Here is a recap of the latest news in insurtech
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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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