Thought Leadership

Behind every new idea is a problem that needed solving. For Tahir Farooqui (pictured), founder and CEO of Canopy, a London-based insurtech providing of services the rental sector, his business concept was inspired by his experiences renting in a myriad of locations. Between living in the UK, Australia, New Zealand, Europe and the US, he said, he found that renting was tough and that the financial services sector has tended to underserve the renter – and thus Canopy was created to combat that trend.

Supercede co-founders Jerad Leigh and Ben Rose believe there is “real opportunity” for their firm to become the primary digital ecosystem in the reinsurance space, which they say has historically been overlooked by technology.

Oscar Health Inc., the digital health-insurance company well known to New Yorkers thanks to a subway advertising campaign, is going public in a deal that could value the company at up to $8 billion.

AI is a science. Customer centricity is an art. The ability to blend the science of digitization with the art of the company’s philosophy of ‘Caringly yours’ to offer human-centric digital CX is what makes a sustainable model

Ecosystems can enable insurers to become more digital, efficient and agile as they seek to achieve breakthrough growth.

As the world hopefully starts to open up again this year, organizations are going to be increasingly pressed to balance their service needs across different channels.

Global re/insurance broker Willis Towers Watson has released a report which explores how COVID-19 and the trend towards the digitisation of medicine is resulting in a rapid technological change.

The pandemic not only forced employers to drastically change the way their employees and businesses work, but also caused a “digital divide” that could negatively impact employees’ work experience, a new study has found.

As an industry, we still use too much paper. But what digital tools do we really need, and where are the real changes in insurance innovation? Is it all buzzwords?

In the race to head off competition from InsurTechs and deliver sophisticated digital experiences, insurers must ensure they continue to meet the needs of different customer groups.

There have been very few positives that have come out of the recent epidemic that’s swept the world. But one glimmer of light has been the acceleration of digitisation in organisations, a boost caused by staff having to work from home.

The World Health Organization declared COVID-19 a global pandemic nearly a year ago. Since then, efforts to slow the spread of the virus have caused seismic shifts for insurers and their customers.

For those of you who love music like I do, you will hopefully agree that one of the best songs by the rock band Queen was “Under Pressure,” co-written by the famous David Bowie. The story is that the collaboration was creatively different as the vocal was constructed in a very novel way in one night, where they all contributed different pieces of the song musically and vocally and then put it together to create what is considered one of the greatest hits!

Miloslavsky talks about the insurance platform as the vehicle for processing across lines of business, integrating an ecosystem of external capabilities, and delivering a customer experience on a par with top retailers.

Despite the contraction in the retrocession market in recent years due to CAT losses, the reinsurance market remains a very attractive option for capital market investors to deploy their capital, and an important strategic tool for reinsurers. Non-CAT insurance risk retrocession using AI-based risk modeling technologies can inject life back into the retrocession market.

KindHealth, an Austin, Texas-based digital health insurance platform, raised $4m in funding.

Many insurance companies are seeking and actively developing digital technologies to streamline their processes, assess risk better, reduce cost and increase customer satisfaction.

Insurance industry leaders have renewed their focus on recruiting, hiring and promoting not just to fill a crucial talent gap with quality candidates, but also to intentionally diversify their workforce.

To make the most of the growth seeker dimension, insurers should give agents the means to push their limits, gain more expertise and become a source of influence for other agents within a culture of sharing.

As technological innovation continues to pick up pace in the insurance industry, focus on upgrading underwriting toolkits is growing.

One of the toughest moments of a break-in or disaster is losing your stuff. The U.S. saw 1.2 million property crimes in 2018, two-thirds of which happened at homes and apartments, and 387,000 fires at homes in the same year.

On 28 January 2021, the European Insurance and Occupational Pensions Authority (EIOPA) launched a public consultation on data access and sharing in the insurance industry.

The future of insurance distribution has been hotly debated in our industry for decades. Bold predictions several years ago prematurely declared the “death of the agency model” to be largely replaced by direct (and then digital direct) distribution.

The insurers need strategies ranging from taking full advantage of data, enabling a more technology-driven workforce.

By speaking to policyholders’ values, motivations and purchase drivers, auto insurance marketers can make more-informed decisions about the messages and offers most likely to entice drivers to switch to their brands.

Faced with serious competition from a new breed of tech-savvy startups and mounting consumer expectations for efficient digital experiences, the insurance industry — long seen as slow to embrace innovation — has for years been investing in digital transformation.

With benefits such as better risk management, reduced claim cost and new sources of revenue, digital ecosystems can drive greater economic value and relevance for today’s insurance companies.

2020 offered a blend of threats and opportunities to the UK insurtech market and 2021 looks set to maintain the status quo. Offering his perspective on what the year ahead will hold for the sector, as well as for Insurwave, the insurtech platform of which he is CEO, David Power (pictured right) highlighted that the key challenge surrounds communication.

Firms struggle because they view AI initiatives as small projects rather than a product requiring continuing maintenance and investment.

Boston-based insurtech start-up Breach has announced the placement of a crypto-denominated cyber insurance policy with CoinList, a full-service token sale and crypto trading platform. Breach said the policy was an industry first.