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.
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While most insurers offered financial relief for customers, a more limited number of insurers launched financial assistance specifically for agents and partners.
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.
The expectation that hundreds of so-called zombie companies will fail over the next few years and drag on the economy is among the major concerns prompting insurers to reduce risk and charge higher premiums, a trend likely to continue as failures increase, Swiss Re AG said on Tuesday.
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.
With the proliferation of microservices and APIs, will UIs go modular too? Some technologists note a rising trend around smaller, intent-based customer experiences that more directly mirror API endpoints.
There has been a raft of US insurtechs recently going public, leading to speculation that European insurtechs might follow suit.
Data has always been of high importance to insurance companies when undertaking multiple basic functions. With digital transformation taking over, insurance technology is in the spotlight as a growth concept in the sector.
In today’s digital economy, customers expect better and personalized products, round-the-clock services, and frictionless online and offline experiences. Given ever-mounting customer expectations, how can enterprises attract and retain their customers?
Stephen Brittain is late for a board meeting. For the first time in months, the co-founder and director at UK-based insurance technology incubator Insurtech Gateway and his team are back in the office. As a result, he’s finding himself stretched for time.
Mike Karmilowicz of Everest Insurance shares details about his company culture, the threat of cyber and how technology will impact the insurance industry going forward.
Insurance brokers and their customers live in a digital world where almost everything can be achieved online, whether it’s buying tailored computers, getting real-time assessment of current computer specifi-cations, leveraging expert advice or obtaining consumer recommendations. The consumer chooses the channel and can swap seamlessly between them throughout the life cycle.
How insurers create value for their customers has changed rapidly over the past year, which means that the fundamentals of how an insurance carrier generates revenue has changed. If you want to gain an advantage as an insurer, now is the time to listen to the changing market and innovate accordingly.
In our latest webinar, we discussed how to engender loyalty among your customers and give them an experience that turns them into great proponents of your company.
People are wired to gravitate toward ease of use, and fully connected partner ecosystems are a way insurers can deliver it.
Insurance agency technology firm Vertafore has released a product it says puts the power of data and analytics into the hands of independent agencies.
More than a year after the start of the COVID-19 pandemic, we’re also seeing big shifts in consumers’ expectations for health and life insurance. This has generated significant innovation from insurers.
Even the most vigilant insurers and reinsurers scanning the risk landscape for potential future liability problems are likely to fall into landmines.
Though still in its infancy in insurance, blockchain is poised to transform the industry.
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.
Health insurance is critical in nature, but a couple of years ago, it was more of a fringe benefit provided by startups (and other small enterprises) and not a key trigger for recruiting and retention.
Aon UK Chief Executive Julie Page has underlined the need for re/insurers to embrace and enable the disruptiveness of insurtech innovation, especially as the world attempts to recover from COVID-19.
Revival of Insurance: Accelerating Growth and Market Leadership with New Products and Business Models
As the industry continues a new digital awakening and adapts to market changes, new customer expectations, and global demands, those insurers willing to adopt a different mindset and leverage the latest technology to accelerate growth will accelerate their growth and position themselves in a new era of market leaders.
Digital transformation in insurance is a complex and challenging undertaking. But most problematic of all – the process is often extremely slow and siloed.
More consumers are seeking life insurance today than in any time in decades. According to a LIMRA study, there are 60 million un- and under-insured households in the United States, representing a $12 trillion coverage gap and an enormous opportunity for the industry. But if insurers want to reach this underserved market, they need to up their games by providing consumers with personalized products offered through convenient digital channels.
With the threat of cyber attacks looming larger than ever in the minds of business leaders, we investigate the current state of cybersecurity insurance.
Relationships between carriers and brokers are the foundation of the insurance industry. Here’s how to strengthen your partnerships.
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.
Traditional insurers have never faced as much competition for their customers’ attention as they do now.
A new report by insurance and reinsurance marketplace Lloyd’s of London has explored the potential benefits of human capital insurance solutions for workforce management in the wake of the pandemic and future systemic risks.
Insurtalk with Generali’s Stefano Bison: How to modernise partnerships in a transforming insurance landscape
“The insurance industry needs to embed itself within an ecosystem of disruptors and technology to compete in a digitised financial services landscape” – This week, we discussed the future of insurance partnerships with Stefano Bison, Generali Group Head of Business Development and Partnerships.
Despite the huge economic impact of the COVID-19 pandemic, the global insurance industry was relatively unharmed, compared to other industries, such as travel and hospitality.
The insurance industry is rich with data. Having the right information at the right time is critical for making important underwriting decisions, but all too often an underwriter can’t access the data that would be most helpful. A carrier’s data goes uncaptured, can be difficult to transform and store, or is inaccessible.
Like many industries, insurers made fast and dramatic changes in response to COVID-19 to keep operations running smoothly and customers supported. With vaccinations hinting at a return to “normal,” it’s a perfect time to do a data-driven post-mortem on how insurers responded to the pandemic. What actions were taken, what were the lessons learned and what do they mean for the future?
Arthur J. Gallagher’s (Gallagher) agreement to acquire the majority of reinsurance broker Willis Re will take the company’s data and analytics capabilities to new heights, according to J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer (CEO).
The term “digital platform” is just as ambiguous within insurance as the term “digital strategy.” A wide range of solutions all market themselves as digital platforms, from development platforms and low-code/no-code toolsets to pre-built portals and even hubs and intermediaries.
Life insurance is a unique product — even when compared to other consumer financial services.
For starters, a life insurance product, at its core, is all about managing mortality risk, which has a wide range of contributing factors and can take decades to emerge.
When much of the global economy locked down last year, insurers, facing estimated losses of more than $100 billion globally, reached straight for their red pens to strike pandemic cover from all new business policies.
Propelled by the impact of COVID-19 on driving behaviour, the growth in consumer demand for personalised automotive insurance was particularly strong: 70 percent expressed an interest in pay-as-you-drive insurance where the less you drive, the less you pay. That compares with 52 percent two years ago.
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.
Imagine insurance customers who actually enjoy meeting with their insurance broker. Customers who see insurance not as a nuisance mandate but as an integral part of their own and their customers’ success.
In April, Willis Towers Watson announced the launch of Radar Workbench, a new software product enabling frontline underwriters to make better decisions at pace and, more recently, Chubb engaged the services of WTW’s insurance consulting and technology business for advanced pricing delivery software. All in all, it’s been a busy time for Dave Ovenden (pictured), global head of product, pricing, claims and underwriting consultancy at Willis Towers Watson, and his team.
Series A for Sprout.ai, Amazon and Zurich partner for Middle East payments service, LexisNexis report on future of claims
This morning AI solutions provider Sprout.ai have secured Series A funding from Amadeus Capital Partners, APS and Zurich are partnering on a Middle East-focussed payments solution, and LexisNexis Risk Solutions have released their 2021 Future of Claims Report.
AIG is full speed ahead with IPO plans for part of its Life & Retirement division and hopes to pull the trigger by the end of 2021, President and CEO Peter Zaffino said.
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).
Jérémy Jawish discusses the company’s expanding product set, its focus on R&D and its vision to become an exemplary AI-focused insurance vertical software vendor.
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.
We spoke with Ben Smyth, co-founder and CEO of ethical contents insurer Arma Karma. We discussed engaging young customers, building bespoke products and taking on social responsibility in insurance.
In our latest webinar we discuss record breaking Insurtech funding, the most promising Insurtech territories, and how to win over venture capital with amazing teams.
In a counterintuitive twist, technology can go a long way toward humanizing the life insurance industry.
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?
An undisputed fact is that in the period from March, 2020 to present, business processes in almost every
industry changed significantly. Whenever a business process changes, so do the associated risks.
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.
Anyone who tried to work and collaborate remotely in the last year will have noticed that most solutions have drawbacks. Screensharing can be unsafe, connecting to legacy systems can be difficult. For Nicholas Piel, CEO at Surfly, the new way of working was a huge opportunity.
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.
Berkshire Hathaway CEO Warren Buffett has a message about the insurability of Elon Musk’s future SpaceX missions. “It would depend on the premium,” the Oracle of Omaha joked Saturday during Berkshire’s annual shareholders’ meeting, live streamed on Yahoo Finance.
Marc Rowan steers firm toward future as credit-investing titan catering largely to insurers with ample cash to park
The rapid development of converging technologies is bringing about fundamental changes to the insurance industry. In the long term, organisations that are slow to embrace these new technologies will struggle to compete and to retain their place in the market.
Trend-led brands will help establish the ‘winning insurance brokers for the next decade’
COVID-19 has severely impacted how UK consumers go about their daily lives, and this has serious implications for the risks they face and how they buy insurance.
Identity management has been an obstacle for commercial insurance companies for a very long time. Many thought that problems would dissipate or at least become easier to correct by moving to digital systems, but in reality, identity management has only grown more complex. It is obvious that we need a better way.
Via Denise Garth, Majesco Let’s start with a warm-up exercise. Here are phrases you might find in any project meeting. Insert the missing words. “The
During insurer and reinsurer Chubb’s first-quarter 2021 earnings call held earlier today, Chairman and Chief Executive Officer (CEO), Evan Greenberg, said that “the chapter with The Hartford is closed.”
The insurance industry as we know it is changing. In the wake of the COVID-19 pandemic, insurance carriers understand that they have to either innovate or fall behind. In this post, we will take a look at what that innovation looks like in practice and what industry leaders are learning about the art of innovating sustainably and at scale.
Analysis reviews innovative, decentralized applications that help offset the financial risk associated with decentralized finance.
While augmented reality (AR) has been around for a few decades, the technology to power its widespread use is still fairly recent.
Insurtech Worry+Peace has highlighted the implications of “potential complacency” should the insurance industry fail to embrace negative reviews – it believes customers should not be afraid of leaving negative reviews as they can be a way of problem solving.
The insurance industry has proven its resilience. Through the disruptions of COVID-19 and massive claims from storms and other catastrophic events, valuations have gradually improved.
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.
Technology is redefining the very way our world works. From general knowledge to private data, we as a cohort have access to more information than any others through the course of human history.
Insurance services are promises that only really get tested in the event of a claim, according to Mark Stephenson, head of business development and market relationships at Liberty Specialty Markets, which is why it makes sense to integrate claims across the entire business.
Singlife entered the local market in 2020, around the same time the World Health Organization declared the COVID-19 outbreak a global pandemic. Apart from its economic impact, people also feared the expensive medical bills that came with contracting the virus. Armed with advanced insurance technologies, Singlife Philippines quickly pivoted its launch plans and offered Cash for Dengue Costs with a FREE COVID-19 cover.
Increased use of video-based telematics in the commercial fleet space, as well as the evolution of car subscription services, are just two ways in which the Canadian insurance market could change over the next few years.
The Hartford CEO Christopher Swift expressed confidence that the property/casualty insurer has weathered the worst of the COVID-19 pandemic and that related concerns about business interruption claims have become minimal.
The shift towards an asset-light global economy has been described as transformative by HX Analytics managing director David Flandro, in a Howden report that highlights the rise of intangibles and the subsequent challenges this brings to re/insurers.
The Insurance Protection Gap: What is it and how does it affect the insurance industry and our quality of life?
The insurance industry has been developing fast in the past few years. Companies have been focused on growth and increasing their Gross Written Premiums (GWP), but are facing increasing challenges such as tough competition, a low interest rate environment, growing customer expectations and regulatory scrutiny.
COVID-19 has placed insurers of all shapes and sizes before a host of unaccustomed challenges. But as vaccines are rolled out and we move beyond the acute phase of the pandemic, there are increasing opportunities on offer as well – where insurers can play a role in addressing the pain points that consumers and businesses face in the new normal.
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.
The increased amount of data cloud providers can provide as more information moves to the cloud will help underwriters write cyber risk and their policyholders in turn, say insurers and a cloud provider.
The pandemic has changed a lot of things — online shopping, at-home entertainment, work arrangements, take out and food delivery — and telemedicine.
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.
Insurance risk platform Archipelago has raised $34 million in funding led by Scale Venture Partners and earlier investors Canaan Partners, Ignition Partners, and Zigg Capital. Principals from Stone Point Capital, along with Prologis Ventures, also participated in the round.
Commercial underwriting is inherently complex, and it’s led many insurers to underinvest in technology.
In 2020, annual funding for insurance startups hit an all-time high of $ 7.1 billion on 377 transactions. This equates to a 12% increase in funding and a 20% increase in transactions compared to 2019. according to CB Insights.
Climate change is one of the biggest challenges we face as a society. With climate-related catastrophe losses continuing to climb, insurers are in a unique position to recognize just how high the stakes of climate change truly are.
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).
Touchless digital insurance, for years a mirage somewhere in the future for the insurance industry, is here to stay thanks to Covid-19. High-growth breakout successes of the past few years such as Lemonade, Hippo, Next, Root and–if I may be bold, my company Neptune–highlight how innovation in the use of data can change every aspect of the insurance supply chain.
The pandemic has changed everything. Well, not everything… but it has changed many aspects of the lives of individuals and families and has had far-reaching effects on businesses in every industry.
Lloyd’s announced the next 11 InsurTech start-ups that are participating in the sixth cohort of its Lloyd’s Lab innovation accelerator program.
Lloyd’s of London has announced the departure of Sonja Rottiers from her role as European Chief Executive Officer, with Amélie Breitburd set to step into the position.
If you’re reading this, you successfully made it through your first year of COVID-19. Like a dependable four-wheel drive, the insurance industry kept itself on the road over the past year’s many first-of-their-kind hazards: remote-working mandates, the evaporation of face-to-face channels, mass event cancellations and a slew of Business Interruption claims, to name a few.
Trevor Carvey, Chief Executive Officer (CEO) and Chief Underwriting Officer (CUO) of newly launched P&C reinsurer Conduit Re, has said that he expects 2021 to mark a “generational transformation” in the way the re/insurance industry operates.
Chubb Chairman and CEO Evan Greenberg is reiterating a call for litigation reform nationally and at the state level to address what he said is a “systemic” worsening of the legal environment and its harmful impact on the insurance industry.
Clearcover has raised $200 million in fresh capital as part of a late-stage financing round led by Eldridge, the investment firm helmed by Los Angeles Dodgers owner Todd Boehly, the digital car-insurance startup will announce on Tuesday.
Over the past ten years, the world has become increasingly on-demand in order to cater to the preferences of Gen-Zs and millennials. The on-demand generation refers to being able to order things easily and quickly as the need for them arises. Examples of on-demand services that are currently dominating the world including Uber (rides), Airbnb (housing), and Instacart (groceries).
Over the past ten years, the world has become increasingly on-demand in order to cater to the preferences of Gen-Zs and millennials. The on-demand generation refers to being able to order things easily and quickly as the need for them arises. Examples of on-demand services that are currently dominating the world including Uber (rides), Airbnb (housing), and Instacart (groceries).
Coronavirus has turned a spotlight on the insurance industry’s failings, now insurers must be bold to rehabilitate reputations and regain trust
The COVID-19 pandemic exacerbated the threat and likelihood of cyber security breaches for organizations, Munich Re’s 2020 cyber risk report found. Despite the growing risk of cyber attacks, its insurance coverage products and services are still failing to catch up.
As more organizations begin employing AI in production environments, it’s clear not everyone has completely thought through how AI will fundamentally change their business.
As GenZ becomes more influential as consumers, their expectations for services and interactions will include many AI-based offerings. Add the purchasing power of the Millennial generation with that of GenZ, and all businesses must evolve to meet these collective expectations for technology.
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.
Artificial intelligence (AI) and machine learning have come a long way, both in terms of adoption across the broader technology landscape and the insurance industry specifically. That said, there is still much more territory to cover, helping integral employees like claims adjusters do their jobs better, faster and easier.
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.
By leveraging platforms, modernizing their data use and adapting their portfolios, insurers will be well-prepared for the world that awaits us post-COVID.
Technologies to help manage and automate the reinsurance ceding are becoming increasingly critical for insurance carriers, according to Martin Greenberg, Reinsurance Product Manager for Sapiens, a global provider of software solutions for the insurance industry.
New UK brands include Lloyds Bank, Love To Rent, Moovshack, OpenBrix, Utilita and Movinghub, with many more to come in 2021
Whether they know it or not, consumers have been the beneficiaries of embedded insurance, a trend that’s moving beyond simple eCommerce payments and has recently made its debut in the logistics sector.
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.
CEO of Lemonade, Daniel Schreiber says: It takes a one-two punch to make insurance fair. I’ve previously argued that AI can vanquish bias in insurance, and so it can. But while machine learning can help ensure equality, it cannot ensure equity. It might even make it worse.
This RIMS session weighs in on how all corporate boards can prepare themselves for any cyber risk that may occur.
Astorya.io, which aims to serve as the search engine for Insurance and Banking technologies, has published a blog post, titled InsurTech Europe: 10 Years Of InsurTech In Europe Analyzed Through 800+ Startups (based on data from astorya.io).
The insurance industry has been in the midst of digital transformation in recent years – but experts say this technological shift has been accelerated by the need to address the unprecedented challenges brought about by the pandemic.
When we talk about customer onboarding, we are referring to a set of activities that aim to introduce new customers to the services we offer, making them aware of these services and guiding them through all the phases of subscription, configuration, and activation of the services themselves.
Richard Roper, Health & Benefits Leader Hong Kong, Mercer Marsh Benefits (MMB) Asia, discusses the optimisation of data in order to drive the insurance company forward.
Healthcare is undergoing a transformation. While consumers once received treatment based solely on their symptoms at the point of care, healthcare providers can now incorporate a wealth of historical, social, and environmental information to assess an individual’s condition and provide more personalized—and preventive—care.
Australian insurers have been under constant pressure to adapt to new customer expectations over recent years, with rising demand for digital and mobile services. In addition to this, global insurtech disruptors have been increasingly making omnichannel digital experiences the norm. COVID-19 has also intensified this pressure, with major organisational challenges around transitioning large workforces to remote working, as well as continuity plans, self-assessments of occupational risks and sick leave or leave for quarantine.
The rise of artificial intelligence has brought about easier and accurate handling of large digital information from various sources. Because of this various industries are adopting the technology to drive output and improve productivity. From machine learning and processing of natural languages to automation of robotic process automation, AI is dominating the digital world.
The biggest insurance companies around the world are increasingly prioritizing environmental, social and governance (ESG) issues in their investment practices.
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.
AI-based sensors can be used to track a patient’s biometrics 24/7, even while they are resting or sleeping, to track their health biometrics. Any abnormality, such as a slower heartbeat or an increase in body temperature or pulse rate, will automatically send alerts to the appropriate healthcare providers or agencies.
Innovation in insurance is one way technology can help service companies with gig employees weather the growing storm of regulations and legislation.
Life insurance and retirement solution providers with an ear to the ground know their industry is in the midst of a sea change. The industry — which, until recently, comprised of traditional insurance carriers— has been shaken up by many new Insurtech entrants.
From the SolarWinds breach to the recent Microsoft Exchange server breach, 2021 is already shaping up to be a landmark year in cybersecurity.
The pandemic has facilitated the digital transformation of the global economy, and the insurance industry may be the next major market that’s ripe for disruption.
Insurers understand the need for digital innovation – many have had digital transformation strategies in place for several years. However, since the coronavirus pandemic, the race to digital has taken on more urgency.
The COVID-19 pandemic has made many companies across all markets reevaluate what it takes to survive and grow during this global crisis. In the Insurance industry those tools are innovation and M&A activity.
Recently, there has been a seismic shift in the C-suite with most the likes of the CFO and CIO, among others, taking on much more strategic roles in the business. One roll though, that has largely remained unchanged for decades is that of the Chief Underwriting Officer.
Does applying AI to insurance ratings and FICO scores improve fairness? The insurance industry says yes, but the data points to AI fairwashing. It’s time for a change.
Over the past 12 months, technology has entered people’s lives in new and unexpected ways with some experts saying the digital adoption we’ve experienced since March 2020 is equal to 5 years of digital gains.
Five years ago, Evan Greenberg led ACE’s nearly $30 billion acquisition of Chubb, morphing Chubb into its current status as a global property/casualty insurance giant he continues to guide as CEO. Now, the insurer is gunning for even larger size and reach with an offer to pay $23 billion for The Hartford, an industry icon with origins dating back to 1810.
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.
A new report has been published by McKinsey, exactly one year after the start of the COVID19 crisis, examining current remote work in 9 countries, and what they expect to see in upcoming months and years.
Imagine you never had to think about buying insurance—that it was automatically attached to everything you own. Your apartment is broken into? Renters insurance came with your lease. Your dog breaks his leg? Your vet bills are covered. Your business gets hacked? You got cyber when you bought your domain name.
Koffie uses telematics and advanced safety technology to underwrite trucking companies, rewarding fleets that invest in safety with discounted insurance premiums.
Insurance aggregator GramCover provides affordable, customised, and well-rounded insurance products designed for agriculture and rural India. Founded in 2016, the agri insurance startup aims to become the centre of all risk and insurance in villages, ‘gai se gaadi tak’.
It took a global pandemic to accelerate digital transformation in the life and annuity industry. COVID-19 prompted major changes in the way we live and work, thrusting consumers of all ages and digital abilities online, like it or not.
Accenture’s analysis of North American insurance organizations’ public innovation announcements suggests that investments in customer experience and distribution innovations reap the biggest rewards. Agents, of course, play a key role in supporting the customer experience and extending distribution. That’s why Accenture suggests that insurers focus their innovation efforts on empowering agents across four dimensions—partner, growth seeker, collaborator and entrepreneur.
More than two-thirds of insurance customers are now digitally transmitting photos or videos when filing property claims, decreasing claim cycle times and helping drive the highest overall satisfaction scores ever measured, J.D. Power Associates said.
What’s to be seen is whether there will be savings in terms of moving to a microservices architecture vis-à-vis when compared to legacy. Microservices with analytics will be the next normal for any life insurance company.
Americans have experienced an unprecedented leap in digital adoption over the past year and it is unlikely business will ever go back to “normal.” Insurance companies need to take notice and adopt new technologies as well or risk failure, explains Paul Ford, CEO of Traffk.
Zego, the insurtech that got its start by offering flexible motorbike insurance for gig economy workers but has since expanded with a range of tech-enabled commercial motor insurance products, has raised $150 million.
Data and analytics firm GlobalData expects COVID-19 to be far and away the most important theme for the insurance industry in 2021, but that sustainability will continue to be an essential long-term issue.
Insurance providers have long struggled to incentivize behaviors that minimize risk — and thus save everyone money. In the past ten years, however, insights from behavioral science have given providers a new framework for encouraging healthy behaviors. Connected devices can translate those behaviors into cost savings.
Consumer expectations and preferences are changing in distinctive ways, although this shift varies across different types of consumers. Age, gender, location, income level and occupation all influence insurance expectations. However, the most important determinant is personality.
When you put the ‘Customer First’, you start with anticipating what the customer will want, ensuring you provide it and then navigating the customer through it
“Specific and deep.” That is the type of service brokers need to be providing their clients in the cyber insurance spaces, says Shannan Fort, partner, financial lines, cyber at McGill and Partners. To be successful, brokers need to clearly understand their role and have a firm grasp on the remit of their responsibilities.
There have been many changes in the modern tech stack, including new automation tools. However, if insurers want to leverage data successfully, their teams need to overcome a few key obstacles.
The InsurTech ecosystem in Asia is relatively smaller as compared to that in Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in 2020. According to Venture Scanner, Asia’s largest InsurTech hub is Singapore, followed by Indian cities Mumbai and Gurgaon.
Given the infrequency of customer contact with insurance carriers ‘being there’ becomes more important when it matters, but it means different things to different customers.
Whether it’s AI-enabled bot or self-servicing insurance portal for customers, all-digital offerings have been designed to enhance customer experience and reduce time for servicing them and facilitating new business and renewal transactions
Many recent perspectives have declared that COVID-19 is a game-changer for all industries, and insurance is no exception. Our recent research on the Payback on Digital Innovation and our Insurance Consumer Study continue to highlight the drive to cloud, the importance of sustainability and customer demands for digital, personalized experiences.
What are the main Insurtech disruption trends of 2021? In this article four of the UK’s leading insurtechs discuss the decline of traditional insurance and the rise of disruptive innovation in the sector
In Europe and across the world, there’s hope that life will start to return to normal this year. But although people may begin to work, socialise and travel as we used to, the way we purchase insurance – and indeed what we want from our insurers – will never be the same.
Ecosystems provide a win-win opportunity for incumbent insurance carriers, InsurTechs, and service providers by enabling them to operate in a coordinated fashion and devise competitive insurance offerings by opening new avenues.
Customer experience and distribution innovations appear to offer North American insurers the best return on their innovation investment dollars, according to our analysis. Since agents are largely responsible for the customer experience and expanding distribution, we recommend insurers focus their investments on innovations that will support the work agents do.
Over the past year, we’ve fielded many questions from clients about digital decoupling – in particular, what it means and the business impact such a transformation can have. Those questions stem from the seismic shifts upending insurance, a sector in which change used to be measured in decades.
Behind every new idea is a problem that needed solving. For Tahir Farooqui (pictured), founder and CEO of Canopy, a London-based insurtech providing of services the rental sector, his business concept was inspired by his experiences renting in a myriad of locations. Between living in the UK, Australia, New Zealand, Europe and the US, he said, he found that renting was tough and that the financial services sector has tended to underserve the renter – and thus Canopy was created to combat that trend.
Supercede co-founders Jerad Leigh and Ben Rose believe there is “real opportunity” for their firm to become the primary digital ecosystem in the reinsurance space, which they say has historically been overlooked by technology.
Oscar Health Inc., the digital health-insurance company well known to New Yorkers thanks to a subway advertising campaign, is going public in a deal that could value the company at up to $8 billion.
AI is a science. Customer centricity is an art. The ability to blend the science of digitization with the art of the company’s philosophy of ‘Caringly yours’ to offer human-centric digital CX is what makes a sustainable model
Ecosystems can enable insurers to become more digital, efficient and agile as they seek to achieve breakthrough growth.
As the world hopefully starts to open up again this year, organizations are going to be increasingly pressed to balance their service needs across different channels.
Global re/insurance broker Willis Towers Watson has released a report which explores how COVID-19 and the trend towards the digitisation of medicine is resulting in a rapid technological change.
The pandemic not only forced employers to drastically change the way their employees and businesses work, but also caused a “digital divide” that could negatively impact employees’ work experience, a new study has found.
As an industry, we still use too much paper. But what digital tools do we really need, and where are the real changes in insurance innovation? Is it all buzzwords?
Becoming an AI-driven business requires contributions from your entire workforce. While the transformation takes time, several tactics can begin democratizing AI now.
Whereas COVID-19 has essentially altered the longer term workforce, instruments like AI assist get it again on monitor.
Insurers have lagged other sectors in implementing AI, leaving a gap for tech-centric firms, such as insurtechs and big techs, to disrupt the space.
In the race to head off competition from InsurTechs and deliver sophisticated digital experiences, insurers must ensure they continue to meet the needs of different customer groups.
There have been very few positives that have come out of the recent epidemic that’s swept the world. But one glimmer of light has been the acceleration of digitisation in organisations, a boost caused by staff having to work from home.
The World Health Organization declared COVID-19 a global pandemic nearly a year ago. Since then, efforts to slow the spread of the virus have caused seismic shifts for insurers and their customers.
For those of you who love music like I do, you will hopefully agree that one of the best songs by the rock band Queen was “Under Pressure,” co-written by the famous David Bowie. The story is that the collaboration was creatively different as the vocal was constructed in a very novel way in one night, where they all contributed different pieces of the song musically and vocally and then put it together to create what is considered one of the greatest hits!
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.
Many countries in Europe have in previous years experienced increased price competition for general insurance products. Especially in Southern Europe, the competition has been very fierce, fuelled by online price comparison websites. In Spain, Portugal and Greece, there has been a substantial drop in average premiums for products like motor, home and health insurance. This poses a real threat to the profitability of property and casualty insurers.
Insurers in 2021 will be doubling down on streamlining, reinforcing their core businesses and updating technology, and M&A will help them get there as it did in 2020, according to a new Bain & Company report.
Miloslavsky talks about the insurance platform as the vehicle for processing across lines of business, integrating an ecosystem of external capabilities, and delivering a customer experience on a par with top retailers.
Despite the contraction in the retrocession market in recent years due to CAT losses, the reinsurance market remains a very attractive option for capital market investors to deploy their capital, and an important strategic tool for reinsurers. Non-CAT insurance risk retrocession using AI-based risk modeling technologies can inject life back into the retrocession market.
Many insurance companies are seeking and actively developing digital technologies to streamline their processes, assess risk better, reduce cost and increase customer satisfaction.
From transport networks to utility companies, insurance for AIs could unlock huge benefits for industry and consumers alike
Incorporating external, or third-party, data is an important part of data analytics programs as companies look for strategic insight from outside their firms.
Sweden’s Insurely Raises €2.5M to make the Insurance Industry more Transparent, Accessible; Here’s How
Stockholm-based Insurely, a digital insurance platform, has raised €2.5M in a fresh round of funding. The round was led by Swedish venture capital firm Luminar Ventures.
The question is not whether the future of the insurance industry is bright. “Few industries are better positioned for outstanding growth over the next 15 years,” insists Verisk’s Mark Anquillare.
Insurance industry leaders have renewed their focus on recruiting, hiring and promoting not just to fill a crucial talent gap with quality candidates, but also to intentionally diversify their workforce.
Prior to the COVID-19 pandemic, independent insurance agents were uniquely placed within the market. Amid a surge of companies looking to disrupt the industry with a focus on technological innovation and end-to-end digital accessibility, independent agents catered to a demographic that valued a more personalized approach.
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.
As technological innovation continues to pick up pace in the insurance industry, focus on upgrading underwriting toolkits is growing.
One of the toughest moments of a break-in or disaster is losing your stuff. The U.S. saw 1.2 million property crimes in 2018, two-thirds of which happened at homes and apartments, and 387,000 fires at homes in the same year.
Oscar Health filed preliminary paperwork for an IPO on Friday. The health insurance startup is betting that its technology can give it an edge as it fights for market share with bigger competitors.
Last year, Getsafe launched in the UK – marking the start of the company’s expansion into new markets. Despite the challenges presented by the global pandemic, Getsafe pushed on with its agenda, including gaining $30 million in new funding and beginning partnerships with leading price comparison websites. It’s time to look back on 2020.
If anything, 2020 was about preparing for – well, everything. This includes cyberthreats, which have risen sharply in the pandemic era. In 2021, rethinking your cyber insurance strategy should be a top priority for CISOs and executive leadership.
The future of insurance distribution has been hotly debated in our industry for decades. Bold predictions several years ago prematurely declared the “death of the agency model” to be largely replaced by direct (and then digital direct) distribution.
Majesco’s survey report, ‘Strategic Priorities 2021: The Insurance Industry Shift Hits Hyper-Acceleration for Digital Business Models,’ the first of two reports, makes observations crucial to an understanding of priority shifts driven by the pandemic and other factors.
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.
Managing general agencies (MGAs) in Canada are currently engaging in very little mergers and acquisitions activity among themselves because the market is still growing organically and is less mature than in other countries, the managing director of the national MGA trade association told Canadian Underwriter recently.
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