How Can Insurers Accelerate Insurtech?
A Market Scan from Celent and Guy Carpenter
Corporations and investment firms are partnering with accelerators to gain early access to startup companies. Technologies coming out of startups in accelerator programs have been adopted by industry leaders in nearly every sector. In many cases, technology has improved the overall customer experience, driven efficiencies and expense savings, and fueled growth. Recently, a wave of accelerators with an insurance focus have been doing exciting work, gaining attention from leading insurers, other established industry players, and startups themselves.
Partnering with an accelerator is one alternative. Accelerators provide one way for insurers to develop their knowledge of insurtech and to consider how they wish to respond to it. To analyze the capabilities of accelerator solutions active in the insurance marketplace, Celent and Guy Carpenter teamed to analyze the overall market and the offerings of individual participants.
The information in our latest report titled Insurance Accelerators: A Market Scan will help insurers decide whether and how they wish to participate in insurtech accelerators. The research method used a request for information to explore multiple dimensions, including company structure, operating metrics, and membership options. Data was gathered to determine the key characteristics of the accelerator market, and highlight capabilities which differentiate offerings. The final product uses a structured framework to report on key characteristics of 10 insurtech accelerators, and provides essential information for deciding whether or how to participate with an insurtech accelerator.
The report includes data about industry focus, physical location(s), and operating structure of the organizations. The results show that insurers have a variety of choices among these characteristics, allowing them to make a choice which matches their needs in these areas.