First-of-Its-Kind InsurTech Coalition Launches to Shape the Future of Insurance
Members from several leading insurtech companies, including Boost, Branch, Clearcover, Lemonade and Root Insurance, published an open letter to the insurance industry announcing the launch of the InsurTech Coalition, a novel trade organization dedicated to shaping the future of insurance both ethically and inclusively.
“Our 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,” states the letter.
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 its goals, the group looks to grow, adding 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.”
Mayer Brown LLP is advising the InsurTech Coalition.
“It is an honor to advise the InsurTech Coalition and support it in its mission to educate interested parties with respect to the adoption of novel uses of data and technology into insurance business processes, be a resource for the insurtech community, and advocate for consumers of insurance products,” said Jared Wilner, a Partner in Mayer Brown’s Insurance Industry Group.
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