When agents, brokers and carriers explore technology integrations, they typically review one insurtech at a time, managing contracts and potentially lengthy processes that can take months or longer. InsuranceGIG is designed to counter this with a virtual marketplace for insurtech data and software options.
Its founder calls it an AppMarket API. Think of it like Apple’s App Store, but with an insurtech twist.
“Apple created the standard,” said founder and CEO Michael Lebor (pictured). “We are an AppMarket, that’s the term we use. It is a set of pre-integrated inventories of insurtech services. »
The idea also brings to mind Zapier, Lebor said, a product that allows end users to integrate the web applications they use and automate workflows.
Created less than a year ago in the midst of the coronavirus pandemic, InsuranceGIG is intended to make it easier to buy and sell insurance data and technology. It connects buyers and sellers to provide commercial and real estate data pre-filling to agencies, wholesalers and carriers and grow the InsuranceGIG ecosystem.
The company is in the proof-of-concept phase but it is already generating traction, with nearly 50 insurtechs already listed on the market. InsuranceGIG has completed pre-seed financing and is exploring a seed investment. Lebor said he was talking to a number of venture capitalists and “getting huge interest.”
Lebor launched InsuranceGIG in July 2021 but was previously at AmTrust Financial Services, most recently as Global Head of Digital Distribution and Innovation and before that Chief Marketing Officer and Senior Vice President of Strategic Innovation.
While there, he said he started thinking about the idea that became InsuranceGIG, as a way to speed up the onboarding process and increase the efficiency of innovation in the industry. This idea came to fruition again during the pandemic, he said, when he was working with an engineer in India, talking to him at night. He would go to bed on the East Coast and wake up to see the job done the next morning, even though the two were almost a world apart.
“We’re trying to build a working paradigm where the sun never sets on InsuranceGIG in terms of the work being done,” Lebor said.
The idea has the potential to change at all levels the way the insurance industry integrates insurtech.
Companies such as Fenris Digital have taken notice. The insurance data sourcing startup announced on May 17 that it has joined the marketplace, which will provide buyers with direct access to Fenris data via their APIs integrated into InsuranceGIG’s data fabric, available through transaction.
Insurtechs joining InsuranceGIG can establish their initial connection quickly. According to Lebor, listing their APIs only takes a few minutes and data mapping is done in minimal time, depending on the size of the content.
However, a listed service of an insurtech member does not necessarily mean that it is pre-integrated. A Buyer – Broker or Agent or other party who needs insurtech products and services can come to InsuranceGIG and say they want to consume the service. It connects through InsuranceGIG and then the market connects the two parts into a single implementation. This integration process has a longer-term interest for other customers. The next time an entity wants an integration from the same party, the previous business process already exists and can be used by the new customer.
“Once it happens the first time, anyone else who comes to us can benefit from this integration that is already done,” Lebor said.
Marketplace customers subscribe to the workflow provided by the insurtech or app, working through InsuranceGIG to connect. The seller gets paid and InsuranceGIG takes 15% off every dollar traded on the platform.
Full business integrations in the InsuranceGIG marketplace take different durations. Some take a day or two, but others have more complicated API submissions and require longer efforts. InsuranceGIG can handle the integration by proxy, the insurtech can do it directly, or the buyer can do it. Lebor noted that details are being worked out as the company goes through its proof-of-concept phase.
Having insurtech vendors in one place will make all the difference, Lebor said, rather than relying on one company at a time.
“There’s a whole host of reasons for not going one company at a time rather than letting me do an integration with InsuranceGIG, and I now have a whole inventory of data partners and RPA partners and submission that I started with an integration,” Lebor said. “You can now try before you buy, or if you go directly to these companies you have to sign a long-term corporate contract and most POCs are expensive.”
InsuranceGIG does not have long-term contracts and a client can test two potential technology options against each other.
“We have completely taken the risk out of the procurement process,” Lebor said.
Company Name: InsuranceGIG
Contact person: Michael Lebour
E-mail: Send an email
Country: United States