We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
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.
While the pandemic has forced the industry to embrace agility amid resource constraints and pressure to maximize revenues, it must not distract from the customer-focused forces driving cloud adoption in the first place.
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.
From flooding to social unrest, we offer our international experts’ predictions on the opportunities and challenges that the property insurance market may face in the coming year and beyond.
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.
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.
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.
Underwriters of the future are going to look a lot more like technology trailblazers, data pioneers, dealmakers, portfolio optimizers, and risk detectives, according to a new report by Deloitte.
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.
Looking ahead, insurance regulators should be more likely to allow more significant technical advancement and use in the insurance industry since, during the pandemic, many innovations were allowed and successfully used.
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.
KindHealth, an Austin, Texas-based digital health insurance platform, raised $4m in funding.
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.
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.
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.
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.
To make the most of the growth seeker dimension, insurers should give agents the means to push their limits, gain more expertise and become a source of influence for other agents within a culture of sharing.
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.
On 28 January 2021, the European Insurance and Occupational Pensions Authority (EIOPA) launched a public consultation on data access and sharing in the insurance industry.
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.
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.
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.
The insurers need strategies ranging from taking full advantage of data, enabling a more technology-driven workforce.
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.
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.
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.
Faced with serious competition from a new breed of tech-savvy startups and mounting consumer expectations for efficient digital experiences, the insurance industry — long seen as slow to embrace innovation — has for years been investing in digital transformation.
With benefits such as better risk management, reduced claim cost and new sources of revenue, digital ecosystems can drive greater economic value and relevance for today’s insurance companies.
The effects of the COVID-19 pandemic will be felt by the insurance industry and its customers well into 2021 as consumers and businesses continue to face economic challenges, according to a new survey by consumer credit reporting firm TransUnion.
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.
To survive these challenging times, insurers must be able to plan, model and predict the likelihood and impact of possible events.
The desire to travel is strong. While lockdowns, travel restrictions and ongoing Covid-19 outbreaks have seriously hampered our wanderlust in 2020, vaccinations give us some optimism for travel in 2021.
Customer experience and customer service are the holy grail of businesses. And yet, CX in insurance is often lagging behind. The customer-facing leg has been digitized, but the issuance operations and internal processing leg are still old-school.
Firms struggle because they view AI initiatives as small projects rather than a product requiring continuing maintenance and investment.
With automated claims processing, the turnaround time for settlement will be measured in minutes rather than days or weeks.
Boston-based insurtech start-up Breach has announced the placement of a crypto-denominated cyber insurance policy with CoinList, a full-service token sale and crypto trading platform. Breach said the policy was an industry first.
In 2021, climate-change actions by U.S. regulators will create both challenges and opportunities for insurers.
Electric vehicles’ market share may surge from 2% to more than 25% by 2035, with major implications for drivers, insurers and a host of businesses.
This is an exciting era for insurance, and actuaries have an opportunity to expand and redefine their roles in these changing times.
Big Tech companies are breathing down the necks of insurance companies. Giants like Amazon, Apple and Google have upped their innovation games in recent years, setting the customer experience bar higher than ever with their data-centric, consumer-focused business models.
With the outbreak of COVID 19, the use of telehealth services for health diagnoses and treatment surged in 2020. In fact, according to the Centers for Disease Control and Prevention, during the first three months of 2020, the number of telehealth visits increased by 50%.
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.
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.
Newly enfranchised consumers want to stay empowered, and chatbots have been around for a while, so could this be their moment?
The total number of global ransomware reports increased by 715% in the first half of 2020 year-over-year, according to Bitdefender’s Mid-Year Threat Landscape Report 2020.
CB Insights Analyst Niall Williams discusses InsurTech-related findings of two recent reports.
Timid steps are giving way to massive reorganizations and wholesale redesigns of compensation programs.
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.
Increasingly, insurers can understand how and when people drive, as well as how vehicles interact with the road and their drivers.
The idea of the core taking a backseat is a myth: Core systems are not necessarily the drivers of digital projects, but they are the enablers.
“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.
A new report by Travelers reaffirms the company’s belief that the auto insurance industry will play a “critical role” as lawmakers, regulators and society adjust to innovations in transportation, including the shift towards autonomous driving.
Now that conditions are beginning to settle, we need to look at 2021 as a “rebuilding” year; more of a reset than a resumption of what was.
The future of insurance as-a-service, especially for claims, requires an action-based model that leverages on-demand support.
The reality is that almost all insurers believe that digital transformation is essential. This belief has only been reinforced by the pandemic.
Increasingly digital customers are demanding more from insurers. They want help preventing injury and loss. And insurers who re-invent their offerings with AI capabilities will be poised to deliver.
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.
Experts looking at the InsurTech sector for 2021 see both more of the same and new things ahead. Some predict more IPOs, M&A and partnerships. Others expect new InsurTech ideas to fully take root, such as the embedding of insurance into every financial and retail transaction.
Adapting to new ways of working and thinking is never easy, but the insurance industry is ripe for a revolution, and it is up to industry leaders to understand the trends that will lead the way.
Beyond digital transformation based on largely proven technology, insurers must patiently explore the capacity of emerging technologies, such as AI and Big Data, for reshaping business processes over the longer term.
Findings from the Xpedition Innovation Equation Report clearly demonstrate the recognition amongst insurance professionals of the importance in delivering omnichannel customer engagement.
Insurance policies that are sold online need to be packaged and priced differently than those that rely on face-to-face sales.
The only way to truly shift the insurance industry towards more diversity is by being open and honest about failures, just as much as successes.
With assets under management of around €10 trillion, insurers in Europe have plenty of financial clout to drive changes that will promote sustainability earn them more trust among customers.
While 2020 proved to be a year that changed the way we live and work, our predictions for 2020 nevertheless proved to be remarkably accurate.
Experts from global reinsurer SCOR have concluded that pandemics are uninsurable due to insurers not having the capacity to absorb such loss accumulation.
The insurance industry is going to have to get younger, more digitally savvy and come up with more versatile products. Oh, and employees will probably not be coming back to the office.
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.
Accenture’s analysis found a high correlation between insurers with strong performance in top line, net income and market valuation and those who invested in two types of innovations:
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.
Here are three tangible ways that low-code programming lets carriers accelerate change and provide new benefits to customers.
Assicurazioni Generali Chief Executive Officer Philippe Donnet is seeking to overhaul the top ranks at Italy’s largest insurer to increase control on key businesses and speed up growth, according to people with knowledge of the matter.
Throughout the last year, the COVID-19 pandemic challenged insurers to better understand customer needs and preferences while also accelerating digitization efforts.
Today when we speak about digital transformation within insurance, it can sound like it is something relatively new. In actuality, technology has been playing a pivotal role in the insurance industry for decades.
As we look back on 2020 – and aren’t we all glad to be doing that? – it’s safe to say that the rate of change in the insurance industry accelerated at least tenfold.
There are three key forces that the cloud can unleash: speed of operations, an intelligence premium and innovation.
Ecosystems should produce key changes in two areas: how we touch customers and how we organize internal processes.
Once the COVID-19 crisis is in the rearview mirror for most businesses, it will be up to insurers to prove that they are more than an additional cost in a challenging economy.
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.
Changes are occurring as personal lines insurers consider the new realities of the business environment, risk landscape and workforce shifts.
Revamping procurement policies and procedures enables carriers to quickly strengthen their support for environmental and social sustainability.
The head of New York Life Ventures talks about the impact of the pandemic on the world of InsurTech investment.
Today, insurers succeed by offering products. In the future, insurers will win by providing access to risk prevention and assistance services.
Three out of four consumers (76%) would welcome assistance from their insurer in dealing with cybersecurity threats as the pandemic drives more consumers online, according to a new report from Accenture.
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.
Carriers should use digital technology to drive initiatives that counter threats to sustainability while also improving the management of these resources.
Founded by an MIT alumnus, Newfront Insurance offers brokers and businesses digital tools for responding to a rapidly changing risk landscape.
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.
From dematerialization to personalization. From IoT to Machine Learning. From Virtual Reality to gamification…and more. Here are the top 10 digital trends for insurance.
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.
With the re/insurance industry still reeling from the shock of COVID-19, data analytics provider Verisk Analytics says a focus on the future of claims is essential in order to adapt well to the pandemic.
Earlier this month, digital life insurance platform Bestow took a big step in expanding its carrier business nationwide by acquiring Centurion Life Insurance Company from Wells Fargo & Co.
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.
Cyber insurance has been identified as a key growth area for London, according to a study conducted by the City of London Corporation and Accenture.
In an interview with Karen Webster, Hippo CEO Assaf Wand made the case that online platforms can solve the pain points of getting claims paid, but also set up a steady oversight of home maintenance that keeps trouble spots to a minimum.
According to CEO Christian Mumenthaler, Swiss Re’s new partnerships with industrial partners such as Daimler and Ikea aim to overcome people’s natural aversion to buying insurance policies.
One of the most crucial issues facing insurers is how to modernise their core platforms, which in most cases are unfit for the digital age.
Covid-19 has caused consumer interest in protection products to rise significantly, while insurers have had to respond quickly, and rapidly gear up for home-working.
The rise of the sharing economy has dramatically reshaped marketing thought and practice. The projected revenue from sharing accommodations and transportation alone will surpass $335 billion in 2025. The recent initial public offerings of Uber and Lyft exemplify this remarkable growth.
A shift toward greater corporate and social responsibility and empathy in general is underway, and 2021 will bring a great global reset.
Any requirement, process, delay or regulatory cost that does not serve insurer solvency or consumer protection should be on the table for retirement.
Sustainability ecosystems enable insurers to call on the resources and skills of a network of partners committed to building a sustainable future.
The unexpected, unprecedented events of 2020 have turned the world upside down. Like every business sector, commercial lines insurance has had to adapt and adjust throughout the year.
Insurance can act as a key tool in addressing pervasive cybersecurity vulnerabilities, but, according to one report, “Cyber insurance is not yet mature enough to fulfill its potential, partly due to uncertainty about what kinds of cyber risks are, or can be, insured.”
Insurtech company Cuvva is urging the insurance industry to make their coverage options more flexible for UK students travelling back home for Christmas.
For insurers that wish to compare their quotes with competitors, existing platforms and tools are insufficient.
Fred Kleiterp, Regional CEO for the EMEA region at Swiss Re Corporate Solutions, has expressed optimism about the prospects for the global re/insurance industry if it is able to “work together and share technology to innovate.”
It’s safe to say we have our physician, babysitter, personal trainer and dog walker on speed dial. But it’s unlikely that the average auto insurance customer knows the right number to call to reach their carrier in the chaotic moments following an accident.
If insurers can summon the will to protect the public by providing disposable face masks, then insurers will achieve greatness.
Braxtone Group unveils new motor claims recovery platform after graduating from regulatory sandbox of Bahrain Central Bank.
How should insurers think about the liability for AVs? Using history as a guide, it’s possible to make reasonable guesses at some of the answers.
In insurance, as in so much of life, timing really is everything. This has only become clearer during the COVID-19 pandemic which saw those companies which had already embraced remote working and digital communication channels reap the rewards of this investment when lockdown hit.
It’s not just tech behemoths who are invading the turf of insurers these days and giving the industry a run for its money.
If the last nine months have made anything clear, it is that the pandemic has fundamentally changed both buying and driving habits for UK motorists. The latest Tempcover research has revealed that online-only used car sales had increased fifteen-fold during the pandemic among 2,000 survey respondents.
Smart contracts will likely be used first for simpler insurance processes like underwriting and payouts, then scale as technology and the law allow.
According to Swiss Re CEO Christian Mumenthaler, the re/insurance industry vastly underestimated the cost of a global pandemic due to its failure to account for the extent of government lockdown measures.
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.
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.
Efforts to rework existing data models come down to the very same question that is asked for reworking most existing systems: retrofit what exists or start over with a clean slate?
Connected vehicles, especially fully autonomous vehicles, are going to profoundly change the nature of car insurance – particularly the ways in which insurers assess risk and set premiums
Simply having an online payment option does not mean your organization is automatically providing a positive user experience
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?
Insurers hope to create a new way to collect driving data that’s easier for the driver than installing a device or downloading an app
The need for employee engagement cannot be overstated. More engaged employees, according to a Stanford University/Ctrip survey, are more satisfied with their jobs. It also boosts productivity
“AI could contribute to the global economy by 2030, more than the current output of China and India combined.”
Insurance is at the forefront of the environmental, social and governance movement, which may usher in a Second Age of Enlightenment
Amid the economic turmoil of 2020, we’ve heard a lot about pricing adjustments on existing insurance products and about product innovations aimed at addressing new areas of risk
The Covid-19 pandemic continues to have an impact on every industrial sector as businesses and societies worldwide grapple with an ever-evolving situation. While some industries will be looking to embark on a recovery in the short-term, the Covid-19 impact on the healthcare sector will be long-lasting.
Over time, insurance has evolved from a product that is sold to a product that is bought, according to Christian Bieck, global leader of the insurance practice for the IBM Institute for Business Value, a research organization that provides thought leadership based on primary data and real-life case studies
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
With the pace of change InsurTech has driven—and which COVID-19 has accelerated—the competitive pressure for insurers to change has grown proportionately more intense
As insurance technology advances, carriers must focus on customer pain points and allow them to drive efforts to find solutions
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
Digital transformations that would have taken three to five years are now happening in under six months
The most effective way fleets can control their insurance costs in a hard market is to leverage telematics to drive out risky driving behaviors
Technology promises to free agents to spend more time with clients and prospects, broadening and deepening relationships
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
Here are the challenges insurance incumbents face in securing the tools needed to better keep up with our changing world.
“From now on, nothing in risk engineering will ever be constant BUT change. If you can’t get used to constant change, you’d better leave.”
While the COVID-19 pandemic has slowed business activity around the globe, for underwriters in the Lloyd’s market who were in the process of increasing property insurance rates when the pandemic hit, the timing may be auspicious.
A recent survey found that 42% of consumers would be more likely to stay with an insurer that pays approved claims within minutes.
Lemonade plans to start selling term life insurance in the next 90 days, adding to its current rental, homeowners and pet insurance offerings, the company said in an earnings report released late Tuesday.
As the tech giants and startups enter the insurance market, are we witnessing the beginning of the decline of the traditional insurance giants?
Without a daily commute for the foreseeable future, consumer interest in pay-per-mile coverage is on the rise.
Insurers that have successfully shifted to the cloud are set to capitalize on a surge in insurtech alliances triggered by the COVID-19 pandemic.
A job description with “acquire AI superpowers” might appeal to millennials more than “study policy footnotes and calculate claim reserves.”
Automation, analytics and the right ecosystem of partners can drive up customer satisfaction and let carriers grow in these chaotic times.
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.
Carriers that recognize and make use of the innovation capabilities that cloud services offer will outpace their competitors in the race to build expansive ecosystems. With enhanced agility and reach, they will seize many of the lucrative opportunities likely to spawned by ecosystems in the next few years.
Gort. The Terminator. Wall-E. HAL 9000 …and AutoML? Popular images of artificial intelligence can terrify, inspire, and amuse us – but the real thing, AutoML (automated machine learning or AML), often just confounds us.
For years, the established insurance industry has viewed insurtech start-ups as disruptors. And rightly so—they are nimble, responsive to customer needs and built on modern technology.
As businesses have had to adjust how they transact with patrons in an effort to curb the spread of the novel virus, on-demand delivery drivers
The COVID-19 outbreak has changed, among other things, the way we work, travel, and socialise; in the world of insurance, one aspect that has been
Do we build or do we buy? It’s the question that all insurance brokers must ask themselves when working out their digital strategy. There are
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,
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,
Interest in pay-as-you-drive or pay-per-mile policies has increased in 2020 as more Americans are working from home. Thirteen years after Progressive launched Snapshot, its usage-based
There’s one more step to the underwriting journey—one that too many carriers neglect. The forgotten finish What happens when the broker or customer accepts
Independent insurance agencies with a well-planned and implemented digital strategy stand a much greater chance of success in today’s tech-heavy, app-happy society. Things have been
Insurers who are prepared and who manage their IT investments with a business mindset of ecosystem integration will be prepared to convert these challenging days
Insurers have traditionally looked to develop new products and improve operational efficiency to remain competitive. While those remain important elements of any business model, the
Think of giants like Ping An; innovations such as TenCent’s Waterdrop; and ecosystem plays such as Rakuten. We often get asked where you should go
Next generation’s buying power will be defined by the first generation that grew up in an entirely digitized society: Gen Z. Therefore, creating mobile apps
How does the insurance industry gear for recovery while still operating in the challenging context of COVID-19? Is it possible? This is not the first
Connected vehicles, and their shared language of data delivered through an exchange, are the future of telematics. Roadblocks exist for a reason. While often viewed
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
Total InsurTech investment in the first three quarters of 2020 appears as robust as last year’s record levels. Despite the COVID-19 pandemic and its economic
The drumbeat for insurtechs to pursue a merger, acquisition or partnership is getting louder, with the number likely to substantially grow in the months ahead,
Every company today is different than it was six months ago. All risk profiles have likely changed. In a survey of frequent Out Front Ideas
Insurance companies can substantially improve the benefits they gain from cloud computing if they align their business needs with the products and services offered by
Technology is taking over the insurance industry like any other industry. Advanced insurance technology now centres the industry to benefit both carriers and insureds. Seeking
The insurance quoting process has changed shockingly little across the history of the profession. Back in the 1800s, carriers would deliver quotes via mail or
Those that solve for the dynamics of the many opportunities are likely to be the future industry leaders. The personal and commercial property claims process
In 2012, Nigeria launched a National Financial Inclusion Strategy (“NFIS”) in which it aimed at reducing the percentage of adult Nigerians that are excluded from
The events of 2020, notably the ongoing COVID-19 pandemic, are set to fundamentally alter the way insurance will be viewed and as sentiment shifts, just
Deals are still getting done during the pandemic. But they’re coming with increased frequency of claims notifications. The mergers & acquisitions market is challenging for
New developments in AI could spur a massive democratization of access to services and work opportunities, improving the lives of millions of people around the
The latest crop of InsurTechs began appearing in force around 2015, with promises to disrupt the insurance industry and change the world. Industry veterans have
Accenture (NYSE: ACN) has entered into an agreement to acquire Paris-based OpusLine, one of the leading consulting companies that provides strategic advisory and transformational services
Perhaps it’s human nature to reinvent the wheel. We tend to see complexity instead of simplicity, creating or over-inflating challenges because solving tough problems is
Life insurers have been flirting with a new digital paradigm in underwriting, health protection and remote claims. Perhaps now is the time. This year continues
Insurers can allay their fears about investing in new technology by making compliance a priority, getting all stakeholders aligned around digital transformation, ensuring the technology
Tesla Insurance – the auto insurance offshoot of Tesla Inc. – could become one of the largest auto insurers in America, if the unit’s valuation
On the back of several years of unsatisfactory returns and the added challenges of COVID-19, Willis Re’s James Vickers has said that the reinsurance market
Online health care and medtech AI have risen in prominence in the country as the government seeks more equal access to health care Indonesia’s
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,
Insurers can be a port in the storm for people during uncertain times, but they must shift their narrative and reimagine their offerings. More than
Jessica Tan, Ping An’s Group Co-CEO has been ranked second on 2020 #Fortune’s list of the world’s most powerful woman in Business. Ping An is
P&C insurance policyholders’ use of digital channels in claims is up 18% over the past three years, according to J.D. Power’s U.S. Claims Digital Experience
Technology and customer experience will play an increasing role in how insurers and their insureds conduct business. Here’s what the industry needs to know to
The firms are working together to create new coverages and customer experiences for more engaged policyholder relationships. Kin Insurance, an insurance technology company dedicated to
The drumbeat for InsurTechs to pursue a merger, acquisition or partnership is getting louder, with the number likely to substantially grow in the months ahead,
The specter of humans losing their jobs to robots looms over any discussion of applying intelligent tech. But the choice carriers face right now isn’t
Health insurance startup Vitable Health announced that the company raised $1.6 million, led by the SoftBank Group Corp Opportunity Fund. The investment also comes
Ecosystems might be the single greatest opportunity for insurers to differentiate themselves in a period of rapid digital transformation, but only 5 percent of insurers
A comprehensive cloud strategy enables insurers to reach not one but three key business objectives. It will accelerate growth, drive digital transformation, and also curb
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
Fundamentally, paying claims is what insurers do; indeed, it constitutes the lion’s share of their outgoings. For P&C insurers, for instance, that typically amounts to
Banks, insurance companies, asset managers and other industry players need to rethink how they approach financial risk management. Every year, financial crime becomes more sophisticated,
We now have a “digital wildfire” expanding rapidly every day, reshaping every aspect of our customers’ lives and businesses. While the industry had digital as
Peak Re Chief Executive Officer Franz Josef Hahn has underlined how the insurance industry must be an integrated part of working towards a better future.
The discussion is frequently dependent on product segments, but over time, value will be universal regardless of product complexity, albeit for different reasons. Artificial Intelligence
Insurtechs are important for the development of the industry — but as tools. Incumbents must still get the real transformation done. Given the nature of
Getting business in the door is great—but it’s just the first step in the underwriting journey. Carriers today need to quickly convert intake into insight
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.
Carriers continue to plow ahead with investments in usage-based insurance. Metromile, a pay-per-mile carrier, has launched Ride Along, which allows prospective customers to test whether
Severity of claims seems to be growing for medical professional liability. Here are three things health care professionals need to be thinking about in order
With the launch of Amazon’s Halo, a health-focussed wearable, the first-party-data-fuelled company is setting up to disrupt healthcare – but the early steps it is
Which technology should InsurTech investors move away from, and what should they embrace instead? These are typical questions investors in the space (and others) must
Protection products will increasingly have to be dynamic, meeting the needs of each individual as preferences and life circumstances change. When we say “it’s personal,”
“How do you get people to buy a product that they don’t want, but they truly need?” That’s the question written on the post-it note
Forward-thinking leaders are digitally transforming their current business, while also disrupting it by building their business model for the future. “We’ve seen two years’ worth
In the wake of the COVID-19 pandemic, a new report from insurance and reinsurance marketplace Lloyd’s of London has called on insurers to build simpler
State-of-the-art technology, data formats and service partner providers are now at hand to allow them to help put reinsurers in the catbird seat. “Sitting in
A new report from insurance and reinsurance marketplace Lloyd’s of London has urged the industry to work more closely with city administrators to improve risk
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
Insurance carriers that invest in open ecosystems and best-in-class components will experience improved customer satisfaction, lower costs, and leapfrog the competition. In 2020, the insurance
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