“The whole procurement process has been significantly simplified,” said Craig Hasday, president of EPIC’s national employee benefits practice. Some processes have seen more penetration than others as well. But if you’re a larger contractor, for instance, and you’re building a $400 million building, you can’t just go on and click and say, ‘Okay, I got the right insurance.’ There’s a lot of complexities to doing that.” So, if you’re a small personal lines or small business, you get on, you do the click, you get your insurance. “With AI, a lot of repetition is generally good. “Companies are very, very different in the nature of their business, the size of the company, et cetera.” “People are people, and they’re not that different,” said Andy Hickman, Marsh’s head of data science and platform analytics. The greater homogeneity of personal lines makes them more amenable to Insurtech, as well. There’s so much regulation and compliance requirements around data that they do a small piece really, really well, but they haven’t matured enough to be more of a complete solution.” “On the commercial side … the barrier of entry is really high.
It’s not as regulated, there’s less compliance needs there,” said Stephen Rhee, chief digital officer, global brokerage at Gallagher. “On the personal side, the Insurtechs have really thrived because of the lower barrier to entry. Some segments of the broking sector have seen greater Insurtech penetration than others.
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