which sits at the heart of companies. It has developed ML algorithms and built a protection platform consisting of three pillars specifically designed under the concept of human behaviour.
- Phinsys, which has built a platform of intelligent finance automation tools to deliver systematic controls to optimise the financial close and reporting process. It specialises in providing innovative solutions to support insurers’ processes around financial accounting, reg reporting and analytical requirements.
- REG, a pioneer in developing RegTech solutions. The REG Network (3,200 members) addresses issues around legal, regulatory and statutory counterparty risk processes by automating the management of oversight, due diligence and compliance assessments backed by 24/7 support.
- Squirro, a self-learning AI platform keeping insurers in the know and recommending what steps to take next. Ready-made applications help with deal origination, customer relationship management and more efficient underwriting. This allows an increase in efficiency and output.
“The scale-up programme provided the tools, knowledge and networks to help these firms scale successfully, and throughout the programme, commercial relationships were forged and opportunities created for both the new businesses and incumbents,” said Glynn Austen-Brown, PwC’s Global Insurtech Lead. “We are excited to follow our cohort and work with them in the future to continue to drive transformation within the insurance industry.”