LATEST THOUGHT LEADERSHIP ARTICLES

We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.

How insurers can approach cybersecurity risk

The FBI reported a 400% increase in cybercrimes in 2020, in part because of the increase in remote work. Among the cybercrimes were two major data breaches: SolarWinds and FireEye, both third-party technology partners hired to protect their clients from data breaches and then becoming victims themselves.

Read More »

Insurance M&A Activity Rebounds

In the immediate aftermath of the COVID-19 lockdowns in early 2020, M&A activity in the insurance industry dropped off as deals were put on “pause” while potential buyers waited to see how the pandemic would affect the availability of capital, target company values, and the ability of the parties and service providers to carry on with the acquisition process.

Read More »
automation

Automation is changing the rules for insurance underwriting

The insurance industry is the very definition of risk-averse, and that includes the sector’s critical operation of underwriting. Spend a working lifetime identifying, analyzing, quantifying and ascribing monetary value to risk, and one is likely to have a fairly strong aversion to undertaking new endeavors with inadequately understood consequences.

Read More »

Risk managers tap into new technology

Technology tools, including web portals and exposure mitigation techniques, have become critical parts of modern risk managers’ arsenals, helping to inform and automate a range of functions.

Read More »

May AI underwrite you?

According to McKinsey, 22 percent of cross-industry enterprises already attribute 5 percent+ of their EBIT to AI. And HBR estimates that AI will add $13 trillion to the global economy over the next decade.

Read More »

P/C Reinsurers Keep Underwriting Discipline Even as Capacity Rises: Guy Carpenter

Property and casualty reinsurers have displayed underwriting discipline during this year’s renewals, continuing with rate corrections that began several years ago, despite the pressures of abundant capacity. Prices continued to harden during the first half of 2021 – albeit with slightly less momentum than last year – in a trend that will likely continue into the January 2022 renewal season.

Read More »

Future insurance technology will be in the cloud

Cloud computing will become a common technology in the insurance industry over the next decade, surveys by Sollers Consulting show. Robotic Process Automation (RPA) is seen as more important in the market than Artificial Intelligence and Machine Learning, while Telematics and the Internet of Things are weighted comparatively low.

Read More »

Insurers seek equitable digital alternatives to credit scores

The credit-based insurance score has not gone without challenges over the years, but 2020’s protests over police brutality have pushed more industry figures to look for alternatives. At issue is the legacy of structural racism that has hindered economic opportunities for communities of color and led to disproportionately lower credit scores among them.

Read More »

Things for insurers to consider as they invest in insurtech

Technology, machine learning, robotic process automation, data aggregation and analytics – in recent years, the insurance industry (like many other sectors) has been motivated to make use of those tools to improve their operations and enhance their underwriting, pricing, and loss control capabilities.

Read More »

Points for insurers to consider as they invest in insurtech

Technology, machine learning, robotic process automation, data aggregation and analytics – in recent years, the insurance industry (like many other sectors) has been motivated to make use of those tools to improve their operations and enhance their underwriting, pricing, and loss control capabilities.

Read More »

5 Ways in which AI/ML is transforming Insurance

With technology taking centre stage, industries and sectors are getting disrupted. Insurance is no exception, and its key functions are being reimagined with the power of digital technologies such as artificial intelligence (AI) and machine learning (ML).

Read More »

Modernising insurance for a new generation of consumers

Over the last few years, insurers have been heavily focused on finding ways to tap into the younger generation that will be their primary consumers in the future. Here is an interview with insurtech Gigacover’s Mr Amerson Lin to get his take on how to reach that demographic.

Read More »

The rise of M&A insurance

The pandemic has not stopped the growth in the M&A insurance market. Brokers in North America have seen an uptick in M&A transactions, M&A insurance, and claims over the last year.

Read More »

How tech is evolving insurance risk analysis, tools

In this series of articles, we have been examining digital trends that will shape the future of the insurance industry. The models emerging from these pivotal trends will continue to transform the industry over the next decade, transforming insurance into a fully digital universe.

Read More »

3 ways to streamline your document processing with AI

While Artificial Intelligence (AI) has gained traction with enterprises in other industries, insurance providers have been slower to adopt. In 2016, research by Deloitte noted that less than 2 percent of insurance companies were currently investing in artificial intelligence technologies.

Read More »

Tomorrow’s Insurance is Connected

Technologies are emerging that enable omnipresent, real-time connectivity between the people and businesses being insured and their insurers, and that is fundamentally changing the business of insurance.

Read More »

4 ideas to inspire your next pay-as-you-go insurance product

Insurance customers are increasingly seeking flexible, pay-as-you-go insurance options. Also known as usage-based insurance (UBI), this type of coverage is commonly used for personal auto insurance, which is powered by telematics data and charges premiums based on the distance a vehicle is driven, the quality of driving (heavy braking or quick acceleration), and surrounding factors (e.g., location, weather, construction).

Read More »

Rising to the challenge of core insurance transformation

There is no doubt that we are living in an era in which insurers have been called to transform their business offerings, infrastructure and operations. Successful transformation translates into new revenue opportunities, stronger customer relationships and sustained brand relevance.

Read More »

Aon chief defends logic of failed $30bn Willis tie-up

Aon chief executive Greg Case has launched a robust defence of the insurance broker’s failed $30 billion (€25.5 billion) takeover of rival Willis Towers Watson, describing the logic of a deal shot down by US regulators “as strong today as it has ever been”.

Read More »

Insurance Expert Q&A With Angel Conlin, CIO of Kin

Kin Insurance has its sights set on simplifying the insurance purchasing process for its customers through the innovative use of technology. By providing personalized coverage in catastrophe-prone areas, Kin plans to be the future of the insurance industry.

Read More »

Why is blockchain the key to boosting consumers’ trust in insurers?

A recent report by the International Federation of Red Cross (IFRC) found that since the 1990s, there has been a 35% increase in climate and weather-related disasters. Since March 2020, when the World Health Organisation declared a global pandemic, there have been 100 such disasters affecting 50 million people worldwide.

Read More »

Top 5 Insurtech Trends for Now and the Future

COVID-19 has given direction to insurtech trends to lean towards digital solutions. If the pandemic has taught us anything, it is that we cannot really make accurate predictions about the future. However, it has also been a major catalyst of change as several industries underwent rapid and rampant transformations. These changes have now translated into the ‘new normal.’

Read More »

Digital Claims: The ‘moment of truth’ for insurers

When a human being or even an animal faces risk, there can be one of two reactions – fight or flight. Risk is inarguably ubiquitous and something that most of us deal with on a daily basis. However, rather than fight or flight, sometimes the best way to deal with risk is to buy protection. And, this is where the insurance industry plays an integral role.

Read More »

Chubb CEO makes case for pandemic insurance program

Chubb chairman and CEO Evan Greenberg has been a voice for the (re)insurance industry throughout the COVID-19 pandemic. As leader of the world’s largest publicly traded property and casualty (P&C) insurer, Greenberg has used his platform to speak out about the “impossible” task laid at the feet of the insurance industry – to cover the cost of the global pandemic alone. c

Read More »

Why the Embedded Insurance Recipe Will Work

Opportunities for embedded insurance will give innovative insurers and their partners tremendous opportunities for growth, with new markets, new offerings, satisfied and loyal customers—and growing books of business.

Read More »

Connected insurance and ecosystems: Crucial to modern business

Insurance does not exist in isolation. More and more, it is intrinsic to the business models of partner organisations, enabling new kinds of activities and new ways of working – a reality recognised by the Connected Insurance & Ecosystems category at Accenture’s Efma-Accenture Innovation in Insurance Awards

Read More »

‘Digital revolution’ presents challenges for insurers

The ‘digital revolution’ has driven insurer success and made the industry more efficient, more profitable and more accessible to customers – however, Delta Insurance COO Kent Chaplin says it has also created new challenges within the sector, and has ramped up competition between new and existing insurers like never before.

Read More »

The ROI of Automation

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

Read More »

Why RV-sharing tech company launched an insurtech

Outdoorsy, an RV rental and travel marketplace,had a problem: With traditional insurance, RV owners could lose coverage when renting out their RVs due to a commercial exclusion clause. The solution: The company launched an insurtech company, Roamly, to eliminate the “gray zone” that traditionally comes with renting RVs.

Read More »

3 Ways to Simplify Your Claims Operations

To provide clients with quicker and better service, you want to simplify your claims operations in insurance; the customer experience matters. If you want to succeed in the industry, you have to realize it’s about streamlining things for an overall satisfactory outcome for them.

Read More »

How insurers are divesting to shift to a digital future

The COVID-19 pandemic is accelerating the transformational trends impacting the insurance sector and highlighting the need to take bolder actions in areas such as digital capability and effective engagement to address the customer’s needs post-pandemic. Over 90% of companies in the sector report that the changing technology and competitive landscape are directly influencing their divestment plans.

Read More »

Accenture: The top trends defining insurance revenue

The insurance revenue landscape is shifting in a myriad of fast-acting, unexpected ways. In our recent Insurance Revenue Landscape 2025 study, we were able to analyze customer demands to understand the trends shaping global revenue pools. Based on this research, we predict that the insurance industry will be influenced by the following four areas of innovation.

Read More »

Why Sharing Economy Firms Just Might Be The Best Insurance Customers

Think about insurance coverage prospects who really take pleasure in assembly with their insurance coverage dealer. Clients who see insurance coverage not as a nuisance mandate however as an integral a part of their very own and their prospects’ success. Insurance coverage consumers who’re smitten by discussing dangers and coverages repeatedly, not simply begrudgingly annually. Clients who’re desperate to share knowledge on security and efficiency. Or prospects who view insurance coverage not as a value however as a income builder.

Read More »

How AI Plays Into the Future of Risk Management

Risk analysts have always relied on data to guide decisions toward strong growth potential and away from high-risk strategies. This used to be a fairly linear process, but now that up to 90% of our data is unstructured, information is not only difficult to organize into digestible formats but also produced in volumes that go beyond the capabilities of human analysts aided by conventional data systems.

Read More »

Data analytics ‘the Holy Grail’ for insurers

Most insurance organisations look the same at their core. They’re supported by the same foundations, they share the same core processes, they produce similar products, and they share the same goal of transferring risk while supporting a profitable industry.

Read More »

Digital disruptors to revolutionise Insurtech market in 2021

Digitisation will disrupt the traditional life insurance sector in 2021 as Millennials and GenX embrace financial protection and ‘embedded insurance’ products, according to technology investment bank ICON Corporate Finance which recently secured £5m Series A funding for innovative InsurTech start-up Anorak.

Read More »

AI-driven customer experience: Smart move for life insurers

Life insurers that invest in artificial intelligence (AI) can improve the customer experience by making it more personalized and data-driven. With AI, carriers can profitably attract and retain customers with new “pay-as-you-live” products and services that reward consumers’ healthy habits.

Read More »

Insurance Technology Innovations

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.

Read More »

Creating the Next Generation of Customer Experience

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?

Read More »

Riding the digital wave

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.

Read More »

The European insurance growth forecast

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.

Read More »

How ecosystems transform the insurance customer experience

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.

Read More »

Supercharge your underwriting with data science techniques

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.

Read More »

Moving beyond 2020: A review of how insurers pivoted during COVID-19

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?

Read More »

Partner and Personalise: Consumer Trends in Auto Insurance

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.

Read More »

WTW on the Benefits and Challenges of Moving to Digital Trading in the Commercial Lines Space

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.

Read More »

A Promising Road Ahead for InsurTech

In the late 1980’s the car company Oldsmobile produced a television ad in which it touted its new models were, “Not your father’s Oldsmobile.” The idea behind the campaign was to show that the brand was evolving with the times and moving forward.

Read More »

Insurtech and Artificial Intelligence

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.

Read More »

How AI Will Enhance Identity Management in Claims

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.

Read More »

How Innovation is Paying Off for Insurance Leaders

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.

Read More »

Smart Choice Partners with Cover Whale

Insurtech broker Cover Whale has announced a new partnership with Smart Choice. Under the partnership, Cover Whale’s streamlined truck insurance platform will be open to Smart Choice agents in select states.

Read More »

A Mobile-First Life Insurance Built For The Future

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.

Read More »

A New Normal for Consumers and Businesses – and a New Normal for Insurers

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.

Read More »

3 Ways To Solve Inefficiencies In Your Claims Process

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.

Read More »

WANT TO SHARE YOUR KNOWLEDGE?

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.

Bradley Collins

Bradley Collins