American International Group, Hamilton Insurance Group, and Two Sigma Investments have announced the formation of Attune, a data science platform serving the U.S small business market.
Attune will leverage AIG’s data and distribution network, Two Sigma’s analytics capabilities and Hamilton’s small business knowledge to enhance the insurance underwriting process for the $80 billion market, according to the companies.
The agreement follows a memorandum of understanding AIG, Two Sigma and Hamilton signed in April. Further terms of the deal were not disclosed.
“Attune represents an important way forward for the insurance industry as it adapts to the disruptive forces of data analytics and the powerful technology supporting it,” said Peter Hancock, AIG president and CEO, in a statement.
Hamilton chairman and CEO Brian Duperreault will serve as the chairman of the board of Attune.
“We’re on the cusp of true innovative change in our industry,” he said. “Attune has the potential to transform underwriting in the SME market, and what we learn in building Attune’s technology platform can be applied to any size risk.”
(This article appears courtesy of our sister publication, Insurance Networking News)
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