We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
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.
Usage-based insurance (UBI) has finally come of age in the US insurance sector. Insurers have spent the last 20 years exploring the potential of telematics with alternating curiosity, commitment, and disillusionment.
The insurtech companies featured on the 2021 Forbes Fintech 50 are innovating in a space that has long been associated with antiquated processes and practices—and lots of paper.
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.
Insurance is infamous for having one of the highest customer acquisition costs of any industry.
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.
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.
AI, blockchain, analytics, BI, automation & emerging technologies will fundamentally change how risk is assessed, how products are developed & how customers interact with insurers.
With the threat of cyber attacks looming larger than ever in the minds of business leaders, we investigate the current state of cybersecurity insurance.
Zurich’s Property & Casualty (P&C) gross written premiums (GWP) jumped 9% to $US11.03 billion ($14.17 billion) in the first quarter, driven by further improvement in pricing and strong growth in commercial insurance.
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.
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 today’s APAC webinar, we were joined by industry leaders to discuss what the future of distribution might look like in a post-pandemic landscape.
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.
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.
Spending on artificial intelligence (AI) platforms in insurance will grow by almost a quarter every year out to 2024 as the industry exhibits a general willingness to innovate, analytics firm GlobalData predicts.
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.
AXA UK Retail Insurance has appointed Marco Distefano as Managing Director for Motor and Home and Anna Fleming as Chief Operating Officer.
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.
Insurtech broker Cover Whale has announced a new partnership with Smart Choice. Under the partnership, Cover Whale’s streamlined truck insurance platform will be open to Smart Choice agents in select states.
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.
The Covid-19 pandemic has ushered in ample opportunities by accelerating the digital transition of tasks that were once considered mundane.
W.R. Berkley Corp.’s Berkley One expanded into Maryland and broadened its product offerings in other states where it does business.
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.
COVID-19 has placed insurers of all shapes and sizes before a host of unaccustomed challenges. But as vaccines are rolled out and we move beyond the acute phase of the pandemic, there are increasing opportunities on offer as well – where insurers can play a role in addressing the pain points that consumers and businesses face in the new normal.
In our newly released webinar, The Principles of Claims Efficiency, FRISS and co-founder Christian van Leeuwen teamed up with Karen Mican, Chief Claims Officer at RSA Canada, and Ben Allen, co-founder and CTO at Laka, to answer some of your most pressing questions on claims efficiency.
The increased amount of data cloud providers can provide as more information moves to the cloud will help underwriters write cyber risk and their policyholders in turn, say insurers and a cloud provider.
The pandemic has changed a lot of things — online shopping, at-home entertainment, work arrangements, take out and food delivery — and telemedicine.
Climate change is one of the biggest challenges we face as a society. With climate-related catastrophe losses continuing to climb, insurers are in a unique position to recognize just how high the stakes of climate change truly are.
Today Munich-based insurtech insureQ announces raising a €5 million seed round led by Nauta Capital, with existing investors Flash Ventures and GFC also participating.
Insurance markets are competitive (and getting more competitive with new market entrants), and insurance products are complex (and getting more complex with changing customer expectations).
Touchless digital insurance, for years a mirage somewhere in the future for the insurance industry, is here to stay thanks to Covid-19. High-growth breakout successes of the past few years such as Lemonade, Hippo, Next, Root and–if I may be bold, my company Neptune–highlight how innovation in the use of data can change every aspect of the insurance supply chain.
Most all players in the insurance sector are digitising – some more seamlessly than others. This phygital (meeting of the physical and digital worlds) trend is becoming omnipotent, with a blend of automation and human expertise now the norm.
Insurance giant AXA Switzerland now allows customers to pay premiums in bitcoin.
Lloyd’s announced the next 11 InsurTech start-ups that are participating in the sixth cohort of its Lloyd’s Lab innovation accelerator program.
Trevor Carvey, Chief Executive Officer (CEO) and Chief Underwriting Officer (CUO) of newly launched P&C reinsurer Conduit Re, has said that he expects 2021 to mark a “generational transformation” in the way the re/insurance industry operates.
Johanna Von Geyr, partner and EMEA lead banking, financial services & insurance at ISG, explains why insurance firms need to adopt open data.
Clearcover has raised $200 million in fresh capital as part of a late-stage financing round led by Eldridge, the investment firm helmed by Los Angeles Dodgers owner Todd Boehly, the digital car-insurance startup will announce on Tuesday.
Over the past ten years, the world has become increasingly on-demand in order to cater to the preferences of Gen-Zs and millennials. The on-demand generation refers to being able to order things easily and quickly as the need for them arises. Examples of on-demand services that are currently dominating the world including Uber (rides), Airbnb (housing), and Instacart (groceries).
Over the past ten years, the world has become increasingly on-demand in order to cater to the preferences of Gen-Zs and millennials. The on-demand generation refers to being able to order things easily and quickly as the need for them arises. Examples of on-demand services that are currently dominating the world including Uber (rides), Airbnb (housing), and Instacart (groceries).
The COVID-19 pandemic exacerbated the threat and likelihood of cyber security breaches for organizations, Munich Re’s 2020 cyber risk report found. Despite the growing risk of cyber attacks, its insurance coverage products and services are still failing to catch up.
As GenZ becomes more influential as consumers, their expectations for services and interactions will include many AI-based offerings. Add the purchasing power of the Millennial generation with that of GenZ, and all businesses must evolve to meet these collective expectations for technology.
The insurtech sector has emerged as one of the most significant players in the UK’s fintech industry, continuously reaping investments, even amid a myriad of economic disruptions caused by the pandemic.
Artificial intelligence (AI) and machine learning have come a long way, both in terms of adoption across the broader technology landscape and the insurance industry specifically. That said, there is still much more territory to cover, helping integral employees like claims adjusters do their jobs better, faster and easier.
Insurance has always been a valuable option for those looking to protect themselves from potential threats, and the pandemic has even further reenforced the importance of preparing for the unexpected. However, some customers have been deterred from enrolling in insurance coverage with traditional companies, due to barriers like complicated coverage options and unclear eligibility requirements.
According to the Lloyd’s yearly market report, the 2020 casualty treaty market saw a number of pre-existing trends accelerate as the market faced issues such as diminishing capacity, tightening policy coverage and significant price strengthening in distressed and high exposure accounts across most lines of business.
New UK brands include Lloyds Bank, Love To Rent, Moovshack, OpenBrix, Utilita and Movinghub, with many more to come in 2021
As technology has reshaped the world in recent years, it’s also become an integral part of the financial industry. The emergence of financial technology companies, or fintech for short, has changed the way we spend money, take out loans, and track our budgets.
The insurance industry isn’t exactly synonymous with “cutting edge,” but that’s changing thanks to modern technology. Insurtech is completely upending the way the insurance companies operate and how consumers access coverage.
New generally available release includes features that provide major quality of distributor performance improvements for carriers looking to optimize and expand distribution channels.
Astorya.io, which aims to serve as the search engine for Insurance and Banking technologies, has published a blog post, titled InsurTech Europe: 10 Years Of InsurTech In Europe Analyzed Through 800+ Startups (based on data from astorya.io).
The insurance industry has been in the midst of digital transformation in recent years – but experts say this technological shift has been accelerated by the need to address the unprecedented challenges brought about by the pandemic.
A new smart contract-based insurance marketplace is promising radical efficiency and more coverage for the long-underserved crypto industry.
The future of insurance is here. Insurers can no longer wait on the sidelines. They must get in the game. What game you ask? The game of who will win the hearts and wallets of tomorrow’s insurance customer.
From the SolarWinds breach to the recent Microsoft Exchange server breach, 2021 is already shaping up to be a landmark year in cybersecurity.
The pandemic has facilitated the digital transformation of the global economy, and the insurance industry may be the next major market that’s ripe for disruption.
The COVID-19 pandemic has made many companies across all markets reevaluate what it takes to survive and grow during this global crisis. In the Insurance industry those tools are innovation and M&A activity.
Recently, there has been a seismic shift in the C-suite with most the likes of the CFO and CIO, among others, taking on much more strategic roles in the business. One roll though, that has largely remained unchanged for decades is that of the Chief Underwriting Officer.
Auto insurers are redefining themselves as mobility companies and in the future will be seeking to own the mobility experience using a vast mobility ecosystem, ideally building those ecosystems around their brands.
The pandemic has obliterated any lingering doubts that operating digitally is the only way to do and to stay in business—it’s ‘go digital’ or stare at that wall until the unthinkable happens.
Insurance aggregator GramCover provides affordable, customised, and well-rounded insurance products designed for agriculture and rural India. Founded in 2016, the agri insurance startup aims to become the centre of all risk and insurance in villages, ‘gai se gaadi tak’.
Insurance pricing was up across most lines and classes globally in the final quarter of 2020, and that upward pricing trend looks set to continue well into 2021, according to Aon’s Q4 2020 Global Market Insights Report.
What’s to be seen is whether there will be savings in terms of moving to a microservices architecture vis-à-vis when compared to legacy. Microservices with analytics will be the next normal for any life insurance company.
Insurance isn’t known as a fast-moving industry. The oldest names in the business have been around for centuries. And the core business proposition — paying policyholders in bad circumstances using money from those who averted disasters — has pretty much stayed the same.
Blockchain has gained a lot of attention in recent years. It has the potential to transform how insurance companies operate in this evolving digital age
Data and analytics firm GlobalData expects COVID-19 to be far and away the most important theme for the insurance industry in 2021, but that sustainability will continue to be an essential long-term issue.
Insurance providers have long struggled to incentivize behaviors that minimize risk — and thus save everyone money. In the past ten years, however, insights from behavioral science have given providers a new framework for encouraging healthy behaviors. Connected devices can translate those behaviors into cost savings.
“Specific and deep.” That is the type of service brokers need to be providing their clients in the cyber insurance spaces, says Shannan Fort, partner, financial lines, cyber at McGill and Partners. To be successful, brokers need to clearly understand their role and have a firm grasp on the remit of their responsibilities.
From flooding to social unrest, we offer our international experts’ predictions on the opportunities and challenges that the property insurance market may face in the coming year and beyond.
As per a report jointly released by TiE Delhi and Zinnov, the number of unicorns in India is expected to rise to 100 by 2025.
Many advisers insist that innovation leading to faster underwriting is the key to growing the individual protection market because online shopping generally has driven a customer demand for instant gratification and a personalised experience.
Juniper Research: Insurtech Platform Premiums to Exceed $556 Billion Globally in 2025, as AI Drives Market Transformation. Insurtech to Represent 8% of Global Insurance Premiums by 2025.
What are the main Insurtech disruption trends of 2021? In this article four of the UK’s leading insurtechs discuss the decline of traditional insurance and the rise of disruptive innovation in the sector
In Europe and across the world, there’s hope that life will start to return to normal this year. But although people may begin to work, socialise and travel as we used to, the way we purchase insurance – and indeed what we want from our insurers – will never be the same.
Insurance businesses are “jewels” of the Berkshire Hathaway business, said chairman and CEO Warren Buffett as the firm’s Reinsurance Group reported huge underwriting losses in 2020.
Looking ahead, insurance regulators should be more likely to allow more significant technical advancement and use in the insurance industry since, during the pandemic, many innovations were allowed and successfully used.
The car insurance field is constantly evolving. Insurance companies must not only to respond to ever-changing and increasingly sophisticated customer needs, but also embrace new technologies and ways of doing business.
Insurers in 2021 will be doubling down on streamlining, reinforcing their core businesses and updating technology, and M&A will help them get there as it did in 2020, according to a new Bain & Company report.
The IPOs of several insurance companies, such as Lemonade Inc (NYSE: LMND), in 2020 may lead to additional companies in the sector hitting the public market in 2021. Companies could explore a traditional IPO or a SPAC deal to bring their insurance companies public.
Interoperability and Compatibility With insurance agencies resorting to the use of digital tools, insurers must maintain a common data environment and set protocols to achieve interoperability and compatibility across all systems.
Global re/insurer SCOR has made a call for re/insurers to help convey the broad health benefits of getting the COVID-19 vaccination.
The Indian government has announced its vision to make the whole nation free from toll plazas by 2023. The toll money would now get debited via the GPS tracking system installed in your vehicle.
Healthcare organizations have to contend with the coronavirus pandemic and its lingering impacts, and shifting consumer demands for fast and convenient services. Healthcare players are being forced to move on their digital transformation efforts, and Alphabet, Amazon, Apple, and Microsoft are lending their tech-savviness to become partners for the job.
Last year, Getsafe launched in the UK – marking the start of the company’s expansion into new markets. Despite the challenges presented by the global pandemic, Getsafe pushed on with its agenda, including gaining $30 million in new funding and beginning partnerships with leading price comparison websites. It’s time to look back on 2020.
PTOLEMUS Consulting Group forecasts that European motor insurance premiums for employed and self-employed last-mile delivery will grow to €5.8 billion by 2030.
Managing general agencies (MGAs) in Canada are currently engaging in very little mergers and acquisitions activity among themselves because the market is still growing organically and is less mature than in other countries, the managing director of the national MGA trade association told Canadian Underwriter recently.
The effects of the COVID-19 pandemic will be felt by the insurance industry and its customers well into 2021 as consumers and businesses continue to face economic challenges, according to a new survey by consumer credit reporting firm TransUnion.
Quotech and Tenefit have announced a new partnership to bring new peril and loss-event data into insurance-market systems in real time, and to analyze that data effectively alongside the customers’ own data.
The desire to travel is strong. While lockdowns, travel restrictions and ongoing Covid-19 outbreaks have seriously hampered our wanderlust in 2020, vaccinations give us some optimism for travel in 2021.
With automated claims processing, the turnaround time for settlement will be measured in minutes rather than days or weeks.
It will come as no surprise to learn that the COVID-19 pandemic was by far the biggest concern for the respondents to the WEF’s annual survey.
Newly enfranchised consumers want to stay empowered, and chatbots have been around for a while, so could this be their moment?
The total number of global ransomware reports increased by 715% in the first half of 2020 year-over-year, according to Bitdefender’s Mid-Year Threat Landscape Report 2020.
CB Insights Analyst Niall Williams discusses InsurTech-related findings of two recent reports.
The start of a new year presents a good opportunity to reflect on changes over the past 12 months and predict what lies ahead in the next. As we can see a distant end to this difficult period, it’s time to reimagine the world’s future.
A new report by Travelers reaffirms the company’s belief that the auto insurance industry will play a “critical role” as lawmakers, regulators and society adjust to innovations in transportation, including the shift towards autonomous driving.
The future of insurance as-a-service, especially for claims, requires an action-based model that leverages on-demand support.
Increasingly digital customers are demanding more from insurers. They want help preventing injury and loss. And insurers who re-invent their offerings with AI capabilities will be poised to deliver.
Experts looking at the InsurTech sector for 2021 see both more of the same and new things ahead. Some predict more IPOs, M&A and partnerships. Others expect new InsurTech ideas to fully take root, such as the embedding of insurance into every financial and retail transaction.
Interest remains high in technologies like artificial intelligence and big data.
With assets under management of around €10 trillion, insurers in Europe have plenty of financial clout to drive changes that will promote sustainability earn them more trust among customers.
It’s an understatement to say that 2020 has brought new risks to the forefront for insureds, while introducing new challenges for the re/insurance industry. However, over the past tumultuous 12 months, the reinsurance market has been able to find opportunities to develop business and stay on course.
Technology continues to be a primary growth driver in insurance dealmaking worldwide. Notable deals completed in 2020 include investments into US-based startup Openly, Belgium’s Keypoint, and yallacompare in the United Arab Emirates.
After a year of economic turmoil, the US emerged from 2020 with its insurtech crown intact. American companies accounted for 39 places in FinTech Global’s InsurTech 100 (2020) – almost double that of its closest competitor. Of the insurtech megarounds completed by the third quarter, 75% took place in the US, with insurtechs flourishing in startup strongholds like Silicon Valley and New York, and across the Midwest and South.
AXIS Capital Holdings Ltd. said it won’t insure oil and gas projects in the Arctic National Wildlife Refuge, becoming the first North American underwriter to make the commitment after pressure from native Alaskans and environmentalists.
Throughout the last year, the COVID-19 pandemic challenged insurers to better understand customer needs and preferences while also accelerating digitization efforts.
Today when we speak about digital transformation within insurance, it can sound like it is something relatively new. In actuality, technology has been playing a pivotal role in the insurance industry for decades.
As we look back on 2020 – and aren’t we all glad to be doing that? – it’s safe to say that the rate of change in the insurance industry accelerated at least tenfold.
The authors predict carriers’ struggles to innovate, and keep up with other carriers, will change the trajectory of dealmaking.
Both startups and established players in the reinsurance industry are likely to have a strong focus on expense efficiency in 2021, according to Dmitry Mnushkin, President of Bermuda-based insurance and reinsurance software specialists, Treefrog Consulting.
The head of New York Life Ventures talks about the impact of the pandemic on the world of InsurTech investment.
Three out of four consumers (76%) would welcome assistance from their insurer in dealing with cybersecurity threats as the pandemic drives more consumers online, according to a new report from Accenture.
We cannot wait for 2020 to be over. Despite what we all feared in March, insurtech has continued to flourish, with lots of capital supporting the sector in public and private markets, closer integration between incumbents and startups, and promising solutions for long-time needs in SME and cyber.
From dematerialization to personalization. From IoT to Machine Learning. From Virtual Reality to gamification…and more. Here are the top 10 digital trends for insurance.
Lloyd’s of London is scaling back its exposure to coal and oil sands, the commercial insurance market said in its first sustainability report on Wednesday, in a reversal of its traditional hands-off approach to climate change strategy.
With the Covid-19 pandemic accelerating the development of technology, insurance technology (insurtech) is gaining traction. This year, the market has seen the successful initial public offerings of numerous disruptive insurtech players or startups in the US like Lemonade, with Hippo expected to follow next year, and this trend is expected to be repeated in Southeast Asia.
German insurance technology startup Wefox expects to achieve revenue of 300 million euros ($365 million) and be profitable at the operating level next year, its founder and CEO, Julian Teicke, said in an interview.
Cyber insurance has been identified as a key growth area for London, according to a study conducted by the City of London Corporation and Accenture.
In an interview with Karen Webster, Hippo CEO Assaf Wand made the case that online platforms can solve the pain points of getting claims paid, but also set up a steady oversight of home maintenance that keeps trouble spots to a minimum.
Analysts at RBC Capital Markets predict that Lloyd’s insurers are likely to retain more business on their own balance sheets as pricing in the market continues to improve.
The rise of the sharing economy has dramatically reshaped marketing thought and practice. The projected revenue from sharing accommodations and transportation alone will surpass $335 billion in 2025. The recent initial public offerings of Uber and Lyft exemplify this remarkable growth.
Insurers pummeled by the pandemic are looking to deals as they race to see who’ll emerge strongest when the outbreak subsides.
India’s smartphone insurance market is expected to grow at a CAGR of 29% to touch $500 million (about Rs 3,678 crore) by 2025, according to a report by consulting firm RedSeer.
Insurtech company Cuvva is urging the insurance industry to make their coverage options more flexible for UK students travelling back home for Christmas.
Among the myriad changes triggered by the Covid-19 pandemic is the sharp spike in a form of auto insurance that can greatly reduce premiums, especially for the millions of drivers who no longer commute since they’re now working from home.
Braxtone Group unveils new motor claims recovery platform after graduating from regulatory sandbox of Bahrain Central Bank.
It’s not just tech behemoths who are invading the turf of insurers these days and giving the industry a run for its money.
With home-working widespread because of COVID-19, security around access and authentication points is critical.
If the last nine months have made anything clear, it is that the pandemic has fundamentally changed both buying and driving habits for UK motorists. The latest Tempcover research has revealed that online-only used car sales had increased fifteen-fold during the pandemic among 2,000 survey respondents.
Insurance companies should pay close attention to insurtechs—not because they’re coming to attack, but because they’re coming to collaborate. For established insurers, insurtechs can be digital enablers that drive the adoption of digital technologies along the value chain.
Demand for predictive analytics is on the rise as life insurers look for new ways to boost business performance and customer relations in a tight market, according to a new study from Willis Towers Watson
External attacks on companies result in the most expensive cyber insurance losses, but it is employee mistakes and technical problems that are the most frequent generator of claims by number, according to a report from Allianz Global Corporate & Specialty (AGCS)
Established insurers will face a squeeze on profits and market share as new financial technology companies muscle in on the industry, a senior European Union official said on Wednesday
Connected vehicles, especially fully autonomous vehicles, are going to profoundly change the nature of car insurance – particularly the ways in which insurers assess risk and set premiums
Reputation is one of the most valuable intangible assets to global businesses, according to a report by Lloyd’s and KPMG
Next year could be one of Beazley PLC’s strongest for more than a decade, the Lloyd’s of London insurer’s chief executive said on Tuesday, with the industry likely having already absorbed the bulk of its losses from the coronavirus pandemic
The pair are among the investors plowing a total of $160 million into Metromile, which offers pay-per-mile car insurance and tailored pricing to drivers. The startup relies on a device that subscribers install in their vehicles, which tracks their mileage and reports other data with their permission
Over time, insurance has evolved from a product that is sold to a product that is bought, according to Christian Bieck, global leader of the insurance practice for the IBM Institute for Business Value, a research organization that provides thought leadership based on primary data and real-life case studies
Allstate Corp. hired solely banks owned by minorities, women or veterans for its bond sale, in the biggest corporate deal yet managed only by diverse firms
Global reinsurance giant Swiss Re has said that it expects its property and casualty reinsurance (P&C Re) normalised combined ratio to improve to 96% or less in 2021, as the firm pursues targeted growth in a hardening marketplace
Digital transformations that would have taken three to five years are now happening in under six months
AmWINS Group has released a report that explores the state of the property market and how it is becoming more dire as hardening continues, despite the COVID-19 pandemic
Manulife Financial Corp. says more than $600 million in digital investments over the last two years are paying off as the company grappled with the COVID-19 pandemic.
As the tech giants and startups enter the insurance market, are we witnessing the beginning of the decline of the traditional insurance giants?
Without a daily commute for the foreseeable future, consumer interest in pay-per-mile coverage is on the rise.
A new sigma study by Swiss Re is forecasting global insurance premium growth of 3.4% in real terms in 2021, following a contraction of 1.4% this year due to the impact of the COVID-19 pandemic.
Using data to gain a deeper understanding of policyholder behavior can be one of the most effective means of building trust with insureds.
Warren Buffett’s Berkshire Hathaway Inc reported lower quarterly operating results on Saturday and said the coronavirus pandemic may cause further damage, even as gains in stocks such as Apple Inc fueled a more than $30 billion overall profit.
For years, the established insurance industry has viewed insurtech start-ups as disruptors. And rightly so—they are nimble, responsive to customer needs and built on modern technology.
As businesses have had to adjust how they transact with patrons in an effort to curb the spread of the novel virus, on-demand delivery drivers
Massive healthcare companies like UnitedHealth Group and Anthem are soaring amid an undecided election — and it’s because an overhaul of health insurance is looking
Insurtech funding rose 52% from the second to third quarter, according to CB Insights’ State of Fintech Q3 2020 report. Funding reached $2.56 billion in
London has seen a sharp rise in premium volumes coming from the US this summer, a recent survey from the London & International Insurance Brokers’
Think of giants like Ping An; innovations such as TenCent’s Waterdrop; and ecosystem plays such as Rakuten. We often get asked where you should go
In 2012, Nigeria launched a National Financial Inclusion Strategy (“NFIS”) in which it aimed at reducing the percentage of adult Nigerians that are excluded from
Deals are still getting done during the pandemic. But they’re coming with increased frequency of claims notifications. The mergers & acquisitions market is challenging for
On the back of several years of unsatisfactory returns and the added challenges of COVID-19, Willis Re’s James Vickers has said that the reinsurance market
Cytora employees can choose to work from any location they desire, no longer restricted by the unnecessary demands of a physical office. Remote-first now sits
The frequency and severity of cyber events is on the rise and as the peril grows in relevance, particularly under COVID-19 conditions, demand for protection
Insurtechs are important for the development of the industry — but as tools. Incumbents must still get the real transformation done. Given the nature of
With the launch of Amazon’s Halo, a health-focussed wearable, the first-party-data-fuelled company is setting up to disrupt healthcare – but the early steps it is
Hardening insurance markets are bucking the global recession trend, according to a new report from the Swiss Re Institute. “Even before the COVID-19 crisis, low
Iprosurv, the UK’s leading aerial survey, inspection and mapping provider, has entered into a partnership with US-based agricultural surveying specialists, Sentera, in a move that
In the wake of the COVID-19 pandemic, a new report from insurance and reinsurance marketplace Lloyd’s of London has called on insurers to build simpler
Global insurance and reinsurance brokerage, Aon, predicts that the risk settlement market could still reach £50 billion by the end of 2020. The 2020 result
KPMG has published a report in collaboration with Lloyd’s that highlights the new threats to intellectual property (IP) portfolios posed by a changing risk landscape
Despite the impact of the COVID-19 pandemic on dealmaking, the global M&A market has recorded its first positive performance in three years for completed deals,
Five years after London-based hedge fund Toscafund ditched the shares it held in insurance companies, the $3.5 billion firm and its peers are flocking back,
Tech giants are ramping up their investments in digital health initiatives, signaling some significant moves to target the health insurance space. Google, Facebook, Apple and
What are the Covid-related changes in consumer behavior that will stick in the healthcare revenue cycle following the pandemic? Here are three trends that could
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