InsurTech NY News: TUIO and Insurify Launch Inside ChatGPT
ChatGPT Insurance Apps Crushed Broker Stocks, it’s only temporary
Wall Street analysts have been proclaiming that the SaaSpocalypse is here. Multiples on SaaS companies including Guidewire and Salesforce, are down year over year 28% and 35%, respectively.
For a time, it appeared that the insurance industry could continue on its path untouched.
That reckoning came on Feb 9th. Two apps, Tuio and Insurify, launched approved apps on ChatGPT to quote insurance. That same day publicly traded broker stocks had their worst day since the financial crisis including WTW, which plunged by 11%. The question remains: Is this impact permanent?
Evidence tells the impact is fleeting. Most stock brokers have already recovered a good chunk of their losses. And, the fundamental premise of investment analysts does not match the reality of public brokers’ books.
Top 10 brokers’ books of business are primarily commercial insurance or alternative risk (e.g. captive insurance) accounts. Even those brokers that have substantial personal lines books have low churn rates.
Beyond that, the fundamental problem with a ChatGPT-indicative quote is that it is not the final carrier price, and US legislation has not kept pace with AI’s ability to bind a business. Not to mention that the risk of hallucination is probably not worth it for anyone who is looking to insure meaningful assets like their home.
Independent of all the market swings, the discussion about the role of humans in an AI-world is one that we all must have.
Join us on Mar 30-31 for our Spring Conference to have that discussion.
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InsurTech News and Deals
Qumis ($4.3 million, Seed, MTech Capital): Chicago-based provider of an attorney-trained AI platform for commercial insurance coverage intelligence
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Sixfold ($30M Series B, Brewer Lane): NY-based AI underwriting insurtech firm
Pace ($10M, Sequoia Capital): NY-based insurance BPO startup
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