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New York-based insurtech firm LineSlip Solutions Inc. named longtime Marsh & McLennan Cos. Inc. senior executive Lee Stevenson president, LineSlip said in a statement Tuesday.
Mr. Stevenson spent about 25 years at Marsh, most recently as chief operating officer and managing director, North America. He will be based in Chicago, where LineSlip, founded in 2016, plans to build out its presence, he said.
“There needs to be more insurance veterans that are willing to embrace and take the leap into insurtech,” Mr. Stevenson said.
LineSlip’s Insights software is designed to mine broker documentation such as insurance binders for information and data previously extracted manually.
Seasoned insurance executives can help technology professionals and companies develop their business in the insurance sector, Mr. Stevenson said.
“There are a lot of brilliant technologists out there, but many of those technologists lack the understanding of the end-to-end business processes,” Mr. Stevenson said.
Third quarter 2019 funding for the insurtech sector totaled $ 1.5 billion over 83 deals, up 6% over the previous three months and the third-highest quarter for global insurtech investment to date, according to a report released Wednesday by Willis Towers Watson PLC.