Insurtech Incubators: Powering P&C Innovation

Laura Drabik:

Welcome to this season’s Tech Trends, filmed in Sydney, Australia.

Innovation leaders in P&C grow premium revenues nearly twice as fast as their competitors and have expense ratios over 15% lower, which explains the global rise in insurtech adoption and the increasingly critical role of insurtech incubators.

Accenture projects that by 2030, new risks and products could generate up to $480 billion in revenue.

To capture this, insurers must innovate rapidly and at scale, and that’s where insurtech incubators come in.

These programs nurture early stage insurtechs and technological innovations crucial to staying ahead of changing market demands.

A prime example is Insurtech Australia, an organization dedicated to supporting insurtech in a region where the market is expected to grow 39% annually through 2030.

– Australia is a really strong insurance market globally, and then it also has this really great tech proposition, and it can be a global test bed. –

Globally, the Guidewire Insurtech Vanguards incubator identifies promising innovators and educates carriers about emerging solutions, from weather analytics and AI enhanced underwriting to intake automation.

Meanwhile, Insurtech Vanguards InsurPitch competitions give the carrier community a firsthand look at compelling new insurtech value propositions.

– Welcome to Guidewire’s InsurPitch Competition, the London Edition. –

– My name’s Jack Miller. I’m the CEO and co-founder of nettle, and today I’m going to be introducing you to quite a critical problem in commercial insurance. –

For some of the most promising Insurtech Vanguards, the program provides mentoring into Guidewire’s industry leading PartnerConnect program, potential investment, and ongoing partnerships.

ICEYE and ProNavigator are just a few of our recent graduates.

So is Indico Data, a key early success story that was fast tracked as a partner.

We later invested in them and we continue to engage with them in industry events.

– Guidewire’s Insurtech Vanguards program was a critical launching point for Indico to dramatically expand the visibility of our market leading claims and underwriting submission automation solutions. –

But how do incubators benefit carriers? By helping them identify and adopt the innovations they need to meet evolving
market demands, reduce risks, seize new opportunities, and achieve a sustainable competitive advantage.

As our industry changes and evolves in Asia Pacific, Europe, and worldwide, insurtech incubators will only grow more essential.