Grange Insurance and Rev1 Ventures Help Boost Insurtech’s Rise, Through Partnership Program

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With this solid foundation, G-Force Innovations is expanding its innovation footprint, pushing the boundaries of the industry and its own business, adding to the region’s innovation community, and becoming increasingly committed to the ‘space.

Since launching a groundbreaking collaboration known as G-Force innovations; Barn Insurance and Companies Rev1the start-up studio that combines capital and strategic services, heralds momentum focused on identifying, developing and adopting innovations to create new insurance products and capabilities for Grange customers and agents.

“Over the past three years, we have accelerated our momentum by learning and leveraging the tools and resources of insurtechs and startups, which has enabled us to deliver customer-centric solutions to our agency partners and clients” , said Brent, vice president of Grange Insurance, responsible for innovation. hammer. “Our proven approach with Rev1 allows us to react to changing conditions and take advantage of emerging capabilities that are transforming nearly every aspect of the insurance value chain.”

Since 2019, G-Force Innovations has developed a solid infrastructure, creating repeatable and systematic processes that have been embedded into Grange’s corporate structure and culture. G-Force Innovations has reviewed over 700 technologies, including 30 proofs of concept and pilots. Since its inception, several new features have been enabled for Grange. Here are some examples of new features:

  • Accessible Risk Control Services: Grange’s business customers can use an app-free tool to share images of facilities and operations or browse a library of risk mitigation documents, all without a risk control consultant visit their facilities. Powered by MirrorMe, the tool instantly provides Grange with all the data needed to perform quick, reasonable and transparent risk assessments in a fraction of the time and with minimal effort compared to traditional surveys.
  • Market-leading real estate intelligence: Grange can access aerial imagery, computer vision detections and third-party real estate information to provide clients with a comprehensive and actionable view of real estate risks. The insights on the Betterview platform enable Grange to predict and prevent losses, increase underwriting and inspection efficiency, and create a more transparent customer experience.
  • Crash location risk analytics: Grange uses location-based traffic crash information and predictive analytics that enable more accurate auto insurance pricing. Combining TNEDICCA’s advanced data analytics with our automotive products provides us with a more accurate understanding of our customers’ risks, giving them confidence in their coverage and Grange.

“Through G-Force Innovations, Grange has defined a bold innovation vision for their company. To put it simply, they delivered. After evaluating 700 insurtechs and working on 30 proof-of-concept projects, our partnership, leveraging from Rev1’s investor startup studio, continues to take a global look at new technologies that can impact an important business and industry in Central Ohio,” said Mike McCann, Chief Innovation Officer Partnerships at Rev1 Ventures.

“With this solid foundation, G-Force Innovations is expanding its innovation footprint, pushing the boundaries of the industry and its own business, adding to the region’s innovation community, and increasingly engaging in the ‘space.”

Grange Insurance Innovation Highlights:

  • As of 2020, AM Best provides its assessment of Grange’s innovation capabilities. He ranked the company as “Prominent” for the third consecutive year. In a previous analysis of their rating universe, a “Prominent” rating placed a company in the top 10% of companies reviewed.
  • In 2021, 50% increase in the size of the G-Force Innovations team, 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 experiment with new ways of thinking, learning, observing and doing work that impact business, agencies partners and customers while achieving common goals.

“We are expanding our innovation portfolio. G-Force Innovations will build on our momentum at Grange, partnering and creating new solutions that will respond to our market and move us forward,” Hammer said.

To learn more about innovation at Barn Insurancevisit gforceinnovations.com.

About Grange Insurance

Grange Insurance Company, with $3.3 billion in assets and over $1.4 billion in annual revenue, is an insurance provider based in Columbus, Ohio. Through its network of independent agents, Grange provides auto, home and business insurance protection. Life insurance offered by Grange Life Insurance and Kansas City Life Insurance. Founded in 1935, Grange Insurance Company and its affiliate Integrity Insurance Company serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and Wisconsin. For more information, visit grangeassurance.com.

About G-Force Innovations

G-Force Innovations is the innovation arm of the Grange business that focuses on providing rapid solutions for the ever-changing needs of its clients, independent agents and associates. By partnering with Rev1 Ventures, G-Force Innovations is harnessing the collective power of insurance insiders, startup proponents, and entrepreneurs to rapidly accelerate the development and deployment of bold new insurance solutions. To learn more, visit gforceinnovations.com.

About Rev1 Ventures

Rev1 Ventures is the startup studio that combines capital and strategic services to help startups scale and businesses innovate. Based in the Midwest, Rev1 connects entrepreneurs to talent, customers, space and financing, to help entrepreneurs build great businesses. With a proven track record of success, Rev1 has been Ohio’s most active seed investor for the past seven years. For more information, visit rev1ventures.com.

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