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We cannot wait for 2020 to be over. Despite what we all feared in March, insurtech has continued to flourish, with lots of capital supporting the sector in public and private markets, closer integration between incumbents and startups, and promising solutions for long-time needs in SME and cyber.
From dematerialization to personalization. From IoT to Machine Learning. From Virtual Reality to gamification…and more. Here are the top 10 digital trends for insurance.
Lloyd’s of London is scaling back its exposure to coal and oil sands, the commercial insurance market said in its first sustainability report on Wednesday, in a reversal of its traditional hands-off approach to climate change strategy.
With the Covid-19 pandemic accelerating the development of technology, insurance technology (insurtech) is gaining traction. This year, the market has seen the successful initial public offerings of numerous disruptive insurtech players or startups in the US like Lemonade, with Hippo expected to follow next year, and this trend is expected to be repeated in Southeast Asia.
German insurance technology startup Wefox expects to achieve revenue of 300 million euros ($365 million) and be profitable at the operating level next year, its founder and CEO, Julian Teicke, said in an interview.
Cyber insurance has been identified as a key growth area for London, according to a study conducted by the City of London Corporation and Accenture.
In an interview with Karen Webster, Hippo CEO Assaf Wand made the case that online platforms can solve the pain points of getting claims paid, but also set up a steady oversight of home maintenance that keeps trouble spots to a minimum.
Analysts at RBC Capital Markets predict that Lloyd’s insurers are likely to retain more business on their own balance sheets as pricing in the market continues to improve.
The rise of the sharing economy has dramatically reshaped marketing thought and practice. The projected revenue from sharing accommodations and transportation alone will surpass $335 billion in 2025. The recent initial public offerings of Uber and Lyft exemplify this remarkable growth.
Insurers pummeled by the pandemic are looking to deals as they race to see who’ll emerge strongest when the outbreak subsides.
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