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Oliver Wyman

Oliver Wyman is our official partner for the APAC Insurer Innovation Awards.

Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation.

The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit www.oliverwyman.com.

Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology intensive and converging industries. We navigate our clients through changing business ecosystems to uncover new growth opportunities. We enable our clients to build innovation capabilities and transform their organizations. Our consultants have strong practical industry experience combined with excellent knowledge of key trends and dynamics. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Arch Insurance invests in InsurTech Archipelago

In View Summary

In the UK, Arch Insurance International has invested into MGA InsurTech startup Archipelago Risk Services, which deals with personal lines to serve mid- to high-net-worth customers. The startup is founded by two insurance broking executives and is being underwritten by Arch Insurance. It combines technology and primary data sources to offer flexible, multi-cover policies and dynamic pricing.

The company offers products to UK consumers to protect home, motor, pet and residential investment property exclusively through distribution partners. The platform enables distribution partners to grow and manage their client accounts through the automation of the customer journey and help in lowering administration and compliance burdens. For clients, this will help in minimising policy application time and digitise their claims process.

Archipelago Platform has integrated up to 14 insurance, compliance, and demographic data sources, – in real time, – into a technology and data ecosystem.

The platform helps:

– set up new clients, quote and arrange cover in under ten minutes

– Roll up all client’s general insurance needs into one policy

– Email policy documents to clients immediately

– Access and manage accounts anywhere on a mobile device

– Identify new sales opportunities from one dashboard

Hugh Sturgess, CEO of Arch Insurance International, said, “Our investment in Archipelago allows us to offer an innovative and differentiated way to serve mid to high-net-worth individuals in the UK. Archipelago is the newest part of our overall UK growth strategy.”

Reported Benefits

Benefits to Customers:

  • Reduced processing times and costs
  • Reduced errors
  • Increased transparency
  • Real-time
  • Easier claims

Benefit to the Insurer:

  • Increased reach
  • Innovative products and services
  • Customer retention
  • Reduced processing time and costs
  • Reducing fraud
  • Real-time

The Digital Insurer's View

Increased access to on-demand services, such as ride sharing and food delivery apps, has created a new type of consumer that values convenience and ease of use when spending money. Insurers with legacy systems find it tough to provide customers a comparable level of experience, but InsurTechs are beginning to compete effectively in this space.

Companies like Archipelago provide incumbents with the required technology and expertise to close their technology gaps and allow them to stay ahead of the increasing competition from InsurTechs.

References

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