Good insights from "riskgenius"- traditional insurers that wrap a digital platform around legacy systems can exploit speed, capital reserves, broad product range, underwriting skills and global reach to disrupt the disrupters like Lemonade, Trov and Slice.
And overcome a complicating factor; as they have acquired companies over time, they have inherited multiple, legacy systems that are data and application silos. That is why they can achieve success in one country but rarely have the time. money and stamina to repeat it elsewhere.
Solution? A platform that does not need integration with core systems but rather, one that with a secure and unique url for each claim creates a single digital record for each claim.
- House- building and contents
Joining and analysing:
- structured & unstructured data
- internal & external data
- to deliver the massive data AI needs to be effective
And can deal with all perils from simple AD to complex storm damage from FNOL, across the whole insurance value chain to settlement.
But these traditional carriers and brokers realize they have a problem. They can't respond quickly while utilizing the backend technology systems that were created over twenty years ago. Whereas Lemonade can build from the ground up, traditional carriers and brokers can't just start fresh. The legacy applications supporting these traditional carriers and brokers store valuable data. Enter the pickaxe insurtechs. The pickaxe insurtechs are those companies that are helping traditional insurance companies mine their data and present it in a more accessible online application. AskKodiak is a great example. The AskKodiak team has created a better way for insurance companies to share risk appetite with brokers.