The scheme supported eight of the brightest international InsurTech businesses with their ambitious growth plans. This programme focused on the UK insurance market, and saw a number of connections generated between industry leaders and scale-up firms, with the aim to build mutually beneficial commercial opportunities and relationships.
Glynn Austen-Brown, PwC’s global InsurTech lead, commented:
“It gives me great pleasure to announce our cohort of eight innovative InsurTech companies identified by us as having great potential to scale within the insurance industry.
“The scale-up programme provided the tools, knowledge and networks to help these firms scale successfully, and throughout the programme, commercial relationships were forged and opportunities created for both the new businesses and incumbents.
“We are excited to follow our cohort and work with them in the future to continue to drive transformation within the insurance industry.”
The Scale | InsurTech ‘19 programme ran for 11 weeks with support from the UK PwC InsurTech team. As well as supporting the cohort to identify commercial opportunities with potential clients, the programme enabled the firms to refine their business model and value propositions, raise their profile within the insurance industry and prepare their business for growth internationally.
Participants of the programme undertook a business development curriculum which provided valuable insight into areas, including, sales and marketing, leadership and culture as well as how to approach fundraising.
The firms had the opportunity to take part in two tailored pitching events. The first was designed to embed the scale-up businesses into the PwC wider network. This then gave those within PwC the opportunity to explore the different value propositions of the eight scale-up firms, and look for potential commercial opportunities within the insurance industry. The second event, the grand finale, gave each firm the chance to pitch their value propositions to a room of 65 industry leaders.
The insurance market offers some of the largest opportunities, with the potential for c.£50bn of revenue to be created. So called, ‘InsurTech’ firms are looking to capitalise on this by providing innovative ‘plug and play’ solutions to incumbents, therefore creating more tech enabled and responsive solutions. In regards to innovation in the market, PwC’s 2019 CEO Survey found that more than 80% of insurance CEOs said that AI was already a part of their business model, or would be within the next three years. That being said, more than 80% of insurance CEOs are extremely (36%) or somewhat (45%) concerned about the impact of skills shortages on their growth prospects.
PwC is proud to present the Scale | InsurTech ‘19 cohort
Artesian Risk & Compliance Hub is a service that lets companies automate risk assessment more accurately and faster through the use of structured and unstructured data sources to allow automation of underwriting policy.
Artificial helps insurers, brokers and MGAs with the distribution, pricing and negotiation of risk. From the digitising of processes to the application of machine learning, their platform is structured around four core products: Build, Distribute, Price and Manage.
Atidot provides a cloud-based platform giving life insurers data-driven insights to inform decision making and develop new business strategies. They allow insurers to take control of existing data to improve understanding of customer's behaviour and create viability into their risk.
Data-XL wants to make pricing changes stick by helping insurance companies manage their price variable through following the model of retail companies. It has developed two plug-and-play solutions; Price Optimisation and Supplier Overcharge Detection.
Innovative Applications is a tech incubator that produce AI software which sits at the heart of companies. It has developed ML algorithms and built a protection platform consisting of three pillars specifically designed under the concept of human behaviour.
Phinsys has built a platform of intelligent finance automation tools to deliver systematic controls to optimise the financial close and reporting process. It specialises in providing innovative solutions to support insurers’ processes around financial accounting, reg reporting and analytical requirements.
REG - a pioneer in developing RegTech solutions. The REG Network (3,200 members) addresses issues around legal, regulatory and statutory counterparty risk processes by automating the management of oversight, due diligence and compliance assessments backed by 24/7 support.
Squirro is a self-learning AI-platform keeping insurers in the know and recommending what’s next. Ready-made applications help with deal origination, customer relationship management and more efficient underwriting. This allows an increase in efficiency and output.
Notes to editors.
2. PwCs Scale | InsurTech Programme aims to connect fast-growth InsurTech scale-ups to decision-makers at insurance organisations
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