A blog post by Matt Carstens

“Their tech is great, but what can we do with it?” Statements like these are commonplace among boardrooms discussing how an InsurTech vendor solution is viewed within the walls of a carrier. Even clearly defined use cases are put into a moratorium, or shelved permanently because the amount of energy needed to break the inertia of legacy processes and systems, is simply too great.

The winners in the InsurTech space will be those firms who are able to push their solutions into multi-departmental or multiple pain-points at once.  Solutions targeting a single pain point, regardless of its sophistication, are much more vulnerable to being viewed as targets from the carriers in-house teams and legacy vendors.

Because of this, UrbanStat didn’t create just an advanced underwriting analytics platform, but a full suite holistic one that ties in risk visualization, two-way APIs that communicate with the carriers ERP systems, and machine learning based risk prediction models ready-made for the future. Combining all of these enables real-time communication between each other that significantly improves the speed and accuracy of decision-makers, and their systems, outside of just underwriting, but also into actuarial and claims departments, agencies and brokers, and the C-suite leadership as a whole.

The value created is much more complex to build and quite difficult to implement in-house efficiently as it touches so many departments. UrbanStat provides a clear advantage as we have worked on more than what a single carrier can see in their own universe of data, but the insights and knowledge gained from working for years with multiple carrier “universes” with wide-ranging geographies, cat/non-cat perils, business lines, and policy/claim features for both current and future business needs.

So as new technologies continue to push their way into executive conversations, savvy InsurTech providers that understand a clearly defined multi-departmental (or multi-pain point) value proposition helps change the conversation from “their tech is great, but what do we do with it” to “their tech is great, it allows us to improve………and replace………..”. This empowers forward-thinking carriers to loosen the grip of those old legacy systems and take advantage of modern technologies and the opportunities they provide throughout their ecosystem.

To learn more and quickly leverage what we’ve already successfully deployed for our carrier partners contact us at [email protected].