Insurance is a sector in which Squirro has always retained a strong presence. The combination of our augmented intelligence platform and deep market understanding has been a compelling offering for insurers all over the world, including some of the very biggest names in the industry.
Our credentials for insurance were further highlighted recently, when PwC announced the latest cohort of its Scale InsurTech 2019 Programme, a plan that aims to support eight of the brightest international InsurTech businesses with their ambitious growth plans.
This is a huge honour for Squirro and a welcome recognition for all the hard work that we have put into developing such a powerful proposition for global insurers.
PwC and InsurTech
PwC has the objective of being the world’s leading professional services firm. To reach this goal, PwC has stated that it must be innovative, responsible and attract outstanding people.
A key element of that innovation is to be technology-enabled and InsurTech is one of the fastest-growing areas in technology currently. Earlier in 2019, market research firm Technavio published a report – Global InsurTech Market 2019-2023 – that predicted the global InsurTech market will grow by USD 15.63 billion between 2019 and 2023. Furthermore, it also stated that big data and Artificial Intelligence (AI) would be one of the key drivers behind this market growth.
That’s one of the reasons why PwC has been so influential in the whole InsurTech sector. It’s recent report – InsurTech: The untapped potential within the UK insurance market – looked at why with increasingly demanding consumers, struggling legacy systems, and growing amounts of data, advances in technology are offering the insurance market the opportunity to transform the way they do business.
The report was compiled resulting from research with InsurTechs, insurers and investors, learnings from the PwC partnership with StartupBootcamp, and insights from other PwC and Strategy& analysis. PwC’s commitment to, and understanding of, the InsurTech market was further highlighted by the recent Scale InsurTech 2019 Programme.
The PwC Scale InsurTech 2019 Programme
The Scale InsurTech 2019 programme ran for 11 weeks, with each cohort supported by the UK PwC InsurTech team, who helped to identify commercial opportunities with potential clients. The programme also enabled each cohort to refine their business model and value propositions, raise their profile within the insurance industry and prepare their business for growth internationally.
Glynn Austen-Brown, PwC’s global InsurTech lead, commented:
“It gives me great pleasure to announce our cohort of eight innovative InsurTech companies identified by us as having great potential to scale within the insurance industry.
“The scale-up programme provided the tools, knowledge, and networks to help these firms scale successfully, and throughout the programme, commercial relationships were forged and opportunities created for both the new businesses and incumbents.
“We are excited to follow our cohort and work with them in the future to continue to drive transformation within the insurance industry.”
Programme participants all undertook a business development curriculum which provided insight into areas such as sales and marketing, leadership and culture, as well as how to approach fundraising.
The firms then were given the chance to take part in two tailored pitching events. The first was designed to embed the scale-up businesses into the PwC wider network, giving those in the PwC network the opportunity to examine the value propositions of each scale-up firm and identify potential commercial opportunities within the sector. The second event, the grand finale, gave each firm the chance to pitch their value propositions to a room of 65 industry leaders.
As one of the eight companies chosen by PwC, Squirro is keeping very strong InsurTech company indeed. Some of the other cohorts are known as some of the leading tech providers in the sector, and for Squirro to be recognized like this, is a testament to the focus that we have put on developing solutions to meet specific insurance challenges.
Using AI to Address Specific Insurance Market Challenges
A long-term part of the Squirro ethos is that AI is most effective when used to address specific challenges, in any industry. Using AI in a general way can dilute its effectiveness, and at the end of 2018, we launched our Squirro for Insurance suite of applications for insurance.
It contains three apps – Squirro Commercial Insurance, Squirro Reinsurance, and Squirro Commercial Underwriting – all of which use the power of Squirro’s Augmented Intelligence platform to leverage siloed structured and unstructured data to improve submission handling as well as the underwriting process. In addition, it supports lead generation as well as meeting preparation for commercial insurance.
By using AI complemented by human intelligence and imagination, our augmented intelligence-based applications really get under the skin of what insurers need in 2019. It’s an industry that is facing many challenges, from the BigTech threat that is rated by some as the most significant challenge to many Financial Services (FS) providers, to how best to make sense of the data that is now available to insurers and use that to improve the customer experience.
Squirro – Enabling Innovation in Insurance
Solutions that enable innovation of service and to protect and grow market share will become increasingly valued by insurers. With regard to such innovation, the PwC 2019 CEO Survey found that more than 80% of insurance CEOs said that AI was already a part of their business model, or would be within the next three years.
While insurance has been relatively slow to adopt more progressive new technologies, that is beginning to change. The PwC Scale InsurTech 2019 Programme described our platform as:
“A self-learning AI-platform keeping insurers in the know and recommending what’s next. Ready-made applications help with deal origination, customer relationship management, and more efficient underwriting. This allows an increase in efficiency and output.”
There is a growing demand for AI-based solutions in insurance, and with our suite of applications tailored for specific insurance use cases, Squirro is well-positioned to meet that demand. We are delighted to be recognized by PwC and look forward to working with them in the future to help insurance firms use tech to meet their business objectives.
If you are interested in learning more about how Squirro can help insurance firms deliver a much greater customer experience, please get in touch with us here.