Allium Data targets substantial opportunity by structuring public entity data for carriers, brokers and MGAs

By James Thaler

June 24 - (The Insurer) - Allium Data is targeting what it sees as a substantial market opportunity in public entity insurance by aggregating and structuring policy premium information through open records requests.

The Insurtech is also exploring expansion in other financial services that serve public entities, including law firms, accountants, banks, and IT services. It says it leverages AI technology to automate data extraction processes that would otherwise require 15 to 20 full-time employees.

"We go to public entities, and we use open records requests to ask for policy proposal premium information about their insurance programs," Michael Rost, founder and CEO of Allium Data, said at this month's Insurtech Insights USA event.

"We take that data and structure it into our database and then license access that back to carriers, brokers, MGAs and anyone else interested," Rost said.

Rost said that with public entity insurance representing approximately $20 billion to $30 billion in gross written premiums on the P&C side alone, there is a substantial opportunity for Allium Data, which he said operates in a unique market position with no direct competitors.

"There's nobody really doing what we're doing," Rost noted, acknowledging there are both advantages and challenges of being a pioneer in this area.

"We got lucky that when I started the company, this AI wave was coming up," said Rost, adding that the platform provides transparency for public entities to benchmark their insurance programs.

"There's very little transparency on the benchmarking side from an insured perspective," Rost explained.

Watch the full interview with Allium Data founder and CEO Michael Rost to hear more on:

• How Allium Data acquires and structures public entity data for brokers, carriers, and MGAs

• The $20 billion to $30 billion opportunity founder Michael Rost says his firm is targeting

• The insurtech’s use of AI to extract data that would otherwise require upwards of 30 staff

• Plans expansion into other areas of public entity insurance, including law firms, accountants, banks and IT

• And more…