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.
If insurers completely understand the implications of customer trends, competitive pressures, and technology leap-frogging, they will be justifiably anxious about their future—unless they prepare.
The auto insurance industry is at a turning point. After navigating the unwelcome effects of a global pandemic, carriers and collision repairers are eagerly awaiting a return to “normal.”
The $500M agreement gives Lemonade the ability to market in 49 states and to complement its recent auto insurance business launch, but the deal may foreshadow an even more promising combination.
Insurtech funding reached $5.3 billion in the third quarter of 2021 and has surpassed $15 billion for the year, according to a report from Forrester Research Inc.
Insurers have been slower to adopt digital twins than their counterparts in other industries.
Carriers don’t have to be the only beneficiaries of InsurTech advancements. A similar relationship can also be applied to the smaller independent agents and brokers.
People don’t trust insurers. We’ve probably all had to contact an insurer about a problem only to find it’s not covered in the small print. Rates are usually fixed, and sometimes unfair. There may also be hurdles in approving payment once a claim is made.
As the impacts of climate change rise and interest in renewable energies peaks, sustainability is becoming a central priority for businesses across all sectors – but insurers have the edge in terms of providing long term solutions.
The huge sums being invested in insurtech have yet to disrupt the insurance sector in the same way that fintechs have changed banking, says Germany’s BaFin markets watchdog.
The insurance industry is said to lag in the era of digitalisation. Insurers were told to ramp up digital efforts in order to meet rising demand during the pandemic – and it turns out this was the push they needed to break free from traditional broker-based insurance.
Please feel free to send us an email
news@insurtechinsights.com
