PriyaPatel
TLDR:
Insurance carriers like State Farm, Aflac, and Gallagher are focusing on de-risking their startup investments to ensure success. They stress the importance of communication and collaboration with insurtech startups. State Farm Ventures uses the Three Horizons Framework to make investment decisions, while Aflac emphasizes building relationships and guiding insurtechs in their process. Gallagher highlights the need for leadership to harness innovation teams’ capabilities. The article also discusses Clearcover’s approach of taking risks with AI-powered solutions. Overall, insurers are looking to partner with insurtechs to innovate and adapt to changing technology trends.
Key Takeaways:
- Insurance carriers are working to de-risk their startup investments
- Communication and collaboration with insurtech startups are vital to success
- State Farm Ventures uses the Three Horizons Framework for investment decisions
- Aflac focuses on building relationships and guiding insurtechs in their process
- Gallagher emphasizes the need for leadership to harness innovation teams’ capabilities
- Clearcover takes risks with AI-powered solutions, highlighting the importance of innovation
Insurance carriers are adapting to the changing landscape of technology and innovation in the industry by strategically investing in insurtech startups. By de-risking their investments, fostering communication, and embracing new technologies, carriers are positioning themselves for success in a rapidly evolving market.
