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Health Insurance: What’s Next?
Looking toward 2022, health insurers are going to be wrestling with all the ways COVID has transformed the health insurance industry and what it means for coverage, pricing and patient care for the years to come.
Three Ways Agents Can Increase Small Business Customers’ Satisfaction
Small business customers are demanding more service from their agents, but with the right technologies and carrier partnerships, agencies can elevate their customer service game without adding to their workloads.
Amazon insurance – what it means for the UK insurance industry
Rumours of Amazon’s intention to disrupt the insurance industry have, it turns out, not been greatly exaggerated at all, and the technology giant’s plan to enter the small and medium-sized UK business customer segment have put players on edge across the insurance industry.
Why Startup Investors Are Putting More Money Into Insurtech
Insurance—an industry known for veteran brands and a cautious approach to risk—might seem a strange fit for the move-fast-and-break-things ethos of the startup world, but that hasn’t dissuaded venture capitalists from scaling up.
6 key takeaways from Europe’s biggest insurtechs
InsurTech is an enormous industry whose global market size is projected to reach US$ 11940 million by 2027. Ever since the first insurtech startups tested the waters in 2010, it has been hotting up and on a constant path of massive development.
Global insurtech investment tops $10 billion in 2021
Global investment in insurance technology (insurtech) start-ups totalled $10.5 billion in the first nine months of 2021, a record high level for the period, reinsurance broker Willis Re said on Wednesday.
Root, Metromile further encroaching on traditional auto underwriters’ turf
The two publicly traded full-stack personal auto insurance companies recently disclosed plans to further expand their distribution networks into the independent agent channel.
The Future of Employee Benefits is Hyper-personalised
Most plan members want to see more personalized product recommendations and more personalized assistance to understand their coverage and maximize their benefits plan.
How insurtech is driving robust M&A activity in the industry
Mergers and acquisitions (M&A) in the global insurance industry dropped by 3% in the first half of 2021, with 197 deals completed worldwide, down from 206 in the second half of 2020, and 201 at the same point last year, according to Clyde & Co’s Insurance Growth Report mid-year update.
The rise of the exponential underwriter
As the insurance industry adapts to shifting market conditions, some roles will likely need to be transformed as well. Learn how insurers could multiply value creation by modernising the underwriting function now.
How carriers can maximize agent performance
The news of the death of the agent has been greatly exaggerated. Agents control about 80% of the homeowner market and 65% of the personal auto market today because most customers still prefer to do business with agents.
Insurance Distribution Aims for Digital Service with a Personal Touch
We need to examine the insurer relationship to distributors in light of the customer mindset: What is changing with the customer and how they take in information? How do insurers and distributors adapt?
How Pikl is using technology to insure the sharing economy – Interview with CEO Louise Birritteri
Pikl, founded in 2016, has developed a suite of flexible insurance products designed for the sharing economy. For our Future50 Europe, we caught up CEO Louise Birritteri (pictured centre).
Insurtech, on the heels of a fintech boom, heats up in Africa
Insurance in Kenya and Africa at large remains a marginal product, with levels of penetration across the continent half the world average as a percentage of GDP, and premiums per capita 11-fold lower than the world average, according to a recent report by McKinsey and Co.
Technology won’t alter essence of insurance: Evan Greenberg, Chubb CEO
Technology will help usher insurance into the future, but it will not fundamentally change the industry, according to Evan Greenberg, chairman and CEO of Chubb Ltd.
How top tech trends will transform insurance
Over the next decade, the fully tech-enabled insurer will bear little resemblance to today’s organisation. Five trends, individually and in combination, will have a seismic impact.
How YuLife is building the future of life insurance – Interview with Sammy Rubin, co-founder & CEO at YuLife
YuLife was recently featured as part of our Future50 Europe. We caught up with co-founder & CEO Sammy Rubin to talk about how he is modernising the life insurance industry and helping customers live healthier lives.
Global M&A on track for record year – report
Companies making M&A deals outperformed the World Index by an average of 2.3 percentage points during the first nine months of 2021, driven largely by strong performance in the first two quarters of the year, Willis Towers Watson said.
Will Google Cloud and Tesla Torpedo the Insurance Industry?
This brief remark should scare the bejezus out of every insurance-industry executive: “Who knows more about your vehicle than the people who manufactured it?” said Andrew Rose, president of GM’s newly formed OnStar Insurance Services.
67% of Insurance Carriers See Need to Digitise Payments
Small businesses that have experienced property loss or damage rely on their insurance companies to give them the funds they need to get back on their feet and stay in operation.
Climate Change Ranks as Top Concern for Insurers, Replacing Pandemic
Climate change has returned to the top of the list of biggest concerns for insurers as the rollout of the vaccine and the gradual lifting of health restrictions reduce fears of a pandemic in many countries.
Parametric insurance – how it works and why interest is increasing
Traction is building for parametric insurance products and the innovative solution they represent to the substantial economic losses and adverse social impacts that natural catastrophes have on affected communities.
Neobanks’ latest ploy involves *ultra* cheap insurance
Digital bank execs have been scratching their heads for years about how to lure users into premium subscriptions. They’ve tried shiny cards, exclusive features, and even cashback.
Insurance digitalisation spawns increase in identity fraud
A new insurance industry research study reveals that insurance carriers saw an increase in consumer digital activity across both underwriting (77%) and claims (76%) during the coronavirus pandemic and indicated this recent increase in digital activity has in turn spurred more identity fraud activity, according to 67% of survey respondents
Global Reinsurers Grapple With Climate Change Risks
Over the past two decades, the global re/insurance sector has experienced an increasing number of major natural catastrophes.
Cyber insurance at the crossroads: Finding a path to profitable growth
Few lines have been talked up in recent years quite like cyber. Indeed, Accenture has predicted $25bn of growth in annual cyber premiums globally by 2025 – or a 500% increase on today’s ~$5bn GWP.
Why micro-insurance is an untapped market for insurers
It’s not every day the insurance sector is presented with an opportunity that is both an untapped source of income and the chance to offer ethically-centred solutions to communities in need.
Gen Z more willing to share data with insurers for personalisation
A growing number of Gen Z professionals are open to sharing the data from their smart home devices with insurers, in return for a better customer experience or discounts, according to a new survey by Capco.
Insurers see long-awaited innovations taking hold in pandemic
Younger drivers are spurring interest in telematics.
Will there be a role for brokers in the future?
Those insurance industry disruptors known as insurtechs are more than happy to coexist with brokers.
Cyber insurance startups set to scale up as investors cash in on digital protection
Insurtechs that specialize in cyber risk can take numerous paths — with their future dependent at least in part on their investors’ patience — but not all will survive, experts say.
New era and future opportunities – Insurers partner with the digital world
Identifying future trends and engaging in risk partnerships on new technologies are at the heart of Munich Re’s strategy
Willis Towers Watson has around $5 billion for possible M&A -incoming CEO
Willis Towers Watson has around $5 billion of capital which could used for acquisitions, its president and incoming chief executive said on Thursday, as the insurance broker prepares for a future as a standalone company.
P/C Reinsurers Keep Underwriting Discipline Even as Capacity Rises: Guy Carpenter
Property and casualty reinsurers have displayed underwriting discipline during this year’s renewals, continuing with rate corrections that began several years ago, despite the pressures of abundant capacity. Prices continued to harden during the first half of 2021 – albeit with slightly less momentum than last year – in a trend that will likely continue into the January 2022 renewal season.
Swiss Re: Growing demand for insurance protection
Swiss Re expects insurance market premium growth to continue, driven by increased exposures, risk awareness and evolving client needs.
How insurance carriers are setting new cyber standards
The malicious nature of cyber criminals has prompted cyber insurance carriers to implement new guidelines for clients.
4 areas of innovation with billions in revenue opportunities
The COVID-19 pandemic continues to cause upheaval in our business and personal lives in North America and around the world.
Big insurers embrace digital exchanges, selling their own policies and others
Major U.S. insurers are joining new digital exchanges to sell not only their own policies but those of their competitors as well, a new twist in an industry known for its fierce competition.
Insurers vs insurtechs – how do they measure up?
There can be little doubt that COVID-19 has accelerated the move to a digital-first society, forcing many more traditional organisations to fast-track their data and digitisation journeys.
Cyber insurance provider partners with start-up
Cybersecurity start-up ActZero has announced a strategic partnership with cyber insurance provider Zeguro to create a cyber risk management program for small and mid-sized businesses.
Climate change fuelling surge in property insurance: Swiss Re
Climate change will help propel a threefold surge in property insurance premiums over the coming two decades, according to a study published on Monday by Swiss Re.
Can Insurtech solve the price walking problem for insurers and homeowners alike?
This Spring, UK regulator, the FCA announced a ban on the unfair practice of ‘price walking’ in the insurance industry.
China to tighten regulation over insurance giants in draft guideline
China’s banking and insurance watchdog issued a draft guideline on Friday aiming to improve its regulation over insurance group companies to prevent financial risks as the world’s no.2 economy strives to recover from the impact of COVID-19.
Points for insurers to consider as they invest in insurtech
Technology, machine learning, robotic process automation, data aggregation and analytics – in recent years, the insurance industry (like many other sectors) has been motivated to make use of those tools to improve their operations and enhance their underwriting, pricing, and loss control capabilities.
Hybrid work is the future of the London Markets: 5 key takeaways
The COVID-19 pandemic and ensuing lockdowns have changed how we work for good. Offices, once the bustling centre of company life, have for much of the year been home only to empty desks, unground coffee beans and unanswered questions.
Next Gen Group and Voluntary Benefits: Insurance’s Latest Wild West
Insurtech could rightly be considered the greatest of the Wild West insurance opportunities, but in terms of opening up new markets, Group and Voluntary Benefits are making their own case for a land of new opportunities.
Improving Cyberinsurance with APIs
Having cyberinsurance should be a requirement for any organization’s security plan, especially for SMBs.
7 trends insurance risk managers say require urgent action
Emerging risks and changing customer behavior are shifting the revenue landscape for insurers. These trends call for change in the products and services insurance companies bring to market.
The rise of M&A insurance
The pandemic has not stopped the growth in the M&A insurance market. Brokers in North America have seen an uptick in M&A transactions, M&A insurance, and claims over the last year.
As cyber insurance costs rise, states rethink policies
When the Town of Peterborough, New Hampshire, announced earlier this week that it lost $2.3 million to a business email compromise scam, officials also said it was unlikely the 7,000-person community would ever recover that money.
How Insurtech Is Becoming The Next Digital Ecosystem
So, what exactly is driving this insurtech surge, and how can companies and entrepreneurs in the space be successful?
What insurance companies promised at the White House cybersecurity summit
Three insurance companies – Travelers, Coalition and Resilience – were among the attendees at the White House cybersecurity summit, along with giant tech companies and officials in the Biden administration.
Tomorrow’s Insurance is Connected
Technologies are emerging that enable omnipresent, real-time connectivity between the people and businesses being insured and their insurers, and that is fundamentally changing the business of insurance.
The digital transformation of Manulife, a 134-year-old insurance company
Alongside significant investments in its own digital capabilities, Manulife wants to work with ‘hundreds’ of outside innovators, says CEO Roy Gori.
How the Insurance Industry can Partner with IT to Create Digital Transformation
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.
Andrew Johnston: Lots more investment looking for a home labelled ‘insurtech’
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
EY Announces Assaf Wand of Hippo as an Entrepreneur Of The Year 2021
Ernst & Young LLP (EY US) today announced that Assaf Wand, co-founder & CEO of Hippo, the home insurance group that created a new standard of care and protection for homeowners, was named an Entrepreneur Of The Year 2021 Northern California Award winner.
How can the insurance industry be more sustainable?
The insurance industry needs to think about sustainability through both an underwriting and an investment lens, says ESG analyst Xuan Sheng Ou Yong.
6 Highly-Anticipated Digital Insurance Trends for 2021
The COVID-19 pandemic has forced a wave of “remote” services in areas that allegedly required physical presence. It made us reimagine age-old practices and bring innovation to how businesses are operated, including insurance.
Zurich financials – Insurer claims ‘historic’ performance but Farmers slips
Rebounds don’t come much better than this.
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