Smart Contracts in Insurance
Smart contracts will likely be used first for simpler insurance processes like underwriting and payouts, then scale as technology and the law allow.
December 1, 2020
8:43 pm
We regularly curate the latest insights and reports provided by and in collaboration with our partners and stakeholders to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
Smart contracts will likely be used first for simpler insurance processes like underwriting and payouts, then scale as technology and the law allow.
The pair are among the investors plowing a total of $160 million into Metromile, which offers pay-per-mile car insurance and tailored pricing to drivers. The startup relies on a device that subscribers install in their vehicles, which tracks their mileage and reports other data with their permission
It’s almost inevitable. Spend your working life identifying, analysing, quantifying and ascribing monetary value to risk, and you’re likely to have a fairly strong aversion to it. Or more accurately, an aversion to undertaking new endeavours with inadequately understood consequences. The insurance industry is, on any number of levels, the very definition of risk-averse
Global insurance and reinsurance broker Aon has collaborated with Hudson Structured Capital Management (HSCM) on the launch of a new product designed to protect re/insurers against systemic and catastrophic cyber events.
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
Technology promises to free agents to spend more time with clients and prospects, broadening and deepening relationships
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.
AXA XL‘s insurance business has entered into a multiyear partnership and licensing agreement with Xtract to digitize, expedite and transform the commercial auto claims management process in the US.
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
Please feel free to send us an email
news@insurtechinsights.com
