Guy Carpenter & Company, a reinsurance firm wholly owned by Marsh & McLennan Companies, has launched a new service to enable insurers connect with the insurtechs best suited to their requirements.
Dubbed GC Genesis, the new proposition will focus on insurance carriers’ core functions including distribution, underwriting, pricing, and claims.
Guy Carpenter CEO Peter Hearn said: “Insurtech is pioneering new solutions and expanding capabilities for carriers to achieve greater diversification, reduce costs and improve overall performance.
“Through GC Genesis, we will help our clients access and take advantage of that potential in the most effective ways possible.”
The service will include two stages, with the first being the fitting process. This stage will assess a company’s growth and cost reduction strategies and examine how insurtechs might accelerate those strategies.
The second stage of the service will be delivered by the InsurTech Alliance service, which is a partnership between Guy Carpenter and Numerati Partners.
The alliance will leverage Numerati’s science and engineering capabilities to offer detailed data analytics and technological intelligence assessments.
Guy Carpenter chief innovation and product development officer Claude Yoder said: “We have compiled a proprietary database and research capability which spans thousands of InsurTech operations to create a clear map of this thriving and vast ecosystem of new insurance-focussed 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.”