Technology and service providers increasingly use data to provide property and casualty insurers with innovative solutions in areas such as risk modeling and loss prevention.
Vendors are deploying technology with the aim of supporting insurance companies to understand exposure and price risk with greater precision and accuracy, model emerging risk categories, and improve loss prevention.
Startup vendors in P&C insurance vary greatly in terms of provenance. Some vendors are founded by technologists, who have identified the opportunity for emerging technology to support the insurance vertical. Others are founded by industry veterans, who have a clear idea of the business problem at hand and look to emerging technology to solve the problem.
To succeed, these vendors will need to carefully plan their route to market, product portfolio and roadmap. They will need to plan scenarios for the evolution of their chosen technology to ensure continued relevance in the face of competition from other startups, established dominant vendors (including both software and service providers) and internal R&D efforts by insurance companies.
Highlighting this, we recently published our “Cool Vendors in Risk Modeling and Loss Prevention for Insurance”. We showcase the potential of four vendors who have entered the risk modeling and loss prevention space with an innovative business model or go-to-market strategy.
These are our four Cool Vendors in Risk Modeling and Loss Prevention for Insurance:
- Betterview started as a drone-based roof inspection company, but sold that operation and sharpened its focus on its risk management platform to best serve its customer problem
- CyberCube curated multiple data sources to enable insurers to approach both pricing and accumulation in a joined-up fashion to succeed in reducing uncertainty, inform underwriting appetite and size the opportunity in different segments.
- HazardHub has allowed multiple partners to use hazard data and make it widely available to providers and consumers, and builds trust between insurance companies and policyholders, creating dialogue around better coverage and policy limits.
- Roost has created a Property Telematics Service formed around a core platform of Internet of Things (IoT) sensors for the home, supporting insurance companies not only with risk prevention but also with continuous policyholder engagement
Gartner clients can access the full report here:
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