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Aon plc AON recently set up a Strategy and Technology Group (STG), which will function under the leadership of Colin Forrest. It aims to benefit property & casualty, life insurance and reinsurance clients by offering various insight and software solutions.
Many insurance companies are not well prepared for the risks ahead, according to a 2022 cybersecurity benchmarking study. In fact, 31% of insurance organizations feel they are not well prepared for the threat landscape they face today.
AIG Inc.’s life insurance and retirement division Corebridge Financial Inc raised $1.68 billion on Wednesday in the biggest initial public offering (IPO) so far this year, braving market volatility and ending a seven-month lull in major listings.
Kanverse.ai, a hyperautomation platform, has joined Guidewire’s Insurtech Vanguards Program.
We all know buying insurance is hardly a gratifying experience, especially when there are several policy options available in the market.
Most consumers are used to buying a car and insurance separately—and the latter can be a laborious process. Consider a hypothetical US consumer of the future, Jane, who acquires her first semiautonomous car, attracted by its connected technology and advanced-safety capabilities. Crucially, it comes with insurance that calculates her premium payments by automatically assessing her driving in real time through the wireless connectivity feature incorporated into such vehicles.
An accident occurs every 10 seconds in the U.S., and the number of severe accidents has dramatically increased due to recent changes in driver behavior. The vast majority of these accidents lead to storage and secondary tows averaging $950 per claim, or $3 billion across the industry.
According to Krishnamurthy, insurers are acknowledging the staying power of insurtech and its valuable ability to disrupt the insurance industry. Insurtech companies are, however, typically founded to target a specific pain point for insurers – and Krishnamurthy believes that this may no longer be enough.
Within the life insurance industry, term insurance sales are heavily influenced by price. The landscape is competitive, with agents and customers driving constant reprices – even down to pennies.
Financial services, such as insurance, are feeling the effects of rising inflation, labor shortages, supply chain disruptions and the sharp decline in consumer and business confidence that the UK economy is currently facing.
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