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Reinsurers “need to drive and enable innovation”
In the past, it was not uncommon for an insurer or an insured to pull the plug on an innovation project over fears that a reinsurer would not underwrite the risk.
Zurich CEO Greco Advocates Carbon Tax to Punish Polluters
Zurich Insurance Chief Executive Mario Greco wants governments to levy a carbon tax and remove the incentive for socially irresponsible companies to maximize profits by polluting the environment, he told Reuters.
Insurance Expert Q&A With Angel Conlin, CIO of Kin
Kin Insurance has its sights set on simplifying the insurance purchasing process for its customers through the innovative use of technology. By providing personalized coverage in catastrophe-prone areas, Kin plans to be the future of the insurance industry.
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.
Why is blockchain the key to boosting consumers’ trust in insurers?
A recent report by the International Federation of Red Cross (IFRC) found that since the 1990s, there has been a 35% increase in climate and weather-related disasters. Since March 2020, when the World Health Organisation declared a global pandemic, there have been 100 such disasters affecting 50 million people worldwide.
Top 5 Insurtech Trends for Now and the Future
COVID-19 has given direction to insurtech trends to lean towards digital solutions. If the pandemic has taught us anything, it is that we cannot really make accurate predictions about the future. However, it has also been a major catalyst of change as several industries underwent rapid and rampant transformations. These changes have now translated into the ‘new normal.’
The latest British unicorn? Insurtech Marshmallow is waiting in the wings
Marshmallow Financial Services is soon to announce its latest fundraising round that will bring its valuation to $1.2bn (£869m), joining the ranks of other recent UK unicorns Starling Bank, Gousto and Zego.
How Millennials Are Changing the Life Insurance Game
Afilio, a Berlin based Insurtech, has secured USD13 million in highly competitive Series A funding to support the expansion of their ‘Peace of Mind-as-a-Service’ platform offering users digital estate management services.
Digital Claims: The ‘moment of truth’ for insurers
When a human being or even an animal faces risk, there can be one of two reactions – fight or flight. Risk is inarguably ubiquitous and something that most of us deal with on a daily basis. However, rather than fight or flight, sometimes the best way to deal with risk is to buy protection. And, this is where the insurance industry plays an integral role.
5 insurtech trends that are impacting employee health benefits
India is the second-largest insurtech market in Asia-Pacific, accounting for 35 percent of the US$ 3.66 billion insurtech-focused venture investments made in the country, according to S&P Global Market Intelligence data.
CFC’s new CEO on what the future holds
When Graeme Newman (pictured) first joined CFC Underwriting he became part of a team of 15 people – now, 13 years later, CFC boasts a workforce of some 500 people, spread across a variety of locations.
How technology plays a prominent role in improving insurance journey
Given these evolving customer demands, both commercial and personal-line firms are seeing an increased need for multi-channel customer engagement.
Why insurers should prioritize multi-channel engagement
Given these evolving customer demands, both commercial and personal-line firms are seeing an increased need for multi-channel customer engagement.
‘Not Everything Was Perfect’ in Fund Manager, Says Allianz CEO Baete After ‘Horrible Week’
Oliver Baete, chief executive officer of Germany’s Allianz, on Friday spoke of a “horrible week” for him and the insurer, his first response to a disclosure that the U.S. Department of Justice was investigating losses at its fund division.
Why Data-Driven Payments Infrastructure Is Key To Keeping Insurance Payouts Smooth
The events of the past year have changed how consumers and businesses view payment delays, regardless of industry and transaction type. Policyholders are no longer willing to wait days for claim payments to finalize so they can receive their funds.
How An Insurtech Cofounder Perfected Her Pitch To Raise $17.5 Million In Venture Capital
Some people may think insurance is boring, but not Maria Goy. She is passionate about it. As an executive at New York Life, she came to view insurance as a product that differentiates the haves and have nots.
Cover Genius CEO on the future of bank-embedded insurance
Imagine your banking app, based on your purchase history within it, offering pertinent insurance products. This could very well be the norm moving forward, if the results of a Cover Genius poll are anything to go by.
Getsafe: How Insurtechs are Fueling the Insurance World’s Tech Monopoly
Insurtechs have stepped up to turn the $5 trillion insurance industry on its head. This radical upheaval hasn’t happened yet. But the insurance industry’s tech monopoly has already begun.
In conversation with Ron Rock – Is Ohio the future insurtech capital?
This week we spoke with Ron Rock, senior director for insurance and insurtech at Jobs Ohio. Following the departure of Tesla and Oracle from the once dominant Silicon Valley, we discuss whether insurtech could be the next big part of the tech world to pursue high-growth regions.
Chubb CEO makes case for pandemic insurance program
Chubb chairman and CEO Evan Greenberg has been a voice for the (re)insurance industry throughout the COVID-19 pandemic. As leader of the world’s largest publicly traded property and casualty (P&C) insurer, Greenberg has used his platform to speak out about the “impossible” task laid at the feet of the insurance industry – to cover the cost of the global pandemic alone. c
AI risks increase as cover struggles to keep up
The insurance industry is in the early stages of understanding artificial intelligence (AI) algorithmic risks but there are widespread repercussions from technology failures, a white paper produced by Zurich and Microsoft says.
Three Emerging Trends in Insurance Underwriting
Insurers recognize the value of machine learning and are implementing it to deliver more consistent results and free up insurance underwriters to focus on other essential activities.
Crypto scams, DeFi hacks, and rug pulls: Why the crypto industry needs insurtech
When you have even just $100 in a liquidity pool, you dread the day you awake to it being gone.
Why the Embedded Insurance Recipe Will Work
Opportunities for embedded insurance will give innovative insurers and their partners tremendous opportunities for growth, with new markets, new offerings, satisfied and loyal customers—and growing books of business.
Should we be worried about insurtech valuations?
In the last year or so we’ve seen a number of insurtech startups go public, including Root (auto insurance), Metromile (car insurance), and Lemonade (rental insurance). But should we be worried?
InsurTech investment reached record high in H1 2021: WTW
Global investment in the InsurTech sector reached a record during H1 2021, as half-year funding of $7.4 billion exceeded full-year investment in 2020, and in every other year, according to a new report by insurance and reinsurance broker, Willis Towers Watson (WTW).
Connected insurance and ecosystems: Crucial to modern business
Insurance does not exist in isolation. More and more, it is intrinsic to the business models of partner organisations, enabling new kinds of activities and new ways of working – a reality recognised by the Connected Insurance & Ecosystems category at Accenture’s Efma-Accenture Innovation in Insurance Awards
Elevating the case for cloud in insurance
Before COVID-19, most insurance carriers had already started migrating their IT estates to the cloud. Now, accelerating the cloud transformation means elevating the cloud conversation.
6 Questions for Sedgwick CEO Mike Arbour
Listening to his customers and listening to his team. Mike Arbour closes in on the anniversary of him being named CEO of Sedgwick.
Insurtech in Europe: H1 2021 in review
What a first half of the year in the European insurtech scene: over €1.7B was invested across 52 deals. That’s basically more than 2019 and 2020 combined!
Faster, cheaper, greener: Why cloud is right for APAC insurers
There are several triggers – or what we call cloud archetypes – that typically push clients to move to the cloud. Most revolve around the need for greater speed and to create greater value, though the actual mix varies depending on each client’s circumstances.
General Insurance: Insurtech firms can help build microinsurance products for all
While the need for permanent insurance cover (e.g. whole life insurance and health insurance) will always remain, people will continue to need special-purpose insurance in life.
Hyper-Automation in Insurance: What Does It Mean and What Are Its Upsides?
During these unprecedented times, significant challenges have ascended to the top of the insurance industry’s agenda and left many carriers puzzled about how to navigate the road ahead.
Preventing emergencies: Insurtech that keeps us safe in troubled times
COVID-19 has made people acutely aware of the pressures placed on health professionals and insurance systems. Insurtech solutions that alleviate this are valuable, a point recognised at this year’s Efma-Accenture Innovation in Insurance Awards.
The 2 Crucial Changes Happening in Insurance Distribution
The further we move into the 21st century, the bigger the role technology plays in the insurance industry.
Why insurance is the industry with the most to gain from digital transformation
Slow and steady growth has been the mantra of Zywave in the UK since its inception, and the UK-based arm of the business has steadily grown a robust customer base of around 150 clients over the last decade.
AI and Its Impact on Automotive Claims by Olivier Baudoux
Thanks to four trends, AI can improve efficiency and cycle time and meet policyholder expectations for a streamlined, digital auto claims experience.
Insurers’ ‘super-profits’: Industry says it’s not that black and white
Short-term insurers say they went above and beyond for their customers in the past year and aren’t greedily gobbling up savings from lower claims.
‘Digital revolution’ presents challenges for insurers
The ‘digital revolution’ has driven insurer success and made the industry more efficient, more profitable and more accessible to customers – however, Delta Insurance COO Kent Chaplin says it has also created new challenges within the sector, and has ramped up competition between new and existing insurers like never before.
Insurtech talk with Ron Rock: Will Ohio emerge as the US insurtech leader?
This week we spoke with Ron Rock, Senior Director at JobsOhio, about insurance disruption and the future of work – and the State of Ohio.
Transforming The Insurance Industry With Big Data, Machine Learning, And AI
The future of insurance will be a hybrid model where consumers can choose a digital or traditional experience and gracefully move between these options with ease, convenience, and efficiency.
The ROI of Automation
When people think of automation, and in particular the ROI of automation, they typically think that the return part of that equation is driven primarily by savings realized by cutting costs or faster processing times.
5 Key Ways to Automate Insurance Claims Workflows
Automated workflows ensure insurers keep the ball rolling between critical steps in the claim cycle, bringing both better efficiency and compliance.
The three faces of insurance innovation
Lots of insurers are talking about innovation, but not every insurer means the same thing when they use the term.
How can insurance companies become truly autonomous?
At first glance, the similarities between the Mars landers, and the fraud detection and claims automation services of Daisy Intelligence may not appear obvious but there lies a strong parallel – a shared utilisation of truly autonomous systems.
Why RV-sharing tech company launched an insurtech
Outdoorsy, an RV rental and travel marketplace,had a problem: With traditional insurance, RV owners could lose coverage when renting out their RVs due to a commercial exclusion clause. The solution: The company launched an insurtech company, Roamly, to eliminate the “gray zone” that traditionally comes with renting RVs.
The future of predictive analytics in the insurance industry
Big data is one of the most rapidly growing industries in the world and was valued at $169 billion in 2018, with expectations to approach the $300 billion mark by the end of next year.
The goal is to create a single source of truth data environment, says Swiss Re’s Haycock
As data quality challenges continue to hinder insurers and reinsurers, Swiss Re is looking to overcome some of the inefficiencies and develop a habitat in which valuable data is discoverable, accessible, and trusted.
Taking telematics data collection to the next level
Telematics technology is a “total game changer” for the future of the auto insurance industry.
Insurers have the cure to distracted driving epidemic
The pandemic introduced radical shifts in how we do our work, communicate and shop for products and services. Did it change the way we drive too?
Insurers’ Own Infrastructure Could Be Text Targets of Cyber Criminals
As the “next digital pandemic,” cyber risks are increasingly becoming a problem for insurers themselves, according to an industry expert.
Carbon promotes Director Nick Tye to lead as CEO
Specialist managing general underwriter (MGU) Carbon has promoted Director Nick Tye to lead as Chief Executive Officer, succeeding Stephen Card in the role.
Chubb report examines what is exposing SMEs
In today’s age, the best way for many businesses to move forward is to embrace digital transformation.
3 Emerging Risks Rising Out of the Pandemic — and the Huge Impact They’ll Have for Years to Come
The pandemic has heightened financial inequality, climate change risk and the threat posed by ‘zombie’ companies.
Insurtech Startup bolttech Raises $180 Million, Valuing Firm at More Than $1B
Insurance tech startup bolttech on Thursday said it raised $180 million in a funding round, led by private investment firm Activant Capital Group, that valued it at more than $1 billion.
How to leverage next-gen apps and data to drive profitability across the insurance value chain
Thanks to digital engagement and emerging technologies like AI, IoT, and machine learning, insurers have more data than ever.
“The insurance industry is still in its infancy with regards to digitisation”: Interview with Getsafe’s CEO, Christian Wiens
There’s no doubt that COVID-19 has been a catalyst for digitisation. We’ve witnessed the rise of fintech, the explosion of edtech and the vast spread of ‘fit-tech’ to keep us moving during the quarantine. But what about the global insurance industry?
‘Inventive Insurer’ Mindset: The Need of the Hour for Property Insurers
“It was the best of times, it was the worst of times.” The introduction from Charles Dickens’ “A Tale of Two Cities” may be an apt description of today’s property insurance landscape. While numerous opportunities exist, insurers face a variety of challenges—some often unforeseen.
What does the ‘Amazon’ of insurance look like?
Today we spoke with Apollo’s Jeff McCann and Berkley Canada’s Alexandra Spence about what the ‘Amazon’ insurance experience could look like – from embedded insurance to platform ecosystems, distribution is fundamentally changing.
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