Members from several leading insurtech companies, including Boost, Branch, Clearcover, Lemonade and Root Insurance, published an open letter to the insurance industry announcing the launch of the InsurTech Coalition, a novel trade organization dedicated to shaping the future of insurance both ethically and inclusively.
Our agility and ability to serve the ever-changing needs of today’s customers through cutting-edge technology position this group as the voice for the future of the industry
The insurance industry is in a time of radical change and innovation with new ideas challenging old business models and upending the status quo.
Telematics and data science have profoundly altered the way we assess and understand risk, while new customer-facing technologies and artificial intelligence are transforming the way customers buy and interact with insurance products and services.
Big changes bring tremendous opportunities, and technology-focused insurance (“insurtech”) companies are at the forefront of this powerful shift in the insurance landscape.
We have come together to form the InsurTech Coalition, a first-ever group of next-generation insurance companies intent on shaping the future of insurance. We want you to join us.
“Our coalition aims to foster responsible innovation while furthering the collective efforts to provide the best possible insurance experiences to our customers”.
InsurTech Coalition’s Members
As widespread industry changes drive rapid technological advancements, the Coalition aims to represent the interest of insurance companies by reinforcing its members’ core tenets and steadfast commitment to:
- Use technology responsibly in insurance
- Empower modern consumers with the innovative tools they need to protect themselves, their businesses and their families in the evolving insurance landscape
- Collaborate with regulators in building new frameworks to support emerging technologies and companies, never losing sight of consumer protection
- Provide transparency, better pricing, and a better customer experience
- Re-imagine insurance products to manage risk more efficiently
- Make insurance products more available, affordable and accessible to all people in all communities
We will drive the industry forward in a way that aligns with our shared values of transparency, fairness, and consumer empowerment
To accomplish its goals, the group looks to grow, adding more insurance companies and advocates who share the same vision.
That said, one of insurtech’s biggest challenges is to help shape the insurance landscape while carefully considering the interests of all stakeholders: employees, regulators, government entities, and—most importantly—customers.
We believe the InsurTech Coalition answers this challenge. The InsurTech Coalition is committed to driving the insurance industry forward in a way that aligns with our shared values of transparency, fairness, and consumer empowerment.
“We’re committed to the responsible use of technology in insurance and in assisting regulators in taking on the difficult task of building frameworks to regulate new and emerging technologies”, insurtechs says.
This is not a time for complacency. We invite all like-minded insurtech advocates to join the InsurTech Coalition to empower customers, advocate for innovative ways of doing business, and advance positive changes in the insurance environment.
by Peter Sonner