Over the last few years, innovators and investors have increased their focus on the insurance and employee benefits industries — leading to the exciting development of new technologies powering data analytics and artificial intelligence, digitizing the customer experience and creating efficiency. The global insurtech market is booming, and at Graham Company, we’re proud to invest in some of this innovation through BrokerTech Ventures (BTV), an accelerator program for tech-enabled solutions designed for our industry. With an eye toward constantly adding value to our clients, we’re also an early adopter of many tech products approved by BTV and have the ongoing opportunity to trial and shape new services that come to market. In 2022, we partnered with a variety of technology companies to enhance our work and client offerings in each of the three trending areas:

Data & Artificial Intelligence (AI)

Abundant, accurate data is critical for proactive risk management — but the information can be difficult to access or utilize. CoreLogic’s RiskMeter and IHS Market’s VINtelligence are two powerful solutions we worked with this year to improve efficiency and risk estimates by leveraging AI to rapidly source tedious data for property and casualty clients. RiskMeter uses a geocoder to instantly pull complete and current building-specific reports along with extensive natural hazard risk information, while VINtelligence verifies and decodes vehicle information in real time. In addition to leveraging new products, in 2022 we continued to advance the capacity and user experience of GrahamAlytics®, our proprietary business analytics system that allows us to stay ahead of the curve with unique transparency into a client’s total loss information. Harnessing this data helps our clients improve their business operations and safety measures to achieve lower long-term costs of insurance. Through a new partnership with CogniSure — an AI platform developed with the support of BTV — we’ve been able to expand our analysis by gaining hard-to-access data from several additional carriers. We’re also enhancing the user experience with a more streamlined display and mobile-friendly capabilities, rolling out early next year. Looking ahead to 2023, we’ll be introducing a new risk management system, which will allow us to synthesize a client’s unique risk data as it changes over time. Through one dashboard, we’ll be able to layer data on Graham’s risk management service on top of a client’s specific exposures to demonstrate the impact of our services over time.

Digitization

Along with a focus on improving the availability and analysis of data, technology firms have also been rolling out products to digitize and transform individual access to insurance information. Consumers are looking for fast, convenient ways to interact with their specific coverage and benefits, and we’re leveraging new apps to provide those services. Through HealthJoy, employee benefits clients can seamlessly connect employees with their full suite of benefits, along with live support and virtual care options to help them understand and utilize coverage, improve health outcomes and minimize claims. With Glovebox, personal lines clients can consolidate home, auto and other insurance policies into one customized portal, eliminating the need for unique apps or digital products for each policy.