The homeowners insurance innovator plans to expand its product to reach more than half of U.S. homeowners during 2018.
The vendor will engage with a select group of Plug and Play InsurTech startups to provide executive mentoring, domain and technical expertise, and the potential opportunity to be showcased in Guidewire Marketplace.
The insurer seeks to make discovery and development of startups a core competency for both internal consumption and industry transformation, says MetLife’s Chief Digital Officer.
The insurer has adopted Guidewire InsuranceSuite, Client Data Management, Rating Management, and Reinsurance Management for core, and DataHub and InfoCenter for enterprise data management and analytics.
UI Gains on Hardware as star of a show in which incremental improvements dominated over breakthrough technologies—with notable exceptions.
Having sold its first ‘smart home coverage’ in April 2017, the company plans to do business nationwide in a total of 25 states by the end of 2018.
Technology changes faster than culture and practice at most insurance companies—insurers that want to fully leverage the capabilities enabled by emerging technology should look at their products and processes in the light of new technical, market, and customer realities.
Among the technologies areas exemplified by the companies in the 2018 GIA cohort are AI, gamification, continuous underwriting, portals, apps, IoT/connected world devices.
Insurers’ challenges are related to larger data volumes, the speed of the data, the complexity of the data, and also the need to turn this data into insights that improve workflow and have a positive impact on customer experience.
The value propositions for insurers include simplification, agility, and access to better data and analytics; for the platform provider: revenue and the ability to build new kinds of service offering by itself and with platform partners.