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The case for insurance loyalty programs
Insurance is infamous for having one of the highest customer acquisition costs of any industry.
The European insurance growth forecast
How insurers create value for their customers has changed rapidly over the past year, which means that the fundamentals of how an insurance carrier generates revenue has changed. If you want to gain an advantage as an insurer, now is the time to listen to the changing market and innovate accordingly.
4 ways to enhance consumer loyalty and make your customers your greatest advocates
In our latest webinar, we discussed how to engender loyalty among your customers and give them an experience that turns them into great proponents of your company.
Vertafore Unleashes Analytics for Agencies; MGA Mile Auto Raises $10.3M, Partners With Ford
Insurance agency technology firm Vertafore has released a product it says puts the power of data and analytics into the hands of independent agencies.
Incentivise me: Europe’s leading health insurers get personal
More than a year after the start of the COVID-19 pandemic, we’re also seeing big shifts in consumers’ expectations for health and life insurance. This has generated significant innovation from insurers.
7 Emerging Risks to Watch: Climate Change, Pollutants, Cyber Threats
Even the most vigilant insurers and reinsurers scanning the risk landscape for potential future liability problems are likely to fall into landmines.
Insurtech talk with Andy Tomlinson, chief operating officer at Cuvva: How treating customers better can fix the insurance trust problem
This week, we spoke with Andy Tomlinson, COO of Cuvva, on how customers are losing out in the current motor insurance equation, and how the industry can adapt to more discerning customer expectations.
Can Insurtech Sustain The Demand Rush For Employee Health Covers?
Health insurance is critical in nature, but a couple of years ago, it was more of a fringe benefit provided by startups (and other small enterprises) and not a key trigger for recruiting and retention.
Re/insurance industry must welcome disruptive innovation: Aon UK CEO Julie Page
Aon UK Chief Executive Julie Page has underlined the need for re/insurers to embrace and enable the disruptiveness of insurtech innovation, especially as the world attempts to recover from COVID-19.
The insurance back office is being revolutionized
AI, blockchain, analytics, BI, automation & emerging technologies will fundamentally change how risk is assessed, how products are developed & how customers interact with insurers.
Deep-dive on Cyber-security Insurance: How to go from nice-to-have to business critical
With the threat of cyber attacks looming larger than ever in the minds of business leaders, we investigate the current state of cybersecurity insurance.
Zurich takes ‘full advantage’ of hard market
Zurich’s Property & Casualty (P&C) gross written premiums (GWP) jumped 9% to $US11.03 billion ($14.17 billion) in the first quarter, driven by further improvement in pricing and strong growth in commercial insurance.
Insurtech talk with Janthana Kaenprakhamroy, CEO of Tapoly: Gig insurance solutions for the gig economy
This week we spoke with Janthana Kaenprakhamroy, CEO of Tapoly, about insuring the gig economy, founding an all-digital MGA and the future of platforms in insurance.
Insurtech SPACs In Spotlight, And Bird Takes Flight Toward IPO
The weekly SPAC/IPO Tracker shows that through the middle of the month, year-to-date banking related listings stood at 25, trailed by a baker’s dozen of payment firms coming to market.
Ping An Reports Successfully Completing Initial Close of $200M Fintech and Healthtech Venture Fund
Ping An Insurance recently revealed that it has completed the initial close of Ping An Voyager Partners, LP, which is a growth stage venture fund. Approximately $200 million in commitments have now been made toward the planned $475 million target.
Digital communication helps insurers bridge the relationship gap
Traditional insurers have never faced as much competition for their customers’ attention as they do now.
Lloyd’s advocates human capital insurance solutions in wake of pandemic
A new report by insurance and reinsurance marketplace Lloyd’s of London has explored the potential benefits of human capital insurance solutions for workforce management in the wake of the pandemic and future systemic risks.
Insurance organizations rank among world’s largest companies
Despite the huge economic impact of the COVID-19 pandemic, the global insurance industry was relatively unharmed, compared to other industries, such as travel and hospitality.
Supercharge your underwriting with data science techniques
The insurance industry is rich with data. Having the right information at the right time is critical for making important underwriting decisions, but all too often an underwriter can’t access the data that would be most helpful. A carrier’s data goes uncaptured, can be difficult to transform and store, or is inaccessible.
Moving beyond 2020: A review of how insurers pivoted during COVID-19
Like many industries, insurers made fast and dramatic changes in response to COVID-19 to keep operations running smoothly and customers supported. With vaccinations hinting at a return to “normal,” it’s a perfect time to do a data-driven post-mortem on how insurers responded to the pandemic. What actions were taken, what were the lessons learned and what do they mean for the future?
New Data For Insurtech Has Lots Of Promise But Will Require Much Iteration
Life insurance is a unique product — even when compared to other consumer financial services.
For starters, a life insurance product, at its core, is all about managing mortality risk, which has a wide range of contributing factors and can take decades to emerge.
Underwriters Puzzle Over How to Make Pandemics Insurable Again
When much of the global economy locked down last year, insurers, facing estimated losses of more than $100 billion globally, reached straight for their red pens to strike pandemic cover from all new business policies.
New AXA XL CUO appointment for P&C, $2bn valuation for Ethos, Series C funding for Kin
Anish Jadav has been appointed Chief Underwriting Officer for AXA XL P&C in the UK, life insurtech Ethos Technologies Inc. has a more than $2bn (£1.4bn) valuation after a $200m funding round, and home insurtech Kin has raised $63.9m in Series C funding.
Why Sharing Economy Firms Just Might Be the Best Insurance Customers
Imagine insurance customers who actually enjoy meeting with their insurance broker. Customers who see insurance not as a nuisance mandate but as an integral part of their own and their customers’ success.
Series A for Sprout.ai, Amazon and Zurich partner for Middle East payments service, LexisNexis report on future of claims
This morning AI solutions provider Sprout.ai have secured Series A funding from Amadeus Capital Partners, APS and Zurich are partnering on a Middle East-focussed payments solution, and LexisNexis Risk Solutions have released their 2021 Future of Claims Report.
Shift Technology CEO on $220 Million Series D Round
Jérémy Jawish discusses the company’s expanding product set, its focus on R&D and its vision to become an exemplary AI-focused insurance vertical software vendor.
Spotlight on Arma Karma: Ethical contents alternative for ‘generation rent’
We spoke with Ben Smyth, co-founder and CEO of ethical contents insurer Arma Karma. We discussed engaging young customers, building bespoke products and taking on social responsibility in insurance.
This could be the key to the next insurtech unicorn
In our latest webinar we discuss record breaking Insurtech funding, the most promising Insurtech territories, and how to win over venture capital with amazing teams.
How APAC insurers are supercharging distribution
In today’s APAC webinar, we were joined by industry leaders to discuss what the future of distribution might look like in a post-pandemic landscape.
The Insurtech Revolution And How It Could Transform The Life Insurance Industry
In a counterintuitive twist, technology can go a long way toward humanizing the life insurance industry.
Ernie Bray, CEO at AutoClaims Direct: Why full automation is short-sighted
Ernie Bray is passionate about technology – he understands why there is so much potential behind AI, machine learning and video estimating. But, he cautions, there is a time and a place for tech. The touchless utopia some in the industry are wishing for has downsides, too.
Nicholas Piel, CEO at Surfly: How we’re making automation personal
Anyone who tried to work and collaborate remotely in the last year will have noticed that most solutions have drawbacks. Screensharing can be unsafe, connecting to legacy systems can be difficult. For Nicholas Piel, CEO at Surfly, the new way of working was a huge opportunity.
Allianz takes hard line on coal, David Bearman unveils new Aventum Group, APOLLO partners with Lloyd’s of London
Today we see Allianz announce that it will phase out insurance for coal-based business by 2040, Direct Insurance and other affiliates integrated into the new Aventum Group, and Canadian insurtech APOLLO has secured coverholder status with Lloyd’s of London.
Integrate, Digitise, Transform: 3 Insurtech Trends for the Rest of 2021
Though the insurance industry can be slow to adopt new technologies, with the past year bringing new challenges to businesses, the rest of 2021 is insurtech’s time to shine.
Tencent-Backed Insurance Platform Waterdrop Targets US$360 Million US Listing
Waterdrop, the online insurance and medical crowdfunding platform backed by Tencent, has started marketing its initial public offering (IPO) of up to US$360 million on the New York Stock Exchange.
AI Gains Traction Across Insurance
Spending on artificial intelligence (AI) platforms in insurance will grow by almost a quarter every year out to 2024 as the industry exhibits a general willingness to innovate, analytics firm GlobalData predicts.
Buffett on Whether He’d Insure SpaceX Mission: I’d Have a ‘Different Rate if Elon was on Board’
Berkshire Hathaway CEO Warren Buffett has a message about the insurability of Elon Musk’s future SpaceX missions. “It would depend on the premium,” the Oracle of Omaha joked Saturday during Berkshire’s annual shareholders’ meeting, live streamed on Yahoo Finance.
For Apollo’s New CEO, Insurance Is In—Racy Buyouts, Not So Much
Marc Rowan steers firm toward future as credit-investing titan catering largely to insurers with ample cash to park
Qover and Arturo Series B, Chubb and Marsh partner for Covax, New LMA Legal Director
This morning we see more funding rounds, major insurers partner to insure global vaccine rollout, and the LMA has announced their new Legal Director.
Andy Fairchild: Taking advantage of technology in an intimate, advice-led way is ‘critical’
Trend-led brands will help establish the ‘winning insurance brokers for the next decade’
Record insurtech investment, new Metromile CFO, driver-less
In the last few hours, WTW released data on last quarter’s record-breaking funding, and other moves and updates in the world of insurtech.
How Innovation is Paying Off for Insurance Leaders
The insurance industry as we know it is changing. In the wake of the COVID-19 pandemic, insurance carriers understand that they have to either innovate or fall behind. In this post, we will take a look at what that innovation looks like in practice and what industry leaders are learning about the art of innovating sustainably and at scale.
Global Insurtech Investment Hits Record $2.55 Billion in Q1: WTW
New data from re/insurance broker Willis Towers Watson (WTW) shows that global investment in the insurtech sector reached a new quarterly high of $2.55 billion during the first quarter of 2021.
Innovate for Insurance Revenues and Profitable Growth
The insurance industry has proven its resilience. Through the disruptions of COVID-19 and massive claims from storms and other catastrophic events, valuations have gradually improved.
Industry Urged to Accelerate ‘Intelligent’ Tech Push
A new report from Accenture says Australian and global insurers should work towards building an “intelligent, data driven” operating model to elevate business performance.
AXA UK Makes Two Leadership Appointments
AXA UK Retail Insurance has appointed Marco Distefano as Managing Director for Motor and Home and Anna Fleming as Chief Operating Officer.
Porsche Says Carmakers See Tech as Key to Customer Acquisition
Steve Jobs trained consumers too well, says Kjell Gruner, the new president and chief executive officer of Porsche Cars North America Inc. And now car companies have a lot of catching up to do to match Apple Inc.’s standards for user interface.
Smart Choice Partners with Cover Whale
Insurtech broker Cover Whale has announced a new partnership with Smart Choice. Under the partnership, Cover Whale’s streamlined truck insurance platform will be open to Smart Choice agents in select states.
Not Just The Ad Industry: Big Data Is Making Insurance Greater Than Ever
Technology is redefining the very way our world works. From general knowledge to private data, we as a cohort have access to more information than any others through the course of human history.
What Makes a Truly Great Claims Experience for Brokers and Customers?
Insurance services are promises that only really get tested in the event of a claim, according to Mark Stephenson, head of business development and market relationships at Liberty Specialty Markets, which is why it makes sense to integrate claims across the entire business.
Digital Trends in The Insurance Industry
The Covid-19 pandemic has ushered in ample opportunities by accelerating the digital transition of tasks that were once considered mundane.
The Latest Launches From Berkley One, Openly and AXA XL
W.R. Berkley Corp.’s Berkley One expanded into Maryland and broadened its product offerings in other states where it does business.
The Insurance Protection Gap: What is it and how does it affect the insurance industry and our quality of life?
The insurance industry has been developing fast in the past few years. Companies have been focused on growth and increasing their Gross Written Premiums (GWP), but are facing increasing challenges such as tough competition, a low interest rate environment, growing customer expectations and regulatory scrutiny.
A New Normal for Consumers and Businesses – and a New Normal for Insurers
COVID-19 has placed insurers of all shapes and sizes before a host of unaccustomed challenges. But as vaccines are rolled out and we move beyond the acute phase of the pandemic, there are increasing opportunities on offer as well – where insurers can play a role in addressing the pain points that consumers and businesses face in the new normal.
3 Ways To Solve Inefficiencies In Your Claims Process
In our newly released webinar, The Principles of Claims Efficiency, FRISS and co-founder Christian van Leeuwen teamed up with Karen Mican, Chief Claims Officer at RSA Canada, and Ben Allen, co-founder and CTO at Laka, to answer some of your most pressing questions on claims efficiency.
Data Migration to Cloud Helps Underwriters: Insurers
The increased amount of data cloud providers can provide as more information moves to the cloud will help underwriters write cyber risk and their policyholders in turn, say insurers and a cloud provider.
Telemedicine Crushed It in 2020. Will the Service Be Just as Amazing in 2021?
The pandemic has changed a lot of things — online shopping, at-home entertainment, work arrangements, take out and food delivery — and telemedicine.
Carbon Limiting Tech Creates New Opportunities for Insurers
Climate change is one of the biggest challenges we face as a society. With climate-related catastrophe losses continuing to climb, insurers are in a unique position to recognize just how high the stakes of climate change truly are.
Munich-Based insureQ, a Digital Insurance Platform for SMEs & Freelancers, Raises €5 Million
Today Munich-based insurtech insureQ announces raising a €5 million seed round led by Nauta Capital, with existing investors Flash Ventures and GFC also participating.
What Does Insurance’s Digital Future Hold for Actuarial?
Insurance markets are competitive (and getting more competitive with new market entrants), and insurance products are complex (and getting more complex with changing customer expectations).
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