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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.
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