Industry Trends

The total number of global ransomware reports increased by 715% in the first half of 2020 year-over-year, according to Bitdefender’s Mid-Year Threat Landscape Report 2020.

CB Insights Analyst Niall Williams discusses InsurTech-related findings of two recent reports.

The start of a new year presents a good opportunity to reflect on changes over the past 12 months and predict what lies ahead in the next. As we can see a distant end to this difficult period, it’s time to reimagine the world’s future.

A new report by Travelers reaffirms the company’s belief that the auto insurance industry will play a “critical role” as lawmakers, regulators and society adjust to innovations in transportation, including the shift towards autonomous driving.

The future of insurance as-a-service, especially for claims, requires an action-based model that leverages on-demand support.

Increasingly digital customers are demanding more from insurers. They want help preventing injury and loss. And insurers who re-invent their offerings with AI capabilities will be poised to deliver. 

Experts looking at the InsurTech sector for 2021 see both more of the same and new things ahead. Some predict more IPOs, M&A and partnerships. Others expect new InsurTech ideas to fully take root, such as the embedding of insurance into every financial and retail transaction.

With assets under management of around €10 trillion, insurers in Europe have plenty of financial clout to drive changes that will promote sustainability earn them more trust among customers.

After a year of economic turmoil, the US emerged from 2020 with its insurtech crown intact. American companies accounted for 39 places in FinTech Global’s InsurTech 100 (2020) – almost double that of its closest competitor. Of the insurtech megarounds completed by the third quarter, 75% took place in the US, with insurtechs flourishing in startup strongholds like Silicon Valley and New York, and across the Midwest and South.

Throughout the last year, the COVID-19 pandemic challenged insurers to better understand customer needs and preferences while also accelerating digitization efforts.

Today when we speak about digital transformation within insurance, it can sound like it is something relatively new. In actuality, technology has been playing a pivotal role in the insurance industry for decades.

As we look back on 2020 – and aren’t we all glad to be doing that? – it’s safe to say that the rate of change in the insurance industry accelerated at least tenfold.

Both startups and established players in the reinsurance industry are likely to have a strong focus on expense efficiency in 2021, according to Dmitry Mnushkin, President of Bermuda-based insurance and reinsurance software specialists, Treefrog Consulting.

The head of New York Life Ventures talks about the impact of the pandemic on the world of InsurTech investment.

Three out of four consumers (76%) would welcome assistance from their insurer in dealing with cybersecurity threats as the pandemic drives more consumers online, according to a new report from Accenture.

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.

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.

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.

Insurtech company Cuvva is urging the insurance industry to make their coverage options more flexible for UK students travelling back home for Christmas.

Braxtone Group unveils new motor claims recovery platform after graduating from regulatory sandbox of Bahrain Central Bank.

It’s not just tech behemoths who are invading the turf of insurers these days and giving the industry a run for its money.

If the last nine months have made anything clear, it is that the pandemic has fundamentally changed both buying and driving habits for UK motorists. The latest Tempcover research has revealed that online-only used car sales had increased fifteen-fold during the pandemic among 2,000 survey respondents.

Insurance companies should pay close attention to insurtechs—not because they’re coming to attack, but because they’re coming to collaborate. For established insurers, insurtechs can be digital enablers that drive the adoption of digital technologies along the value chain.

Connected vehicles, especially fully autonomous vehicles, are going to profoundly change the nature of car insurance – particularly the ways in which insurers assess risk and set premiums

Over time, insurance has evolved from a product that is sold to a product that is bought, according to Christian Bieck, global leader of the insurance practice for the IBM Institute for Business Value, a research organization that provides thought leadership based on primary data and real-life case studies

Digital transformations that would have taken three to five years are now happening in under six months

As the tech giants and startups enter the insurance market, are we witnessing the beginning of the decline of the traditional insurance giants?

Without a daily commute for the foreseeable future, consumer interest in pay-per-mile coverage is on the rise.

For years, the established insurance industry has viewed insurtech start-ups as disruptors. And rightly so—they are nimble, responsive to customer needs and built on modern technology.

As businesses have had to adjust how they transact with patrons in an effort to curb the spread of the novel virus, on-demand delivery drivers