The gift will be used in part to establish the MassMutual Center of Excellence for Complex Systems and Data Science on the University of Vermont campus in Burlington.
The InsurTech phenomenon has entered a ‘second wave,’ wherein investment in new startups has plummeted, but funding remains robust for more established innovators.
Reporting live from InsureTech Connect in Las Vegas, SMA’s Mark Breading interprets the stunning success of the show and gauges the status of the InsurTech movement.
The new center is designed to advance innovation, ideation and experimentation for employees and community partners, including local startups.
Technology is indispensable, but ultimately as an enabler of innovative business models, said InsureTech Connect’s chairman and co-founder Caribou Honig.
The new approach is directed towards creating speed to value, engaging with industry expertise and emerging a cloud technology leader, according to the vendor.
The insurer moved the vendor’s Policy and Billing solutions to the SaaS option and has also committed to implementing the entire Duck Creek Suite via the On-Demand alternative.
The insurer selected the platform after a proof of concept demonstrate scalability, breadth and depth of functionality, and configurability sufficient to support the Wawanesa’s needs.
With the appointment of a new director, Brian Hemesath will become alumni advocate and entrepreneur-in-residence, working in a support role for the InsurTech accelerator.
The insurer chose the solution to enable market disruption through rapid deployment and configurability, influenced by a successful deployment at another Church Mutual subsidiary.