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.

What do insurance leaders need to be?

The insurance industry has reached a point where many executives are also technologists, even if their title has a different designation. What’s driving this, in part, is multiple disciplines working together to further technological progress.

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Can Tesla Insurance Help Increase Driver Safety?

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.

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The FinTLV Israeli Insurance/Insurtech ecosystem

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:

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Four Ways Embedded Insurance Will Transform the Industry in 2022

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’.

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McKinsey: What insurtechs need to scale successfully

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.

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Allianz gears up for €500mn hit to exit Russia

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?”

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Is it time for insurers to reimagine digital payments?

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.

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automation

How automation can focus insurer resources

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.

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Tech is improving underwriting—but not in the way you’d think

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.

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5 trends influencing how consumers relate to insurers

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.

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Insurtech innovation: 5 trends for 2022

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.

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The future of life insurance

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).

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Lloyd’s Lab reveals its eighth cohort focusing on decarbonisation and climate change

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.

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automation

How automation is key to scaling insurance agencies

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.

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4 ways technology can help carriers acquire new customers

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.

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For Gen Z and Millennial Women, Finances Are a Balancing Act

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.

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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.

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Prepared Mind: The insurtech landscape and five predictions for the future

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.

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3 Asian InsurTech companies to watch out for in 2022

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.

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Charles Taylor joins the AI battle against fraud

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

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CEO on the microeconomics of insurance

These days customers are looking for a customized insurance experience, agents are looking for better strategies to engage with customers, and carriers are looking for the most current data to make choices about their products.

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Why UBI will survive the pandemic

It’s been a hit and miss for Usage-Based Insurance (UBI) in Canada since it was first introduced about a decade ago, but brokers believe it will survive well past the pandemic-induced uptake of the past two years.

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Insurtech 2022: Hype vs. Impact

Insurtech is no stranger to hype but with 2020 and 2021 bringing far more change than anyone bargained for, the industry has seen a fresh round of predictions and speculation.

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What is the role of litigation analysis in the insurance industry?

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?

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Insurtech companies in Asia – the leaders in 2022

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.

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5 predictions for the insurance industry in 2022

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.

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Where does the M&A market stand going into 2022? – Report

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.

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10 Insurtech Trends and Predictions for 2022

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.

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Could the insurance industry help trigger a new wave of nature-based solutions?

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”?

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The state of SPACs in insurtech

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.

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4 areas where digital twins could help insurers

In this series, we’ve been looking at the value digital twin data can bring to the insurance business. Specifically, I see there being four main areas where insurers could take advantage of digital twins to make material improvements.

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2022 insurance industry outlook

2021 saw widespread vaccine deployment and easing of pandemic-related restrictions—important catalysts that helped rebuild confidence among people and businesses alike, while fueling economic recovery.

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How to save the $3.78B insurtech market: Coretech to the rescue

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.

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3 Trends Transforming Auto Insurance

The auto insurance industry is at a turning point. After navigating the unwelcome effects of a global pandemic, carriers and collision repairers are eagerly awaiting a return to “normal.”

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The (in)human touch: AI and fairness in insurance

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.

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Health Insurance: What’s Next?

Looking toward 2022, health insurers are going to be wrestling with all the ways COVID has transformed the health insurance industry and what it means for coverage, pricing and patient care for the years to come.

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6 key takeaways from Europe’s biggest insurtechs

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.

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How insurtech is driving robust M&A activity in the industry

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.

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The rise of the exponential underwriter

As the insurance industry adapts to shifting market conditions, some roles will likely need to be transformed as well. Learn how insurers could multiply value creation by modernising the underwriting function now.

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How carriers can maximize agent performance

The news of the death of the agent has been greatly exaggerated. Agents control about 80% of the homeowner market and 65% of the personal auto market today because most customers still prefer to do business with agents.

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Global M&A on track for record year – report

Companies making M&A deals outperformed the World Index by an average of 2.3 percentage points during the first nine months of 2021, driven largely by strong performance in the first two quarters of the year, Willis Towers Watson said.

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Insurance digitalisation spawns increase in identity fraud

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

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P/C Reinsurers Keep Underwriting Discipline Even as Capacity Rises: Guy Carpenter

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.

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Points for insurers to consider as they invest in insurtech

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.

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The rise of M&A insurance

The pandemic has not stopped the growth in the M&A insurance market. Brokers in North America have seen an uptick in M&A transactions, M&A insurance, and claims over the last year.

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Tomorrow’s Insurance is Connected

Technologies are emerging that enable omnipresent, real-time connectivity between the people and businesses being insured and their insurers, and that is fundamentally changing the business of insurance.

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Why is blockchain the key to boosting consumers’ trust in insurers?

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.

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Top 5 Insurtech Trends for Now and the Future

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.’

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Digital Claims: The ‘moment of truth’ for insurers

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.

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Chubb CEO makes case for pandemic insurance program

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

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Connected insurance and ecosystems: Crucial to modern business

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

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Bradley Collins

Bradley Collins