Grange Insurance, a Columbus-based multiline carrier, is joining forces with Rev1 Ventures, a "startup studio" also based in Columbus for an insurtech-focused initiative. The goal of the collaboration, called G-Force Innovations, is to help Grange more effectively identify and work with early-stage companies and emerging technologies. Rev1's "startup studio" services include both capital and strategic services to help connect startups with larger firms that can benefit from their technology. "They're exceptional at the front end, screening and assessing startups," says Grange CIO Tim Cunningham. Cunningham says that Grange has focused on building a culture of innovation internally, and has succesfully deployed some insurtech technologies across the enterprise. The company rolled out Urgent.ly's roadside assistance in fall 2018 and has also partnered with Truemotion and Octo on various telematics initiatives and Cape Analytics. G-Force will concentrate in four key areas, Cunningham adds: leveraging the connected world, enhancing customer experience across channels, making agents' jobs easier and adding analytics and automation capabilities. "Now, we have a team dedicated to the [insurtech] area and a new structure enabled by some things we did organizationally," Cunningham says. "We want to leverage the complementary strengths to get to the next level." Rev1 has a history of collaborating with Columbus-area insurance companies on this kind of project. It was a lead partner for State Auto's launch of a $25 million venture fund in 2017. However, partner insurers aren't in competition, says Rev1 CEO Tom Walker. Different companies "have their own focus on tech verticals they're interested in," he says. Both Walker and Cunningham say that encouraging insurtech development for the central Ohio area is a net benefit to the industry.
Grange Insurance has launched a collaboration with Rev1 Ventures aimed at identifying promising insurtechs. Rev1 helps link start-ups with larger companies that could benefit from their innovations. The collaboration, dubbed G-Force Innovations, aims to help Grange find early-stage insurtechs and emerging technologies that could improve the company’s capabilities and customer experience.