Industry Trends

The COVID-19 pandemic has likely led to more distracted driving. April marks Distracted Driving Awareness Month and insurers have released data and studies that reveal what behaviors are leading to unsafe roadways.

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.

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.

Is adequate risk transfer in the face of rapid technological change even possible?

The vehicle salvage process has long been the inefficient, paper-based and nearly-forgotten tail-end of an auto insurer’s coverage obligation. But it doesn’t have to be this way.

According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022. According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022.

In 2020, while both metros and non-metros reported nearly the same number of covid-19 claims, the trend changed in 2021 as non-metros reported 17% more claims than metros.

Lloyd’s of London has said it is working with the UK government to implement sanctions imposed over the war in Ukraine as fast as possible, including cancelling Russian firms’ insurance cover.

As PWC notes in its report, Top Insurance Industry Issues 2021: “More change has occurred in the industry in the past year than in the previous several years combined and its pace is only accelerating.” These changes are necessary for insurance agencies to scale, add new risk products, and provide a modern, digital-first customer experience.

As property and casualty insurance carriers look to reduce growing loss ratios in 2022, many have shifted their focus away from growing their customer bases and toward increasing their profits. But for carrier marketers, the path to efficient customer acquisition isn’t as simple as merely cutting budgets.

Over the past few years, the economy has reeled from inflation, labor shortages, global conflict, and, yes, the Covid-19 pandemic. Even before the uncertainty of today’s climate, women were grappling with unique setbacks: earning lower wages, shouldering the bulk of unpaid labor, and facing more student loan debt than men.

Now is an excellent time for people in the insurance industry to start studying what trends may become prominent during 2022.

The insurer has redeployed finance employees to work on acquisitions or product development, CFO says

For consumers who have found that costlier insurance is just one of the expenses that make electric cars trickier to love, this is the year when relief may be coming.

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its 2021 CoreLogic Climate Change. Catastrophe Report, revealing over 14.5 million single- and multifamily homes were impacted by the largest natural catastrophe events of 2021, with an estimated $56.92 billion in property damage.

When Arthur Patterson and Jim Swartz co-founded Accel, a core principle of their approach to investing was a thesis-based method called a “Prepared Mind”. Referencing the Louis Pasteur quote “chance only favours the prepared mind”, this method remains integral to how we approach, learn about and invest in new opportunities today.

As consumers, we want a personalized experience whenever we shop online, stream videos, or even get a cup of coffee. And we want the companies we do business with to anticipate our needs, and, increasingly, to reflect the values we hold dear.

2021 was a historic year for investment in insurtechs. Funding reached a record-breaking $15 billion in Q3, according to Forrester – more funding than in 2019 and 2020 combined. As this booming market evolves, the value of innovation by insurtech startups is becoming clear.

Last month Fitch Ratings held its 2022 Insurance Insight Series, and the first event on deck was a webinar about how the insurance sector will evolve over the next year.

The insurance industry struggles to create economic profit. But amid COVID-19’s enduring changes, opportunities await.

The insurance industry struggles to create economic profit. But amid COVID-19’s enduring changes, opportunities await.

The InsurTech ecosystem in Asia is relatively smaller as compared to that in Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in 2020. According to Venture Scanner, Asia’s largest InsurTech hub is Singapore, followed by Indian cities Mumbai and Gurgaon.

Charles Taylor, has entered into a partnership with Fraud Keeper (FK), acquiring a majority share of the company. FK’s automated fraud detection software triages, validates and fast-tracks genuine claims. We present a cutting-edge SaaS platform based on automation and artificial

Wouldn’t it be nice, if, instead of relying on adjusters and restoration companies to surmise how much damage was actually caused by a water leak, an insurer could stop the leak almost before it starts.

These days customers are looking for a customized insurance experience, agents are looking for better strategies to engage with customers, and carriers are looking for the most current data to make choices about their products.

Insurers must be smarter about how they use data, make bold digital moves to meet consumer expectations, and take a strategic approach to process automation.

The telematics industry has grown significantly in the past years. And this is due to the increased demand for advanced telemetry solutions that provide improved safety, increased efficiency and reduced expenses.

Insurtech is no stranger to hype but with 2020 and 2021 bringing far more change than anyone bargained for, the industry has seen a fresh round of predictions and speculation.

2021 has been another groundbreaking year in the advancement of technology across many industries. According to the Willis Re Q3 Quarterly Insurtech report, more than US$10.5 billion was poured into insurtechs globally in the first 9 months of 2021 alone, with expectations that this investment trend will continue to increase in the coming years.

Digital and talent transformation accelerating as insurers adapt for postpandemic growth.

With third-party litigation funding reaching $17 billion in 2021, companies and their insurers are likely to see an uptick in social inflation in the years to come.

Sustainability is an issue of global importance, with unique implications for insurers.

Germany suffered its costliest natural disaster on record last year, as flash floods led to damages that vastly exceeded the amount covered by insurers.