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.

The Power of Personality: How Traits Shape Preferences

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.

Read More »

What Role Do Insurance Brokers Play in the Cyber Space?

“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.

Read More »

4 Asian InsurTech Companies Making Waves in the Industry

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.

Read More »

How Innovation Has Changed Underwriting

Many advisers insist that innovation leading to faster underwriting is the key to growing the individual protection market because online shopping generally has driven a customer demand for instant gratification and a personalised experience.

Read More »

Accenture: 5 Ways Insurance Companies Rose Up to the COVID-19 Challenge

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.

Read More »

Accenture: How to Empower the Agent as a Collaborator

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.

Read More »

Canopy CEO Turns the Spotlight on Renters’ Insurance Needs

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.

Read More »

Pressure to Innovate Shifts Priorities by Denise Garth

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!

Read More »

How do you Adapt your Insurance Pricing Strategy in the Face of Increased Price Competition?

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.

Read More »

Alternative Capital for Non-CAT Retrocession

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.

Read More »

The Future Of Insurance Is Connected!

Interoperability and Compatibility With insurance agencies resorting to the use of digital tools, insurers must maintain a common data environment and set protocols to achieve interoperability and compatibility across all systems.

Read More »

Balancing Act: Customers Demand Both a Digital and Personal Experience

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.

Read More »

The Digital Insurance Revolution Gathers Speed

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.

Read More »

Is it Time to Update Your Cyber Insurance Strategy?

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.

Read More »

It’s Time to Embrace Modern Distribution Channels

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.

Read More »

Insurers Must Address Bias in AI

Recently, a group of U.S. senators wrote a letter urging the Equal Employment Opportunity Commission to address employers’ use of Artificial Intelligence (AI), machine learning, and other hiring technologies that might result in discrimination.

Read More »

How to Sell Auto Insurance Post-Pandemic

By speaking to policyholders’ values, motivations and purchase drivers, auto insurance marketers can make more-informed decisions about the messages and offers most likely to entice drivers to switch to their brands.

Read More »

Why There is Very Little MGA Consolidation

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.

Read More »

Insurwave CEO on the Opportunities Facing the Insurtech Sector

2020 offered a blend of threats and opportunities to the UK insurtech market and 2021 looks set to maintain the status quo. Offering his perspective on what the year ahead will hold for the sector, as well as for Insurwave, the insurtech platform of which he is CEO, David Power (pictured right) highlighted that the key challenge surrounds communication.

Read More »

Driving the UK Economy Forward – One Van at a Time

Almost one year into lockdown and with no end to restrictions likely for the foreseeable future, the outlook for many does seem bleak. But there are silver linings that are becoming increasingly evident. One of the most apparent is the sheer display of true British resolve, where people have found innovative ways to start their own small businesses after being furloughed or made redundant.

Read More »

How to Empower the Agent as a Partner

Accenture research suggests that for North American insurers, customer experience and distribution innovations deliver the best returns. Since agents play an outsized role in the customer experience and expanding distribution, we recommend insurers focus on innovations that will empower agents throughout the customer journey.

Read More »

Five Predictions for Cyberinsurance in 2021

The start of a new year presents a good opportunity to reflect on changes over the past 12 months and predict what lies ahead in the next. As we can see a distant end to this difficult period, it’s time to reimagine the world’s future.

Read More »

What The NAIC’s Guiding Principles on AI Say

“AI will be life-changing for insurance companies and consumers alike, raising the question of how regulators can ensure that models and algorithms and machine learning don’t simply scale-up the bad practices of the past,” writes Andrew Mais, commissioner of the Connecticut Insurance Department.

Read More »

Insurers That Innovate Gain Underlying Competitive Advantage

Innovation is integral to the success of an insurance company today. With the increased pace of change in society, climate and technology – exacerbated by the COVID-19 pandemic and the work from home era – innovation has become a core driver of the short-term and long-term success of insurers.

Read More »

InsurTech in the United States of America: A Blossoming Relationship Fuelled by COVID

After a year of economic turmoil, the US emerged from 2020 with its insurtech crown intact. American companies accounted for 39 places in FinTech Global’s InsurTech 100 (2020) – almost double that of its closest competitor. Of the insurtech megarounds completed by the third quarter, 75% took place in the US, with insurtechs flourishing in startup strongholds like Silicon Valley and New York, and across the Midwest and South.

Read More »

Time to Drive Quiet Change Again

This past year we have seen major companies, sports teams, and individuals making a splash by trying to push for social justice activities through their dollars, actions or statements. The one industry that has been relatively quiet in the arena—and the one that has been a quiet force around justice, safety, and responsibility for decades—has been insurance.

Read More »

Startups to Have Laser Focus on Expenses in 2021

Both startups and established players in the reinsurance industry are likely to have a strong focus on expense efficiency in 2021, according to Dmitry Mnushkin, President of Bermuda-based insurance and reinsurance software specialists, Treefrog Consulting.

Read More »

Technology To Mitigate Skyrocketing Insurance Premiums

Widespread concern is no surprise as rising insurance costs—coupled with sky-high verdicts—have also been cited as the reason many fleets have gone out of business. While many factors that contributed to rising rates are beyond the fleet’s control, there are ways to improve your company’s risk profile—and technology can help.

Read More »

11 Insurtech Predictions for 2021

We cannot wait for 2020 to be over. Despite what we all feared in March, insurtech has continued to flourish, with lots of capital supporting the sector in public and private markets, closer integration between incumbents and startups, and promising solutions for long-time needs in SME and cyber.

Read More »
Lloyds

Lloyd’s of London Blueprint Two Claims to Show the Way

At the beginning of the pandemic, there were perhaps few institutions that looked less well equipped to function under social distancing than Lloyd’s of London. Synonymous with antiquated practices and the primacy of dealing face-to-face, business at Lloyd’s should have ground to a halt this year.

Read More »

How Can MGAs Survive the COVID Crisis – and Thrive After It?

Building a business from the ground up is often described as a marathon and not a sprint. But even the longest distance runners know that agility is critical, and the ability to be flexible and move quickly when an opportunity presents itself is just as important for those start-up businesses sprinting for growth as it is for enterprises on long-distance journeys.

Read More »

10 Steps to Achieving Insurance Data Literacy

Peter Jackson, Legal & General: When I was asked to write an article on big insurers and their digital transformations, I had to hit the pause button right from the outset to make the clear, if underappreciated, distinction between digital literacy and data literacy.

Read More »

A New Industry Model for Insurtech

Insurance companies should pay close attention to insurtechs—not because they’re coming to attack, but because they’re coming to collaborate. For established insurers, insurtechs can be digital enablers that drive the adoption of digital technologies along the value chain.

Read More »

Which AI Techs are most Valuable in P&C?

Artificial intelligence technologies are everywhere. The great leap forward in AI over the past decade has come along with an explosion of new tech companies, AI deployment across almost every industry sector, and AI capabilities behind the scenes in billions of intelligent devices around the world. What does all of this mean for the personal lines insurance sector?

Read More »

Why Insurance Needs Tesla’s Autopilot Too

Digitization is the industrial revolution of the 21st century. What does this mean for a data-driven industry like insurance? The answer is simple: Turn everything on its head and reinvent yourself under high pressure- the future of insurance is digital

Read More »

5G: Revolution or Exaggeration?

The race to fifth-generation (5G) wireless technology is on, with governments around the globe scrambling to support it. If they don’t, many industry experts believe, they risk losing out on the futuristic opportunities that 5G could make possible, from self-driving cars to smart cities that can point vehicles to the clearest roads. These advances also promise significant economic incentives: A 2019 study from IHS Markit predicts that by 2035, 5G will create 22 million jobs and generate $3.5 trillion in economic activity globally

Read More »

Transforming claims: Keep the Customer Satisfied

Keeping customers informed requires systems that can clarify the different stages of the claims process, determine what’s needed and calculate what will happen next – and can deliver that information in a way that the customer can understand

Read More »

Could Traditional Services Firms Out-Compete Amazon?

When I was a schoolboy, I would make a little extra pocket money by buying Creme Eggs in bulk from the local cash & carry and then sell them at a 100% profit margin in the school playground. Fast forward 30 years and it’s my daughter’s turn, albeit she is now designing, sewing and selling Covid face masks (and has launched on Instagram too). Whilst her profit margins aren’t as good as the ones I made on Creme Eggs, her online presence means she has the reach and potential to earn a lot more pocket money than I did.

Read More »

Powerful Cloud Services will Drive Ecosystem Innovation

Carriers that recognize and make use of the innovation capabilities that cloud services offer will outpace their competitors in the race to build expansive ecosystems. With enhanced agility and reach, they will seize many of the lucrative opportunities likely to spawned by ecosystems in the next few years.

Read More »

How AI Powers Customer Contacts

Existing and prospective customers now expect prompt, appropriate answers via the channel of their choice, or they may look to your competitors. For insurance carriers,

Read More »

Transforming the Claims Space

Paying claims needs to be the default, with AI and analytics ensuring that adjusters spend their time more valuably and have more interesting work. Fundamentally,

Read More »

The Uber of Insurance

Around 2015-2016, at the beginning of the ‘insurtech movement’, several media outlets were occupied with predicting who will be the Uber of insurance. Also, around

Read More »

A Future-Proof Operating Model

Insurers need an operational model with adequate agility to follow market fluctuations. It’s time to outsource all non-core activities. The business strategy sets the direction

Read More »
Futureofinsurance

The Insurance Journey of Tomorrow

Disruption taking place through isolated digital innovations are a thing of the past. Instead, a complete digital policyholder journey is becoming the expectation within insurance.

Read More »

A New Boom for Life Insurance?

Life insurance can move past the 250-year-old, risk-focused transaction and become a core component within a life, wealth and health ecosystem. When executives are looking

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