(Image source: Numerati Partners LLC homepage.)
Numerati Partners LLC, a New York-based technology and enablement firm is collaborating with Guy Carpenter & Company LLC (New York) in the launch of the InsurTech Alliance. A joint statement from the companies describes the The InsurTech Alliance as a first-of-a-kind initiative which provides state of the art, industry-focused technical capabilities to enable insurers and reinsurers in the assessment and adoption of innovations in data analytics and commercialization of integrated solutions based on leading edge digital technology. The InsurTech Alliance combines Numerati Partners’ technical capabilities, science and engineering expertise and direct industry experience with risk technologies—also known as RiskTech—and research and development, as well as with financial institutions and insurance sector innovation, with Guy Carpenter’s insurance risk management expertise.
Numerati Partners coordinates a data analytics and technology development ecosystem with the stated mission of advancing and fostering the next generation of scalable data-intensive risk and liability management enterprises. Numerati says the ecosystem is composed of data scientists, engineers, academic institutions, public and private sector entities, and non-governmental organizations such as think tanks and research institutions.
The joint statement reports that the InsurTech Alliance is the primary offering of GC Genesis, the broader strategic technology advisory effort being initiated by Guy Carpenter for its global client base. Speaking at the Monte Carlo Rendez-Vous on Sept. 9, Peter Hearn, CEO of Guy Carpenter announced the launch of GC Genesis, as the expanded InsurTech advisory offering designed to meet Guy Carpenter’s client needs. “The InsurTech space has expanded rapidly in recent years, creating huge potential for the industry to capitalize on these advanced technologies, services and products,” Hearn said. “InsurTech is pioneering new solutions and expanding capabilities for carriers to achieve greater diversification, reduce costs and improve overall performance.”
“Wholesale adoption of digital technologies by insurers and reinsurers is not only imminent, but inevitable,” comments David K.A. Mordecai, PhD, Co-Managing Member of Numerati Partners. “More disciplined technology adoption, based on an integrated engineering approach to digital technologies and high dimensional data analytics is fundamental as a foundation for insurance and reinsurance innovation.”
Addressing Insurer’s Need for Specialist Skills
Recent research by Celent showed the lack of skills as a top concern for insurers in the implementation of their digital road maps. “This partnership is an example of trying to bring specialist skills both in technology as well as underwriting to enable insurers to respond to the digital challenge,” comments Mike Fitzgerald, a Senior Analyst at the Boston-based research firm. “Look for more on this type of combination of capabilities in the future.”