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We’re in a period of profound change in the insurance industry: rapidly advancing technology has given us new ways to evaluate risk, as well as new ways for customers to research, buy, and interact with insurance.  This means a lot of exciting new opportunities for insurance players - and also a lot of uncertainty. Everything from how products are designed to the regulatory frameworks that guide the industry will need to evolve to meet changing technology and business realities. We believe the best way to get there is by working together. Boost has joined with five other insurtech leaders to found the InsurTech Coalition, a first-ever group of next-generation insurance companies intent on shaping the future of insurance. Our coalition aims to foster responsible innovation while furthering the collective efforts to provide the best possible insurance experiences to our customers. We’re committed to helping the industry: The future of insurance is too important to go it alone. That’s why we’re inviting all like-minded insurtech advocates to join us in the InsurTech Coalition (for more information, please visit the Coalition’s website: https://insurtechcoalition.com/). Together, we can empower customers, advocate for innovative ways of doing business, and advance positive changes in the insurance environment. Exciting times are ahead, for the insurance industry and every business in its ecosystem. We look forward to helping shape the next chapter.

We’re back from another great year at ITC Vegas! ITC is one of our favorite events here at Boost - there’s always a lot of interesting discussions, and this year is no exception.  Here’s three big trends we saw this year, and our takeaways. No surprise here - AI is everywhere this year, and insurance is no exception. AI-based innovations and services were heavily represented in the exhibit hall, with many providers aiming to enable smoother, faster processes. The trend wasn’t limited to a single segment - we saw options for full or partial automation across a broad range of insurance functions, including  claims workflows, underwriting processes, support, policy issuance, risk management, contract interpretation, and more.  At the same time, most of the conversations weren’t focused on how AI could replace existing workflows, but on how it might streamline or augment them. The general sense was that the new era of AI is here, and it’s crucial to figure out how insurance can best leverage these new capabilities to not just do more, but do it faster and better. It’s still early in the AI boom, and it remains to be seen how much of the hype translates into actual impact for the insurance industry. It’s clear from this year’s conference, however, that a lot of insurance-focused companies are betting big that the impact will be significant. Obviously, access to accurate and relevant data is always important. But with current market conditions reducing the margin for error, it’s critical for insurance businesses to be able to make decisions based on the most complete, up-to-date information available.   It’s unsurprising, then, that data and business insights were a major theme at this year’s conference. We saw multiple panels - and multiple product offerings - centered around helping insurers more effectively gather and utilize data. That includes Boost; visitors to our booth could explore a live demo of our new Portfolio Insights product, which gives our (re)insurance partners anytime access to real-time performance data for any Boost programs that they support.  Getting access to the right data is only half the battle, however. The other half is using that data effectively. We also saw a lot of discussion around how insurers could get the most value out of the information available to them, including everything from how to best price products to how to evaluate risk by analyzing new data sources. The insurance industry has a reputation for being slow to respond to change, but you wouldn’t guess it from the conversations at ITC. Adaptation was a major theme of this year’s conference around a number of new developments, including: A lot of change is in the air, and we can’t wait to see what develops from it by the time ITC 2024 rolls around. Our thanks to everyone who stopped by the Boost booth to say hi, and we’re looking forward to seeing you all again next year!  Missed seeing Boost at ITC 2023? It’s never too late to connect with us online.

Today, we’re excited to introduce a powerful new extension to Boost’s technology platform: Portfolio Insights. Portfolio Insights is a proprietary analytics tool that gives (re)insurers anytime access to real-time performance data for any Boost programs that they support - all through a simple and secure online portal. On the heels of last week’s announcement of Boost Re, Portfolio Insights is the latest component of our platform for the risk capital side of the (re)insurance value chain.  Getting timely access to performance data is an ongoing challenge across the insurance and reinsurance industry. Traditionally, (re)insurers are forced to wait to receive monthly or quarterly reports, sometimes as long as two months after the close of any given period, which gives them little to no time to respond to an increasingly dynamic market. Once they finally receive their data, it usually comes in the form of an Excel spreadsheet delivered via email attachment, requiring time-consuming and manual work to enter into their business intelligence systems.  At Boost, we think our partners should know what’s going on with their business right now, not what happened last quarter. Portfolio Insights empowers our (re)insurance partners to: Real-time access to performance data is an industry first in the (re)insurance space, and it’s only possible because of Boost’s fully vertically integrated technology platform. All of our workflows are configured for end-to-end automation in our policy administration system, which has been built specifically for the MGA and program business where data latency issues are particularly pronounced.  All of Boost’s insurtech, MGA, and embedded insurance partners are technology-enabled in their own right and directly integrated with Boost’s API. That means our platform serves as the system of record on every policy and claims transaction on Boost-powered programs. Any event that impacts income, loss, or exposure is reflected in Portfolio Insights’ intuitive dashboards within one hour. Portfolio Insights gives our risk capital partners unparalleled data access and transparency along with the ability to utilize that data whenever and however they need to. We’re excited to release this new tool, and we look forward to not only seeing its impact on underwriting performance and profitability, but to continuing to build out even more valuable functionality with our stakeholders. To learn more about partnering with Boost as a risk capital provider, please contact us at [email protected]