Technology
We regularly curate the latest insights and reports provided by and in collaboration with our partners and stakeholders to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
Nationwide Insurance Ties Up with Auto Manufacturer
Electric vehicle manufacturer Rivian is following Tesla and General Motors’ leads, by launching its own in-house auto coverage – and Nationwide Insurance is serving as one of the company’s underwriters.
Covr Receives Funding from Sony, Launches New Product Suite
The new products are designed to support the growing trend of self-directed, shop-from-home, insurance buying experiences possible because of emerging technology and robo-advice tools.
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.
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.
Oscar Health Launches a Tech Platform
Oscar Health is launching +Oscar, a platform business to make its technology stack available to third-party payers and providers.
How Technology is Changing the Auto Insurance Landscape
AI, blockchain, and just an overall rise in technologies across the planet are changing the way traditional industries are doing business. The wide world of auto insurance is no exception, with disruptive technology from insurtech propelling the industry forward.
How Digital is Transforming Commercial Insurance for Customers and Agents
Commercial underwriting is inherently complex, and it’s led many insurers to underinvest in technology.
FintechOS Raises $60 Million Series B Funding Round to Fuel Global Expansion
FintechOS the global technology provider for banks, insurers and other financial services companies, today announced it has raised USD60 million (EUR51 million) in Series B funding.
Veoneer and Swiss Re Enter Partnership to Further Improve Assessment and Enhance Development of ADAS Technology
The automotive technology company Veoneer, Inc. and insurance company Swiss Re are pooling their knowledge and vast experience on road safety technologies to further enhance the evaluation and development of advanced driver-assistance technologies (ADAS) and related services.
How AI Can Turn Insurance On Its Head by Helping Customers to Proactively Manage Their Risk
In recent years and particularly during the Covid-19 pandemic, we have started to see a rise in businesses using artificial intelligence (AI) to improve their service or products and ensure a seamless, transparent customer experience.
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).
Electric Car Startup Unveils Proprietary and Usage-Based Insurance Program
US-based electric truck startup Rivian launched its own insurance coverage across 40 states, which are underwritten by third-party carriers, per TechCrunch.
Insurance Giant AXA Switzerland Now Allows Customers to Pay Premiums in Bitcoin
Insurance giant AXA Switzerland now allows customers to pay premiums in bitcoin.
Lloyd’s Lab Innovation Program Choses 11 InsurTech Startups for Next Cohort
Lloyd’s announced the next 11 InsurTech start-ups that are participating in the sixth cohort of its Lloyd’s Lab innovation accelerator program.
Zurich Cuts Property Claims Resolution Times with insurtech AI Solution
Zurich has reduced the time taken to settle property claims to under 24 hours thanks to its latest artificial intelligence (AI) solution in collaboration with insurtech Sprout.ai.
Thirty UK Insurtech Companies to Watch Out for in 2021
The insurtech sector has emerged as one of the most significant players in the UK’s fintech industry, continuously reaping investments, even amid a myriad of economic disruptions caused by the pandemic.
Lemonade & 12 More Insurtech Companies You Should Know In 2021
Insurance has always been a valuable option for those looking to protect themselves from potential threats, and the pandemic has even further reenforced the importance of preparing for the unexpected. However, some customers have been deterred from enrolling in insurance coverage with traditional companies, due to barriers like complicated coverage options and unclear eligibility requirements.
Trov Technology Enables A New Wave Of Consumer Brands To Offer Digital Renters Insurance
New UK brands include Lloyds Bank, Love To Rent, Moovshack, OpenBrix, Utilita and Movinghub, with many more to come in 2021
3 Ways Technology Is Reshaping Insurance in 2021 and Beyond
As technology has reshaped the world in recent years, it’s also become an integral part of the financial industry. The emergence of financial technology companies, or fintech for short, has changed the way we spend money, take out loans, and track our budgets.
Digital Embedding Makes Insurance Relevant
It should come as no surprise that the pandemic has opened up new opportunities for consumers to consider insurance. The unforeseen, after all, might seem like it’s more a possibility than ever before — disrupting travel, health and even shopping.
Nayms Brings Blue-Chips and Disruption to Crypto Insurance
A new smart contract-based insurance marketplace is promising radical efficiency and more coverage for the long-underserved crypto industry.
Tech Startups Bringing the Power of Applied Analytics to Potential Plaintiffs
Lee Fogle reached down to save his 12-lb. Yorkshire terrier Nemo as a pit bull lunged forward. The attacking dog’s jaws clamped onto his left hand, sending him to a clinic for sutures and starting a 10-month-long insurance battle.
How Technology is Streamlining Processes in Finance and Insurance
From CRMs, and messaging platforms to online courses, here’s how traditional providers in insurance and mortgages are using technology more effectively
This Pune-Based Startup is Helping Corporates Unlock Benefits of Group Health Insurance
With a focus on preventative care, Loop Health provides organisations group health insurance plans which include a 24×7 available medical team that is just a call away.
AI Can Help Companies Tap New Sources of Data for Analytics
Improvements in technology have dramatically changed what enterprise analytics can do, but predictive and descriptive analytics still require time, expertise, and heaps of data, and often produce only narrow insights.
The Growing Role of AI in Hyper-Automation
A strategic approach to implementing hyper-automation would aid in crunching up the investment made for redundant tasks while summoning a driving force to initiate innovation.
Commercial Underwriting: Caught Between the Law and an IoT Device
Technology is helping insurers reduce homeowner risks, but will the same devices work in commercial properties?
Technology and Data to Unlock Endless Opportunities for Insurers in New Normal
This has been an unprecedented year for all – the insurance sector is no exception. Across the nation, COVID-19 has underscored the importance of protection to many customers, leading to increased demand for insurance products and policy servicing volume. However, the enforced social distancing has meant that severe competition has moved to the digital arena.
Koffie, Samsara Partner to Drive Down Truck Insurance Costs
Koffie uses telematics and advanced safety technology to underwrite trucking companies, rewarding fleets that invest in safety with discounted insurance premiums.
3 Ways Big Data Is Furthering Medicine
Big data has seen its fair share of uses across a wide variety of industries. Its impact on medicine, however, is truly remarkable. The massive amount of information that big data provides reduces the time needed to conduct research and collect results. Similarly, big data is having the same effect on insurance allowing for more complex coverage and accurate estimates.
Lloyd’s Announces First Version of its Core Data Record Under Blueprint Two
Lloyd’s has announced the first version of its Core Data Record (CDR), in an effort to standardise data flow through the market.
How Blockchain is Being Used in Insurtech
Blockchain has gained a lot of attention in recent years. It has the potential to transform how insurance companies operate in this evolving digital age
Insurance Technology: Hippo, Vertafore, Monte Carlo, Coterie, Buckle and More
Here is a recap of the latest news in insurtech
Digital Disruption Exacerbating Insurance Personalisation
Digital disruption continues to change the game in the insurance industry, with Covid 19 accelerating the process – leaving the industry faced with a paradigm shift in a world powered by technology.
Insurance Europe Warns of AI Coverage Challenges
European insurance and reinsurance federation, Insurance Europe, has warned that changes to the existing liability framework for emerging technologies, such as artificial intelligence (AI), could result in challenging insurability issues.
Digitized Claims Doesn’t Mean Personalization is Gone
Automating processes can open up more time for quality interaction between claims professionals and policyholders.
Which Artificial Intelligence Applications will Flourish by 2030?
For decades, artificial intelligence has been depicted as a sinister force in science fiction. Think of HAL-9000, the main antagonist in Arthur C. Clarke’s Space Odyssey series. But while applications of AI and machine learning are indeed sophisticated and carry the potential to be dangerous, my own view is that over the course of this decade, the most frequent encounters people are going to have with these neural technologies will seem both ordinary and positive. But there is one important area of algorithmic use that will require real work.
No-Code Technology: Breaking Down Silos In Insurance
In recent years, insurers have sought to digitalize their processes and improve their customer experience, making it more seamless and tailored to the needs of today’s consumers.
DigitalOwl Raises $6.5 Million
Digital Owl, a provider of AI-powered medical claim analysis software, has emerged from stealth with $6.5 million. The company plans to use the funding, a seed round, to expand its workforce and further develop its technology platform.
What is The Future of Telematics in India?
The Indian government has announced its vision to make the whole nation free from toll plazas by 2023. The toll money would now get debited via the GPS tracking system installed in your vehicle.
Big Tech in Healthcare: Amazon, Apple, Google & Microsoft
Healthcare organizations have to contend with the coronavirus pandemic and its lingering impacts, and shifting consumer demands for fast and convenient services. Healthcare players are being forced to move on their digital transformation efforts, and Alphabet, Amazon, Apple, and Microsoft are lending their tech-savviness to become partners for the job.
Time is Up for the Insurance Industry to Embrace Cloud Technology
Cloud technology offers a saving grace for the insurance industry which has been slow to adapt to change. Insurance is years behind its peers, where legacy systems dominate and old technology systems fail to allow companies to meet customer demand and truly innovate.
Augmented Reality and the Human-Machine Partnership
As consumer technology companies continue to build out AR capabilities and telecom providers build out 5G infrastructure, the barriers to entry and challenges associated with launching AR initiatives will be lessened.
Seyna is Building an Insurance-as-a-Service Startup for the French Market
French startup Seyna is getting a new CEO. Stephen Leguillon is joining the company as chief executive while Philippe Mangematin is stepping back from day-to-day activities for personal reasons — he’ll become honorary chairman.
Personalized Policies, Offered via Telematics
Increasingly, insurers can understand how and when people drive, as well as how vehicles interact with the road and their drivers.
Munich Re Hails Augmented Automated Underwriting
A new report by Munich Re unit Munich Re Automation Solutions has hailed Augmented Automated Underwriting (AAU) as a technology that will revolutionise customer experience in the re/insurance industry.
How Low-Code Accelerates Change
Here are three tangible ways that low-code programming lets carriers accelerate change and provide new benefits to customers.
For Brown & Brown, Acquiring CoverHound Accelerates Tech Modernization Efforts
Property/casualty insurance companies far and wide are considering whether to develop technology platforms in-house or modernize some other way. Brown & Brown chose an acquisition to get there.
Here’s How Digital Technology Helps Insurers Hit Sustainability Targets
Carriers should use digital technology to drive initiatives that counter threats to sustainability while also improving the management of these resources.
Willis Towers Watson Partner with Polecat Intelligence on Emerging Risks
Together, they are developing insurance solutions that enable organisations to respond to the rapidly changing, increasingly complex and interconnected challenges they now face. Polecat data will support Willis Towers Watson solutions in areas such as life sciences, reputational and product recall risk as well as D&O.
Success of US insurtech firms coming soon to Southeast Asia
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.
Juggling Act: Modernising Core Platforms for P&C Insurers
One of the most crucial issues facing insurers is how to modernise their core platforms, which in most cases are unfit for the digital age.
Acrisure Unveils New Tech-Enabled Brand
Insurance broker Acrisure unveiled its new brand identity which underlines its combination of financial strength, industry expertise and global distribution power with the integration and deployment of artificial intelligence and technology.
India’s Smartphone Insurance Market To Reach $500 Million By 2025
India’s smartphone insurance market is expected to grow at a CAGR of 29% to touch $500 million (about Rs 3,678 crore) by 2025, according to a report by consulting firm RedSeer.
Insurtechs Ignatica, DouBao, EasiTech to Develop Sales platform for Asian Insurers
The agreement brings together EasiTech’s front-end, customer-facing platform with Ignatica’s back-office technology to accelerate the development and launch of new insurance offerings across the region.
Who Is Liable When a Driverless Car Crashes?
How should insurers think about the liability for AVs? Using history as a guide, it’s possible to make reasonable guesses at some of the answers.
Concirrus Automates Digital Portfolio Management for Marine Insurance
Leading Insurtech, Concirrus has announced a fully automated, algorithmically driven underwriting application for Marine Insurance.
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