Wednesday, May 09, 2018/10:19AM/PwC
Accountancy firm PwC has unveiled a partnership with international start-up rating agency Early Metrics designed to link fast-growth start-ups with established insurance companies to generate mutually beneficial commercial opportunities and relationships.
The Scale, InsurTech programme, which launches this May, will initially work with nine insurtech businesses that have been identified to undertake a 12-week programme, helping them to raise their profiles, identify commercial opportunities and prepare their business to scale. The programme, which will take place in London, will introduce the companies to potential customers, industry decision makers and leading experts who may become customers, market advisors, or business partners. The initiative was partly inspired by PwC's 2018 CEO survey, which found that 85 percent of insurance CEOs are concerned about the pace of technological changes – more than leaders in any other industry.
Jonathan Howe, PwC’s global insurtech leader, has also warned insurance brokers that they are not immune from the disruption created by insurtechs and that they should be responding to developing technology. The Scale programme facilitates partnerships and collaboration between innovative insurtechs and established insurance organisations, keen to capitalise on the potential of partnerships in driving profitability and growth. According to the PwC CEO Survey, nearly half of insurance CEOs are planning a new strategic alliance or joint venture over the next 12 months.
Howe commented: “We’re delighted to announce this group of innovative scale-up businesses, who we’ve identified as having real potential to go all the way and we can’t wait to start helping them in their journey. “Scale-up businesses are essential to our economy and crucial to future innovation. By combining cutting-edge technology with networking events and best practice, the programme enables businesses to accelerate their growth by opening the door to new opportunities. We're excited to see the opportunities it will create."
Antoine Baschiera, CEO and co-founder of Early Metrics, added: “We are delighted to be working with PwC on their Scale | InsurTech programme. We aim to support start-ups and SMEs scale effectively, and the Scale programme will provide them with access to potential customers, industry leaders, and key decision makers.
”The nine businesses are: Apexx, a payment gateway between insurers and numerous global payment methods; Assetvault, which provides digital, legal and financial products to financial institutions; Blocksure, a decentralised insurance platform for brokers, MGAs and re/insurers; Canopy, which provides renters with a RentPassport, a unique digital profile at no cost; Gefen Technologies, a platform that creates and captures meaningful interactions between businesses and customers; Geospatial Insight, a leading provider of risk intelligence derived from analysis of satellite, aerial and drone imagery; Inzura, a digital insurance platform which enables insurers to engage customers, analyse their data and launch innovative new products; Paycasso, which provides customer identity verification software for businesses; and Surely, which powers digital insurance, providing a cloud-based technology platform that enables customers and brokers to quote, buy and manage insurance online.