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.

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predictive analytics, cloud and edge computing is causing a seismic shift in the insurance market – disrupting the outdated, typically protection policy-focused model.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.

Advancements in this breakthrough technology are spurring innovation across the insurance industry, including coverage for crops, flights and travel delays, shipping and live events.

Insurers have offered some level of digital capabilities for sales and service for years, but customers’ and distributors’ adoption has been slow.

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 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.

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.

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.

The Institutes RiskStream Collaborative, a consortium that counts companies like Nationwide and USAA as contributors, is moving forward with digital proof of insurance using blockchain technology.

A look at the digital capabilities insurers need to tap the massive market potential of usage-based auto insurance.

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.

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.

Is there a digital insurance gap? Recent work from Accenture Research suggests that there is.

Insurance companies have invested heavily in digital transformation of the claims process, adding a number of self-service features for first notice of loss, the adjustment process, and payment.

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.

From bogus claims to reputational damage, the ability of synthetic media to seemingly bend reality is an emerging menace with a far reach.

Before COVID-19, most insurance carriers had already started migrating their IT estates to the cloud. Now, accelerating the cloud transformation means elevating the cloud conversation.

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.

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 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.

When people think of automation, and in particular the ROI of automation, they typically think that the return part of that equation is driven primarily by savings realized by cutting costs or faster processing times.

Automated workflows ensure insurers keep the ball rolling between critical steps in the claim cycle, bringing both better efficiency and compliance.

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.

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.

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?

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.

It’s 2021 and fintech is more than mainstream. The neo-banks are snapping at the big banks’ heels, Robinhood traders are dominating the headlines, and more mortgages are being done online than not.

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.

Cyber insurance seems smart but risks increasing criminal behaviour and may be an unsustainable business model.

The obvious answer to this question is, of course, Yes! Technology is always changing industries—always innovating, building, adapting, evolving. In this regard, the insurance industry is no different than any other.

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.

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.

Commercial underwriting is inherently complex, and it’s led many insurers to underinvest in technology.

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.

Technology is helping insurers reduce homeowner risks, but will the same devices work in commercial properties?

Koffie uses telematics and advanced safety technology to underwrite trucking companies, rewarding fleets that invest in safety with discounted insurance premiums.

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.

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.

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.

Increasingly, insurers can understand how and when people drive, as well as how vehicles interact with the road and their drivers.

Here are three tangible ways that low-code programming lets carriers accelerate change and provide new benefits to customers.

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.

How should insurers think about the liability for AVs? Using history as a guide, it’s possible to make reasonable guesses at some of the answers.

Smart contracts will likely be used first for simpler insurance processes like underwriting and payouts, then scale as technology and the law allow.

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

Technology promises to free agents to spend more time with clients and prospects, broadening and deepening relationships

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.

The COVID-19 outbreak has changed, among other things, the way we work, travel, and socialise; in the world of insurance, one aspect that has been

Interest in pay-as-you-drive or pay-per-mile policies has increased in 2020 as more Americans are working from home. Thirteen years after Progressive launched Snapshot, its usage-based

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

Tesla Insurance – the auto insurance offshoot of Tesla Inc. – could become one of the largest auto insurers in America, if the unit’s valuation

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