We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
Like most leading insurance experts, SCOR’s Rebecca Zhang had an inadvertent journey into the insurance business. She talks to Insurtech Insights about why versatile and highly sought-after actuarial skills help to forge strong partnerships.
Joel Agard, Zurich Insurance Group’s (Zurich) Group Head of Innovation, and Antony Elliott, Zurich’s Group Head of Digital R&D, are responsible for coordinating and managing one of the most respected accelerator programmes in the insurance industry globally – the Zurich Innovation Championship. Joanna England caught up with them to find out more.
Global insurance leader Generali has joined forces with the United Nations Development Programme (UNDP) to launch the “Insurance Innovation Challenge Fund,” aimed at fostering innovative insurance solutions in Malaysia. This collaborative effort also marks the expansion of Generali’s flagship SME EnterPRIZE project into the Asian market.
Dawn Miller, the Commercial Director of Lloyd’s, delivered an impactful address to Lloyd’s participants and partners, where she lauded the Lloyd’s Lab for its remarkable contributions in elevating value within the global marketplace.
International insurance conglomerate Ageas has successfully concluded the sale of its French life insurance, savings, and pension business to La Mutuelle Epargne Retraite Prévoyance Carac (Carac).
J.P. Morgan, a leading global investment bank, has delivered an optimistic assessment of the European insurance sector, even in the face of its underperformance during the initial months of 2023.
From showroom sales to CEO, Sri Ramaswamy, Founder of Charlee.AI, talks to Insurtech Insights about her climb to the top and her passion for insurtech
As a Founder and former CFO with a background in economics, accounting and back ops digital technologies, Lisa Wardlaw has big ideas when it comes to implementing change in the industry
Sally Wan has spent over 20 years in the insurance industry and has occupied a number of leading roles. Insurtech Insights caught up with her to find out which trends are driving growth in the Asian marketplace.
Catching the interest of an investor is a hard task in these times. But many companies are still attracting successful funding events. Insurtech Insights talks to investors and insurtech startups to find out what makes a startup an attractive investment prospect.
In our latest instalment ‘How to Innovate Faster’ in collaboration with FintechOS, we spoke to AXA XL’s SVP and Head of Innovation, Americas for AXA XL, Rose Hall.
Paul Donnelly, EVP, EMEA at FINEOS, unpicks the EU’s Digital Operations Resilience Act (DORA) to demystify the latest regulatory changes for the insurance industry
Azuga, a global leader in fleet telematics, has launched its Collision Reconstruction solution, a telematics-integrated accident analysis tool.
As MGAs gain ground in 2023, Insurtech Insights looks at three drivers motivating change in the marketplace
Megan Bingham-Walker, CEO and Co-Founder of Anansi explores the opportunities embedded insurance offers e-commerce and the retailer
Rory Yates, SVP Corporate Strategy, Global, EIS, examines the potential opportunities open to insurers as a new wave of regulations hits the industry
Kyle Nakatsuji, CEO and Founder of Clearcover, examines the landscape of embedded insurance and the ‘hype vs reality’ of today’s swiftly scaling marketplace
Matt Adcock, Director of Business Dev, Insurance Channels at Resideo, discusses how water damage can be curbed by closing it off at the source
Kyle Nakatsuji is the dynamic CEO and Co-Founder of Clearcover – one of the fastest-growing auto-insurtech startups in the USA. We caught up with him to find out more.
Historically, the insurance sector has not been known for its innovation power, being relatively slow to adapt and embrace new technologies. And to the eye, this has left it far less disrupted than many other sectors.
Insurtechs have been continuously rising in recent years, transforming insurance products by making them more accessible, more customer-centric and more user-friendly.
Insurance companies are often on the losing end of climate change, paying out increasingly exorbitant sums as extreme weather such as tornadoes, floods and fires damage property, agriculture and businesses.
Throughout 2022, the insurtech sector experienced a fundraising paradigm shift from “growth at all costs” to a greater operational focus on sustainability, responsible growth, and even more importantly, toward a clear path to profitability.
Improving the customer experience continues to matter most to insurers thinking about technology spending in 2023, according to the latest annual Gartner CIO and Technology Executive Survey. The survey of 2,203 executives includes 91 from the insurance industry.
Challenging times for the automotive industry. From lingering supply chain disruptions to global food shortages and the energy crisis, the economic landscape has been cumbersome, and companies worldwide have had to adapt to this complex new environment.
The insurance market has seen ups and downs in the last few years, but the growing use of online systems to manage and protect businesses in this sector is especially notable.
There is likely to be a hard market for short-tail lines — such as real estate and property catastrophes — in global geographies in 2023, after beginning the year with decades of high price increases during the January 2023 reinsurance renewals by S&P Global Ratings, according to a published report .
We say it often here at SMA – the personal lines segment frequently leads the insurance industry with deploying new innovations, particularly within distribution.
The pandemic drove the insurance industry to undergo digital transformation at an unprecedented rate, as customers adapted to a fully digital experience.
Consilium, the global speciality (re)insurance broking business of the Aventum Group, today announces the launch of a new cedant driven FAC reinsurance division.
Paytient, a company that built health payment accounts, announced a $40 million series B funding round. The round raised the total funding for the provider of interest-free credit cards to $63 million.
As 2022 winds down, carriers, agents, brokers and vendors in the insurance industry are thinking about what comes next.
As we welcome the new year, it’s natural to reflect on the year that passed and look ahead to the challenges and opportunities that lie ahead, and more specifically how new technologies might impact the insurance industry. As always, we must separate the signal from the noise.
With multiple signals to respond to involving economic, business, environmental and social factors, 2023 will demand insurers to respond by strengthening business fundamentals and foundation, while meeting the challenges of a changing market.
Risk and insurance trends we can expect for 2023, as predicted by leading Insurtech executives and C-suite leaders.
At EIP we are passionate and laser focused upon making the claims experience for mobile device insurance quick and seamless for our customers. Now, more than ever, we’re managing our day-to-day lives through our mobile devices, be it for shopping, banking, maps or simply (and here’s a novel use!), to keep in contact.
New ‘Clarity on Demand’ platform allows insurers and brokers to provide commentary on policy clauses, claims and market trends in aviation.
Most people will have gone through the rigmarole of making an insurance claim. Already frustrated by the incident – a burglary, a damaged vehicle, a broken device – that led to them picking up the phone and calling their insurance provider, they then have to spend time detailing the incident, passing on their personal details and waiting, sometimes for a lengthy period, to see if the claim is successful.
Earnix, a provider cloud-based intelligent real-time, dynamic pricing and rating solutions for insurers and banks, has announced it is appointing insurance and fintech industry veteran, Robin Gilthorpe, as its new Chief Executive Officer effective Feb. 1, 2023. Gilthorpe will be taking over the helm from Mr. Udi Ziv, who served as the company’s CEO during the past six years.
Four strategic objectives to generate maximum impact
With ongoing challenges such as interest rates, inflation, volatile markets, and changing requirements, institutional investors are under increasing pressure to respond proactively.
Insurance risk managers are embracing a new technological evolution in how to predict and manage incident outcomes.
Lloyd’s has announced the appointment of Joe Hurd (pictured above) as a nominated member of the Lloyd’s Council, effective May 10. Hurd will replace John Sununu, who will step down from the council in May to focus on his new role as non-executive chair for Lloyd’s Americas.
Generally tech-savvy and data-forward, millennials are shaking up the insurance industry both as consumers and insurance professionals.
2023 marks the beginning of – to borrow a phrase from the state of Missouri – the “show me” era of insurtech. Venture investment is drying up – more than a quarter of insurtechs are likely to exit the market, Forrester predicts – and insurers are looking for innovations that will reach financially pinched customers.
Recent research by ACORD, the global standard-setting body for the insurance industry, highlights the key drivers of high performance among top insurers, including the advantages of scale, the importance of talent and the volatility of investments to rely on.
Covid-19 exacerbated long-simmering issues in the insurance industry, in particular around the challenges for organizations to create a clear value proposition and meaningful differentiation to actually stand apart from the competition. A brand identity that delivers both employee and customer value as well as go-to-market performance has often proved elusive for many players in the sector.
Was it fun while it lasted, or is the real fun just beginning? That’s the question on the insurance industry’s mind as it enters 2023.
After years of growth, the US insurtech market faces a sharp decline in valuations. How should established insurance carriers respond?
Consumer travel insurance markets have been heavily impacted by the COVID-19 pandemic, with particular disruption to international travel by older travellers. Both take-up rates and the types of policy bought have changed, and consumers are now more aware of the risk posed by pandemics.
As automotive manufacturers increase efforts to unveil and promote new electric vehicle models, adoption has ramped up sharply. Electric vehicle sales have grown, accounting for roughly 4.6% of the new light-vehicle registrations in Q1 2022, which is up from 2.6% for the full year in 2021 and 1.5% for the full year in 2020. California currently leads the way, with electric vehicles accounting for nearly 15% of all light vehicle sales in the state in Q1 2022 and roughly 39% of electric vehicle sales nationwide.
WTW expects dealmaking to remain active despite ongoing uncertainty and major headwinds, with recession fears triggering a ‘small item effect’ as larger deals fall out of favor.
The future of underwriting is linear and outsourced, insurtech leaders from Hippo, Argo, Planck, Instabase and Aite Novarica said, in remarks at InsurTech NY’s Nov. 15 event focused on underwriting data.
Public and private D&O buyers are facing increased competition fueled by a reduced number of US securities class actions, a slowdown in M&A activity and an influx of new entrants into the market. However, the risk landscape is ripe for more frequent and severe D&O claims in 2023, according to a report published by Allianz Global Corporate & Specialty (AGCS).
According to a recent report by insurance brokerage firm Gallagher, the directors and officers (D&O) insurance market continued to stabilize in the last quarter.
Walnut Insurance, a technology company that provides infrastructure for embedded insurance, announced their $4M seed round, with ATB Financial and NAventures, National Bank of Canada’s corporate venture capital arm, as the lead investors. Other investors include Harvest Venture Partners, Highline Beta, and N49P.
Which are the main factors driving the possibility that a company and its board of directors may be sued by investors or other stakeholder groups in 2023? A poor financial performance or even insolvency amid economic uncertainty and the prospect of a global recession, a lack of robust cyber security and governance processes, or an inadequate or non-compliant response to environmental, social and governance (ESG) issues are among the key risk trends in the Directors and Officers (D&O) insurance space, according to Allianz Global Corporate & Specialty (AGCS). Despite a downward trend in new filings, US class action securities litigation remains a key concern, particularly around mergers, while cryptocurrency companies and exchanges are subject to increasing activity, the insurer’s annual D&O report also notes.
Collecting and sharing data via the Internet of Things has become so common that some aspects, such as GPS navigation, are taken completely for granted. With a wealth of data at their disposal, insurers are exploring the multiple ways they can take advantage of IoT to advance their business.
In response to the European Commission’s proposal for an Insurance Recovery and Resolution Directive (IRRD), Insurance Europe has published a response saying that there is no real need to develop such a framework.
The magic word to bridge a widening gap between successful and underperforming InsurTechs in 2023 is ‘data,’ according to a group of InsurTech experts who spoke with Carrier Management about their predictions for the new year.
More than a quarter of InsurTechs will leave the insurance marketplace in 2023 — just a couple years after investments in the space were at an all-time high, according to predictions from research and consulting firm Forrester.
More than half of risk managers are significantly involved in their organization’s ESG efforts, but 77 percent believe they should take an active or more active role in ESG strategy and initiatives, according to the 2022 ESG Global Risk Managers Survey from WTW.
The bankruptcy of cryptocurrency exchange FTX is the latest example of a corporate collapse resulting from governance failures, and carries some tough lessons for insurers, according to AM Best.
Insurance carriers and independent agents work together but often don’t understand each other’s viewpoint. However, without their partnership neither would be able to be successful. This is especially true in the complex world of cybersecurity and identity management where both have a mutual goal of keeping their systems secure and their customers’ information private.
Artificial intelligence has been around since the 1950s, but over the last several years the business potential of AI has expanded dramatically. We now live in a world where big data and powerful computational capabilities allow AI to flourish. Companies—including insurance carriers—are investing in establishing data lakes, optimizing for cloud-based operations and activating AI for targeted analytics.
Many Americans look to life insurance to protect their families from financial burden after death, but those protections can be vastly different depending on factors that include the color of the policy holder’s skin.
It is not a secret that Artificial Intelligence (AI) is revolutionising every facet of our lives. Its ability to learn, make decisions, and self-correct is making it the fastest growing technology of our era.
Insurance firms use data analytics to generate real-time consumer and market information.
Artificial intelligence and machine learning are driving what McKinsey calls a “seismic, tech-driven shift” in the insurance industry. But even as insurtech companies find new ways to enable intelligent customer experiences, they must also become rigorous in applying what Gartner research calls “AI TRiSM” to achieve business success while avoiding AI’s pitfalls.
Digitalisation is increasing exposure to cyberattacks throughout society, though as the risk landscape grows, so does awareness and demand for commercial and personal coverage, says the Swiss Re Institute.
The metaverse is a broad term that refers to a multitude of technologies—some of them including augmented (AR) and virtual reality (VR). The idea is that we can perform regular activities like shopping, meeting people, and more in a digital space that doesn’t exist physically.
Trailblazer Technology, the insurance industry’s first true multi-tenant cloud solution dedicated to smaller insurers, is
pleased to announce the company recently closed a seed funding round led by ManchesterStory, a venture capital (VC) fund focused primarily on the Insurtech sector.
While cyber insurance has evolved significantly in recent years, insurers say they might still be unprepared for the fallout from a catastrophic cyberattack.
Insurers need to place the customer at the heart of everything they do, developing a digital strategy for both front and back-office operations to meet customers where they are.
Liberty Mutual Holding Co. is exploring the sale of its businesses in Spain, Portugal and Ireland, according to people familiar with the matter, joining other American insurers retreating from the region.
In recent years there has been a strong increase in cyber attacks, which has made organisations and companies realise that they can become a target and face serious consequences, Swiss Re Institute notes in a new report.
Covid-19 has accelerated online shopping and customer convenience has become critical. But even before COVID, Wolt, Zoom, and current consumer habits, all the signs were there, way before the race for digitalization. In fact, shortly after the emergence of social media in 2003-2004, businesses realized its potential and started utilizing it for marketing and business purposes.
Over the past few years, insurers reexamined their strategies amid new demands and increasingly digital customer interactions, with underwriting departments, in particular, experiencing waves of changes. Now, new research shows the results of insurers’ efforts in transforming their underwriting businesses, and the small commercial segment is entering a new phase of automation.
While ransomware attacks continue to dominate headlines, another type of cyber risk is on the rise: social engineering.
The pace of change has quickened over the last few years in the insurance industry. Driven by competition from Insurtechs and global tech giants such as Amazon; insurers, brokers and managing general agents (MGAs) have found themselves at the heart of a technology whirlwind – exploring how innovations like cloud core system architectures, Application Programming Interfaces (APIs), and deploying artificial intelligence and machine learning could help them get the most out of their data for the benefit of customers.
Liberty Mutual and Safeco Insurance released The State of Digital in Independent Insurance Agencies, which highlights how digitization is necessary to stay relevant, but most agencies have slowed adoption of digital tools since 2020.
The role that technology plays in the re/insurance industry is increasing and this is happening at a time when market participants are striving for greater efficiency, in an effort to both lower costs and remain relevant in an evolving sector.
According to a recent Moody’s investor’s service report, net zero objectives require considerable organisational focus and investment in measuring carbon transition risk, which in turn puts insurers in a better position to manage it.
Claim settlement and fulfilment, form the most crucial aspect for any kind of insurance product. Insurance has majorly been led by a traditional model, where claim settlement is a long and tedious process, both for consumers and insurance companies.
COP27 has once again highlighted the importance of companies playing their part in fighting climate change. Individual organisations doing so is a start, but industry wide change must take place. The insurance sector is no different.
If you’re counting the years since the inception of the term InsurTech, you may be surprised to know that it is officially 12 years old. InsurTech is still in the “tween” years, though it is getting ready to move into a new phase—being a teenager.
Though U.S. insurtech companies are focused on trimming expenses these days, startups in the property and casualty space are still spending on one type of acquisition: Buying licensed carriers that are no longer writing business.
Imagine a ship. Once it is built and placed into service, the vessel will require maintenance and repair. Inclement weather and natural disasters may impact travel and the delivery of its merchandise.
When computers first came out almost 70 years ago, the insurance industry was one of the first to embrace the new technology. However, it stopped there. Today, companies still mostly work with legacy systems and the industry is known to reluctantly embrace ideas of tech innovation.
Lloyd’s is looking to implement next year a market-wide measurement framework to help syndicates transition their underwriting portfolios to a net-zero position by 2050, The Corporation’s CEO John Neal has said.
A new report from Liberty Global Transaction Solutions (GTS), part of Liberty Mutual Insurance, shines a light on current global M&A insurance claims trends.
Bermuda has long been an innovator in insurance and, under the leadership of its crypto believer Premier David Burt, it is now looking to be an innovator in digital assets.
The insurance industry has faced an onslaught of challenges over the past couple of years, from the global COVID-19 pandemic to economic and social inflation, a talent shortage, a changing climate, growing ransomware attacks, and the Russia-Ukraine war.
The market for cybersecurity insurance coverage increased 61% in 2021 over the prior year, reaching $6.5 billion in premiums, according to the annual cyber insurance report issued by the National Association of Insurance Commissioners. Although cyber insurance carriers are struggling to keep up with demand, some digital insurance platforms and cybersecurity advisors are identifying the biggest risks that should be addressed.
Today more cars than ever are connected, and those connected cars are creating and transmitting a lot of data. This in turn has created a gold rush among automobile manufacturers (aka OEMs), insurers, and others to find ways to monetize that data. For personal auto insurers the stakes and opportunities are greater than ever.
According to the Coalition Against Insurance Fraud and its most recent report estimating the economic impact of insurance fraud in the U.S., the estimated yearly cost related to insurance fraud has increased from $80 billion in 1995 to $308 billion in 2022. That is a staggering number –that the consumer absorbs in the form of increased premiums – to the tune of around $3,700 per year for the average U.S. family.
The insurance industry is traditionally slow to embrace shifts towards digital technology. But this is all changing now. Demanding customers have had their expectations are set higher by engaging with companies in other industries at the forefront of digital adoption. They experience personalised offerings and services and the ability to do online research and price comparisons before buying.
Buzzy Cohn always knew that bike accidents happen – he just never thought it would happen to him.
Commercial lines property and casualty insurance holding company, W. R. Berkley, has been making plans and positioning itself to take advantage of rising prices in the property catastrophe arena, with the company’s President and Chief Executive Officer (CEO), W. Robert Berkley, saying that it could become a meaningful part of what the firm does in the short run.
Mobile technology and innovative apps are key elements in the ongoing digital transformation of the insurance industry.
Business has always had innovation, but innovations seem to come in waves.
With inflation currently remaining above historical peak, Swiss Re’s Head of Northern, Central & Eastern Europe, Frank Reichelt, discussed with Reinsurance News about what coping mechanisms the company have had to adapt to keep ahead.
At-Bay is collaborating with Guidewire Cyence on the creation of the capability to quantify active CAT management.
Well-prepared leaders embrace risk and make better decisions during times of economic uncertainty, according to a new study by Aon.
Insurtech company LuckyTruck announced Thursday it has raised a $2.4 million seed extension led by Candid Insurance Investors with participation from Markd, Draper University Ventures and SiriusPoint as the company scales its retail insurance platform that reduces time spent shopping insurance. Since its founding in 2019, LuckyTruck has raised a total of $6.5 million.
Howden Insurance Brokers and Allianz Trade have announced their API partnership for structured credit insurance, Howden’s second API partnership in the sector this quarter.
The metaverse is a concept making headlines across the globe, with its application being imagined across all industries. However, until recently, the practical manifestation and future impact of the metaverse was unknown.
Hurricane season is well underway, and with several weeks of activity potentially on the horizon, homeowners in high-risk areas are in a pinch. Forecasters are still predicting an above-average season with plenty of time left for powerful storms to form.
Brad Middleton, director, pricing & rating, Deloitte Canada I’ve found Earnix to be quite good for the marketplace. One of the challenges that insurers consistently
At its 10th Allianz Motor Day, Allianz addressed the question of how sustainable car insurance can be, calling for an increase in so-called “green repairs” to vehicles.
Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today announced the formation of Ferian Re, an independent Bermuda-based Class 3B reinsurer that will provide capacity across Coalition’s cyber programs.
Insurers need to rethink their approach to innovation. The speed of change in technology, an evolving competitive landscape, increased customer expectations, and the new reality of a permanent hybrid workforce have challenged insurers across all functions.
To outsiders, IBM may be best known for its once-ubiquitous electronic typewriters. In the 21st century, however, the company has evolved into a multinational computer technology and IT consulting business, and it is a major player in the insurance industry.
The analysis, sponsored by Socotra, found that the benefits of shorter time-to-market exceeded the costs by as much as 40 times.
We define insurtech as the use of emerging hardware, software and user interfaces to address inefficiencies or opportunities in the insurance value chain. Further, we think of the intersection of two dimensions as the focus of our discussion: industry specificity solutions and more recently established market players or solutions.
Digital tools are key to mitigating and covering flood risks, according to a report by the Insurance Information Institute (Triple-I) and Capgemini
AXA CEO Thomas Buberl has drawn attention to the series of crisis the globe finds itself in a recent radio interview in France.
Despite a meteoric increase in cloud adoption, executives at many insurance companies are still reluctant to make the move. Even as leaders within these organizations grapple with the imperative to modernize and innovate, many have a tendency to proceed with extreme caution.
MGAs – once a reliable venture capital insurtech investment draw – may have lost their luster.
Legacy systems are often blamed for the reason the insurance industry struggles to fully modernize. Many incumbent insurers have outdated, neglected IT infrastructure, and instead of addressing this underlying problem in one major overhaul, they seem to pile new applications on top of their legacy systems.
Berlin-based insurtech, wefox, is calling on the insurance industry to improve customer experience after its Global Safety Report results revealed there is widespread dissatisfaction and lack of trust in the industry.
The global travel insurance market size is anticipated to reach USD 63.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.4% from 2022 to 2030.
As we move into a new phase of innovation after the disruption caused by the COVID-19 pandemic, insurers need to look ahead to determine what their technology priorities should be today.
Over the past decade, auto insurers have introduced and continuously refined usage-based insurance programs. Powered by telematics technology, which transmits data in real-time (or close to it), UBI promises policyholders some more control over their insurance price in exchange for that data.
Meeting the risk management needs of today’s small businesses requires just as much finesse and sophistication as carriers tend to offer to large enterprises.
Senior executives are “certain” that cyber will become a prominent line of business for Swiss Re in the long term, even as the reinsurer opts to stay underweight in this class for the present moment, until more data becomes available.
Today’s property and casualty insurance programs are combatting a number of challenges.
InsurTech combines ‘insurance’ and ‘technology’; it includes technology innovations to bring savings and efficiency to the insurance industry model.
Greg Case, the Chief Executive Officer (CEO) of brokerage Aon, believes that the insurance and reinsurance industry is faced with a “generational opportunity” to make a difference.
Businesses are juggling a lot right now. First there was the COVID-19 pandemic, then global supply issues. An economic recession, labor market issues, rising inflation and other geopolitical headwinds soon followed.
What word would you pick to describe the future of underwriting? If ‘adaptable’ came to mind, you would be joining the majority of insurer executives in the mid/large commercial lines segment who thought the same in a recent SMA survey.
Results of New Research Reveal Differences – from Gen Z to the Silent Generation – to Help Agents and Brokers Build Trust, Connection and Credibility.
Nonprofit organizations play an important role in our communities, enriching lives, protecting vulnerable populations and environments, and providing volunteer and financial support to countless other worthy causes. Many nonprofit organizations, however, are struggling amid the ongoing effects of the COVID-19 pandemic, facing greater demand for services while also experiencing staffing challenges, increased expenses and declines in revenue.
Aon plc AON recently set up a Strategy and Technology Group (STG), which will function under the leadership of Colin Forrest. It aims to benefit property & casualty, life insurance and reinsurance clients by offering various insight and software solutions.
Many insurance companies are not well prepared for the risks ahead, according to a 2022 cybersecurity benchmarking study. In fact, 31% of insurance organizations feel they are not well prepared for the threat landscape they face today.
AIG Inc.’s life insurance and retirement division Corebridge Financial Inc raised $1.68 billion on Wednesday in the biggest initial public offering (IPO) so far this year, braving market volatility and ending a seven-month lull in major listings.
Kanverse.ai, a hyperautomation platform, has joined Guidewire’s Insurtech Vanguards Program.
We all know buying insurance is hardly a gratifying experience, especially when there are several policy options available in the market.
Most consumers are used to buying a car and insurance separately—and the latter can be a laborious process. Consider a hypothetical US consumer of the future, Jane, who acquires her first semiautonomous car, attracted by its connected technology and advanced-safety capabilities. Crucially, it comes with insurance that calculates her premium payments by automatically assessing her driving in real time through the wireless connectivity feature incorporated into such vehicles.
An accident occurs every 10 seconds in the U.S., and the number of severe accidents has dramatically increased due to recent changes in driver behavior. The vast majority of these accidents lead to storage and secondary tows averaging $950 per claim, or $3 billion across the industry.
According to Krishnamurthy, insurers are acknowledging the staying power of insurtech and its valuable ability to disrupt the insurance industry. Insurtech companies are, however, typically founded to target a specific pain point for insurers – and Krishnamurthy believes that this may no longer be enough.
Within the life insurance industry, term insurance sales are heavily influenced by price. The landscape is competitive, with agents and customers driving constant reprices – even down to pennies.
Financial services, such as insurance, are feeling the effects of rising inflation, labor shortages, supply chain disruptions and the sharp decline in consumer and business confidence that the UK economy is currently facing.
The firming reinsurance market creates a significant opportunity for reinsurers to achieve faster growth.
While some may look at the recent negative press and abysmal stock performance surrounding public insurtechs and assume that the insurtech threat is receding, the insurance industry’s digital transformation is inevitable.
After strong growth in H2 2021, the number of deals in Europe dropped to 67 in H1 2022 from 74 in the previous six months. The UK was the most active country for M&A, followed by France, the Netherlands and Spain.
The economic viability of the insurance industry’s current business model has been under discussion for several years.
The insurance business is undergoing digitization, and that, in many ways, is fundamentally changing how the business is done.
Taking advantage of the rising popularity of digital assets, crypto hackers raked in record-high profits last year, a recent study from blockchain analytics company Chainalysis has found.
Ready or not, artificial intelligence is here. Disruption from COVID-19 has increased reliance on digital technology, ramping up the speed at which data is generated.
In recent years, e-mobility has achieved a breakthrough in many markets around the world. The question is no longer if electric vehicles (EVs) are coming and will replace traditional powertrains, but rather how they are coming and when they will take over the largest share of the global powertrain mix. For details on how to differentiate between non-plug-in electric vehicles and plug-in electric vehicles, see below.
S&P Global Ratings report that persistent pressures from inflation, tightening financial conditions and slower economic growth in China and other markets are likely to cause constraints on operating conditions for property/casualty (P/C) insurers in emerging markets.
As one of the global leaders in digital health management, Vitality is revolutionising preventative medicine.
Although the accelerated pace of Covid-19-induced digital disruptions has led to seismic changes in business operations across industries, their impact is expected to be the most pronounced in the financial services and insurance domains.
Poor claims experiences could put up to $170 billion of insurance premiums at risk in the next five years, with process inefficiencies in underwriting potentially risking another $160 billion over the same period, according to a new report from Accenture.
The H1 2022 financial results are in for AXA and CEO Thomas Buberl has credited the insurance giant with delivering “a strong performance in the first half of 2022, reflecting the strength of our operating model in a more challenging environment.”
A truly global commercial and consumer insurer, Chubb is driving digital transformation across the digital and insurance marketplace globally.
Cowbell Cyber, a provider of cyber insurance for small and medium-sized businesses, has announced the launch of its product on the Amwins Professional Lines portal.
In today’s environment, marked by sky-high inflation, market volatility and overall business complexity, insurers are working tirelessly to assess and manage new levels of risk.
An increase in inflationary pressures such as the rise in gas prices, the acceleration of extreme climate events and the soaring cost of manufactured goods have caused insurance rates to rise to record levels this year.
The firm claims that Anthemis led the round, which was also supported by SoftBank Group’s SB Opportunity Fund, Banco Popular, the largest bank in Puerto Rico, Consorcio, 305 Ventures, a Miami-based venture capital firm, and first-check investor Divergent Capital.
The recent Qorus Accenture Innovation in Insurance Awards highlighted the world’s leading insurance changemakers. The winners of each category stood up against tough competition with initiatives that were not only innovative, but effective and with measurable impact.
Insurers should continue to embrace technological change, writes Laurent Rousseau, CEO of SCOR in French newspaper Les Echos.
Lemonade (NYSE: LMND), the insurance company powered by AI and social impact, today announced the close of its divestiture of Metromile’s Enterprise Business Solutions (EBS) to digital insurance platform, EIS.
Innovation in the insurance industry is not just important, it is essential. A more dynamic market has meant insurers are venturing into non-traditional sectors as well as looking for more advanced ways of serving existing markets. The industry must ramp up its innovation efforts if it is to tackle increasingly threatening risks, such as climate events and cyber-attacks.
Chubb CEO Evan Greenberg said the insurer is seeing favorable returns, but additional rate is needed to “keep pace with loss costs, which are hardly benign.”
Climate change has led to more intense wildfires, flooding and hurricanes – and they’re only projected to get worse. But major insurance carriers are often hesitant to insure customers in disaster-prone areas.
The European electric vehicle (EV) market is experiencing unprecedented growth, with 2 million electric car sales in the first quarter of 2022, a rise of 75% compared to the same period in 2021.
Developed by a senior team of actuaries and data scientists at Akur8, the objective of this new paper is to familiarize practitioners with Penalized regression as an extension of established actuarial techniques, instead of considering it one among several new modeling techniques from the Machine Learning and Data Science literature. Akur8 is excited to publish this information in an effort to help expand the literature available to the actuary and insurance community on this important topic.
Embedded insurance is a growing focus area of digital distribution across the insurance industry. By making insurance available in conjunction with other products on existing online services, customers can easily add insurance protection that fits their needs and budget as part of a customer journey linked to an established need.
Embedded insurance, a way for carriers to sell policies to customers at the point of sale of consumer goods, is quickly evolving, with “billions of dollars of potential” in areas like auto, home, and business insurance, according to an executive with Swiss Re, the world’s largest reinsurer.
The term “digital innovation” is used a lot. Within the insurance sector, it can describe everything from the digitization of a paper-based form to the digitalization of an entire workflow. It is often used interchangeably with “digital disruption” and the transformational change brought about by new entrants like insurtechs.
Insurers and insurance providers in the U.S. continue to see a number of key trends that are reshaping the way industry professionals analyze risk.
While the market for cyber insurance is expected to remain challenging “for the foreseeable future,” there is optimism for rate stabilization as organization focus on cyber hygiene, according to broker Marsh.
According to a survey sponsored by Rackspace Technology, 51% of insurance IT executives say that a shortage of IT talent is a leading issue for businesses.
In the insurance industry, carriers are still learning to transform their business for a digital experience that benefits the customer. I worked in insurance sales, service, and underwriting for 15 years and just a few years ago moved to a position at Jerry, the car insurance comparison shopping app.
Talent has been a front and center topic in boardrooms across the U.S. amid the pandemic, widespread resignations, a labor shortage, and other trends challenging the recruitment and retention of employees. Yet, through the adversity, companies across the insurance ecosystem have adapted remarkably well, including the vendors that serve the industry.
The pandemic has accelerated the digital transformation of the insurance industry. Driven by industry trends, customer expectations, and regulatory pressures, digital innovation has resulted in the creation of a new space called InsurTech that is aimed at the seamless delivery of insurance products.
“Awareness of insurance and its value has never been higher,” said Lloyd’s of London CEO John Neal, as he addressed delegates at the Marsh McLennan Rising Professionals’ Global Forum, referring to how recent events have shaped “the most uncertain landscape seen for generations.”
Aon’s latest global M&A Risk in Review report finds reasons for optimism in 2022, but the broker cautions dealmakers that headwinds persist in the wake of the COVID-19 pandemic.
Insurtechs determined to disrupt the insurance industry have not succeeded so far, but a future wave of insurtechs could emerge to achieve a similar goal, carrier executives said recently.
The paradigm shift from traditional to digital means of carrying out operations is leading the industries through a pathway of growth and development. In the new era of technological advancements, the insurance sector is in the midst of a radical, digitally infused shake-up.
One of the key drivers of digital transformation at the origin of the success of the new economy is the customer experience. It is now becoming one of the spearheads of the digitization of the insurance industry. The journey? The product? The touch points? Which factors really improve the loyalty of these 2.0 consumers?
The personal lines segment is known for leading the charge with innovations and technologies – a reputation that only strengthened during the pandemic.
Cambridge Mobile Telematics (CMT) now offers a new way for auto insurers, automakers, rideshare, fleet, wireless, and safety companies to automatically engage with their customers through its DriveWell platform and, in the event of a crash, would automatically gather sensor information for collision repairers and insurers to reference.
Ellen Robles shares how Employee Resources Groups foster an inclusive environment and help build careers at AIG.
Insurance has always been a data-driven business, from ancient waybills recorded on papyrus under the Code of Hammurabi, to the charters of the first property insurers after the Great Fire of London.
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.
New Capco global insurance survey identifies clear opportunities to enhance consumer education, digital experiences and transparency.
Allstate protection plans accounted for more than 140 million (or nearly three in four) of Allstate’s global in-force policies last year, and growth is set to continue, Allstate Protection Plan president and CEO Karl Wiley told Insurance Business.
Speaking at the recent S&P insurance conference, Chubb Ltd. CEO Evan Greenberg says insurance companies that have declared net zero targets are overpromising and leave themselves vulnerable to litigation.
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.
The macroeconomic challenges of recent years have shined a spotlight on the need for insurance companies to adapt to an increasingly digitized marketplace.
Crypto assets and quantum computing have been flagged by analysts at Swiss Re as two of the most significant emerging risks for insurers and reinsurers, with the potential to create new risks within the global financial system.
As more insurance back-end processes become digitized, and thus more streamlined, agents can focus more heavily on providing excellent customer service and support agent-customer relationships.
Climate change commitments expose insurers to potential lawsuits if companies fail to live up to their net-zero promises, according to Chubb Ltd. CEO Evan Greenberg.
Though insurtechs are recognized as a disruptive force in a long-established industry, less is known about the actual technologies these companies are using to differentiate themselves from traditional competitors.
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) offers hands-on assistance and a thoughtful, tech-driven approach to underwriting. Its success has landed it on IBA’s 2022 list of 5-Star Cyber Insurers.
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) offers hands-on assistance and a thoughtful, tech-driven approach to underwriting. Its success has landed it on IBA’s 2022 list of 5-Star Cyber Insurers.
Commercial insurance is big business. The global commercial insurance market was valued at $692.33 billion in 2020 and is projected to reach $1.6 trillion billion by 2030, according to Allied Market Research.
The now familiar industry story is that big insurance companies with their juggernaut size and legacy technology find it very difficult to undergo a digital transformation to unlock all their data and improve customer service.
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’.
Since I started my career three decades ago, there’s always been this paradoxical rhetoric about the insurance industry’s risk averseness, mainly stemming from the absence of a flurry of innovative products, services and processes.
A new report from Swiss Re states that reinsurers and insurers can play a key role in the development of the hydrogen economy through risk management knowledge and transfer.
Customer satisfaction in digital offerings from insurers declined this year, according to the J.D. Power 2022 U.S. Insurance Digital Experience Study.
Differentiated products and services are key to growth among life and annuity carriers.
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.
Elon Musk took a moment this week to talk about something other than Twitter: his carmaker’s effort to cut out the middlemen and lower premiums.
Jamie Hale is the CEO and co-founder of Ladder. He has also served as a partner at Aldenwood Capital and Jasper Ridge/Oak Hill Investment Management.
Allianz SE says car-shipping incidents are now a major cause of loss for the insurance industry after a cargo ship with about 4,000 Volkswagen AG vehicles caught fire and sank in the Atlantic two months ago.
While most insurers are pursuing a combination of strategies to meet demand for a more seamless user experience, some are putting a particular emphasis on improving data utilization, particularly in the context of external data.
As the InsurTech industry approaches the next wave of innovation, experts say this could mean navigating rough waters.
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?”
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?”
Hanson encourages professionals to “never give up learning. There will always be someone out there who can do it better, more efficiently, or in a newer way. Your openness to new talent, new perspectives and new ideas will make you a better professional, teammate, and friend.”
Digital Insurance spoke with Scott Higgins, executive vice president and president of middle-market and national property, business insurance field for Travelers, about trends impacting the middle market and the role of insurtechs. Travelers defines this segment as businesses with 50 to 1,000 employees.
Insurance executives are recognizing the power of innovation to accelerate the pace of company change. Yet for innovation to deliver long-term value, it must become embedded in a carrier’s DNA.
Millennials will constitute a significant chunk of the insurance market for the next few decades, and how they engage and make decisions differs from previous generations.
There wasn’t much discussion about car insurance at Berkshire Hathaway’s annual meeting this year, but when the subject came up, Warren Buffett acknowledged the continued dominance of a competitor, a mutual assurance.
As Bold Penguin’s chief data officer, Benjamin Clarke (pictured) focuses in part on anticipating the insurance technology company’s future tech needs.
AXA shareholders approved all resolutions submitted to them by the board of directors at the company’s annual shareholders’ meeting Thursday.
Elon Musk trumpeted Tesla’s early inroads into automotive insurance last week. Warren Buffett, whose Berkshire Hathaway conglomerate owns Geico, has cast serious doubt on whether Tesla and other automakers can break into the industry and turn a profit.
MassMutual Ventures (MMV, Boston) has announced that its Asia-Pacific (APAC) and Europe team has launched a new fund of $300 million to invest in early and growth-stage companies in digital health, financial technology, enterprise SaaS, and cybersecurity.
Zurich Insurance Group (Zurich) has selected 12 startups to collaborate on novel ways to serve customers, create more frequent meaningful touchpoints with them, and challenge the boundaries of insurance.
It’s not hard to understand and forecast why usage based insurance (UBI) — otherwise known as behaviour-based insurance or pay-as-you-drive (PAYD) — is becoming popular among North American drivers and rest of the world.
Nowhere is the insurance gap more pressing than in the case of flood insurance.
Tesla is “trying to turn a nightmare into a dream with Tesla Insurance,” chief executive Elon Musk said Wednesday.
Harsh market conditions, innovative entrants, and demanding clients are a few forces driving transformation in the insurance industry, but every challenge presents an opportunity.
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.
In the words of its CEO, there’s a “fair amount to pay attention to” from the first-quarter earnings call of Travelers, as the P/C insurer grew net written premiums 11% to a record $8.4 billion.
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.
The COVID-19 pandemic has likely led to more distracted driving. April marks Distracted Driving Awareness Month and insurers have released data and studies that reveal what behaviors are leading to unsafe roadways.
Digit Insurance sold its first policy in late-2017. In 2021, it became not only the first unicorn of the year but also the first insurtech startup to achieve the coveted billion-dollar valuation. Founder Kamesh Goyal charts his and the company’s growth journey.
For any life insurer, future success means resonating with demographically diverse generations of new consumers where they live—and that’s increasingly in a digital world.
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.
Artificial intelligence is becoming an increasingly important tool for commercial insurers, but ethical concerns remain.
Since the onset of the pandemic, many businesses across all industries stayed afloat by fundamentally understanding the way people shop and purchase and transforming their processes to meet that need.
Challenger firms are helping to change the industry, but incumbents will take the rewards, says John Chambers.
Covington & Burling LLP attorneys suggest how the insurance industry might respond to the unique risks that are sure to arise from commerce in the metaverse.
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.
The frantic pace of insurance industry M&A activity that emerged in 2021 shows no signs of slowing down, as firms look to expand their operations and take advantage of new growth opportunities in a variety of areas.
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.
Since forever, insurance has been a valuable option for individuals looking to protect their loved ones from potential threats. The pandemic has further reinforced the necessity of preparing for the unexpected. However, the barriers to enrolment in any insurance are several, and with many complicated coverage options, the insurance industry is looking for a makeover.
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).
Survey indicates pandemic may have accelerated shifts in buyer preferences for a wider array of coverage, service, and distribution options.
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.
Efrat Sagi-Ofir, Co-Founder and Chief Revenue Officer at Air Doctor, reveals what traditional insurers should know before partnering with a tech start-up.
Irish aircraft leasing company AerCap has submitted an insurance claim for $3.5 billion as more than 100 of its aircraft remain trapped in Russia following the invasion of Ukraine.
Is adequate risk transfer in the face of rapid technological change even possible?
The vehicle salvage process has long been the inefficient, paper-based and nearly-forgotten tail-end of an auto insurer’s coverage obligation. But it doesn’t have to be this way.
According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022. According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022.
In 2020, while both metros and non-metros reported nearly the same number of covid-19 claims, the trend changed in 2021 as non-metros reported 17% more claims than metros.
Lloyd’s of London has said it is working with the UK government to implement sanctions imposed over the war in Ukraine as fast as possible, including cancelling Russian firms’ insurance cover.
Tesla and other car makers represent a growing threat to incumbent auto insurers, even though they have little direct impact on the insurance market today, Moody’s Investors Services said in a report this week.
In an effort to help drive change in the insruance industry and to provide inspiration to all future leaders, we have interviewed some of the most senior figures who are speaking at Insurtech Insights Europe 2022.
Marsh McLennan, parent company of the world’s largest insurance broker, has announced it will exit all of its businesses in Russia, following the “unprovoked attack by the Russian government against the people of Ukraine”.
Q: What problems does the business look to solve & what makes ELEMENT best place to solve these industry issues? A: The insurance industry is
With world’s largest forum for insurance professionals, Insurtech Insights provides an invaluable platform for networking, new insights and exposure for thought leaders. We are always looking for new partners, content creators, and contributors to create value and deliver exceptional support to Insurtech Insights.
To share your knowledge, simply fill out the form.
