Dawn Miller is to join Lloyd’s as its new commercial director in a role set to begin in Q2 2022.
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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.
Appointment empowers Resilience to bring its cyber insurance solutions to a global marketplace.
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.
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.
Travelers has expanded its telematics auto insurance offering with the launch of IntelliDrivePlus.
Parametric insurance products are often best incorporated into a policyholder’s insurance product portfolio as a coverage add-on to a traditional policy rather than the base cover itself.
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.
Allianz SE has announced an agreement with London-based insurtech Cytora that will see the former integrate AI-based digital risk processing solutions into its commercial insurance business.
The emergence of next-generation technology solutions such as artificial intelligence, machine learning, predictive analytics, cloud and edge computing is causing a seismic shift in the insurance market – disrupting the outdated, typically protection policy-focused model.
Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting.
Zurich Insurance Group agreed to acquire Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation, to further enhance the group’s digital capabilities.
Steep rise in revenue comes on heels of new patents & multiple awards recognizing company’s AI-powered benefits guidance platform.
Coalition, the world’s largest commercial insurtech provider, today announced it will launch a new captive to begin taking risk on its cyber insurance programs. With this captive, Coalition will enhance its ability to manage capacity and its long-term growth objectives while further aligning incentives with its customers.
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.
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.
AI-powered chatbots pack more power than simple rule-based chatbots. As opposed to pre-programmed “if this, then that” rule-based chatbots, AI bots use algorithms and natural language processing to develop human-sounding responses and collect data to learn from each interaction, improving over time.
For as much coverage and discussion as telematics has received over the past two decades, its impact on the auto insurance economy, including transportation, is going to be even greater and further reaching than many may have thought – it will be transformative in the fullest sense of the word.
As the cyber risk environment evolves from occasional data theft to rampant extortion, cybersecurity experts believe that the current cyber insurance model – where policies are easily accessible – is ripe for a change.
With road testing of driverless vehicles now underway across North America, and more pilots on the horizon, it’s no wonder property and casualty insurers and industry experts are increasingly discussing the changing risk landscape.
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.
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.
Global reinsurance giant Swiss Re and Chinese tech giant Baidu have partnered to advance insurance and risk management for autonomous driving and autonomous vehicles.
Cyberattacks and data breach topped the list as the number one current and predicted future risk globally in Aon’s recent 2021 Global Risk Management Survey.
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.
The race for insurers to differentiate in the industry is on. As insurtechs disrupt the market and customers demand seamless, individualised experiences, insurers need to change the way they serve their clients.
Metromile’s auto insurance offerings are informed by a decade’s worth of data, which should improve the quality of the newly-introduced product, Lemonade Car.
They say insurance is a product that is sold not bought – and as a result, we often spend a lot of time focused on the buy-side: the risk landscape of potential customers, their coverage gaps, their servicing preferences… their apathy even.
To understand the current and future coverage opportunities, along with the challenges yet to be addressed, this article delves into the present status of AVs and where the industry is likely headed over the next decade.
Russian tech giant Yandex plans to reward responsible drivers on its car-sharing platform with cheaper insurance this year, it told Reuters, using machine learning in a pilot program similar to one already adopted by Tesla.
The COVID-19 pandemic continues to cause upheaval in our business and personal lives in North America and around the world. While there is still considerable uncertainty around how the pandemic will continue to evolve, insurers need to continue to look forward and plan for the future.
Metromile, a leading digital insurance platform and pay-per-mile auto insurer, today announced a significant expansion of its Independent Agents program, along with the appointment of Scot Rankin, a 30 year insurance veteran, as Independent Agency Relationship Manager.
Global risk and reinsurance specialist Guy Carpenter & Company, a subsidiary of Marsh McLennan, has announced the launch of Wildfire Risk Score, a tool designed to help manage their exposure to the risk of wildfire across Europe.
Guidewire Software has launched a new program designed to connect its insurance industry customers to up-and-coming InsurTechs.
Marsh McLennan has announced the launch of its Cyber Risk Analytics Center, an enterprise-wide resource that combines the cyber risk data, analytics and mitigation expertise of its Marsh, Guy Carpenter, Mercer, and Oliver Wyman businesses
Insurance technology company CoverGo is expanding its business to the US, Canada, and Latin America.
UnipolRe, part of UnipolSai Assicurazioni, has rolled out a new telematics offering designed to enable its clients to integrate sophisticated and robust telematics technology into their motor insurance offering.
As countries around the world continue to grapple with the COVID-19 pandemic, another outbreak has taken place in the cyber world, according to Allianz Global Corporate & Specialty (AGCS). The specialty insurer is referring to the digital pandemic driven by ransomware.
The convergence of location intelligence (LI), artificial intelligence (AI) and improved satellite technology, known collectively as “space tech”, is opening new opportunities in insurance and other industries such as logistics and agriculture.
Here’s how Collective Benefits is transforming independent workers insurance – Interview with CEO Anthony Beilin
We recently included Collective Benefits as part of Future50 Europe. This insurtech is on a mission to transform independent worker insurance and has raised £9.3 million since its founding in 2019. We interviewed CEO Anthony Beilin (pictured left) to discuss his experience building a successful insurtech.
Developments in drone technology are often heralded as having the potential to change the landscape of business operations, most prominently in the consumer goods shipping sector.
We recently included Descartes Undewriting in our Future50 Europe. In this interview, CEO Tanguy Touffut shares how his startup is changing underwriting in a time of growing climate risk.
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.
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
The insurance industry is the very definition of risk-averse, and that includes the sector’s critical operation of underwriting. Spend a working lifetime identifying, analyzing, quantifying and ascribing monetary value to risk, and one is likely to have a fairly strong aversion to undertaking new endeavors with inadequately understood consequences.
Large insurance companies are lagging in embracing open insurance, despite the fact that the number of challengers in the landscape continues to grow. This is according to new research from management consultancy Innopay.
Global reinsurance broker Gallagher Re has announced the launch of Gallagher Automated Insurance Analytics (GAIA), a proprietary automated analytics platform.
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.
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.
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.
This week we spoke with Ron Rock, senior director for insurance and insurtech at Jobs Ohio. Following the departure of Tesla and Oracle from the once dominant Silicon Valley, we discuss whether insurtech could be the next big part of the tech world to pursue high-growth regions.
Dutch and US-based FRISS is a cybersecurity company that focuses completely on automated fraud and risk detection for P&C insurance companies across the world.
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
There are several triggers – or what we call cloud archetypes – that typically push clients to move to the cloud. Most revolve around the need for greater speed and to create greater value, though the actual mix varies depending on each client’s circumstances.
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.”
During these unprecedented times, significant challenges have ascended to the top of the insurance industry’s agenda and left many carriers puzzled about how to navigate the road ahead.
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.
The ‘digital revolution’ has driven insurer success and made the industry more efficient, more profitable and more accessible to customers – however, Delta Insurance COO Kent Chaplin says it has also created new challenges within the sector, and has ramped up competition between new and existing insurers like never before.
The future of insurance will be a hybrid model where consumers can choose a digital or traditional experience and gracefully move between these options with ease, convenience, and efficiency.
At first glance, the similarities between the Mars landers, and the fraud detection and claims automation services of Daisy Intelligence may not appear obvious but there lies a strong parallel – a shared utilisation of truly autonomous systems.
Telematics technology is a “total game changer” for the future of the auto insurance industry.
Insurance tech startup bolttech on Thursday said it raised $180 million in a funding round, led by private investment firm Activant Capital Group, that valued it at more than $1 billion.
Thanks to digital engagement and emerging technologies like AI, IoT, and machine learning, insurers have more data than ever.
“The insurance industry is still in its infancy with regards to digitisation”: Interview with Getsafe’s CEO, Christian Wiens
There’s no doubt that COVID-19 has been a catalyst for digitisation. We’ve witnessed the rise of fintech, the explosion of edtech and the vast spread of ‘fit-tech’ to keep us moving during the quarantine. But what about the global insurance industry?
AutoClaims Direct, Inc., (ACD) an established auto claims technology and services company to the property and casualty industry, and Attestiv, Inc., a leading media authenticity platform today announced a joint collaboration to bring photo verification and fraud detection to ACD’s CLARITY technology platform.
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.
Ping An Chairman Marks 33rd Anniversary of Group with Message: My Thoughts on the New Digitalization
Peter Ma, Chairman and founder of Ping An Insurance, marked the 33rd anniversary of the company with a reflection on the impact of digitalization on human progress and productivity.
Universal Fire & Casualty Insurance Company (UFCIC) has become the first insurance company to accept cryptocurrency for premium payments.
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.
The digitization of the insurance industry is inevitable but human interaction is still an essential part of the process. Paul Ford, CEO of insurance platform Traffk, explains how the companies that will succeed are those that use data and automation to develop better products and help their agents become advisors.
Greater Than (GREAT), the AI data analytics provider, is taking motor underwriting into a new era. The company’s AI unlocks future cost for accidents per driver, thus providing a time advantage of 12 to 18 months’ over traditional risk models. A time advantage that fundamentally changes how motor risk proactively will be mitigated, managed, and priced.
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.
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.
Global market research and consulting company Frost and Sullivan rewarded Amodo with a European User-based Insurance Industry Excellence in Best Practices award.
Digital experiences that will not only be efficient and resilient, but they will pay for themselves through improved customer and agent engagement and far greater profitability due to smarter risk selection and greater portfolio management.
Insurtech talk with Swiss Re’s Silvi Wompa Sinclair: How reinsurers can bring their underwriting into the 21st Century
This week we spoke with Silvi Wompa Sinclair, group head of portfolio underwriting at Swiss Re Institute, on modern approaches to data, cultural shifts in reinsurance and how incumbent reinsurers can forge effective partnerships with fresh players in the space.
In today’s webinar, we explored approaches to modernising underwriting, AI and machine learning solutions and how to embed data-driven solutions into the heart of insurance workflows.
Insurance Technology Innovations are changing the face of insurance business and making it more dynamic. With the advent of latest technologies, insurers are now not far behind in providing better services and solutions to their clients.
Aon’s specialised cargo insurance product that uses the Internet of Things (IoT) to provide supply chain cover for transporting the Covid-19 vaccine globally is a “game changer” for this line of business, according to data and analytics firm GlobalData.
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.
Digital transformation in insurance is a complex and challenging undertaking. But most problematic of all – the process is often extremely slow and siloed.
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.
Insurance companies, generally risk-averse, are not used to seeing failure — something they need to get used to when they work with insurtechs that are trying to create a better system for them, says one insurtech leader.
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.
Aon plc and Willis Towers Watson have agreed to sell Willis Re and a set of Willis Towers Watson corporate risk and broking and health and benefits services to Arthur J. Gallagher & Co.
Global reinsurer SCOR is partnering with digital life and health underwriting specialist HealthyHealth to help provide customers with instant underwriting decisions via new data-driven solutions.
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.
COVID-19 has forced consumers and businesses to embrace virtual, contactless transaction modes to minimise infection risks. This trend has accelerated the digitalisation of processes, many of which leverage machine learning (ML) and artificial intelligence (AI).
Paris-based Shift Technology is a startup that provides AI-based fraud detection for the insurance industry. In a recent development, the SaaS provider announced that it has raised $220M (approx €182.58M) in its Series D round of funding.
AXA Partners has entered a new deal with mobile phone and gadget insurance provider Insurance2go – this supports the company’s growth plans within its existing brands and markets.
Global reinsurer SCOR has announced a new strategic partnership that will provide its clients with access to an end-to-end claims management platform, digital payments platform, motor virtual appraisal offering, and set of third-party integrations.
In a counterintuitive twist, technology can go a long way toward humanizing the life insurance industry.
Africa has one of the lowest insurance penetrations in the world. A 2018 study by McKinsey revealed that penetration stands at about 3%. This is significantly lower than the global average of 7.23%.
Christiaan Erasmus explains how SLVRCLD are improving lives with automated and digitised P&C claims processes. What trends within the industry are we currently seeing, and what will the future hold?
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.
Digital disruption stems from initiatives in younger insurance markets, such as the fast-growing pet insurance sector, and we are now seeing traditional insurance sectors successfully adopting a digital mindset in areas such as claims management.
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.
Electric vehicle manufacturer Rivian is following Tesla and General Motors’ leads, by launching its own in-house auto coverage – and Nationwide Insurance is serving as one of the company’s underwriters.
The new products are designed to support the growing trend of self-directed, shop-from-home, insurance buying experiences possible because of emerging technology and robo-advice tools.
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.
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.
AI, blockchain, and just an overall rise in technologies across the planet are changing the way traditional industries are doing business. The wide world of auto insurance is no exception, with disruptive technology from insurtech propelling the industry forward.
Commercial underwriting is inherently complex, and it’s led many insurers to underinvest in technology.
FintechOS the global technology provider for banks, insurers and other financial services companies, today announced it has raised USD60 million (EUR51 million) in Series B funding.
Veoneer and Swiss Re Enter Partnership to Further Improve Assessment and Enhance Development of ADAS Technology
The automotive technology company Veoneer, Inc. and insurance company Swiss Re are pooling their knowledge and vast experience on road safety technologies to further enhance the evaluation and development of advanced driver-assistance technologies (ADAS) and related services.
In recent years and particularly during the Covid-19 pandemic, we have started to see a rise in businesses using artificial intelligence (AI) to improve their service or products and ensure a seamless, transparent customer experience.
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).
US-based electric truck startup Rivian launched its own insurance coverage across 40 states, which are underwritten by third-party carriers, per TechCrunch.
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.
Zurich has reduced the time taken to settle property claims to under 24 hours thanks to its latest artificial intelligence (AI) solution in collaboration with insurtech Sprout.ai.
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.
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.
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.
It should come as no surprise that the pandemic has opened up new opportunities for consumers to consider insurance. The unforeseen, after all, might seem like it’s more a possibility than ever before — disrupting travel, health and even shopping.
A new smart contract-based insurance marketplace is promising radical efficiency and more coverage for the long-underserved crypto industry.
Lee Fogle reached down to save his 12-lb. Yorkshire terrier Nemo as a pit bull lunged forward. The attacking dog’s jaws clamped onto his left hand, sending him to a clinic for sutures and starting a 10-month-long insurance battle.
From CRMs, and messaging platforms to online courses, here’s how traditional providers in insurance and mortgages are using technology more effectively
With a focus on preventative care, Loop Health provides organisations group health insurance plans which include a 24×7 available medical team that is just a call away.
Improvements in technology have dramatically changed what enterprise analytics can do, but predictive and descriptive analytics still require time, expertise, and heaps of data, and often produce only narrow insights.
Technology is helping insurers reduce homeowner risks, but will the same devices work in commercial properties?
This has been an unprecedented year for all – the insurance sector is no exception. Across the nation, COVID-19 has underscored the importance of protection to many customers, leading to increased demand for insurance products and policy servicing volume. However, the enforced social distancing has meant that severe competition has moved to the digital arena.
Koffie uses telematics and advanced safety technology to underwrite trucking companies, rewarding fleets that invest in safety with discounted insurance premiums.
Big data has seen its fair share of uses across a wide variety of industries. Its impact on medicine, however, is truly remarkable. The massive amount of information that big data provides reduces the time needed to conduct research and collect results. Similarly, big data is having the same effect on insurance allowing for more complex coverage and accurate estimates.
Lloyd’s has announced the first version of its Core Data Record (CDR), in an effort to standardise data flow through the market.
Here is a recap of the latest news in insurtech
Digital disruption continues to change the game in the insurance industry, with Covid 19 accelerating the process – leaving the industry faced with a paradigm shift in a world powered by technology.
Automating processes can open up more time for quality interaction between claims professionals and policyholders.
For decades, artificial intelligence has been depicted as a sinister force in science fiction. Think of HAL-9000, the main antagonist in Arthur C. Clarke’s Space Odyssey series. But while applications of AI and machine learning are indeed sophisticated and carry the potential to be dangerous, my own view is that over the course of this decade, the most frequent encounters people are going to have with these neural technologies will seem both ordinary and positive. But there is one important area of algorithmic use that will require real work.
In recent years, insurers have sought to digitalize their processes and improve their customer experience, making it more seamless and tailored to the needs of today’s consumers.
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.
Cloud technology offers a saving grace for the insurance industry which has been slow to adapt to change. Insurance is years behind its peers, where legacy systems dominate and old technology systems fail to allow companies to meet customer demand and truly innovate.
As consumer technology companies continue to build out AR capabilities and telecom providers build out 5G infrastructure, the barriers to entry and challenges associated with launching AR initiatives will be lessened.
French startup Seyna is getting a new CEO. Stephen Leguillon is joining the company as chief executive while Philippe Mangematin is stepping back from day-to-day activities for personal reasons — he’ll become honorary chairman.
Property/casualty insurance companies far and wide are considering whether to develop technology platforms in-house or modernize some other way. Brown & Brown chose an acquisition to get there.
Carriers should use digital technology to drive initiatives that counter threats to sustainability while also improving the management of these resources.
Together, they are developing insurance solutions that enable organisations to respond to the rapidly changing, increasingly complex and interconnected challenges they now face. Polecat data will support Willis Towers Watson solutions in areas such as life sciences, reputational and product recall risk as well as D&O.
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.
One of the most crucial issues facing insurers is how to modernise their core platforms, which in most cases are unfit for the digital age.
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.
The agreement brings together EasiTech’s front-end, customer-facing platform with Ignatica’s back-office technology to accelerate the development and launch of new insurance offerings across the region.
Leading Insurtech, Concirrus has announced a fully automated, algorithmically driven underwriting application for Marine Insurance.
Billionaire Investors Mark Cuban and Chamath Palihapitiya are Challenging Warren Buffett in Car Insurance
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
It’s almost inevitable. Spend your working life identifying, analysing, quantifying and ascribing monetary value to risk, and you’re likely to have a fairly strong aversion to it. Or more accurately, an aversion to undertaking new endeavours with inadequately understood consequences. The insurance industry is, on any number of levels, the very definition of risk-averse
The race to fifth-generation (5G) wireless technology is on, with governments around the globe scrambling to support it. If they don’t, many industry experts believe, they risk losing out on the futuristic opportunities that 5G could make possible, from self-driving cars to smart cities that can point vehicles to the clearest roads. These advances also promise significant economic incentives: A 2019 study from IHS Markit predicts that by 2035, 5G will create 22 million jobs and generate $3.5 trillion in economic activity globally
Carriers that recognize and make use of the innovation capabilities that cloud services offer will outpace their competitors in the race to build expansive ecosystems. With enhanced agility and reach, they will seize many of the lucrative opportunities likely to spawned by ecosystems in the next few years.
Gort. The Terminator. Wall-E. HAL 9000 …and AutoML? Popular images of artificial intelligence can terrify, inspire, and amuse us – but the real thing, AutoML (automated machine learning or AML), often just confounds us.
AXA XL‘s insurance business has entered into a multiyear partnership and licensing agreement with Xtract to digitize, expedite and transform the commercial auto claims management process in the US.
Technology is taking over the insurance industry like any other industry. Advanced insurance technology now centres the industry to benefit both carriers and insureds. Seeking
Estonian startup DriveX could save car insurance companies billions. Insurance may not be the most glamorous of industries, but it can be lucrative, especially for
Tesla Insurance – the auto insurance offshoot of Tesla Inc. – could become one of the largest auto insurers in America, if the unit’s valuation
Experts Say Tesla’s Unique Data-Tracking Abilities Give it an Advantage as Elon Musk Looks to Build a ‘Major Insurance Company’ for Tesla Owners
Elon Musk has made a name for himself as a data-savvy innovator, and he’s seeking to further that label with an ambitious goal: scaling up
Dublin-based Munich Re Automation Solutions, a subsidiary of the global reinsurer, is set to invest roughly €16 million in a research & development program and
An American auto insurer has partnered directly with a car manufacturer to get access to driver data and provide insurance coverage based on that information
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
Insurers should be accelerating into the cloud after the upheavals caused by the COVID-19 pandemic. Instead, many are stalling. Seven big myths are blocking their
The health care company, in talks with an affiliate of the billionaire Chamath Palihapitiya, hopes to use the money to fuel growth and achieve profitability.
Health tech funding snapshot—Bright Health lands $500M to expand into employer-based insurance; PicnicHealth scores $25M PicnicHealth was founded to help patients with chronic or complex
The expanded partnership combines Unqork’s enterprise no-code leadership with KPMG’s deep industry knowledge to expedite digitization in highly regulated industries. Unqork (New York), provider of
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