“The pace of innovation in insurance distribution continues to increase as technology plays a greater role,” said John Drzik, president of Global Risk & Specialties at
Marsh.
Marsh subsidiary Dovetail Insurance is riding the innovation wave with a partnership with Duck Creek Technologies, which is a technology solutions provider focused on the insurance market.
“Dovetail’s strategic relationship with Duck Creek accelerates our ability to bring new and better solutions to the small commercial market,” Drzik added in a
BusinessWire report.
Under the agreement, Duck Creek will manage and develop technology to support Dovetail’s proprietary platform. The platform is intended to allow independent agents to deliver enhanced services and a broader product range to their clients while establishing a new distribution channel for carriers.
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Moreover, Dovetail expects to benefit from the partnership through access to increased technology resources and scaling capability at an accelerated pace.
Dovetail specifically targets the small commercial market for its insurance products and services.
“We believe that this strategic relationship is a win-win for carriers, agents and their clients,” Dovetail Insurance chief executive Rich Drab added in the report.
“We’re also thrilled to help advance a technology platform that better meets the needs of the burgeoning small commercial marketplace,” said Curt Stevenson, chief digital officer of Duck Creek Technologies.
A January report by UK trade publication Startup says that the insurtech market is currently worth $4 trillion. In 2015, Tallt Ventures said that $2.65 billion in venture capital was poured into this particular segment.
In the same report, Chris Kaye, chief executive co-founder of direct to consumer insurtech firm Sherpa, observed: “If you ask a room of people if they are confident their insurance needs are met and they are fully covered, most people cannot say ‘yes’. Herein lies the problem, data is being collected to hinder and not help the consumer.
“This means traditional insurance companies need to rethink the opportunity of data to create a transparent and personalised service to meet the demands of the connected consumer. We have already seen new players emerge across the US and Europe –
Lemonade, Spiixi, Trov & Cuvva – just to name a few. However, the one stop insurance shops must take note and change their archaic thinking,” he added.
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