Global market research and consulting company Frost and Sullivan rewarded Amodo with a European User-based Insurance Industry Excellence in Best Practices award.
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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.
Insurtalk 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.
Insurtalk 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.
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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