June 1, 2018
Insuretech partnership launched with technology, data and modelling at the heart of its offering
Innovisk Capital Partners (Innovisk) was launched today; a global insuretech start-up designed to respond to current and anticipated fundamental changes in the insurance industry.
Innovisk is being established as a limited liability partnership as the preferred structure for entrepreneurial talent and to ensure that the businesses in which Innovisk invests are independent.
Innovisk will seed start-up underwriting entrepreneurs who have, or wish to build, profitable and durable portfolios of speciality commercial lines business. The heart of the offering is to augment their underwriting by developing technology which employs data and analytics in a sophisticated way to aid innovative product development and pricing, as well as improving efficiencies in distribution.
David Thomas, CEO of Innovisk Capital Partners said “Technology and data are fundamentally reshaping the value chain in insurance and bringing risk closer to capital. Historically the industry has often been costly, and inflexible data flows tend to be poor. New solutions and new thinking are required. Innovisk has been created to do just that, we are building a community of interest between parties who want to think differently about risk. We are taking a long-term view in building speciality businesses that can leverage technology to innovate all along the value chain with its capital partners.”
Willis Towers Watson has taken the position as majority investor, understanding the value of an insuretech business in commercial lines. Carl Hess, Head of Investment, Risk and Reinsurance, Willis Towers Watson commented “We see tremendous change in the industry value chain driven by technology and data and Innovisk Capital Partners is an opportunity for us to take an interested position in that shift as an arms-length investor.”