Elephants are strong, wise, and noble. In some cultures they also are a source of good fortune. However, they generally are not flexible, lithe, or quick.
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My Insuretech Connect experience last week reinforces a central Celent hypothesis about insurtech: that its most significant value lies in enabling insurers to become faster, cheaper, and better able to serve their customers. In other words, to teach elephants to dance.
The Progressive Corp. headquarters is seen in Mayfield Village, Ohio on Wednesday, January 18, 2006.
John Quinn/Bloomberg News
A new agreement between Progressive Insurance and Slice Labs is an example of marrying insurer power and startup innovation. Later this month, Progressive Homeshare by Slice Labs will launch. Progressive prospects will use the Slice homesharing platform to apply for coverage and obtain policies. The combination of Progressive’s marketing might and the unique Slice product will be interesting to track and may represent a new model for insurtech startups and insurers to partner. (For more on insurtech partnerships, see the Celent report Insurer-Startup Partnerships: How to Maximize Insurtech Investments).
The market will have the ultimate say in the outcome. Meanwhile, strike up the band and let the dancing begin!
Zurich Insurance Group AG has made a sweetened £8 billion ($11 billion) bid to buy Beazley Plc, an offer that's won the tentative approval of the UK insurer's board.
Digital Insurance spoke with Greg Chandler, executive VP for IT at the insurer, which specializes in workplace benefits, about how the company began implementing AI, how its use of AI has evolved, and what's next.
AI is reshaping how claims are handled, how repairs are performed, and how teams deliver faster and more connected experiences across the auto claims ecosystem.
