Hartford Business Journal

10 HARTFORDBUSINESS.COM | JULY 27, 2026 Jatin Atre became CEO of Hartford-based Insurity in June after serving as president. Contributed Photo Automation Wave Hartford's Insurity makes $100M AI bet as insurers race to modernize tivity and automation wave that I think is definitely happening in all levels of these companies," he said. While insurance's data-heavy oper- ations — including underwriting and claims processing — seem well suited for AI, the industry's highly regulated nature has slowed the technology's adoption, Yoder said. "When you're purchasing an AI tool that's helping you with underwriting or pricing decisions, you're going to have to demonstrate that you can explain how it works and what factors are involved, so that decisions can be analyzed and challenged," he said. "That's something that some indus- tries that aren't as regulated don't have to worry about." Standards developed by the National Association of Insurance Commis- sioners call on insurers to evaluate AI systems for bias and fairness and to monitor and test them on an ongoing basis to help ensure transparency. Yoder said he increasingly sees AI provisions written into contracts between insurers and third-party technology vendors to address those requirements. "There is a market for helping regulated companies use these tech- nologies, so you can figure out how to do it in a way that satisfies regulators. There's an opportunity there," he said. Meantime, research from consulting firm McKinsey & Co. suggests Insurity's investment reflects a broader shift across the insurance industry. McKinsey says virtually every carrier has begun implementing AI, though many execu- tives acknowledge their organizations have yet to become truly AI-native or fully integrate the technology into their business models. Nick Milinkovich co-leads McKinsey's advanced analytics and artificial intelligence work in insur- ance. He said the risk-averse industry is still early in the adoption curve. "We're probably somewhere in the second or third inning of the game," he said. Still, Milinkovich expects AI adop- tion to accelerate over the next three to five years as insurers identify more practical applications for the technology and advances in machine learning, generative AI and agentic AI make it possible to automate more complex tasks. He said AI investment across the industry is now two to three times higher than it was a couple of years ago, with most carriers relying on a mix of in-house development and software from vendors like Insurity. "The sophistication with which carriers are making those buy-ver- sus-build decisions, and how they're thinking about integrating AI tools into their tech and data environments, has certainly matured," Milinkovich said. By Harriet Jones hjones@hartfordbusiness.com H artford-based insurance soft- ware company Insurity plans to invest $100 million in artificial intelligence over the next two years as insurers race to modernize aging technology, reduce costs and streamline operations. The investment is one of the first major initiatives under new CEO Jatin Atre, who took the helm of the 40-year-old company at the end of June after serving as president. He succeeded Jeff Clarke, who remains executive chairman. Insurity develops software and data analytics tools that help property and casualty insurers manage key functions such as underwriting, policy administration, billing and claims. Atre said the goal isn't simply to add AI features but to make the insur- ance process more "frictionless" for carriers and policyholders. "Our whole belief is, AI matters only if it can decrease costs for carriers," Atre said in a recent interview. "If it becomes easier to try to write insur- ance, if it becomes easier to try to enable carriers to do things that they weren't previously able to do." The new commitment builds on a previous $50 million investment in AI-backed research and development that Atre oversaw as president. Insu- rity plans to use the additional funding to integrate AI into its own processes while continuing to develop new AI products for insurers. Turning ideas into products Insurity has been owned for the last seven years by a private equity fund run by California-based GI Partners. The company said it serves more than 500 insurance carriers and managing general agents, including 22 of the nation's 25 largest property and casu- alty insurers. It also employs over 1,000 people, including more than 200 in Connecticut. Atre said the company's broad customer base helps it identify recur- ring problems across the industry and develop software that addresses those shared needs. "I call it an intellectual economy of scale that we have because we can talk to 10 carriers and three of the carriers might be solving the same problem in a different way," he said. "And so we can productize it." Insurity has released three products in the past six months that apply artifi- cial intelligence to functions including premium calculations, risk modeling and claims analysis, Atre said. The company is bringing products to market much faster by incorporating AI into its own development process, he noted. Projects that once required teams of developers writing millions of lines of code over 18 to 24 months can now be completed in about three weeks, Atre said. AI hasn't changed the company's hiring strategy, however. Atre said Insurity still hires primarily for insurance expertise and teaches employees how to use AI inter- nally. He did not disclose if the AI investment will include expanding the company's headcount. About 90% of Insurity's employees recently completed a six-week AI training program, he said. "We can teach you AI pretty quickly," Atre said. "The best AI product development is often happening from our employees who have the deepest expertise." Though the company is global, with offices in London and Noida, India, Atre said Insurity's Hartford headquarters in the Colt building gives the company an edge because it can recruit underwriters and other professionals with experience at local insurance carriers. "Ecosystems like Hartford are hard to build and hard to replicate, and they provide enormous, enor- mous leverage, because no one company can build it," he said. Regulated industry Sherwin Yoder, a technology attorney at Carmody, Torrance, Sandak & Hennessey who special- izes in data privacy and cybersecu- rity, said many insurers are looking outside their organizations for help implementing AI. "Insurity is capturing this produc- AT A GLANCE Insurity Industry: Insurance Technology Top Executive: Jatin Atre, CEO HQ: 120 Huyshope Ave., Hartford Website: www.insurity.com Contact: (860) 616 - 7721 JATIN ATRE Chief Executive Officer Insurity Education: Ph.D., Univer- sity of Pennsylvania

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