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The analysis, sponsored by Socotra, found that the benefits of shorter time-to-market exceeded the costs by as much as 40 times.
We define insurtech as the use of emerging hardware, software and user interfaces to address inefficiencies or opportunities in the insurance value chain. Further, we think of the intersection of two dimensions as the focus of our discussion: industry specificity solutions and more recently established market players or solutions.
Digital tools are key to mitigating and covering flood risks, according to a report by the Insurance Information Institute (Triple-I) and Capgemini
AXA CEO Thomas Buberl has drawn attention to the series of crisis the globe finds itself in a recent radio interview in France.
Despite a meteoric increase in cloud adoption, executives at many insurance companies are still reluctant to make the move. Even as leaders within these organizations grapple with the imperative to modernize and innovate, many have a tendency to proceed with extreme caution.
MGAs – once a reliable venture capital insurtech investment draw – may have lost their luster.
Legacy systems are often blamed for the reason the insurance industry struggles to fully modernize. Many incumbent insurers have outdated, neglected IT infrastructure, and instead of addressing this underlying problem in one major overhaul, they seem to pile new applications on top of their legacy systems.
Berlin-based insurtech, wefox, is calling on the insurance industry to improve customer experience after its Global Safety Report results revealed there is widespread dissatisfaction and lack of trust in the industry.
The global travel insurance market size is anticipated to reach USD 63.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.4% from 2022 to 2030.
As we move into a new phase of innovation after the disruption caused by the COVID-19 pandemic, insurers need to look ahead to determine what their technology priorities should be today.
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