Insurtech companies unite to foster responsible innovation, usher in new regulatory frameworks, and promote accountability
A new non-profit focused on shaping the future of insurance both “ethically and inclusively” has launched. Featuring eight national Insurtech companies, among them Lemonade, Boost, Branch, Clearcover, and Roo, the new coalition aims to shape the future of insurance both “ethically and inclusively”. Dubbed the Insurtech Coalition, the advocacy group published a November 29, 2023 “open letter” inviting more insurance entities to join them. An excerpt of the open letter follows below:
“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.”
Later on, the letter states that “[o]ur 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 Coalition’s core tenets and steadfast commitments
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
The open letter continues, “We will drive the industry forward in a way that aligns with our shared values of transparency, fairness, and consumer empowerment.”
To accomplish this goal, the group looks to grow by welcoming more insurance companies and advocates who share the same vision.
“This is not a time for complacency,” the founding members of the Coalition state. “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.”
For those interested in learning more about the Coalition, it has launched a new website which can be accessed here.