Guy Carpenter has set up an advisory division focused on helping clients navigate the InsurTech landscape.
GC Genesis will match insurers with relevant start-ups from a network of 2,000 businesses built up over the last year.
Vicky Carter, vice chairman of global strategic advisory at New York-based Guy Carpenter, said the service will ease insurers’ access to the increasingly complex world of InsurTech.
“We have to create a map of the mall for clients. We think this is a real differentiator for us at the moment,” she added.
The broker’s network includes start-ups that do not define themselves as InsurTechs, but offer technology that could be applicable to insurers.
Identifying those capabilities most likely to help carriers operationally is no easy task given the size, growth, and complexity of InsurTech.
“There is some degree of excitement and some degree of fear about InsurTech,” said Carter.
The relationship between reinsurers and cedants will be changed by technology, she added.
Artificial intelligence, the internet of things and blockchain are among the technologies being developed by the InsurTech sector.
The level of data sharing in the market will mean there is “much more transparency between insurers and reinsurers”, Carter said.
Guy Carpenter president and CEO Peter Hearn said: “The InsurTech space has expanded rapidly in recent years creating huge potential for the industry to capitalise on these advanced technologies, services and products.”
Hearn noted that InsurTech could help carriers cut costs, diversify risks and improve performance.
Guy Carpenter is also working with consultancy Numerati Partners on a project dubbed the InsurTech Alliance.
On announcing that launch, Guy Carpenter said in July that the project offered a “cost effective, state of the art and insurer-focused suite of capabilities to help carriers evaluate new innovations in the areas of data, analytics and digital technology-based products and solutions”.
The InsurTech Alliance launched on 9 August.
Both the InsurTech Alliance and the GC Genesis initiative fall under the auspices of Claude Yoder, who moved to Guy Carpenter from Marsh in October last year as managing director and global chief innovation and product development officer.