Dawn Miller is to join Lloyd’s as its new commercial director in a role set to begin in Q2 2022.
LATEST INDUSTRY TRENDS
We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
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.
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.
Increased deal activity and the use of M&A insurance has led to a record rise in the number of notifications, according to a new report by Howden M&A, an international M&A insurance broker. However, the COVID-19 outbreak did not result in a surge in the volume of claims or the number of coronavirus-related break events that had initially been anticipated.
The industry is on the verge of a seismic, tech-driven shift. A focus on four areas can position carriers to embrace this change.
2021 has been a record year for insurtech funding. As of Q3 2021, more than US$10.5 billion had been raised by companies in the space year-to-date (YTD), surpassing 2020’s total of US$7.1 billion by nearly 48%, data from insurance advisory firm Willis Towers Watson show.
2021 ended up being a bumper year for M&A deals and also for M&A insurers.
The gap between the best-performing cyber insurers and the worst-performing will widen in 2022, according to the CEO of cyber risk analytics specialist, CyberCube.
It is difficult to imagine where digital business operations would be today if it wasn’t for the catalyst that is the pandemic. For nearly two years, businesses across industries, and especially within insurance, accelerated digital transformation plans to adapt to remote access for customers and employees.
Nine in 10 Insurance Leaders in Europe Say Customer Experience is the Top Driver of Digital Transformation
ISG Pulse of the Insurance Industry survey finds 42% report security vulnerabilities increasing along with digitalization
“Our overarching goal is to facilitate the Lloyd’s market to be the preeminent corporate and specialty insurance and reinsurance market in the world.” That’s how Patrick Tiernan, Lloyd’s chief of markets, introduced the Lloyd’s 2022 capital plans.
No one knows what 2022 will bring for travelers. But if anyone has an idea, it’s Sasha Gainullin, the CEO of the travel insurance company battleface. I asked Gainullin about what lies ahead next year. Here are his predictions.
The pandemic turned everything upside down in 2020, and the dust hasn’t settled yet. Will 2022 mark a return to normal life? Don’t bet on it! Expect the changes we’ve seen to continue accelerating innovation and technology in all aspects of insurance. Here are 10 key trends and predictions to watch in 2022.
A robust supply of capital combined with growing ranks of new investors is driving record investment into the insurtech sector.
Life insurers paid out more than $90 billion in death benefits at the height of the COVID-19 pandemic last year, the highest single-year rise since the 1918 influenza epidemic, data from the American Council of Life Insurers (ACLI) has revealed.
What should you do if a forest-based carbon offset project you have invested in burns down? This is not simply a dystopian hypothetical question. It has already happened in the U.S. and it is expected to become a more common occurrence as climate-induced wildfire risks increase in the coming decades. But could a potential answer to this problem be to simply “make an insurance claim”?
Creating the ‘freemium’ insurance experience – In conversation with Pierangelo Campopiano, CEO of Smile Direct
This week, we spoke with Pierangelo Campopiano, CEO of Smile Direct, about the possibilities offered up by fundamentally reimagining insurance distribution. We discuss digital ecosystems, gameification of insurance and the potential for ‘freemium’ insurance products.
Every day, it seems a hot, new insurtech is funded and ready to partner with insurance carriers. Insurers shouldn’t allow their risk-averse nature or concerns about a potentially difficult integration road ahead to lead them to ignore upstart insurtechs.
Several insurtech companies including Hippo and Metromile, amongst others, have merged with a special purpose acquisition company (SPAC) as a path to being traded publicly on stock markets. This approach became more popular in the past two years, as the COVID-19 pandemic led to companies seeking quick, efficient paths to growth.
Wherever you go, whatever you do, cyber risk is always following you. From phishing attacks sent via email and opened on your phone to someone gaining access to your network using a smart appliance in your home, cyber risk is a growing and ever present risk.
Underwriter specializing in liability Medical & Commercial International (MCI) has announced the launch of revolutionary Communicable Disease Liability (CDL) coverage.
Despite seeming reluctant to make sweeping changes, the insurance industry continues to be at the forefront of adopting digital solutions.
When we say “core systems” in our industry, we are typically referring to the critical software applications that are core to an insurer’s business operations, mainly the policy, claims and billing management functions.
The cyber insurance industry experienced 33.5% growth in 2020 alone as companies have sought to mitigate the cyber risk presented by the new reality of the constantly growing cost of a data breach.
As insurers hold onto some of the digital solutions that were adopted because of the pandemic, it’s critical to understand the balance between digital strategies and boots on the ground tactics for underwriting.
The convergence of insurance and digital technology — “insurtech” — has transformed the industry. Although insurance companies initially feared insurtechs would whittle away at their market share, partnering with these disruptive tech firms is now widely seen as the catalyst necessary to spur growth and accelerate the development of new insurance products. But challenges remain.
The global insurance industry will reach a new record in premiums by mid-2022, exceeding $7 trillion, according to a new forecast by Swiss Re Institute.
If insurers completely understand the implications of customer trends, competitive pressures, and technology leap-frogging, they will be justifiably anxious about their future—unless they prepare.
Insurers have been slower to adopt digital twins than their counterparts in other industries.
Carriers don’t have to be the only beneficiaries of InsurTech advancements. A similar relationship can also be applied to the smaller independent agents and brokers.
People don’t trust insurers. We’ve probably all had to contact an insurer about a problem only to find it’s not covered in the small print. Rates are usually fixed, and sometimes unfair. There may also be hurdles in approving payment once a claim is made.
The huge sums being invested in insurtech have yet to disrupt the insurance sector in the same way that fintechs have changed banking, says Germany’s BaFin markets watchdog.
The insurance industry is said to lag in the era of digitalisation. Insurers were told to ramp up digital efforts in order to meet rising demand during the pandemic – and it turns out this was the push they needed to break free from traditional broker-based insurance.
Small business customers are demanding more service from their agents, but with the right technologies and carrier partnerships, agencies can elevate their customer service game without adding to their workloads.
Rumours of Amazon’s intention to disrupt the insurance industry have, it turns out, not been greatly exaggerated at all, and the technology giant’s plan to enter the small and medium-sized UK business customer segment have put players on edge across the insurance industry.
Insurance—an industry known for veteran brands and a cautious approach to risk—might seem a strange fit for the move-fast-and-break-things ethos of the startup world, but that hasn’t dissuaded venture capitalists from scaling up.
InsurTech is an enormous industry whose global market size is projected to reach US$ 11940 million by 2027. Ever since the first insurtech startups tested the waters in 2010, it has been hotting up and on a constant path of massive development.
Global investment in insurance technology (insurtech) start-ups totalled $10.5 billion in the first nine months of 2021, a record high level for the period, reinsurance broker Willis Re said on Wednesday.
The two publicly traded full-stack personal auto insurance companies recently disclosed plans to further expand their distribution networks into the independent agent channel.
Most plan members want to see more personalized product recommendations and more personalized assistance to understand their coverage and maximize their benefits plan.
Mergers and acquisitions (M&A) in the global insurance industry dropped by 3% in the first half of 2021, with 197 deals completed worldwide, down from 206 in the second half of 2020, and 201 at the same point last year, according to Clyde & Co’s Insurance Growth Report mid-year update.
We need to examine the insurer relationship to distributors in light of the customer mindset: What is changing with the customer and how they take in information? How do insurers and distributors adapt?
Pikl, founded in 2016, has developed a suite of flexible insurance products designed for the sharing economy. For our Future50 Europe, we caught up CEO Louise Birritteri (pictured centre).
Insurance in Kenya and Africa at large remains a marginal product, with levels of penetration across the continent half the world average as a percentage of GDP, and premiums per capita 11-fold lower than the world average, according to a recent report by McKinsey and Co.
Technology will help usher insurance into the future, but it will not fundamentally change the industry, according to Evan Greenberg, chairman and CEO of Chubb Ltd.
How YuLife is building the future of life insurance – Interview with Sammy Rubin, co-founder & CEO at YuLife
YuLife was recently featured as part of our Future50 Europe. We caught up with co-founder & CEO Sammy Rubin to talk about how he is modernising the life insurance industry and helping customers live healthier lives.
This brief remark should scare the bejezus out of every insurance-industry executive: “Who knows more about your vehicle than the people who manufactured it?” said Andrew Rose, president of GM’s newly formed OnStar Insurance Services.
Small businesses that have experienced property loss or damage rely on their insurance companies to give them the funds they need to get back on their feet and stay in operation.
Climate change has returned to the top of the list of biggest concerns for insurers as the rollout of the vaccine and the gradual lifting of health restrictions reduce fears of a pandemic in many countries.
Traction is building for parametric insurance products and the innovative solution they represent to the substantial economic losses and adverse social impacts that natural catastrophes have on affected communities.
Despite rising coverage demand brought about by the global pandemic, customers are being left rather unsatisfied with the convenience, advice and reach offered by their existing insurance providers, creating opportunities for new players and insurtech firms, according to Capgemini and Efma’s World Insurtech Report 2021.
Digital bank execs have been scratching their heads for years about how to lure users into premium subscriptions. They’ve tried shiny cards, exclusive features, and even cashback.
A new insurance industry research study reveals that insurance carriers saw an increase in consumer digital activity across both underwriting (77%) and claims (76%) during the coronavirus pandemic and indicated this recent increase in digital activity has in turn spurred more identity fraud activity, according to 67% of survey respondents
Over the past two decades, the global re/insurance sector has experienced an increasing number of major natural catastrophes.
Few lines have been talked up in recent years quite like cyber. Indeed, Accenture has predicted $25bn of growth in annual cyber premiums globally by 2025 – or a 500% increase on today’s ~$5bn GWP.
It’s not every day the insurance sector is presented with an opportunity that is both an untapped source of income and the chance to offer ethically-centred solutions to communities in need.
A growing number of Gen Z professionals are open to sharing the data from their smart home devices with insurers, in return for a better customer experience or discounts, according to a new survey by Capco.
Younger drivers are spurring interest in telematics.
Insurtechs that specialize in cyber risk can take numerous paths — with their future dependent at least in part on their investors’ patience — but not all will survive, experts say.
Identifying future trends and engaging in risk partnerships on new technologies are at the heart of Munich Re’s strategy
Willis Towers Watson has around $5 billion of capital which could used for acquisitions, its president and incoming chief executive said on Thursday, as the insurance broker prepares for a future as a standalone company.
Property and casualty reinsurers have displayed underwriting discipline during this year’s renewals, continuing with rate corrections that began several years ago, despite the pressures of abundant capacity. Prices continued to harden during the first half of 2021 – albeit with slightly less momentum than last year – in a trend that will likely continue into the January 2022 renewal season.
The malicious nature of cyber criminals has prompted cyber insurance carriers to implement new guidelines for clients.
The COVID-19 pandemic continues to cause upheaval in our business and personal lives in North America and around the world.
Major U.S. insurers are joining new digital exchanges to sell not only their own policies but those of their competitors as well, a new twist in an industry known for its fierce competition.
Climate change will help propel a threefold surge in property insurance premiums over the coming two decades, according to a study published on Monday by Swiss Re.
This Spring, UK regulator, the FCA announced a ban on the unfair practice of ‘price walking’ in the insurance industry.
China’s banking and insurance watchdog issued a draft guideline on Friday aiming to improve its regulation over insurance group companies to prevent financial risks as the world’s no.2 economy strives to recover from the impact of COVID-19.
Technology, machine learning, robotic process automation, data aggregation and analytics – in recent years, the insurance industry (like many other sectors) has been motivated to make use of those tools to improve their operations and enhance their underwriting, pricing, and loss control capabilities.
The COVID-19 pandemic and ensuing lockdowns have changed how we work for good. Offices, once the bustling centre of company life, have for much of the year been home only to empty desks, unground coffee beans and unanswered questions.
Insurtech could rightly be considered the greatest of the Wild West insurance opportunities, but in terms of opening up new markets, Group and Voluntary Benefits are making their own case for a land of new opportunities.
Emerging risks and changing customer behavior are shifting the revenue landscape for insurers. These trends call for change in the products and services insurance companies bring to market.
When the Town of Peterborough, New Hampshire, announced earlier this week that it lost $2.3 million to a business email compromise scam, officials also said it was unlikely the 7,000-person community would ever recover that money.
So, what exactly is driving this insurtech surge, and how can companies and entrepreneurs in the space be successful?
Three insurance companies – Travelers, Coalition and Resilience – were among the attendees at the White House cybersecurity summit, along with giant tech companies and officials in the Biden administration.
Alongside significant investments in its own digital capabilities, Manulife wants to work with ‘hundreds’ of outside innovators, says CEO Roy Gori.
A recent report produced by McKinsey & Company, explored the plethora of ways in which the insurance industry is partnering up with IT- particularly in relation to Artificial Intelligence (AI), and to what extent this is likely to affect the industry in the next decade or so.
Willis Re’s global head of insurtech tells Insurance Times why he expects funding in this sector to increase and why the term ‘insurtech’ could lose its value in the long term
Ernst & Young LLP (EY US) today announced that Assaf Wand, co-founder & CEO of Hippo, the home insurance group that created a new standard of care and protection for homeowners, was named an Entrepreneur Of The Year 2021 Northern California Award winner.
The insurance industry needs to think about sustainability through both an underwriting and an investment lens, says ESG analyst Xuan Sheng Ou Yong.
The COVID-19 pandemic has forced a wave of “remote” services in areas that allegedly required physical presence. It made us reimagine age-old practices and bring innovation to how businesses are operated, including insurance.
Rebounds don’t come much better than this.
A recent report by the International Federation of Red Cross (IFRC) found that since the 1990s, there has been a 35% increase in climate and weather-related disasters. Since March 2020, when the World Health Organisation declared a global pandemic, there have been 100 such disasters affecting 50 million people worldwide.
COVID-19 has given direction to insurtech trends to lean towards digital solutions. If the pandemic has taught us anything, it is that we cannot really make accurate predictions about the future. However, it has also been a major catalyst of change as several industries underwent rapid and rampant transformations. These changes have now translated into the ‘new normal.’
Afilio, a Berlin based Insurtech, has secured USD13 million in highly competitive Series A funding to support the expansion of their ‘Peace of Mind-as-a-Service’ platform offering users digital estate management services.
When a human being or even an animal faces risk, there can be one of two reactions – fight or flight. Risk is inarguably ubiquitous and something that most of us deal with on a daily basis. However, rather than fight or flight, sometimes the best way to deal with risk is to buy protection. And, this is where the insurance industry plays an integral role.
India is the second-largest insurtech market in Asia-Pacific, accounting for 35 percent of the US$ 3.66 billion insurtech-focused venture investments made in the country, according to S&P Global Market Intelligence data.
Lloyd’s has today announced the next eleven InsurTech start-ups joining the seventh cohort of the Lloyd’s Lab innovation accelerator programme. The new cohort will focus on creating simpler products for customers, including building solutions related to cryptocurrencies.
American International Group Inc is tightening terms of its cyber insurance, noting that its own premium prices are up nearly 40% globally, with the largest increase in North America, the U.S. insurer’s chief executive said on Friday.
Some people may think insurance is boring, but not Maria Goy. She is passionate about it. As an executive at New York Life, she came to view insurance as a product that differentiates the haves and have nots.
Imagine your banking app, based on your purchase history within it, offering pertinent insurance products. This could very well be the norm moving forward, if the results of a Cover Genius poll are anything to go by.
Aon’s revenues are up 12% and the half year stage with net income up 10%, helped by strong organic growth of 11% in Q2, but the numbers don’t include the $1bn termination fee the broker will pay Willis Towers Watson (WTW) for their collapsed deal.
Insurtechs have stepped up to turn the $5 trillion insurance industry on its head. This radical upheaval hasn’t happened yet. But the insurance industry’s tech monopoly has already begun.
As more and more people are in search of integrated digital experiences it has become imperative for insurance service providers to embrace the digital disruption.
Chubb chairman and CEO Evan Greenberg has been a voice for the (re)insurance industry throughout the COVID-19 pandemic. As leader of the world’s largest publicly traded property and casualty (P&C) insurer, Greenberg has used his platform to speak out about the “impossible” task laid at the feet of the insurance industry – to cover the cost of the global pandemic alone. c
Arthur J. Gallagher & Co. (AJG) is no longer buying certain Willis Towers Watson (WTW) brokerage operations following the collapse of the latter’s highly anticipated merger with Aon Plc.
German insurance industry association GDV has forecast around €5.5bn worth of claims due to extreme flooding earlier this month.
China’s banking and insurance regulator said on Thursday that it will guide insurers to increase investment in natural disaster insurance and enrich product offerings.
Global investment in the InsurTech sector reached a record during H1 2021, as half-year funding of $7.4 billion exceeded full-year investment in 2020, and in every other year, according to a new report by insurance and reinsurance broker, Willis Towers Watson (WTW).
Chubb released positive second quarter results, driven by gains in its commercial property/casualty business and related rate hikes in the sector.
Insurance does not exist in isolation. More and more, it is intrinsic to the business models of partner organisations, enabling new kinds of activities and new ways of working – a reality recognised by the Connected Insurance & Ecosystems category at Accenture’s Efma-Accenture Innovation in Insurance Awards
Insurtech Gateway Australia says global investment activity in the first half has seen records broken as funders see attractive insurance opportunities, and has called for more local activity.
Industrial motor insurer Zego, with help from Swiss Re, has teamed up with bp, an built-in vitality firm, to supply skilled insurance coverage for bp’s electrical car trial in London, referred to as “bp EV Professional.”
The further we move into the 21st century, the bigger the role technology plays in the insurance industry.
Slow and steady growth has been the mantra of Zywave in the UK since its inception, and the UK-based arm of the business has steadily grown a robust customer base of around 150 clients over the last decade.
Short-term insurers say they went above and beyond for their customers in the past year and aren’t greedily gobbling up savings from lower claims.
This week we spoke with Ron Rock, Senior Director at JobsOhio, about insurance disruption and the future of work – and the State of Ohio.
Global insurance and reinsurance brokers, Aon and Willis Towers Watson (WTW), have emphasised the pressing need for the “earliest possible trial date” for their pending case against the Antitrust Division of the U.S. Department of Justice (DoJ), which seeks to block their $30 billion combination.
Telematics technology is a “total game changer” for the future of the auto insurance industry.
The pandemic introduced radical shifts in how we do our work, communicate and shop for products and services. Did it change the way we drive too?
As the “next digital pandemic,” cyber risks are increasingly becoming a problem for insurers themselves, according to an industry expert.
The pandemic has heightened financial inequality, climate change risk and the threat posed by ‘zombie’ companies.
“It was the best of times, it was the worst of times.” The introduction from Charles Dickens’ “A Tale of Two Cities” may be an apt description of today’s property insurance landscape. While numerous opportunities exist, insurers face a variety of challenges—some often unforeseen.
Sønr’s chief executive predicts that insurtech M&A will double in 2021 – so far, 45 deals have been completed in the first six months of the year.
Insurers lose billions each year due to losses caused by major catastrophes like earthquakes, floods and storms. In 2020 alone, Aon estimated that insured property losses from natural disasters in the U.S. climbed to around $74 billion in losses, much higher than the 10-year average.
You can add another item to consumers’ pandemic shopping list: life insurance. The number of life insurance policies sold jumped 11% in the first quarter from the same time a year ago, according to the industry research firm Limra.
The COVID-19 pandemic is accelerating the transformational trends impacting the insurance sector and highlighting the need to take bolder actions in areas such as digital capability and effective engagement to address the customer’s needs post-pandemic. Over 90% of companies in the sector report that the changing technology and competitive landscape are directly influencing their divestment plans.
Jérôme Itty knows all too well the challenges of onboarding new hires in a remote work environment. “I’ve experienced it myself,” said AXA XL’s chief operating officer in the Americas.
Like major companies across the U.S., Nationwide executives in the early part of 2021 were discussing the process of repatriating some work-from-home employees to the office as the COVID-19 pandemic receded. That’s when inspiration struck.
The insurance revenue landscape is shifting in a myriad of fast-acting, unexpected ways. In our recent Insurance Revenue Landscape 2025 study, we were able to analyze customer demands to understand the trends shaping global revenue pools. Based on this research, we predict that the insurance industry will be influenced by the following four areas of innovation.
Bright Health Group Inc. shares began trading on the New York Stock Exchange Thursday, the latest issue to test investors’ appetite for new health-care companies that have yet to show profit but are aiming for high growth.
After an initial surge, the number of clients taking advantage of virtual claims processing has dipped. For insurers, now is a critical time to evaluate their processes and figure out how to properly provide a touchless experience, says a recent report.
Think about insurance coverage prospects who really take pleasure in assembly with their insurance coverage dealer. Clients who see insurance coverage not as a nuisance mandate however as an integral a part of their very own and their prospects’ success. Insurance coverage consumers who’re smitten by discussing dangers and coverages repeatedly, not simply begrudgingly annually. Clients who’re desperate to share knowledge on security and efficiency. Or prospects who view insurance coverage not as a value however as a income builder.
The enhanced ability to innovate is a principal motivator for Aon’s proposed acquisition of Aon and Willis Towers Watson. It’s a message that Aon CEO Greg Case has been emphasizing since the $30 billion deal was announced in March 2020.
While the full potential of blockchain is yet to be revealed, its far-reaching applications, in combination with adjacent technologies, has the potential to transform every industry—including insurance.
Ping An Life’s reform is driven by a combination of digital empowerment and a “heartwarming” value system, said Peter Ma, Chairman of Ping An Insurance. Mr. Ma spoke at the 25th Ping An Life Insurance Summit in Chongqing.
Risk analysts have always relied on data to guide decisions toward strong growth potential and away from high-risk strategies. This used to be a fairly linear process, but now that up to 90% of our data is unstructured, information is not only difficult to organize into digestible formats but also produced in volumes that go beyond the capabilities of human analysts aided by conventional data systems.
In our latest webinar, we discussed how automation in the claims process can improve customer experience, optimise the efficiency of claims and make insurers’ lives easier.
Most insurance organisations look the same at their core. They’re supported by the same foundations, they share the same core processes, they produce similar products, and they share the same goal of transferring risk while supporting a profitable industry.
Digitisation will disrupt the traditional life insurance sector in 2021 as Millennials and GenX embrace financial protection and ‘embedded insurance’ products, according to technology investment bank ICON Corporate Finance which recently secured £5m Series A funding for innovative InsurTech start-up Anorak.
The ongoing global pandemic has brought the health insurance industry into the spotlight. Over 80% Indian population does not have any personal health insurance cover and the others are heavily dependent on their employers for insurance and other regular welfare benefits.
This week Stéphane Guinet, founder and CEO at Kamet Ventures discussed the key attributes of startups that can rise above the rest and attract major funding.
While most insurers offered financial relief for customers, a more limited number of insurers launched financial assistance specifically for agents and partners.
The expectation that hundreds of so-called zombie companies will fail over the next few years and drag on the economy is among the major concerns prompting insurers to reduce risk and charge higher premiums, a trend likely to continue as failures increase, Swiss Re AG said on Tuesday.
There has been a raft of US insurtechs recently going public, leading to speculation that European insurtechs might follow suit.
Data has always been of high importance to insurance companies when undertaking multiple basic functions. With digital transformation taking over, insurance technology is in the spotlight as a growth concept in the sector.
Mike Karmilowicz of Everest Insurance shares details about his company culture, the threat of cyber and how technology will impact the insurance industry going forward.
How insurers create value for their customers has changed rapidly over the past year, which means that the fundamentals of how an insurance carrier generates revenue has changed. If you want to gain an advantage as an insurer, now is the time to listen to the changing market and innovate accordingly.
In our latest webinar, we discussed how to engender loyalty among your customers and give them an experience that turns them into great proponents of your company.
Insurance agency technology firm Vertafore has released a product it says puts the power of data and analytics into the hands of independent agencies.
More than a year after the start of the COVID-19 pandemic, we’re also seeing big shifts in consumers’ expectations for health and life insurance. This has generated significant innovation from insurers.
Even the most vigilant insurers and reinsurers scanning the risk landscape for potential future liability problems are likely to fall into landmines.
Insurtech talk with Andy Tomlinson, chief operating officer at Cuvva: How treating customers better can fix the insurance trust problem
This week, we spoke with Andy Tomlinson, COO of Cuvva, on how customers are losing out in the current motor insurance equation, and how the industry can adapt to more discerning customer expectations.
Health insurance is critical in nature, but a couple of years ago, it was more of a fringe benefit provided by startups (and other small enterprises) and not a key trigger for recruiting and retention.
Aon UK Chief Executive Julie Page has underlined the need for re/insurers to embrace and enable the disruptiveness of insurtech innovation, especially as the world attempts to recover from COVID-19.
With the threat of cyber attacks looming larger than ever in the minds of business leaders, we investigate the current state of cybersecurity insurance.
Insurtech talk with Janthana Kaenprakhamroy, CEO of Tapoly: Gig insurance solutions for the gig economy
This week we spoke with Janthana Kaenprakhamroy, CEO of Tapoly, about insuring the gig economy, founding an all-digital MGA and the future of platforms in insurance.
The weekly SPAC/IPO Tracker shows that through the middle of the month, year-to-date banking related listings stood at 25, trailed by a baker’s dozen of payment firms coming to market.
Ping An Insurance recently revealed that it has completed the initial close of Ping An Voyager Partners, LP, which is a growth stage venture fund. Approximately $200 million in commitments have now been made toward the planned $475 million target.
Traditional insurers have never faced as much competition for their customers’ attention as they do now.
A new report by insurance and reinsurance marketplace Lloyd’s of London has explored the potential benefits of human capital insurance solutions for workforce management in the wake of the pandemic and future systemic risks.
Despite the huge economic impact of the COVID-19 pandemic, the global insurance industry was relatively unharmed, compared to other industries, such as travel and hospitality.
The insurance industry is rich with data. Having the right information at the right time is critical for making important underwriting decisions, but all too often an underwriter can’t access the data that would be most helpful. A carrier’s data goes uncaptured, can be difficult to transform and store, or is inaccessible.
Like many industries, insurers made fast and dramatic changes in response to COVID-19 to keep operations running smoothly and customers supported. With vaccinations hinting at a return to “normal,” it’s a perfect time to do a data-driven post-mortem on how insurers responded to the pandemic. What actions were taken, what were the lessons learned and what do they mean for the future?
Life insurance is a unique product — even when compared to other consumer financial services.
For starters, a life insurance product, at its core, is all about managing mortality risk, which has a wide range of contributing factors and can take decades to emerge.
When much of the global economy locked down last year, insurers, facing estimated losses of more than $100 billion globally, reached straight for their red pens to strike pandemic cover from all new business policies.
Anish Jadav has been appointed Chief Underwriting Officer for AXA XL P&C in the UK, life insurtech Ethos Technologies Inc. has a more than $2bn (£1.4bn) valuation after a $200m funding round, and home insurtech Kin has raised $63.9m in Series C funding.
Imagine insurance customers who actually enjoy meeting with their insurance broker. Customers who see insurance not as a nuisance mandate but as an integral part of their own and their customers’ success.
Series A for Sprout.ai, Amazon and Zurich partner for Middle East payments service, LexisNexis report on future of claims
This morning AI solutions provider Sprout.ai have secured Series A funding from Amadeus Capital Partners, APS and Zurich are partnering on a Middle East-focussed payments solution, and LexisNexis Risk Solutions have released their 2021 Future of Claims Report.
Jérémy Jawish discusses the company’s expanding product set, its focus on R&D and its vision to become an exemplary AI-focused insurance vertical software vendor.
We spoke with Ben Smyth, co-founder and CEO of ethical contents insurer Arma Karma. We discussed engaging young customers, building bespoke products and taking on social responsibility in insurance.
In our latest webinar we discuss record breaking Insurtech funding, the most promising Insurtech territories, and how to win over venture capital with amazing teams.
In a counterintuitive twist, technology can go a long way toward humanizing the life insurance industry.
Ernie Bray is passionate about technology – he understands why there is so much potential behind AI, machine learning and video estimating. But, he cautions, there is a time and a place for tech. The touchless utopia some in the industry are wishing for has downsides, too.
Anyone who tried to work and collaborate remotely in the last year will have noticed that most solutions have drawbacks. Screensharing can be unsafe, connecting to legacy systems can be difficult. For Nicholas Piel, CEO at Surfly, the new way of working was a huge opportunity.
Allianz takes hard line on coal, David Bearman unveils new Aventum Group, APOLLO partners with Lloyd’s of London
Today we see Allianz announce that it will phase out insurance for coal-based business by 2040, Direct Insurance and other affiliates integrated into the new Aventum Group, and Canadian insurtech APOLLO has secured coverholder status with Lloyd’s of London.
Though the insurance industry can be slow to adopt new technologies, with the past year bringing new challenges to businesses, the rest of 2021 is insurtech’s time to shine.
Waterdrop, the online insurance and medical crowdfunding platform backed by Tencent, has started marketing its initial public offering (IPO) of up to US$360 million on the New York Stock Exchange.
Berkshire Hathaway CEO Warren Buffett has a message about the insurability of Elon Musk’s future SpaceX missions. “It would depend on the premium,” the Oracle of Omaha joked Saturday during Berkshire’s annual shareholders’ meeting, live streamed on Yahoo Finance.
Marc Rowan steers firm toward future as credit-investing titan catering largely to insurers with ample cash to park
This morning we see more funding rounds, major insurers partner to insure global vaccine rollout, and the LMA has announced their new Legal Director.
Trend-led brands will help establish the ‘winning insurance brokers for the next decade’
In the last few hours, WTW released data on last quarter’s record-breaking funding, and other moves and updates in the world of insurtech.
The insurance industry as we know it is changing. In the wake of the COVID-19 pandemic, insurance carriers understand that they have to either innovate or fall behind. In this post, we will take a look at what that innovation looks like in practice and what industry leaders are learning about the art of innovating sustainably and at scale.
New data from re/insurance broker Willis Towers Watson (WTW) shows that global investment in the insurtech sector reached a new quarterly high of $2.55 billion during the first quarter of 2021.
The insurance industry has proven its resilience. Through the disruptions of COVID-19 and massive claims from storms and other catastrophic events, valuations have gradually improved.
A new report from Accenture says Australian and global insurers should work towards building an “intelligent, data driven” operating model to elevate business performance.
Steve Jobs trained consumers too well, says Kjell Gruner, the new president and chief executive officer of Porsche Cars North America Inc. And now car companies have a lot of catching up to do to match Apple Inc.’s standards for user interface.
Technology is redefining the very way our world works. From general knowledge to private data, we as a cohort have access to more information than any others through the course of human history.
Insurance services are promises that only really get tested in the event of a claim, according to Mark Stephenson, head of business development and market relationships at Liberty Specialty Markets, which is why it makes sense to integrate claims across the entire business.
W.R. Berkley Corp.’s Berkley One expanded into Maryland and broadened its product offerings in other states where it does business.
The Insurance Protection Gap: What is it and how does it affect the insurance industry and our quality of life?
The insurance industry has been developing fast in the past few years. Companies have been focused on growth and increasing their Gross Written Premiums (GWP), but are facing increasing challenges such as tough competition, a low interest rate environment, growing customer expectations and regulatory scrutiny.
WANT TO SHARE YOUR KNOWLEDGE?
With world’s largest forum for insurance professionals, Insurtech Insights provides an invaluable platform for networking, new insights and exposure for thought leaders. We are always looking for new partners, content creators, and contributors to create value and deliver exceptional support to Insurtech Insights.
To share your knowledge, simply fill out the form.