INTEGRATIVE INSIGHTS
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About the Author:
Terry Kiwala
Vice President
Terry Kiwala is a vice president specializing in research and investment in software-as-a-service (SaaS) businesses, particularly in enterprise productivity applications. He is a thought leader in his sector, having authored widely read industry research. He uses his industry knowledge and expansive network to uncover promising investment opportunities and help companies navigate their strategic paths and accelerate growth. Prior to joining First Analysis in 2019, he was chief financial officer of Vokal, a software development company, senior vice president at Tribeca Flashpoint Media Arts Academy, and associate vice president at National-Louis University. Earlier, he was an investment banking analyst at Lehman Brothers. He earned a bachelor’s degree in economics and government from the University of Notre Dame. He is a CFA charterholder.
First Analysis Enterprise Productivity Technology Team
Terry Kiwala
Vice President
Corey Greendale
Managing Director
Richard Conklin
Managing Director
Matthew Nicklin
Managing Director
First Analysis Quarterly Insights
Enterprise productivity
Ensuring a better insurance market with InsurTech
May 14, 2021
  • The insurance industry historically has been characterized by manual processes, large agent-based sales forces, and slow, arbitrary and contentious claims processing.
  • Increasingly, industry participants are using technology to automate the business. Myriad technology solutions add value for carriers, brokers, and insureds by improving underwriting efficiency, product quality, and claims processing speed and accuracy and by reducing insurance portfolio risk.
  • We group these solutions into four categories based on their primary focuses: sales and underwriting, policy administration, claims processing, and risk management, and we highlight some of the interesting technology providers in each group.

TABLE OF CONTENTS

Includes discussion of DCT, GWRE and 33 private companies

Technology transformation

Sales and underwriting focused solutions

Policy administration focused solutions

Claims processing focused solutions

Risk management focused solutions

The InsurTech future: More value for insurance stakeholders and adjacent ecosystems

First Analysis Enterprise Productivity Index drops sharply from February peak

Q2 M&A activity pace slows from Q1 two-year peak

Q2 private placements pace on par with recent quarters

Technology transformation

Historically, the insurance industry has been characterized by manual processes, large agent-based sales forces, and slow, arbitrary and contentious claims processing (prompting the infamous industry acronym DDD: "deny, dispute, defend"). While the underlying insurance products are already highly profitable, carriers and administrators increasingly see an opportunity to boost profitability from underwriting and servicing policies by improving operational efficiency and accuracy.

Numerous technology solutions have been used by carriers and adjusters to manage insurance life cycle workflow. These platforms initially started out as workflow management solutions but have grown to encompass general automation of common insurance tasks. San Mateo, Calif.-based Guidewire Software (GWRE) provides software that enables major insurers to manage the life cycle of their business. Originally a perpetual license software solution, Guidewire now is a cloud-based solution that becomes the core insurance transactional system of record, managing insurance product definition, distribution, underwriting, policyholder services, and claims management for carriers and administrators.

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