Joel Agard, Zurich Insurance Group’s (Zurich) Group Head of Innovation, and Antony Elliott, Zurich’s Group Head of Digital R&D, are responsible for coordinating and managing one of the most respected accelerator programmes in the insurance industry globally – the Zurich Innovation Championship. Joanna England caught up with them to find out more.
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New York City, Washington DC, and Los Angeles are among the major US cities that have the highest chance of experiencing outbreaks of damaging civil unrest in the next 12 months, according to a new predictive data model released by Verisk’s global risk intelligence unit, Verisk Maplecroft.
In our latest instalment ‘How to Innovate Faster’ in collaboration with FintechOS, we spoke to AXA XL’s SVP and Head of Innovation, Americas for AXA XL, Rose Hall.
Cyber insurance is now a priority expense for any reputable business. Insurtech Insights lists 10 companies disrupting space and driving growth in the sector
Two leading insurtechs from Asia have been selected as part of the Top 50 List compiled by CB Insights.
Global Insurance Industry to Demonstrate Resilience Despite Economic Slowdown and Inflation, Swiss Re Institute Reports
Global economic growth has exceeded expectations in the first half of 2023, but experts anticipate a slowdown in the coming months.
Tony Grosso is the Head of Growth/GWB Insurance Markets for EIS. We quizzed him on the importance of APIs in the Employee Benefits space.
Zurich Insurance Group (Zurich) has announced a strategic partnership with Qover, an insurtech based in Belgium, as part of its efforts to expand its embedded insurance capabilities.
wefox, a global leader in the insurtech industry, has entered into an exciting new partnership with GATE (Green & Advanced Transport Ecosystem), a venture founded by Iveco Group.
Qover, a leading insurtech specialising in embedded insurance orchestration, has recently concluded a successful Series C up-round funding, securing an impressive $30 million.
Humn.ai has forged a partnership with QBE Insurance Group to provide its Innovative dynamic pricing insurance solution to taxi fleets
Closing the Technology Deficit Could Generate $3 Trillion in Revenue for European Companies, Reveals Accenture Report
A recent report from Accenture has highlighted the potential for European companies to generate an additional $3.2 trillion in revenue by 2024 if they close the technology deficit that exists between them and their North American counterparts.
In a recent report, broker Howden revealed that cyber insurance rates have decreased by approximately 10% in June compared to the previous year.
Zurich Insurance (Hong Kong) has received widespread recognition for its strong commitment to environmental, social, and governance (ESG) practices and its innovative approach to product development.
French insurer AXA has established its first-ever environmental targets for its insurance portfolio, aiming to limit emissions of climate-warming gases associated with the vehicles and companies it covers.
In today’s digital landscape, cyber security insurance has become an essential safeguard for businesses against data breaches, malware attacks, and cybercrime.
Hong Kong could surpass London, Tokyo, and Singapore as the international insurance hub, industry experts predict in latest report.
Insurtech Insights USA 2023 is holding a series of in-depth expert panel sessions, exploring the impact of AI on the insurance industry.
Speciality insurer, Beazley has released its latest report on cyber risk – and finds software vulnerability a major cause in rising attacks.
Users of Guidewire Marketplace’s app BillingCenter are now able to access Paymentus’ new, Ready-For-Guidewire accelerator.
Cover Genius has announced its new strategic partnership with Volaris, the low-cost Mexican airline serving various regions including Mexico, the United States, and Central and South America.
Coalition has unveiled its highly anticipated Cyber Claims Report for 2023. This comprehensive report sheds light on the ever-evolving landscape of cyber trends, offering valuable insights into the nature of cyber incidents.
LexisNexis Risk Solutions Strengthens Geospatial Data Suite to Tackle Rising Property Risks for UK Insurance Providers and Consumers
LexisNexis Risk Solutions, the data, advanced analytics and technology provider to the UK and Ireland insurance market, has launched a new suite of geospatial intelligence datasets for basements, trees and windstorms to address these weather-related challenges.
US-UK Insurtech Accelerator Initiative to Launch Recruitment for First Us Cohort at Hartford Symposium
The second stage of a major transatlantic collaboration that has forged insurance industry trade links and driven innovation between the US and the UK will launch at next month’s insurance event, InsurTech Hartford Symposium
Insurtech Insights USA 2023 is holding an expert panel on the ‘Bionic Approach Transforming Underwriting Capabilities’ in today’s hard market, organisers have announced.
The UK is facing considerable upheaval over the next few months in response to financial, political and social changes, reports suggest.
Insurtech Insights USA 2023 is holding an expert panel on how to attract investors in today’s hard market
Insurtech Insights has confirmed its expert speaker panel on ‘The Technologies Creating a Dynamic Cyber Insurance Strategy,’ which will see At-Bay, Mulberri, NFP and Cowbell leaders talk tech and innovation on the main stage
The Hanover Insurance Group, Inc. has introduced its Hanover CyberSecure Program, a comprehensive set of cybersecurity services for its Commercial Lines cyber customers.
Reinsurance Sector Delivers Record-High ROE; says ACORD Quarterly Report on Global Insurance Stock Index
The reinsurance sector has delivered record-high ROE; and digital maturity strongly correlated with high insurer performance, reports ACORD
According to Fitch Ratings, the three major European insurance groups – Allianz, AXA, and Zurich – have effectively managed the effects of the macroeconomic environment, such as high inflation and interest rates.
The CoalitionAI dashboard is now accessible to several US brokers and will answer questions about cybersecurity best practices, cyber policy coverage options, and more
Roojai.com, a Thai insurance startup, has successfully raised $42 million in Series B funding.
Anna Brailsford, CEO and Co-Founder of Code First Girls, is transforming female representation in the tech industry by providing employment through free education.
Global reinsurers Munich Re has announced that it will leave the Net-Zero Insurance Alliance due to “material” legal risks associated with the alliance’s coordinated emissions reductions.
Insurance industry leader, Zurich UK, has revealed fraudulent property claims increased by 31% and fake casualty claims rose by 7% in 2022.
Chubb’s former SVP and Deputy CRO, Frances O’Brien has been promoted to the position of Executive Vice President and Chief Risk Officer (CRO) at P&C insurer Chubb, effective April 1, 2023.
Insurance giant AXA UK has released a report that reveals that stress endured in the workplace is costing the UK US$34 billion annually.
The world’s biggest insurance market reports pre-tax deficit of £769m for 2022 after profit of £2.3bn in 2021
Chubb has introduced new underwriting standards for oil and gas extraction projects, emphasising the reduction of methane emissions, which are some of the most significant greenhouse gases generated by the industry.
A new report on digital transformation in the Life insurance industry has stated that ‘digital evolution’ is essential if the industry is to keep up with global innovations.
Kin, the direct-to-consumer home insurance company built for every new normal®, today announced that it conducted a third close, an incremental $15 million, to its Series D round in the fourth quarter of 2022.
Global reinsurer Swiss Re has reported that insured losses resulting from natural and man-made catastrophes in 2022 totalled $132 billion with economic losses surpassing double this amount at $284 billion.
Investment in the start up space might well have slowed down, but insurtech unicorns are still a serious force to be reckoned with. We take a look at 12 US insurtech unicorns that are leading the disruption.
Gravie, a provider of employer health benefits, has secured a $179 million equity investment led by General Atlantic, a growth equity investor. FirstMark Capital and AXA Venture Partners, Gravie’s existing investors, are also participating in the funding round.
Ninety percent of all DeFi insurance claims paid out since inception were distributed in 2022, according to OpenCover.
Indonesian insurtech company Fuse announced Tuesday that it achieved more than 150 million policies in 2022, with gross written premium (GWP) exceeding $200 million.
Generali UK Branch has chosen to prepare and manage its reinsurance data with leading reinsurance software provider Supercede, including data cleansing, preparation, and validation. This will significantly speed up the process and reduce manual processing time.
Coalition’s new Active Cyber Risk Model simulates aggregate risk for 5,000 companies, extrapolated to an estimated $29.8 billion in total losses to the U.S. economy
Swiss Re’s experts have warned that pressure as a result of inflation is being placed on P&C reinsurers and insurers over the next 12 months and this will impact claims growth.
Netradyne, an SaaS provider of artificial intelligence (AI) and edge computing solutions focused on safety and driver coaching for commercial fleets, announced its partnership with Cover Whale Insurance Solutions, Inc., a commercial trucking insurance provider and fast-growing insurtech.
Insurtech company Guidewire has been named one of the country’s best midsize employers by Forbes.
Specialist insurer Hiscox UK has launched an underwriting academy after a successful pilot in the final quarter of 2022.
The Indian payments firm PhonePe has secured US$200 million in funding to launch insurance and wealth offerings
Digital insurtech API provider, Sure, has launched a new technology that enables online merchants to offer customers embedded one-click insurance.
State Farm has reported that the company’s annual claims paid to help customers recover from hail damages increased more than $1 billion from 2021 to 2022.
AXA XL, the P&C and specialty risk division of AXA, has partnered with Intangic MGA to offer parametric cyber insurance solutions
Swiss Re, the global reinsurance leader, has reported a strong capital position and a positive outlook for its business in its recently published 2022 Annual Report.
Global reinsurer Echo Reinsurance Limited (Echo Re) announced today that it has recently expanded its usage of ADEPT, the data exchange platform built by ACORD Solutions Group, to connect with Aon plc, a leading global professional services firm.
With inflation sparking an increase in the cost of repairs, labour and claims, fees for insurance are similarly spiking across the board.
Data-driven weather-index product protects vulnerable farming communities in Côte d’Ivoire
The Facebook pixel, website session recorders, online video tracking and reporting – these are the new privacy threats companies are facing as class action lawsuits and regulatory actions heat up.
Cyber risk can often be a challenging space to navigate for brokers due to the dynamic and unpredictable nature of cyber threats. But it’s this constant evolution that makes the field so exciting, according to Sebastian Swain (pictured), director with CRC Group.
Created by OpenAI, ChatGPT is an AI-powered chatbot that responds to questions and engages in conversation using opensource AI. ChatGPT can understand and generate text in a manner similar to humans and works like an assistant that users can ask to perform tasks or answer questions.
Insurance companies are often on the losing end of climate change, paying out increasingly exorbitant sums as extreme weather such as tornadoes, floods and fires damage property, agriculture and businesses.
There is likely to be a hard market for short-tail lines — such as real estate and property catastrophes — in global geographies in 2023, after beginning the year with decades of high price increases during the January 2023 reinsurance renewals by S&P Global Ratings, according to a published report .
2022 has been a year of drastic weather events; including wildfires, devastating floods and large-scale storms, such as Hurricane Ian.
As we welcome the new year, it’s natural to reflect on the year that passed and look ahead to the challenges and opportunities that lie ahead, and more specifically how new technologies might impact the insurance industry. As always, we must separate the signal from the noise.
With multiple signals to respond to involving economic, business, environmental and social factors, 2023 will demand insurers to respond by strengthening business fundamentals and foundation, while meeting the challenges of a changing market.
Cyberattacks are becoming more sophisticated, but so are insurers. In its 2023 US cyber market outlook, Risk Placement Services (RPS) says that insurance carriers have adapted to underwriting cyber risks even as threat actors raise or change their tactics. Combined with improved cybersecurity practices within organizations, this has led to rate stabilization in the marketplace.
The past few years have seen a surge of interest in all things insurtech. First, we saw cries of disruption, aggressive fundraising and rapid growth. VCs seeded hundreds of companies to identify opportunities across life and health, and property and casualty. Most of this momentum came to a screeching halt in early 2022.
After years of growth, the US insurtech market faces a sharp decline in valuations. How should established insurance carriers respond?
As automotive manufacturers increase efforts to unveil and promote new electric vehicle models, adoption has ramped up sharply. Electric vehicle sales have grown, accounting for roughly 4.6% of the new light-vehicle registrations in Q1 2022, which is up from 2.6% for the full year in 2021 and 1.5% for the full year in 2020. California currently leads the way, with electric vehicles accounting for nearly 15% of all light vehicle sales in the state in Q1 2022 and roughly 39% of electric vehicle sales nationwide.
WTW expects dealmaking to remain active despite ongoing uncertainty and major headwinds, with recession fears triggering a ‘small item effect’ as larger deals fall out of favor.
More than a quarter of InsurTechs will leave the insurance marketplace in 2023 — just a couple years after investments in the space were at an all-time high, according to predictions from research and consulting firm Forrester.
Covid-19 has accelerated online shopping and customer convenience has become critical. But even before COVID, Wolt, Zoom, and current consumer habits, all the signs were there, way before the race for digitalization. In fact, shortly after the emergence of social media in 2003-2004, businesses realized its potential and started utilizing it for marketing and business purposes.
Over the past few years, insurers reexamined their strategies amid new demands and increasingly digital customer interactions, with underwriting departments, in particular, experiencing waves of changes. Now, new research shows the results of insurers’ efforts in transforming their underwriting businesses, and the small commercial segment is entering a new phase of automation.
The pace of change has quickened over the last few years in the insurance industry. Driven by competition from Insurtechs and global tech giants such as Amazon; insurers, brokers and managing general agents (MGAs) have found themselves at the heart of a technology whirlwind – exploring how innovations like cloud core system architectures, Application Programming Interfaces (APIs), and deploying artificial intelligence and machine learning could help them get the most out of their data for the benefit of customers.
Liberty Mutual and Safeco Insurance released The State of Digital in Independent Insurance Agencies, which highlights how digitization is necessary to stay relevant, but most agencies have slowed adoption of digital tools since 2020.
According to the Coalition Against Insurance Fraud and its most recent report estimating the economic impact of insurance fraud in the U.S., the estimated yearly cost related to insurance fraud has increased from $80 billion in 1995 to $308 billion in 2022. That is a staggering number –that the consumer absorbs in the form of increased premiums – to the tune of around $3,700 per year for the average U.S. family.
Commercial lines property and casualty insurance holding company, W. R. Berkley, has been making plans and positioning itself to take advantage of rising prices in the property catastrophe arena, with the company’s President and Chief Executive Officer (CEO), W. Robert Berkley, saying that it could become a meaningful part of what the firm does in the short run.
Mobile technology and innovative apps are key elements in the ongoing digital transformation of the insurance industry.
Swiss Re is trying to ensure that inflation risk is shared between its customers and itself: Frank Reichelt
With inflation currently remaining above historical peak, Swiss Re’s Head of Northern, Central & Eastern Europe, Frank Reichelt, discussed with Reinsurance News about what coping mechanisms the company have had to adapt to keep ahead.
At its 10th Allianz Motor Day, Allianz addressed the question of how sustainable car insurance can be, calling for an increase in so-called “green repairs” to vehicles.
Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today announced the formation of Ferian Re, an independent Bermuda-based Class 3B reinsurer that will provide capacity across Coalition’s cyber programs.
Insurers need to rethink their approach to innovation. The speed of change in technology, an evolving competitive landscape, increased customer expectations, and the new reality of a permanent hybrid workforce have challenged insurers across all functions.
To outsiders, IBM may be best known for its once-ubiquitous electronic typewriters. In the 21st century, however, the company has evolved into a multinational computer technology and IT consulting business, and it is a major player in the insurance industry.
The analysis, sponsored by Socotra, found that the benefits of shorter time-to-market exceeded the costs by as much as 40 times.
Analysts at JP Morgan are confident that the reinsurance market will show further hardening in 2023, despite already seeing several years of prices increasing.
The global travel insurance market size is anticipated to reach USD 63.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.4% from 2022 to 2030.
Over the past decade, auto insurers have introduced and continuously refined usage-based insurance programs. Powered by telematics technology, which transmits data in real-time (or close to it), UBI promises policyholders some more control over their insurance price in exchange for that data.
Meeting the risk management needs of today’s small businesses requires just as much finesse and sophistication as carriers tend to offer to large enterprises.
Senior executives are “certain” that cyber will become a prominent line of business for Swiss Re in the long term, even as the reinsurer opts to stay underweight in this class for the present moment, until more data becomes available.
Today’s property and casualty insurance programs are combatting a number of challenges.
Greg Case, the Chief Executive Officer (CEO) of brokerage Aon, believes that the insurance and reinsurance industry is faced with a “generational opportunity” to make a difference.
Businesses are juggling a lot right now. First there was the COVID-19 pandemic, then global supply issues. An economic recession, labor market issues, rising inflation and other geopolitical headwinds soon followed.
Chubb Releases Industry’s First Study Exploring Consumer Attitudes on Insurance Across Five Generations
Results of New Research Reveal Differences – from Gen Z to the Silent Generation – to Help Agents and Brokers Build Trust, Connection and Credibility.
Nonprofit organizations play an important role in our communities, enriching lives, protecting vulnerable populations and environments, and providing volunteer and financial support to countless other worthy causes. Many nonprofit organizations, however, are struggling amid the ongoing effects of the COVID-19 pandemic, facing greater demand for services while also experiencing staffing challenges, increased expenses and declines in revenue.
Aon plc AON recently set up a Strategy and Technology Group (STG), which will function under the leadership of Colin Forrest. It aims to benefit property & casualty, life insurance and reinsurance clients by offering various insight and software solutions.
Many insurance companies are not well prepared for the risks ahead, according to a 2022 cybersecurity benchmarking study. In fact, 31% of insurance organizations feel they are not well prepared for the threat landscape they face today.
Analysts at S&P Global Ratings have opted to maintain their negative view on the global reinsurance sector, but have said there are encouraging signs that the market could finally be facing a turnaround.
In a latest report, French reinsurance agency SCOR has addressed the potential challenges for the market amidst the rising concern of cyber-attacks on digital supply chains.
According to Krishnamurthy, insurers are acknowledging the staying power of insurtech and its valuable ability to disrupt the insurance industry. Insurtech companies are, however, typically founded to target a specific pain point for insurers – and Krishnamurthy believes that this may no longer be enough.
After strong growth in H2 2021, the number of deals in Europe dropped to 67 in H1 2022 from 74 in the previous six months. The UK was the most active country for M&A, followed by France, the Netherlands and Spain.
The economic viability of the insurance industry’s current business model has been under discussion for several years.
The insurance business is undergoing digitization, and that, in many ways, is fundamentally changing how the business is done.
In recent years, e-mobility has achieved a breakthrough in many markets around the world. The question is no longer if electric vehicles (EVs) are coming and will replace traditional powertrains, but rather how they are coming and when they will take over the largest share of the global powertrain mix. For details on how to differentiate between non-plug-in electric vehicles and plug-in electric vehicles, see below.
S&P Global Ratings report that persistent pressures from inflation, tightening financial conditions and slower economic growth in China and other markets are likely to cause constraints on operating conditions for property/casualty (P/C) insurers in emerging markets.
Poor claims experiences could put up to $170 billion of insurance premiums at risk in the next five years, with process inefficiencies in underwriting potentially risking another $160 billion over the same period, according to a new report from Accenture.
Cowbell Cyber, a provider of cyber insurance for small and medium-sized businesses, has announced the launch of its product on the Amwins Professional Lines portal.
An increase in inflationary pressures such as the rise in gas prices, the acceleration of extreme climate events and the soaring cost of manufactured goods have caused insurance rates to rise to record levels this year.
The firm claims that Anthemis led the round, which was also supported by SoftBank Group’s SB Opportunity Fund, Banco Popular, the largest bank in Puerto Rico, Consorcio, 305 Ventures, a Miami-based venture capital firm, and first-check investor Divergent Capital.
The recent Qorus Accenture Innovation in Insurance Awards highlighted the world’s leading insurance changemakers. The winners of each category stood up against tough competition with initiatives that were not only innovative, but effective and with measurable impact.
Innovation in the insurance industry is not just important, it is essential. A more dynamic market has meant insurers are venturing into non-traditional sectors as well as looking for more advanced ways of serving existing markets. The industry must ramp up its innovation efforts if it is to tackle increasingly threatening risks, such as climate events and cyber-attacks.
Chubb CEO Evan Greenberg said the insurer is seeing favorable returns, but additional rate is needed to “keep pace with loss costs, which are hardly benign.”
Climate change has led to more intense wildfires, flooding and hurricanes – and they’re only projected to get worse. But major insurance carriers are often hesitant to insure customers in disaster-prone areas.
The European electric vehicle (EV) market is experiencing unprecedented growth, with 2 million electric car sales in the first quarter of 2022, a rise of 75% compared to the same period in 2021.
Developed by a senior team of actuaries and data scientists at Akur8, the objective of this new paper is to familiarize practitioners with Penalized regression as an extension of established actuarial techniques, instead of considering it one among several new modeling techniques from the Machine Learning and Data Science literature. Akur8 is excited to publish this information in an effort to help expand the literature available to the actuary and insurance community on this important topic.
Embedded insurance is a growing focus area of digital distribution across the insurance industry. By making insurance available in conjunction with other products on existing online services, customers can easily add insurance protection that fits their needs and budget as part of a customer journey linked to an established need.
Embedded insurance, a way for carriers to sell policies to customers at the point of sale of consumer goods, is quickly evolving, with “billions of dollars of potential” in areas like auto, home, and business insurance, according to an executive with Swiss Re, the world’s largest reinsurer.
The term “digital innovation” is used a lot. Within the insurance sector, it can describe everything from the digitization of a paper-based form to the digitalization of an entire workflow. It is often used interchangeably with “digital disruption” and the transformational change brought about by new entrants like insurtechs.
While the market for cyber insurance is expected to remain challenging “for the foreseeable future,” there is optimism for rate stabilization as organization focus on cyber hygiene, according to broker Marsh.
The pandemic has accelerated the digital transformation of the insurance industry. Driven by industry trends, customer expectations, and regulatory pressures, digital innovation has resulted in the creation of a new space called InsurTech that is aimed at the seamless delivery of insurance products.
“Awareness of insurance and its value has never been higher,” said Lloyd’s of London CEO John Neal, as he addressed delegates at the Marsh McLennan Rising Professionals’ Global Forum, referring to how recent events have shaped “the most uncertain landscape seen for generations.”
Insurtechs determined to disrupt the insurance industry have not succeeded so far, but a future wave of insurtechs could emerge to achieve a similar goal, carrier executives said recently.
The paradigm shift from traditional to digital means of carrying out operations is leading the industries through a pathway of growth and development. In the new era of technological advancements, the insurance sector is in the midst of a radical, digitally infused shake-up.
One of the key drivers of digital transformation at the origin of the success of the new economy is the customer experience. It is now becoming one of the spearheads of the digitization of the insurance industry. The journey? The product? The touch points? Which factors really improve the loyalty of these 2.0 consumers?
The personal lines segment is known for leading the charge with innovations and technologies – a reputation that only strengthened during the pandemic.
Cambridge Mobile Telematics (CMT) now offers a new way for auto insurers, automakers, rideshare, fleet, wireless, and safety companies to automatically engage with their customers through its DriveWell platform and, in the event of a crash, would automatically gather sensor information for collision repairers and insurers to reference.
New Capco global insurance survey identifies clear opportunities to enhance consumer education, digital experiences and transparency.
Allstate protection plans accounted for more than 140 million (or nearly three in four) of Allstate’s global in-force policies last year, and growth is set to continue, Allstate Protection Plan president and CEO Karl Wiley told Insurance Business.
Speaking at the recent S&P insurance conference, Chubb Ltd. CEO Evan Greenberg says insurance companies that have declared net zero targets are overpromising and leave themselves vulnerable to litigation.
Tesla has begun rolling out its insurance plans in a handful of U.S. states over the past few years, as one more piece of the company’s growing ecosystem. While it’s still in its infancy, Tesla Insurance could be crucial to keeping rates low and driver safety high, as detailed by a few of the automaker’s executives in recent months.
Crypto assets and quantum computing have been flagged by analysts at Swiss Re as two of the most significant emerging risks for insurers and reinsurers, with the potential to create new risks within the global financial system.
Israel’s insurtech ecosystem continues to grow and develop. Because insurance affects all facets of our lives, it is a multi-faceted industry that includes many nuts and bolts. Here is a complete map of the Israeli insurance / insurtech ecosystem:
Though insurtechs are recognized as a disruptive force in a long-established industry, less is known about the actual technologies these companies are using to differentiate themselves from traditional competitors.
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) offers hands-on assistance and a thoughtful, tech-driven approach to underwriting. Its success has landed it on IBA’s 2022 list of 5-Star Cyber Insurers.
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) offers hands-on assistance and a thoughtful, tech-driven approach to underwriting. Its success has landed it on IBA’s 2022 list of 5-Star Cyber Insurers.
The now familiar industry story is that big insurance companies with their juggernaut size and legacy technology find it very difficult to undergo a digital transformation to unlock all their data and improve customer service.
The demand for embedded financial services has been seen across the industry, with the insurance sector being no exception. Embedded insurance has the potential to remove the hassle from a purchase, create tailored products, allow the insurer total control of what they want to sell, and help close the ‘protection gap’.
Since I started my career three decades ago, there’s always been this paradoxical rhetoric about the insurance industry’s risk averseness, mainly stemming from the absence of a flurry of innovative products, services and processes.
A new report from Swiss Re states that reinsurers and insurers can play a key role in the development of the hydrogen economy through risk management knowledge and transfer.
Customer satisfaction in digital offerings from insurers declined this year, according to the J.D. Power 2022 U.S. Insurance Digital Experience Study.
Differentiated products and services are key to growth among life and annuity carriers.
Tech-driven innovation is fundamentally reshaping the insurance industry. Emerging capabilities including telematics, artificial intelligence and machine learning have transformed nearly every aspect of the insurance value chain and continue to create new omnichannel experiences for customers.
Elon Musk took a moment this week to talk about something other than Twitter: his carmaker’s effort to cut out the middlemen and lower premiums.
Jamie Hale is the CEO and co-founder of Ladder. He has also served as a partner at Aldenwood Capital and Jasper Ridge/Oak Hill Investment Management.
Allianz SE says car-shipping incidents are now a major cause of loss for the insurance industry after a cargo ship with about 4,000 Volkswagen AG vehicles caught fire and sank in the Atlantic two months ago.
As the InsurTech industry approaches the next wave of innovation, experts say this could mean navigating rough waters.
Some of the most important questions insurance company CEOs ask their reserving actuaries are: “How much adverse development are we experiencing?” “What is driving these results?” and “Are any parts of the business heading into trouble?”
Hanson encourages professionals to “never give up learning. There will always be someone out there who can do it better, more efficiently, or in a newer way. Your openness to new talent, new perspectives and new ideas will make you a better professional, teammate, and friend.”
Insurance executives are recognizing the power of innovation to accelerate the pace of company change. Yet for innovation to deliver long-term value, it must become embedded in a carrier’s DNA.
There wasn’t much discussion about car insurance at Berkshire Hathaway’s annual meeting this year, but when the subject came up, Warren Buffett acknowledged the continued dominance of a competitor, a mutual assurance.
AXA shareholders approved all resolutions submitted to them by the board of directors at the company’s annual shareholders’ meeting Thursday.
Elon Musk trumpets Tesla’s foray into car insurance — after Warren Buffett warned any automaker would struggle in that business
Elon Musk trumpeted Tesla’s early inroads into automotive insurance last week. Warren Buffett, whose Berkshire Hathaway conglomerate owns Geico, has cast serious doubt on whether Tesla and other automakers can break into the industry and turn a profit.
Zurich Insurance Group (Zurich) has selected 12 startups to collaborate on novel ways to serve customers, create more frequent meaningful touchpoints with them, and challenge the boundaries of insurance.
It’s not hard to understand and forecast why usage based insurance (UBI) — otherwise known as behaviour-based insurance or pay-as-you-drive (PAYD) — is becoming popular among North American drivers and rest of the world.
Tesla is “trying to turn a nightmare into a dream with Tesla Insurance,” chief executive Elon Musk said Wednesday.
What makes a true digital payment experience in insurance? Although the past few years have been characterized by rapid digital payment options, the real game-changer has been the focus of market leaders to embrace the transformation of the actual payment experience – both for premium and claim payments.
Insurers have made significant investments in improving their data assets over time. Large-scale IT projects are replacing legacy systems, data lakes and warehouses are being built and new policy and claims administration systems have been installed. All with the promise of improved data quality and greater data availability.
In this blog series, we’ve looked at the latest entry in the only longitudinal survey of underwriters in North America. The study, which is run in partnership with Accenture and The Institutes, provides vital context for tracking the trajectory of underwriting, which is the heart of any insurance carrier’s business.
Since the onset of the pandemic, many businesses across all industries stayed afloat by fundamentally understanding the way people shop and purchase and transforming their processes to meet that need.
Challenger firms are helping to change the industry, but incumbents will take the rewards, says John Chambers.
Covington & Burling LLP attorneys suggest how the insurance industry might respond to the unique risks that are sure to arise from commerce in the metaverse.
It’s been just over two years since the World Health Organization declared COVID-19 a global pandemic. As a result, we’ve seen major shifts in how people expect to work, play, shop and take on risks. It’s become clear that many of these new expectations are here to stay with varying degrees of impact on all industries.
The frantic pace of insurance industry M&A activity that emerged in 2021 shows no signs of slowing down, as firms look to expand their operations and take advantage of new growth opportunities in a variety of areas.
Insurtech has become a major part of the insurance market, with record-breaking amounts spent on technology-based innovations that can revolutionise the sector. It’s an area ripe for investment – with more than $1bn (£760m) spent every month on investment into insurtech startups in 2021, according to reinsurance broker Wills Re.
As the world constantly evolves and changes, so too does the life insurance industry, which is preparing for a multitude of challenges, particularly in three areas: interest rates, regulatory mandates and technology (software, underwriting tools and distribution platforms).
Survey indicates pandemic may have accelerated shifts in buyer preferences for a wider array of coverage, service, and distribution options.
Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, has today announced the next eleven InsurTech start-ups that will join the eighth cohort of the Lloyd’s Lab in its ten-week programme, which brings together InsurTechs, insurers, and brokers to test out new, innovative solutions. The teams will be working to create insurance products to address the issues and challenges facing the Lloyd’s market.
Is adequate risk transfer in the face of rapid technological change even possible?
The vehicle salvage process has long been the inefficient, paper-based and nearly-forgotten tail-end of an auto insurer’s coverage obligation. But it doesn’t have to be this way.
2022 Worldwide Embedded Insurance Business and Investment Opportunities Industry – Asia-Pacific is the Largest Market
According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022. According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022.
In 2020, while both metros and non-metros reported nearly the same number of covid-19 claims, the trend changed in 2021 as non-metros reported 17% more claims than metros.
Lloyd’s of London has said it is working with the UK government to implement sanctions imposed over the war in Ukraine as fast as possible, including cancelling Russian firms’ insurance cover.
As PWC notes in its report, Top Insurance Industry Issues 2021: “More change has occurred in the industry in the past year than in the previous several years combined and its pace is only accelerating.” These changes are necessary for insurance agencies to scale, add new risk products, and provide a modern, digital-first customer experience.
Insurers and reinsurers holding large books of East European business are being urged to stress test their portfolios against the threat of Russian and Ukrainian cyber attacks.
It’s 3 am, you are thinking about your client meeting – is your data in order? If it is in your inbox, various word templates or on paper documents, it’s not a surprise that you are awake at this hour.
As property and casualty insurance carriers look to reduce growing loss ratios in 2022, many have shifted their focus away from growing their customer bases and toward increasing their profits. But for carrier marketers, the path to efficient customer acquisition isn’t as simple as merely cutting budgets.
Over the past few years, the economy has reeled from inflation, labor shortages, global conflict, and, yes, the Covid-19 pandemic. Even before the uncertainty of today’s climate, women were grappling with unique setbacks: earning lower wages, shouldering the bulk of unpaid labor, and facing more student loan debt than men.
Now is an excellent time for people in the insurance industry to start studying what trends may become prominent during 2022.
The insurer has redeployed finance employees to work on acquisitions or product development, CFO says
For consumers who have found that costlier insurance is just one of the expenses that make electric cars trickier to love, this is the year when relief may be coming.
CoreLogic Climate Change Catastrophe Report Estimates 1 in 10 U.S. Residential Properties Impacted by Natural Disasters in 2021
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its 2021 CoreLogic Climate Change. Catastrophe Report, revealing over 14.5 million single- and multifamily homes were impacted by the largest natural catastrophe events of 2021, with an estimated $56.92 billion in property damage.
When Arthur Patterson and Jim Swartz co-founded Accel, a core principle of their approach to investing was a thesis-based method called a “Prepared Mind”. Referencing the Louis Pasteur quote “chance only favours the prepared mind”, this method remains integral to how we approach, learn about and invest in new opportunities today.
As consumers, we want a personalized experience whenever we shop online, stream videos, or even get a cup of coffee. And we want the companies we do business with to anticipate our needs, and, increasingly, to reflect the values we hold dear.
2021 was a historic year for investment in insurtechs. Funding reached a record-breaking $15 billion in Q3, according to Forrester – more funding than in 2019 and 2020 combined. As this booming market evolves, the value of innovation by insurtech startups is becoming clear.
The insurance industry struggles to create economic profit. But amid COVID-19’s enduring changes, opportunities await.
The insurance industry struggles to create economic profit. But amid COVID-19’s enduring changes, opportunities await.
The InsurTech ecosystem in Asia is relatively smaller as compared to that in Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in 2020. According to Venture Scanner, Asia’s largest InsurTech hub is Singapore, followed by Indian cities Mumbai and Gurgaon.
Charles Taylor, has entered into a partnership with Fraud Keeper (FK), acquiring a majority share of the company. FK’s automated fraud detection software triages, validates and fast-tracks genuine claims. We present a cutting-edge SaaS platform based on automation and artificial
Insurers that are able to make the best use of data are already winning market share, improving key ratios and generating superior risk intelligence, according to a report from the Capgemini Research Institute. These organizations are considered data masters.
Bolttech, an insurance technology unicorn backed by Hong Kong billionaire Richard Li, is considering raising $200 million to $300 million in fresh funds this year, according to people familiar with the matter.
Joanne Butler, Head of Product Marketing and Pre Sales, Charles Taylor InsureTech featured in Insurance Day, discussing how important data quality is when producing sustainable underwriting.
Insurers must be smarter about how they use data, make bold digital moves to meet consumer expectations, and take a strategic approach to process automation.
Dawn Miller is to join Lloyd’s as its new commercial director in a role set to begin in Q2 2022.
The disruptions created by the pandemic, natural disasters and a shifting workforce in the past year have challenged insurers to respond to market uncertainties with speed – at scale.
Fitch Ratings expects a rise in the number of partnerships between traditional insurance companies and InsurTechs.
The telematics industry has grown significantly in the past years. And this is due to the increased demand for advanced telemetry solutions that provide improved safety, increased efficiency and reduced expenses.
Key trends that will drive digital transformation in the insurance market in 2022 include, trackable hybrid working, increased customer demand for digital services and more M&A activity.
Blockchain-based insurance is expected to transform claims administration, according to a new report by Juniper Research. Specifically, researchers expect blockchain-based insurance claims to exceed $10 billion in cost savings globally by 2024, up from $1.1 billion in 2021.
2021 has been another groundbreaking year in the advancement of technology across many industries. According to the Willis Re Q3 Quarterly Insurtech report, more than US$10.5 billion was poured into insurtechs globally in the first 9 months of 2021 alone, with expectations that this investment trend will continue to increase in the coming years.
Change and disruption are constants in today’s world, but they continue to gain intensity and breadth across the industry.
The digital insurance platform conveniently connects mortgage and real estate companies’ customers with homeowners’ and term life policies suited to their specific needs.
Accelerant, the insurtech empowering underwriters with superior risk exchange and data analytics coupled with long-term capacity commitments, today announced it has raised in excess of $190 million at a $2 billion pre-money valuation led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures, and others.
As customer demands change, placing greater emphasis on digital channels, insurers must consider how best to adapt their businesses and processes.
Swiss Re Charts $17 Billion in Litigation Funding in 2021; Is It Any Wonder We’re Experiencing Social Inflation?
With third-party litigation funding reaching $17 billion in 2021, companies and their insurers are likely to see an uptick in social inflation in the years to come.
Germany suffered its costliest natural disaster on record last year, as flash floods led to damages that vastly exceeded the amount covered by insurers.
Consolidation in the insurance brokerage space is expected to continue at a rapid pace through 2022, following a trend from the last 12 months where brokerage transactions drove the majority of announced insurance merger and acquisition (M&A) activity worldwide.
For decades now the insurance industry has been capitalizing on analytics to understand and predict risk when writing policies. But what if one of those disputed claims becomes a legal matter? Wouldn’t it be prudent for insurers to apply those same kinds of analytics to understand and predict legal exposure?
Disrupting a highly regulated and conservative industry was never going to be easy. Insurtech companies have attracted much less investment than peers targeting other parts of the financial sector.
The Millennial and Gen Z populations desire a holistic customer experience—where digital offerings bring together other products and services to help the customer manage their lives.
Rosaline Chow Koo breaks down how CXA Group is working to make group insurance more profitable while simultaneously improving employees’ health and financial well-being.
The cyber risk landscape is likely to increase during 2022, according to an expert from Beazley.
The past two years have been tumultuous, to say the least. Two things we can all agree on is that life is not as predictable as we might hope and that change can happen faster than we think. The Covid-19 pandemic posed challenges for all industries across the world and the insurance space is no different.
The Asia-Pacific region’s insurtech industry predominantly consists of “less disruptive and more collaborative” start-ups complementing existing carriers rather than unconventional players seeking to unseat incumbents. This is what S&P Global Market Intelligence’s analysis of the biggest insurtech companies in the region has found.
The life insurance and annuity industry proved resilient in 2021, even in the face of COVID-19 and the delta variant.
For many of us, ringing in the new year means setting resolutions for better health and well-being. Whether in business or our personal lives, we must consider the scenarios that may threaten or enable our success. The insurance industry is no different.
For years, digital transformation has been the talk of the insurance industry. In the wake of the ongoing COVID-19 pandemic, many insurers made bold advances in automating core processes, adopting new technology and expanding their digital selling and collaboration capabilities.
Before cyber insurance can truly become a mainstay of the digital economy – as a widely available, widely affordable, consistently priced product – these problems need addressing.
It was great to see how so many companies showed incredible adaptability during COVID-19. While initially, we thought a lot of the insurance market would be at a loss as to what to do next, instead they were able to show resilience relatively quickly and technology was the enabler of that.
Bâloise : From the rise of embedded insurance products to record-breaking Insurtech financing, 2021 was a remarkable year
From the rise of embedded insurance products to record-breaking InsurTech financing, 2021 was a remarkable year for the global insurance industry.
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