Grange Insurance, Rev1 Ventures Help Spur Insurtech Surge, Thanks to Partnership Program
Grange Insurance, Rev1 Ventures Help Spur Insurtech Surge, Thanks to Partnership Program
New capabilities enhance agent and customer experience
Since launching a ground-breaking collaboration known as G-Force Innovations;Grange Insurance and Rev1 Ventures, the startup studio that combines capital and strategic services, are announcing momentum focused on the identification, development, and adoption of innovations to drive new insurance products and capabilities for Grange’s customers and agents.
“Over the past three years, we’ve accelerated momentum by learning from and leveraging the tools and resources from insurtechs and startups, allowing us to deliver customer-centric solutions for our agency partners and customers,” said Grange Insurance VP, Innovation Officer Brent Hammer. “Our proven approach with Rev1 enables us to react to changing conditions and take advantage of emerging capabilities that transform nearly every aspect of the insurance value chain.”
Since 2019, G-Force Innovations has developed a strong infrastructure, creating repeatable and systematic processes that have been integrated into the corporate structure and culture of Grange. G-Force Innovations has reviewed more than 700 technologies, including 30 proofs-of-concept and pilots. Since its inception, several new capabilities have been enabled for Grange. Examples of the new capabilities include:
- Accessible risk control services: Grange commercial customers can use an app-free tool to share images of facilities and operations or browse a library or risk mitigation materials, all without having a risk control consultant visit their facilities. Powered by MirrorMe, the tool instantly provides Grange with all the data needed to make fast, reasonable, and transparent risk assessments in a fraction of the time and at a minimum of effort compared to traditional surveys.
- Market-leading property intelligence: Grange can access aerial imagery, computer vision detections, and third-party property intelligence to provide customers with a comprehensive, actionable view of real property risk. The insights on the Betterview platform enable Grange to predict and prevent losses, increase underwriting and inspection efficiency, and build a more transparent customer experience.
- Crash location risk analysis: Grange uses location-based traffic crash intelligence and predictive analytics that enables more accurate auto insurance pricing. Combining TNEDICCA’s advanced data analytics with our auto products provides us with a more precise risk understanding of our customers, giving them confidence in their coverage and Grange.
“Through G-Force Innovations, Grange set out on a bold innovation vision for their enterprise. To put it simply, they’ve delivered. After evaluating 700 insurtechs and working on 30 proof-of-concept projects, our partnership, leveraging Rev1’s investor startup studio, continues to look globally at new technologies that can impact an important Central Ohio company and industry,” says Mike McCann, Rev1 Ventures Chief of Innovation Partnerships.
“With this strong foundation, G-Force Innovations is expanding their innovation footprint, pushing the boundaries of the industry and their own business, adding to the region’s innovation community, and becoming continually more engaged in the space.”
Grange Insurance’s innovation highlights
- Since 2020, A.M. Best has provided its assessment of Grange’s innovation capabilities. It rated the company as “Prominent” for the third consecutive year. In a previous analysis across their rating universe, a “Prominent” assessment placed a company in the top 10% versus companies reviewed.
- In 2021, increased the size of G-Force Innovations team by 50%, bringing together diverse perspectives to incubate and launch new products and services.
- Aligned with new strategic sponsors, including industry innovators like InsurTech Ohio and BrokerTech Ventures.
- Opened an innovation studio at its headquarters in Columbus for associates to discover and experience new ways of thinking, learning, observing, and doing work that impacts the company, agency partners, and customers while reaching mutual goals.
“We’re expanding our innovation portfolio. G-Force Innovations is going to build on our momentum at Grange, partnering with and creating new solutions that will deliver for our market and push us ahead,” said Hammer.
Find the original press release here.
