Aon reveals new forms of volatility
Aon’s latest global M&A Risk in Review report finds reasons for optimism in 2022, but the broker cautions dealmakers that headwinds persist in the wake of the COVID-19 pandemic.
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Aon’s latest global M&A Risk in Review report finds reasons for optimism in 2022, but the broker cautions dealmakers that headwinds persist in the wake of the COVID-19 pandemic.
Insurtechs determined to disrupt the insurance industry have not succeeded so far, but a future wave of insurtechs could emerge to achieve a similar goal, carrier executives said recently.
The paradigm shift from traditional to digital means of carrying out operations is leading the industries through a pathway of growth and development. In the new era of technological advancements, the insurance sector is in the midst of a radical, digitally infused shake-up.
One of the key drivers of digital transformation at the origin of the success of the new economy is the customer experience. It is now becoming one of the spearheads of the digitization of the insurance industry. The journey? The product? The touch points? Which factors really improve the loyalty of these 2.0 consumers?
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The personal lines segment is known for leading the charge with innovations and technologies – a reputation that only strengthened during the pandemic.
Cambridge Mobile Telematics (CMT) now offers a new way for auto insurers, automakers, rideshare, fleet, wireless, and safety companies to automatically engage with their customers through its DriveWell platform and, in the event of a crash, would automatically gather sensor information for collision repairers and insurers to reference.
Ellen Robles shares how Employee Resources Groups foster an inclusive environment and help build careers at AIG.
Insurance has always been a data-driven business, from ancient waybills recorded on papyrus under the Code of Hammurabi, to the charters of the first property insurers after the Great Fire of London.
The insurance industry has reached a point where many executives are also technologists, even if their title has a different designation. What’s driving this, in part, is multiple disciplines working together to further technological progress.
New Capco global insurance survey identifies clear opportunities to enhance consumer education, digital experiences and transparency.
Allstate protection plans accounted for more than 140 million (or nearly three in four) of Allstate’s global in-force policies last year, and growth is set to continue, Allstate Protection Plan president and CEO Karl Wiley told Insurance Business.
Speaking at the recent S&P insurance conference, Chubb Ltd. CEO Evan Greenberg says insurance companies that have declared net zero targets are overpromising and leave themselves vulnerable to litigation.
Tesla has begun rolling out its insurance plans in a handful of U.S. states over the past few years, as one more piece of the company’s growing ecosystem. While it’s still in its infancy, Tesla Insurance could be crucial to keeping rates low and driver safety high, as detailed by a few of the automaker’s executives in recent months.
The macroeconomic challenges of recent years have shined a spotlight on the need for insurance companies to adapt to an increasingly digitized marketplace.
Crypto assets and quantum computing have been flagged by analysts at Swiss Re as two of the most significant emerging risks for insurers and reinsurers, with the potential to create new risks within the global financial system.
As more insurance back-end processes become digitized, and thus more streamlined, agents can focus more heavily on providing excellent customer service and support agent-customer relationships.
Climate change commitments expose insurers to potential lawsuits if companies fail to live up to their net-zero promises, according to Chubb Ltd. CEO Evan Greenberg.
Though insurtechs are recognized as a disruptive force in a long-established industry, less is known about the actual technologies these companies are using to differentiate themselves from traditional competitors.
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) offers hands-on assistance and a thoughtful, tech-driven approach to underwriting. Its success has landed it on IBA’s 2022 list of 5-Star Cyber Insurers.
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) offers hands-on assistance and a thoughtful, tech-driven approach to underwriting. Its success has landed it on IBA’s 2022 list of 5-Star Cyber Insurers.
Commercial insurance is big business. The global commercial insurance market was valued at $692.33 billion in 2020 and is projected to reach $1.6 trillion billion by 2030, according to Allied Market Research.
The now familiar industry story is that big insurance companies with their juggernaut size and legacy technology find it very difficult to undergo a digital transformation to unlock all their data and improve customer service.
The demand for embedded financial services has been seen across the industry, with the insurance sector being no exception. Embedded insurance has the potential to remove the hassle from a purchase, create tailored products, allow the insurer total control of what they want to sell, and help close the ‘protection gap’.
Since I started my career three decades ago, there’s always been this paradoxical rhetoric about the insurance industry’s risk averseness, mainly stemming from the absence of a flurry of innovative products, services and processes.
A new report from Swiss Re states that reinsurers and insurers can play a key role in the development of the hydrogen economy through risk management knowledge and transfer.
Customer satisfaction in digital offerings from insurers declined this year, according to the J.D. Power 2022 U.S. Insurance Digital Experience Study.
Differentiated products and services are key to growth among life and annuity carriers.
Tech-driven innovation is fundamentally reshaping the insurance industry. Emerging capabilities including telematics, artificial intelligence and machine learning have transformed nearly every aspect of the insurance value chain and continue to create new omnichannel experiences for customers.
Elon Musk took a moment this week to talk about something other than Twitter: his carmaker’s effort to cut out the middlemen and lower premiums.
Jamie Hale is the CEO and co-founder of Ladder. He has also served as a partner at Aldenwood Capital and Jasper Ridge/Oak Hill Investment Management.
Allianz SE says car-shipping incidents are now a major cause of loss for the insurance industry after a cargo ship with about 4,000 Volkswagen AG vehicles caught fire and sank in the Atlantic two months ago.
While most insurers are pursuing a combination of strategies to meet demand for a more seamless user experience, some are putting a particular emphasis on improving data utilization, particularly in the context of external data.
As the InsurTech industry approaches the next wave of innovation, experts say this could mean navigating rough waters.
Some of the most important questions insurance company CEOs ask their reserving actuaries are: “How much adverse development are we experiencing?” “What is driving these results?” and “Are any parts of the business heading into trouble?”
Some of the most important questions insurance company CEOs ask their reserving actuaries are: “How much adverse development are we experiencing?” “What is driving these results?” and “Are any parts of the business heading into trouble?”
Hanson encourages professionals to “never give up learning. There will always be someone out there who can do it better, more efficiently, or in a newer way. Your openness to new talent, new perspectives and new ideas will make you a better professional, teammate, and friend.”
Digital Insurance spoke with Scott Higgins, executive vice president and president of middle-market and national property, business insurance field for Travelers, about trends impacting the middle market and the role of insurtechs. Travelers defines this segment as businesses with 50 to 1,000 employees.
Insurance executives are recognizing the power of innovation to accelerate the pace of company change. Yet for innovation to deliver long-term value, it must become embedded in a carrier’s DNA.
Millennials will constitute a significant chunk of the insurance market for the next few decades, and how they engage and make decisions differs from previous generations.
There wasn’t much discussion about car insurance at Berkshire Hathaway’s annual meeting this year, but when the subject came up, Warren Buffett acknowledged the continued dominance of a competitor, a mutual assurance.
As Bold Penguin’s chief data officer, Benjamin Clarke (pictured) focuses in part on anticipating the insurance technology company’s future tech needs.
AXA shareholders approved all resolutions submitted to them by the board of directors at the company’s annual shareholders’ meeting Thursday.
Elon Musk trumpeted Tesla’s early inroads into automotive insurance last week. Warren Buffett, whose Berkshire Hathaway conglomerate owns Geico, has cast serious doubt on whether Tesla and other automakers can break into the industry and turn a profit.
MassMutual Ventures (MMV, Boston) has announced that its Asia-Pacific (APAC) and Europe team has launched a new fund of $300 million to invest in early and growth-stage companies in digital health, financial technology, enterprise SaaS, and cybersecurity.
Zurich Insurance Group (Zurich) has selected 12 startups to collaborate on novel ways to serve customers, create more frequent meaningful touchpoints with them, and challenge the boundaries of insurance.
It’s not hard to understand and forecast why usage based insurance (UBI) — otherwise known as behaviour-based insurance or pay-as-you-drive (PAYD) — is becoming popular among North American drivers and rest of the world.
Nowhere is the insurance gap more pressing than in the case of flood insurance.
Tesla is “trying to turn a nightmare into a dream with Tesla Insurance,” chief executive Elon Musk said Wednesday.
Harsh market conditions, innovative entrants, and demanding clients are a few forces driving transformation in the insurance industry, but every challenge presents an opportunity.
What makes a true digital payment experience in insurance? Although the past few years have been characterized by rapid digital payment options, the real game-changer has been the focus of market leaders to embrace the transformation of the actual payment experience – both for premium and claim payments.
In the words of its CEO, there’s a “fair amount to pay attention to” from the first-quarter earnings call of Travelers, as the P/C insurer grew net written premiums 11% to a record $8.4 billion.
Insurers have made significant investments in improving their data assets over time. Large-scale IT projects are replacing legacy systems, data lakes and warehouses are being built and new policy and claims administration systems have been installed. All with the promise of improved data quality and greater data availability.
The COVID-19 pandemic has likely led to more distracted driving. April marks Distracted Driving Awareness Month and insurers have released data and studies that reveal what behaviors are leading to unsafe roadways.
Digit Insurance sold its first policy in late-2017. In 2021, it became not only the first unicorn of the year but also the first insurtech startup to achieve the coveted billion-dollar valuation. Founder Kamesh Goyal charts his and the company’s growth journey.
For any life insurer, future success means resonating with demographically diverse generations of new consumers where they live—and that’s increasingly in a digital world.
In this blog series, we’ve looked at the latest entry in the only longitudinal survey of underwriters in North America. The study, which is run in partnership with Accenture and The Institutes, provides vital context for tracking the trajectory of underwriting, which is the heart of any insurance carrier’s business.
Artificial intelligence is becoming an increasingly important tool for commercial insurers, but ethical concerns remain.
Since the onset of the pandemic, many businesses across all industries stayed afloat by fundamentally understanding the way people shop and purchase and transforming their processes to meet that need.
Challenger firms are helping to change the industry, but incumbents will take the rewards, says John Chambers.
Covington & Burling LLP attorneys suggest how the insurance industry might respond to the unique risks that are sure to arise from commerce in the metaverse.
It’s been just over two years since the World Health Organization declared COVID-19 a global pandemic. As a result, we’ve seen major shifts in how people expect to work, play, shop and take on risks. It’s become clear that many of these new expectations are here to stay with varying degrees of impact on all industries.
The frantic pace of insurance industry M&A activity that emerged in 2021 shows no signs of slowing down, as firms look to expand their operations and take advantage of new growth opportunities in a variety of areas.
Insurtech has become a major part of the insurance market, with record-breaking amounts spent on technology-based innovations that can revolutionise the sector. It’s an area ripe for investment – with more than $1bn (£760m) spent every month on investment into insurtech startups in 2021, according to reinsurance broker Wills Re.
Since forever, insurance has been a valuable option for individuals looking to protect their loved ones from potential threats. The pandemic has further reinforced the necessity of preparing for the unexpected. However, the barriers to enrolment in any insurance are several, and with many complicated coverage options, the insurance industry is looking for a makeover.
As the world constantly evolves and changes, so too does the life insurance industry, which is preparing for a multitude of challenges, particularly in three areas: interest rates, regulatory mandates and technology (software, underwriting tools and distribution platforms).
Survey indicates pandemic may have accelerated shifts in buyer preferences for a wider array of coverage, service, and distribution options.
Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, has today announced the next eleven InsurTech start-ups that will join the eighth cohort of the Lloyd’s Lab in its ten-week programme, which brings together InsurTechs, insurers, and brokers to test out new, innovative solutions. The teams will be working to create insurance products to address the issues and challenges facing the Lloyd’s market.
Efrat Sagi-Ofir, Co-Founder and Chief Revenue Officer at Air Doctor, reveals what traditional insurers should know before partnering with a tech start-up.
Irish aircraft leasing company AerCap has submitted an insurance claim for $3.5 billion as more than 100 of its aircraft remain trapped in Russia following the invasion of Ukraine.
Is adequate risk transfer in the face of rapid technological change even possible?
The vehicle salvage process has long been the inefficient, paper-based and nearly-forgotten tail-end of an auto insurer’s coverage obligation. But it doesn’t have to be this way.
According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022. According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022.
In 2020, while both metros and non-metros reported nearly the same number of covid-19 claims, the trend changed in 2021 as non-metros reported 17% more claims than metros.
Lloyd’s of London has said it is working with the UK government to implement sanctions imposed over the war in Ukraine as fast as possible, including cancelling Russian firms’ insurance cover.
Tesla and other car makers represent a growing threat to incumbent auto insurers, even though they have little direct impact on the insurance market today, Moody’s Investors Services said in a report this week.
In an effort to help drive change in the insruance industry and to provide inspiration to all future leaders, we have interviewed some of the most senior figures who are speaking at Insurtech Insights Europe 2022.
Marsh McLennan, parent company of the world’s largest insurance broker, has announced it will exit all of its businesses in Russia, following the “unprovoked attack by the Russian government against the people of Ukraine”.
Q: What problems does the business look to solve & what makes ELEMENT best place to solve these industry issues? A: The insurance industry is
As PWC notes in its report, Top Insurance Industry Issues 2021: “More change has occurred in the industry in the past year than in the previous several years combined and its pace is only accelerating.” These changes are necessary for insurance agencies to scale, add new risk products, and provide a modern, digital-first customer experience.
In an effort to help drive change in the insruance industry and to provide inspiration to all future leaders, we have interviewed some of the most senior figures who are speaking at Insurtech Insights Europe 2022.
In an effort to help drive change in the insruance industry and to provide inspiration to all future leaders, we have interviewed some of the most senior figures who are speaking at Insurtech Insights Europe 2022.
Pendella Technologies – a fast-growing technology company on a mission to take the bias out of life insurance – recently announced the completion of $5.2 million in Series Seed-2 funding.
In an effort to help drive change in the insruance industry and to provide inspiration to all future leaders, we have interviewed some of the most senior figures who are speaking at Insurtech Insights Europe 2022.
Insurers and reinsurers holding large books of East European business are being urged to stress test their portfolios against the threat of Russian and Ukrainian cyber attacks.
It’s 3 am, you are thinking about your client meeting – is your data in order? If it is in your inbox, various word templates or on paper documents, it’s not a surprise that you are awake at this hour.
Insurers are re-shaping their roles and value propositions with customers in mind, transforming into data driven, value-based entities.
As property and casualty insurance carriers look to reduce growing loss ratios in 2022, many have shifted their focus away from growing their customer bases and toward increasing their profits. But for carrier marketers, the path to efficient customer acquisition isn’t as simple as merely cutting budgets.
Over the past few years, the economy has reeled from inflation, labor shortages, global conflict, and, yes, the Covid-19 pandemic. Even before the uncertainty of today’s climate, women were grappling with unique setbacks: earning lower wages, shouldering the bulk of unpaid labor, and facing more student loan debt than men.
Now is an excellent time for people in the insurance industry to start studying what trends may become prominent during 2022.
Two years into the global pandemic, it seems nearly impossible to remember what life was like before COVID. In that short time, life as we know it has changed dramatically and we are redefining what is considered “normal.”
A recent survey of 280 decision makers at U.S.-based life/annuity and P&C insurers shows increased attention and commitment to aligning investments with Environmental, Social and Governance (ESG) goals.
February has been a landmark month for Ageas UK. In the last fortnight alone, the insurer has announced the sale of the renewal rights of its commercial business to AXA UK&I, a brand new partnership with EIS and its full-year 2021 financial results.
Small businesses that find it difficult to find affordable insurance with traditional carriers may find new options with digital-first carriers that operate with different assumptions and new processes.
The insurer has redeployed finance employees to work on acquisitions or product development, CFO says
Nationwide and Labrador Systems, an early-stage robotics company, are partnering on an assistive robot pilot program to support people aging in place, individuals with short and long-term health challenges, and their caregivers.
In the two years since the World Health Organization declared COVID-19 a global pandemic, we have seen major shifts in how people expect to work, play, shop, and take on risks. It’s becoming clear that many of these new expectations are here to stay.
For consumers who have found that costlier insurance is just one of the expenses that make electric cars trickier to love, this is the year when relief may be coming.
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its 2021 CoreLogic Climate Change. Catastrophe Report, revealing over 14.5 million single- and multifamily homes were impacted by the largest natural catastrophe events of 2021, with an estimated $56.92 billion in property damage.
When Arthur Patterson and Jim Swartz co-founded Accel, a core principle of their approach to investing was a thesis-based method called a “Prepared Mind”. Referencing the Louis Pasteur quote “chance only favours the prepared mind”, this method remains integral to how we approach, learn about and invest in new opportunities today.
As consumers, we want a personalized experience whenever we shop online, stream videos, or even get a cup of coffee. And we want the companies we do business with to anticipate our needs, and, increasingly, to reflect the values we hold dear.
2021 was a historic year for investment in insurtechs. Funding reached a record-breaking $15 billion in Q3, according to Forrester – more funding than in 2019 and 2020 combined. As this booming market evolves, the value of innovation by insurtech startups is becoming clear.
Last month Fitch Ratings held its 2022 Insurance Insight Series, and the first event on deck was a webinar about how the insurance sector will evolve over the next year.
The insurance industry struggles to create economic profit. But amid COVID-19’s enduring changes, opportunities await.
The insurance industry struggles to create economic profit. But amid COVID-19’s enduring changes, opportunities await.
The groundwork has been in place for years, guiding discussions of how, when, where, and why to use innovative technology solutions in the insurance industry. The goal: improving traditional insurance processes.
Insurance carriers focused on building alliances with insurtechs last year as they explored emerging technologies and capabilities, rather than making outright acquisitions.
A diverging insurtech market could injure many companies while others remain unscathed.
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.
Charles Taylor, has entered into a partnership with Fraud Keeper (FK), acquiring a majority share of the company. FK’s automated fraud detection software triages, validates and fast-tracks genuine claims. We present a cutting-edge SaaS platform based on automation and artificial
For some corporations, using an outside partner to weave new technology into their operations can take months of planning and execution.
Wouldn’t it be nice, if, instead of relying on adjusters and restoration companies to surmise how much damage was actually caused by a water leak, an insurer could stop the leak almost before it starts.
What makes an insurance carrier an insurance carrier and not a generic financial services organization? This is more than a philosophical thought experiment.
Insurers that are able to make the best use of data are already winning market share, improving key ratios and generating superior risk intelligence, according to a report from the Capgemini Research Institute. These organizations are considered data masters.
These days customers are looking for a customized insurance experience, agents are looking for better strategies to engage with customers, and carriers are looking for the most current data to make choices about their products.
Insurance technology brings in more innovative solutions for homeowners and insurers with artificial intelligence (AI).
In 2020, American Family Insurance launched an innovative partnership with the Creative Destruction Lab (CDL) and the University of Wisconsin-Madison that provides support and mentorship to start-up founders in their companies’ early stages.
Insurance companies are on a constant quest to price risk better using data scientists, actuaries and decades of loss history. Over the years, they have sought (and found) better proxies for driving risk, having started with age before moving on to zip codes, occupation and credit scores.
Bolttech, an insurance technology unicorn backed by Hong Kong billionaire Richard Li, is considering raising $200 million to $300 million in fresh funds this year, according to people familiar with the matter.
If homeowners’ insurance carriers weren’t facing enough issues this year, here’s one more to think about: A Miami company is now offering cryptocurrency-based mortgages.
TX Group invests as lead investor in a seed financing round in the Zurich-based insurtech company Helvengo, an insurance solution for SME. TX Ventures, the VC of TX Group, is thus further expanding its fintech portfolio. Postfinance Ventures, Seed X, Hypoport, Anamcara Capital, Plug and Play, Conny&Co and various business angels are also participating in the over CHF 4.2 million financing round.
The global pandemic has shown how vital it is for businesses to understand the services they provide and invest in their operational resilience. As COVID has accelerated the digitalization of the insurance industry, businesses must strive to be resilient by looking to the future and making decisions now to protect against risk.
Change, it’s said, is the only constant. For many insurers, change can be a harbinger of new opportunities and new risks.
Joanne Butler, Head of Product Marketing and Pre Sales, Charles Taylor InsureTech featured in Insurance Day, discussing how important data quality is when producing sustainable underwriting.
Insurers must be smarter about how they use data, make bold digital moves to meet consumer expectations, and take a strategic approach to process automation.
A topical theme in the insurance industry is the rising competition between young, online-driven insurtechs and traditional insurance businesses.
Dawn Miller is to join Lloyd’s as its new commercial director in a role set to begin in Q2 2022.
The disruptions created by the pandemic, natural disasters and a shifting workforce in the past year have challenged insurers to respond to market uncertainties with speed – at scale.
It’s been a hit and miss for Usage-Based Insurance (UBI) in Canada since it was first introduced about a decade ago, but brokers believe it will survive well past the pandemic-induced uptake of the past two years.
Fitch Ratings expects a rise in the number of partnerships between traditional insurance companies and InsurTechs.
The telematics industry has grown significantly in the past years. And this is due to the increased demand for advanced telemetry solutions that provide improved safety, increased efficiency and reduced expenses.
Key trends that will drive digital transformation in the insurance market in 2022 include, trackable hybrid working, increased customer demand for digital services and more M&A activity.
Blockchain-based insurance is expected to transform claims administration, according to a new report by Juniper Research. Specifically, researchers expect blockchain-based insurance claims to exceed $10 billion in cost savings globally by 2024, up from $1.1 billion in 2021.
Insurtech is no stranger to hype but with 2020 and 2021 bringing far more change than anyone bargained for, the industry has seen a fresh round of predictions and speculation.
2021 has been another groundbreaking year in the advancement of technology across many industries. According to the Willis Re Q3 Quarterly Insurtech report, more than US$10.5 billion was poured into insurtechs globally in the first 9 months of 2021 alone, with expectations that this investment trend will continue to increase in the coming years.
Digital and talent transformation accelerating as insurers adapt for postpandemic growth.
Artificial intelligence (AI) has taken a life of its own within the realm of insurance. With enhanced automation and analytic capabilities, the industry is able to take innovation and efficiency to new heights.
Change and disruption are constants in today’s world, but they continue to gain intensity and breadth across the industry.
Back in the good old days of incumbent monopoly, insurance underwriters were a revered breed. Their knowledge of specific industries like marine, agriculture, and health, meant their calculations regarding potential risk, were the difference between claims being paid or not.
High-tech companies like Israel-based Lemonade stormed Wall Street promising to reinvent the staid insurance industry, but their plummeting share prices tell a tale of disappointment.
The digital insurance platform conveniently connects mortgage and real estate companies’ customers with homeowners’ and term life policies suited to their specific needs.
Accelerant, the insurtech empowering underwriters with superior risk exchange and data analytics coupled with long-term capacity commitments, today announced it has raised in excess of $190 million at a $2 billion pre-money valuation led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures, and others.
As customer demands change, placing greater emphasis on digital channels, insurers must consider how best to adapt their businesses and processes.
Raf Sanchez, Head of Cyber Services at Beazley has made the following prediction about the cyber insurance landscape for 2022.
With third-party litigation funding reaching $17 billion in 2021, companies and their insurers are likely to see an uptick in social inflation in the years to come.
The insurance industry fast-tracks technology adoption to improve customer interactions, develop competitive solutions, and optimize business processes.
Sustainability is an issue of global importance, with unique implications for insurers.
Germany suffered its costliest natural disaster on record last year, as flash floods led to damages that vastly exceeded the amount covered by insurers.
Consolidation in the insurance brokerage space is expected to continue at a rapid pace through 2022, following a trend from the last 12 months where brokerage transactions drove the majority of announced insurance merger and acquisition (M&A) activity worldwide.
For decades now the insurance industry has been capitalizing on analytics to understand and predict risk when writing policies. But what if one of those disputed claims becomes a legal matter? Wouldn’t it be prudent for insurers to apply those same kinds of analytics to understand and predict legal exposure?
For most Tesla investors, electric vehicle sales are the headline numbers on the company’s balance sheet. But if CEO Elon Musk is to be believed, another part of Tesla’s business could account for a significant chunk of its profits
Parametric insurance products are often best incorporated into a policyholder’s insurance product portfolio as a coverage add-on to a traditional policy rather than the base cover itself.
The Millennial and Gen Z populations desire a holistic customer experience—where digital offerings bring together other products and services to help the customer manage their lives.
Rosaline Chow Koo breaks down how CXA Group is working to make group insurance more profitable while simultaneously improving employees’ health and financial well-being.
The cyber risk landscape is likely to increase during 2022, according to an expert from Beazley.
Policyholders faced innumerable challenges within the past two years, resulting in unprecedented changes to their consumer behavior. Personal lines insurers responded swiftly to meet insureds’ new and evolving needs.
The past two years have been tumultuous, to say the least. Two things we can all agree on is that life is not as predictable as we might hope and that change can happen faster than we think. The Covid-19 pandemic posed challenges for all industries across the world and the insurance space is no different.
The Asia-Pacific region’s insurtech industry predominantly consists of “less disruptive and more collaborative” start-ups complementing existing carriers rather than unconventional players seeking to unseat incumbents. This is what S&P Global Market Intelligence’s analysis of the biggest insurtech companies in the region has found.
The life insurance and annuity industry proved resilient in 2021, even in the face of COVID-19 and the delta variant.
The insurance sector is facing unprecedented change in a rapidly evolving environment. Energy transition, circular economy, urbanisation, digitisation: These trends have far-reaching consequences for the way we live and work.
For years, technology has been transforming the insurance industry, and that trend will only accelerate in 2022.
Insurers should expect big players in mainstream tech to influence the property/casualty industry during 2022.
For many of us, ringing in the new year means setting resolutions for better health and well-being. Whether in business or our personal lives, we must consider the scenarios that may threaten or enable our success. The insurance industry is no different.
For years, digital transformation has been the talk of the insurance industry. In the wake of the ongoing COVID-19 pandemic, many insurers made bold advances in automating core processes, adopting new technology and expanding their digital selling and collaboration capabilities.
Before cyber insurance can truly become a mainstay of the digital economy – as a widely available, widely affordable, consistently priced product – these problems need addressing.
It was great to see how so many companies showed incredible adaptability during COVID-19. While initially, we thought a lot of the insurance market would be at a loss as to what to do next, instead they were able to show resilience relatively quickly and technology was the enabler of that.
In case you missed it, insurtech — technology developed to improve and transform the insurance industry — is having a bit of a moment.
From the rise of embedded insurance products to record-breaking InsurTech financing, 2021 was a remarkable year for the global insurance industry.
The convergence of software and data is a major trend in insurance technology, and Zywave is proud to be a leader in this transformation.
Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected
In 2022, we will see the growing prominence of datasets as the facilitators of new realms of knowledge for P&C insurers, helping them predict and price risk more efficiently than ever before.
2021 has seen a material acceleration in regulatory interest and posturing regarding the use of AI — both within insurance and more broadly.
With the flow of COVID-related business interruption (BI) claims payments nearing its end, in 2022 insurers will focus on strengthening their brands and customer relationships following the BI crises in 2020 and 2021.
Increased deal activity and the use of M&A insurance has led to a record rise in the number of notifications, according to a new report by Howden M&A, an international M&A insurance broker. However, the COVID-19 outbreak did not result in a surge in the volume of claims or the number of coronavirus-related break events that had initially been anticipated.
The industry is on the verge of a seismic, tech-driven shift. A focus on four areas can position carriers to embrace this change.
2021 has been a record year for insurtech funding. As of Q3 2021, more than US$10.5 billion had been raised by companies in the space year-to-date (YTD), surpassing 2020’s total of US$7.1 billion by nearly 48%, data from insurance advisory firm Willis Towers Watson show.
2021 ended up being a bumper year for M&A deals and also for M&A insurers.
The emergence of next-generation technology solutions such as artificial intelligence, machine learning, predictive analytics, cloud and edge computing is causing a seismic shift in the insurance market – disrupting the outdated, typically protection policy-focused model.
Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting.
Advancements in this breakthrough technology are spurring innovation across the insurance industry, including coverage for crops, flights and travel delays, shipping and live events.
The gap between the best-performing cyber insurers and the worst-performing will widen in 2022, according to the CEO of cyber risk analytics specialist, CyberCube.
There are some negative phenomena that are foreseen for the following year, which are part of the ravages that this pandemic has left.
Philippe Donnet has upped his game just in time. Generali’s (GASI.MI) chief executive on Wednesday announced a bold plan to grow earnings and return capital to investors. It should be enough for him to keep his job.
Insurtechs continue to be a highly-funded sector and the pace will likely continue into 2022. Global insurtech funding has seen over $10 billion across 427 deals so far this year which is 48% greater than all the deals in 2020, according to a report from CB Insights.
It is difficult to imagine where digital business operations would be today if it wasn’t for the catalyst that is the pandemic. For nearly two years, businesses across industries, and especially within insurance, accelerated digital transformation plans to adapt to remote access for customers and employees.
Building a culture of innovation doesn’t happen passively—it requires commitment and careful nurturing.
This week we speak with Donato Genovese, CEO at Movingdots, as we discuss the future of automotive insurance, the technology powering this transformation and how insurers can embed innovation into the heart of their business.
ISG Pulse of the Insurance Industry survey finds 42% report security vulnerabilities increasing along with digitalization
“Our overarching goal is to facilitate the Lloyd’s market to be the preeminent corporate and specialty insurance and reinsurance market in the world.” That’s how Patrick Tiernan, Lloyd’s chief of markets, introduced the Lloyd’s 2022 capital plans.
No one knows what 2022 will bring for travelers. But if anyone has an idea, it’s Sasha Gainullin, the CEO of the travel insurance company battleface. I asked Gainullin about what lies ahead next year. Here are his predictions.
The pandemic turned everything upside down in 2020, and the dust hasn’t settled yet. Will 2022 mark a return to normal life? Don’t bet on it! Expect the changes we’ve seen to continue accelerating innovation and technology in all aspects of insurance. Here are 10 key trends and predictions to watch in 2022.
Insurers have offered some level of digital capabilities for sales and service for years, but customers’ and distributors’ adoption has been slow.
Life insurers paid out more than $90 billion in death benefits at the height of the COVID-19 pandemic last year, the highest single-year rise since the 1918 influenza epidemic, data from the American Council of Life Insurers (ACLI) has revealed.
Leveraging a no-code platform can help insurance carriers remain competitive in a challenging operating environment, by enabling efficiencies and allowing insurers to build future-proof digital applications.
In 2021, the insurance industry reckoned with the broad impact of the COVID-19 pandemic. Appropriately, 2022 will need to be the year that agencies and carriers pivot from reacting and surviving to implementing new strategies for success.
Tesla CEO Elon Musk may be able to maneuver around the business world pretty well, but when it comes to challenges that are auto insurance-specific, there may be some hiccups along the way.
What should you do if a forest-based carbon offset project you have invested in burns down? This is not simply a dystopian hypothetical question. It has already happened in the U.S. and it is expected to become a more common occurrence as climate-induced wildfire risks increase in the coming decades. But could a potential answer to this problem be to simply “make an insurance claim”?
This week, we spoke with Pierangelo Campopiano, CEO of Smile Direct, about the possibilities offered up by fundamentally reimagining insurance distribution. We discuss digital ecosystems, gameification of insurance and the potential for ‘freemium’ insurance products.
Investment in technology will ramp up in the coming year, impacting every aspect of insurance companies’ operations, from internal processes to the products and solutions they deliver to customers.
Every day, it seems a hot, new insurtech is funded and ready to partner with insurance carriers. Insurers shouldn’t allow their risk-averse nature or concerns about a potentially difficult integration road ahead to lead them to ignore upstart insurtechs.
Several insurtech companies including Hippo and Metromile, amongst others, have merged with a special purpose acquisition company (SPAC) as a path to being traded publicly on stock markets. This approach became more popular in the past two years, as the COVID-19 pandemic led to companies seeking quick, efficient paths to growth.
Wherever you go, whatever you do, cyber risk is always following you. From phishing attacks sent via email and opened on your phone to someone gaining access to your network using a smart appliance in your home, cyber risk is a growing and ever present risk.
Insurance CEOs have a big strategic challenge: successful companies of the future will look very different than they do today.
In this series, we’ve been looking at the value digital twin data can bring to the insurance business. Specifically, I see there being four main areas where insurers could take advantage of digital twins to make material improvements.
Incumbents need to look to the latest data analytics tools and AI technology to eliminate friction and deliver exceptional customer experiences.
Digital twin data can bring immense value to the insurance business. Specifically, there are four main areas where insurers could take advantage of digital twins to make material improvements.
AI-powered chatbots pack more power than simple rule-based chatbots. As opposed to pre-programmed “if this, then that” rule-based chatbots, AI bots use algorithms and natural language processing to develop human-sounding responses and collect data to learn from each interaction, improving over time.
For as much coverage and discussion as telematics has received over the past two decades, its impact on the auto insurance economy, including transportation, is going to be even greater and further reaching than many may have thought – it will be transformative in the fullest sense of the word.
As the cyber risk environment evolves from occasional data theft to rampant extortion, cybersecurity experts believe that the current cyber insurance model – where policies are easily accessible – is ripe for a change.
The words “insurance” and “innovation” are not typically used together. Today’s leaders are working to change that.
Insurers, which traditionally render services after catastrophes like earthquakes, hurricanes and wildfires, are busier than ever as climate risk becomes a genuine, dangerous possibility to many customers.
According to Zurich’s Chief Claims Officer Ian Thompson, the company is seeing evidence that consumers are choosing to file in-person claims rather than use the digital options available to them.
Despite seeming reluctant to make sweeping changes, the insurance industry continues to be at the forefront of adopting digital solutions.
When we say “core systems” in our industry, we are typically referring to the critical software applications that are core to an insurer’s business operations, mainly the policy, claims and billing management functions.
With road testing of driverless vehicles now underway across North America, and more pilots on the horizon, it’s no wonder property and casualty insurers and industry experts are increasingly discussing the changing risk landscape.
2021 saw widespread vaccine deployment and easing of pandemic-related restrictions—important catalysts that helped rebuild confidence among people and businesses alike, while fueling economic recovery.
As insurers hold onto some of the digital solutions that were adopted because of the pandemic, it’s critical to understand the balance between digital strategies and boots on the ground tactics for underwriting.
The race for insurers to differentiate in the industry is on. As insurtechs disrupt the market and customers demand seamless, individualised experiences, insurers need to change the way they serve their clients.
The auto insurance industry is at a turning point. After navigating the unwelcome effects of a global pandemic, carriers and collision repairers are eagerly awaiting a return to “normal.”
Insurers have been slower to adopt digital twins than their counterparts in other industries.
What does it mean for economies, governments and communities when “once in a lifetime” weather events begin to occur on an annual basis?
Carriers don’t have to be the only beneficiaries of InsurTech advancements. A similar relationship can also be applied to the smaller independent agents and brokers.
People don’t trust insurers. We’ve probably all had to contact an insurer about a problem only to find it’s not covered in the small print. Rates are usually fixed, and sometimes unfair. There may also be hurdles in approving payment once a claim is made.
For many of those outside – and even inside – the industry, insurance and innovation may not seem to go together. Yet, rather quietly, most large insurers have been ramping up their innovation spending over the past decade.
As the impacts of climate change rise and interest in renewable energies peaks, sustainability is becoming a central priority for businesses across all sectors – but insurers have the edge in terms of providing long term solutions.
The huge sums being invested in insurtech have yet to disrupt the insurance sector in the same way that fintechs have changed banking, says Germany’s BaFin markets watchdog.
The insurance industry is said to lag in the era of digitalisation. Insurers were told to ramp up digital efforts in order to meet rising demand during the pandemic – and it turns out this was the push they needed to break free from traditional broker-based insurance.
They say insurance is a product that is sold not bought – and as a result, we often spend a lot of time focused on the buy-side: the risk landscape of potential customers, their coverage gaps, their servicing preferences… their apathy even.
Looking toward 2022, health insurers are going to be wrestling with all the ways COVID has transformed the health insurance industry and what it means for coverage, pricing and patient care for the years to come.
Insurance is evolving at an extraordinary rate. Gone are the days of maintaining the status quo while speculating what the future of the industry may or may not look like.
To understand the current and future coverage opportunities, along with the challenges yet to be addressed, this article delves into the present status of AVs and where the industry is likely headed over the next decade.
According to McKinsey’s latest “Global Innovation Survey,” more than 80% of executives believe innovation is an important aspect of their growth strategy.
These are challenging times for personal and commercial auto insurance leaders: Trends that were already in play have been accelerated by the COVID-19 pandemic, and the level of competition is forcing insurers to do more with less.
Small business customers are demanding more service from their agents, but with the right technologies and carrier partnerships, agencies can elevate their customer service game without adding to their workloads.
Carl Carter, UK Country CEO of CPP Group, discusses the growing popularity of parametric insurance solutions, how they help customers, and why they could prove instrumental for travel insurance companies forced to differentiate in an increasingly competitive market.
The COVID-19 pandemic continues to cause upheaval in our business and personal lives in North America and around the world. While there is still considerable uncertainty around how the pandemic will continue to evolve, insurers need to continue to look forward and plan for the future.
Rumours of Amazon’s intention to disrupt the insurance industry have, it turns out, not been greatly exaggerated at all, and the technology giant’s plan to enter the small and medium-sized UK business customer segment have put players on edge across the insurance industry.
Insurance—an industry known for veteran brands and a cautious approach to risk—might seem a strange fit for the move-fast-and-break-things ethos of the startup world, but that hasn’t dissuaded venture capitalists from scaling up.
To be a truly customer-centric business means having the measure of what it is that your customers need and want, and then delivering on that agenda.
Like many industries, the insurance sector was streamlined by changes brought on by the digital age, taking its products and services to a wider audience.
InsurTech is an enormous industry whose global market size is projected to reach US$ 11940 million by 2027. Ever since the first insurtech startups tested the waters in 2010, it has been hotting up and on a constant path of massive development.
Insurance companies are investing heavily in technology, machine learning, robotic process automation, data aggregation and analytics – and many other innovative tools – to improve their operations, bolster their customer service and customer experience, and enhance their underwriting, pricing, and loss control capabilities.
The two publicly traded full-stack personal auto insurance companies recently disclosed plans to further expand their distribution networks into the independent agent channel.
The Institutes RiskStream Collaborative, a consortium that counts companies like Nationwide and USAA as contributors, is moving forward with digital proof of insurance using blockchain technology.
Most plan members want to see more personalized product recommendations and more personalized assistance to understand their coverage and maximize their benefits plan.
As the insurance industry adapts to shifting market conditions, some roles will likely need to be transformed as well. Learn how insurers could multiply value creation by modernising the underwriting function now.
This week, we spoke with Peter Reynolds, Head of Insurance, International at insurance and financial services solutions partner Earnix. We discussed shifting commercial expectations, the process of product development and the technology trends that are shaping the future of insurance
Insurers are getting rocked by climate disasters. They’re also shaping how we prepare for the next one.
A look at the digital capabilities insurers need to tap the massive market potential of usage-based auto insurance.
As countries around the world continue to grapple with the COVID-19 pandemic, another outbreak has taken place in the cyber world, according to Allianz Global Corporate & Specialty (AGCS). The specialty insurer is referring to the digital pandemic driven by ransomware.
The news of the death of the agent has been greatly exaggerated. Agents control about 80% of the homeowner market and 65% of the personal auto market today because most customers still prefer to do business with agents.
We need to examine the insurer relationship to distributors in light of the customer mindset: What is changing with the customer and how they take in information? How do insurers and distributors adapt?
The convergence of location intelligence (LI), artificial intelligence (AI) and improved satellite technology, known collectively as “space tech”, is opening new opportunities in insurance and other industries such as logistics and agriculture.
Pikl, founded in 2016, has developed a suite of flexible insurance products designed for the sharing economy. For our Future50 Europe, we caught up CEO Louise Birritteri (pictured centre).
Insurance in Kenya and Africa at large remains a marginal product, with levels of penetration across the continent half the world average as a percentage of GDP, and premiums per capita 11-fold lower than the world average, according to a recent report by McKinsey and Co.
Technology will help usher insurance into the future, but it will not fundamentally change the industry, according to Evan Greenberg, chairman and CEO of Chubb Ltd.
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