Two Sigma Insurance Quantified, LP, a recently established independent affiliate of Two Sigma Investments, LP, today announced a memorandum of understanding designed to expand its partnership with AIG, a move that continues the data-driven evolution of insurance underwriting.
Under the terms of the memorandum, AIG and Two Sigma Insurance Quantified will enter into a partnership to leverage Two Sigma Insurance Quantified’s insurance-focused data science and technology expertise for a broad spectrum of commercial insurance underwritten globally by AIG.
The memorandum underscores Two Sigma Insurance Quantified’s commitment to transforming commercial insurance through data science and technology, and its emphasis on deep partnership with industry-leading companies.
Putting data science and technology to work in our industry has been on my agenda for some time.
Brain Duperreault, Incoming AIG President and Chief Executive Officer
“Insurance is intrinsic to economic growth,” said David Siegel, co-founder and co-chairman of Two Sigma Investments, LP. “Data science and technology open a world of opportunity for this industry, from more practical protection and smarter processes to a better understanding of risk. This can be done while also lowering costs and more efficiently utilizing resources. We are excited that Two Sigma Insurance Quantified will be working with both AIG and Hamilton to further capitalize on these benefits.”
The agreement also follows Two Sigma’s investment in Attune, the data-enabled technology platform launched in September 2016 in conjunction with AIG and Hamilton Insurance Group to serve the U.S. small to medium-sized commercial insurance market. As part of a separate agreement developed at the same time, Attune’s target market will be expanded to include companies with annual revenues of up to $35 million, a target market segment of up to $150 billion.”
More information on Two Sigma Insurance Quantified can be found here.