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.
More than a decade on from the financial crisis, regulators are spooked once again that some companies at the heart of the financial system are too big to fail. But they’re not banks.
Insurance customers are increasingly seeking flexible, pay-as-you-go insurance options. Also known as usage-based insurance (UBI), this type of coverage is commonly used for personal auto insurance, which is powered by telematics data and charges premiums based on the distance a vehicle is driven, the quality of driving (heavy braking or quick acceleration), and surrounding factors (e.g., location, weather, construction).
The Asian Insurtech environment is still relatively smaller as compared to the western world of Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in the last two years.
Zurich Insurance, one of the world’s leading insurance providers, with the help of Blue Prism has implemented a fresh robotic operating model (ROM) to great effect, scaling intelligent automation (robotic process automation fueled with AI) and providing its people the right skills for an ever-changing workplace.
Alongside significant investments in its own digital capabilities, Manulife wants to work with ‘hundreds’ of outside innovators, says CEO Roy Gori.
A recent report produced by McKinsey & Company, explored the plethora of ways in which the insurance industry is partnering up with IT- particularly in relation to Artificial Intelligence (AI), and to what extent this is likely to affect the industry in the next decade or so.
According to the California Air Resources Board, wildfires have been increasing in severity and frequency since the 1950s due to climate change, which has led to greater hesitance by insurers to insure some properties in California.
There is no doubt that we are living in an era in which insurers have been called to transform their business offerings, infrastructure and operations. Successful transformation translates into new revenue opportunities, stronger customer relationships and sustained brand relevance.
Willis Re’s global head of insurtech tells Insurance Times why he expects funding in this sector to increase and why the term ‘insurtech’ could lose its value in the long term
Aon chief executive Greg Case has launched a robust defence of the insurance broker’s failed $30 billion (€25.5 billion) takeover of rival Willis Towers Watson, describing the logic of a deal shot down by US regulators “as strong today as it has ever been”.
Please feel free to send us an email
news@insurtechinsights.com
