Thought Leadership
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.
AON Forms STG to Better Serve Insurance, Reinsurance Clients
Aon plc AON recently set up a Strategy and Technology Group (STG), which will function under the leadership of Colin Forrest. It aims to benefit property & casualty, life insurance and reinsurance clients by offering various insight and software solutions.
How to go beyond threat detection to prevent cybersecurity breaches
Many insurance companies are not well prepared for the risks ahead, according to a 2022 cybersecurity benchmarking study. In fact, 31% of insurance organizations feel they are not well prepared for the threat landscape they face today.
AIG’s Corebridge Is Year’s Largest IPO at $1.7B
AIG Inc.’s life insurance and retirement division Corebridge Financial Inc raised $1.68 billion on Wednesday in the biggest initial public offering (IPO) so far this year, braving market volatility and ending a seven-month lull in major listings.
Hyperautomation of insurance data grows
Kanverse.ai, a hyperautomation platform, has joined Guidewire’s Insurtech Vanguards Program.
Embedded insurance: building customer-centric insurance distribution using apis
We all know buying insurance is hardly a gratifying experience, especially when there are several policy options available in the market.
McKinsey: Autonomous mobility – The future of auto insurance
Most consumers are used to buying a car and insurance separately—and the latter can be a laborious process. Consider a hypothetical US consumer of the future, Jane, who acquires her first semiautonomous car, attracted by its connected technology and advanced-safety capabilities. Crucially, it comes with insurance that calculates her premium payments by automatically assessing her driving in real time through the wireless connectivity feature incorporated into such vehicles.
Why improving FNOL can reduce insurance claim costs
An accident occurs every 10 seconds in the U.S., and the number of severe accidents has dramatically increased due to recent changes in driver behavior. The vast majority of these accidents lead to storage and secondary tows averaging $950 per claim, or $3 billion across the industry.
Insight into insurtech trends with Meera Krishnamurthy, Cognizant
According to Krishnamurthy, insurers are acknowledging the staying power of insurtech and its valuable ability to disrupt the insurance industry. Insurtech companies are, however, typically founded to target a specific pain point for insurers – and Krishnamurthy believes that this may no longer be enough.
How tech can help life insurers enhance customer experience
Within the life insurance industry, term insurance sales are heavily influenced by price. The landscape is competitive, with agents and customers driving constant reprices – even down to pennies.
Cautionary optimism about UK insurer business prospects: CBI/PwC
Financial services, such as insurance, are feeling the effects of rising inflation, labor shortages, supply chain disruptions and the sharp decline in consumer and business confidence that the UK economy is currently facing.
How reinsurance underwriters should use data, analytics and AI
The firming reinsurance market creates a significant opportunity for reinsurers to achieve faster growth.
The Modern Insurtech “Tech Stack”
While some may look at the recent negative press and abysmal stock performance surrounding public insurtechs and assume that the insurtech threat is receding, the insurance industry’s digital transformation is inevitable.
Insurance M&A sees highest growth rate in 10 years
After strong growth in H2 2021, the number of deals in Europe dropped to 67 in H1 2022 from 74 in the previous six months. The UK was the most active country for M&A, followed by France, the Netherlands and Spain.
Viewpoint: Can intelligent automation ensure the survival of the insurance industry?
The economic viability of the insurance industry’s current business model has been under discussion for several years.
Insurtech and traditional insurers: the changing dynamics of the insurance industry – Tearsheet
The insurance business is undergoing digitization, and that, in many ways, is fundamentally changing how the business is done.
Answered – top seven questions investors have about cryptocurrency insurance
Taking advantage of the rising popularity of digital assets, crypto hackers raked in record-high profits last year, a recent study from blockchain analytics company Chainalysis has found.
Why the insurance industry is counting on human-guided AI
Ready or not, artificial intelligence is here. Disruption from COVID-19 has increased reliance on digital technology, ramping up the speed at which data is generated.
Electric vehicles: How to address this growing market from an insurance perspective
In recent years, e-mobility has achieved a breakthrough in many markets around the world. The question is no longer if electric vehicles (EVs) are coming and will replace traditional powertrains, but rather how they are coming and when they will take over the largest share of the global powertrain mix. For details on how to differentiate between non-plug-in electric vehicles and plug-in electric vehicles, see below.
P/C insurers in emerging markets at risk as economic recovery slows – S&P
S&P Global Ratings report that persistent pressures from inflation, tightening financial conditions and slower economic growth in China and other markets are likely to cause constraints on operating conditions for property/casualty (P/C) insurers in emerging markets.
Vitality: Using technology to transform health insurance
As one of the global leaders in digital health management, Vitality is revolutionising preventative medicine.
Data is a key pillar in Digital Transformation
Although the accelerated pace of Covid-19-induced digital disruptions has led to seismic changes in business operations across industries, their impact is expected to be the most pronounced in the financial services and insurance domains.
$170 billion at risk from poor claims experiences – report
Poor claims experiences could put up to $170 billion of insurance premiums at risk in the next five years, with process inefficiencies in underwriting potentially risking another $160 billion over the same period, according to a new report from Accenture.
AXA unveils financial results for first-half of the year
The H1 2022 financial results are in for AXA and CEO Thomas Buberl has credited the insurance giant with delivering “a strong performance in the first half of 2022, reflecting the strength of our operating model in a more challenging environment.”
Chubb: Transforming the world’s insurance industry
A truly global commercial and consumer insurer, Chubb is driving digital transformation across the digital and insurance marketplace globally.
Cowbell Cyber joins Amwins Professional Lines portal
Cowbell Cyber, a provider of cyber insurance for small and medium-sized businesses, has announced the launch of its product on the Amwins Professional Lines portal.
How insurers can harness the power of data
In today’s environment, marked by sky-high inflation, market volatility and overall business complexity, insurers are working tirelessly to assess and manage new levels of risk.
Insurance quote rates jump 11.8% across US, JD Power
An increase in inflationary pressures such as the rise in gas prices, the acceleration of extreme climate events and the soaring cost of manufactured goods have caused insurance rates to rise to record levels this year.
Raincoat raises $4.5m in seed funding
The firm claims that Anthemis led the round, which was also supported by SoftBank Group’s SB Opportunity Fund, Banco Popular, the largest bank in Puerto Rico, Consorcio, 305 Ventures, a Miami-based venture capital firm, and first-check investor Divergent Capital.
Connected, innovative customer experiences
The recent Qorus Accenture Innovation in Insurance Awards highlighted the world’s leading insurance changemakers. The winners of each category stood up against tough competition with initiatives that were not only innovative, but effective and with measurable impact.
“Insurers should continue embracing technological change” – SCOR CEO
Insurers should continue to embrace technological change, writes Laurent Rousseau, CEO of SCOR in French newspaper Les Echos.
Lemonade Sells Metromile’s Enterprise Business Solutions Platform to EIS
Lemonade (NYSE: LMND), the insurance company powered by AI and social impact, today announced the close of its divestiture of Metromile’s Enterprise Business Solutions (EBS) to digital insurance platform, EIS.
New and emerging risks: a bumpy road ahead for insurance
Innovation in the insurance industry is not just important, it is essential. A more dynamic market has meant insurers are venturing into non-traditional sectors as well as looking for more advanced ways of serving existing markets. The industry must ramp up its innovation efforts if it is to tackle increasingly threatening risks, such as climate events and cyber-attacks.
Chubb raises loss cost trends ‘instead of being left behind and getting caught’: Greenberg
Chubb CEO Evan Greenberg said the insurer is seeing favorable returns, but additional rate is needed to “keep pace with loss costs, which are hardly benign.”
How to launch a new insurance product? Do these 3 things first
Climate change has led to more intense wildfires, flooding and hurricanes – and they’re only projected to get worse. But major insurance carriers are often hesitant to insure customers in disaster-prone areas.
Akur8 Research Paper “Credibility and Penalized Regression”
Developed by a senior team of actuaries and data scientists at Akur8, the objective of this new paper is to familiarize practitioners with Penalized regression as an extension of established actuarial techniques, instead of considering it one among several new modeling techniques from the Machine Learning and Data Science literature. Akur8 is excited to publish this information in an effort to help expand the literature available to the actuary and insurance community on this important topic.
How embedded insurance may close coverage gaps
Embedded insurance is a growing focus area of digital distribution across the insurance industry. By making insurance available in conjunction with other products on existing online services, customers can easily add insurance protection that fits their needs and budget as part of a customer journey linked to an established need.
Growth of embedded insurance holds promise for consumers, carriers, Swiss Re exec says
Embedded insurance, a way for carriers to sell policies to customers at the point of sale of consumer goods, is quickly evolving, with “billions of dollars of potential” in areas like auto, home, and business insurance, according to an executive with Swiss Re, the world’s largest reinsurer.
5 ways insurers can keep up with evolving tech
Insurers and insurance providers in the U.S. continue to see a number of key trends that are reshaping the way industry professionals analyze risk.
‘Cautious Optimism’ for Cyber Buyers as More Focus on Risk Controls: Marsh
While the market for cyber insurance is expected to remain challenging “for the foreseeable future,” there is optimism for rate stabilization as organization focus on cyber hygiene, according to broker Marsh.
Cloud may be the answer to insurers’ IT talent shortage, study
According to a survey sponsored by Rackspace Technology, 51% of insurance IT executives say that a shortage of IT talent is a leading issue for businesses.
Why digitization should center insurance customers
In the insurance industry, carriers are still learning to transform their business for a digital experience that benefits the customer. I worked in insurance sales, service, and underwriting for 15 years and just a few years ago moved to a position at Jerry, the car insurance comparison shopping app.
Insurance vendors upping their game as competition for talent heats up
Talent has been a front and center topic in boardrooms across the U.S. amid the pandemic, widespread resignations, a labor shortage, and other trends challenging the recruitment and retention of employees. Yet, through the adversity, companies across the insurance ecosystem have adapted remarkably well, including the vendors that serve the industry.
What is driving customers towards Insurtech platforms?
The pandemic has accelerated the digital transformation of the insurance industry. Driven by industry trends, customer expectations, and regulatory pressures, digital innovation has resulted in the creation of a new space called InsurTech that is aimed at the seamless delivery of insurance products.
Lloyd’s CEO John Neal on the role of insurance today
“Awareness of insurance and its value has never been higher,” said Lloyd’s of London CEO John Neal, as he addressed delegates at the Marsh McLennan Rising Professionals’ Global Forum, referring to how recent events have shaped “the most uncertain landscape seen for generations.”
Aon reveals new forms of volatility
Aon’s latest global M&A Risk in Review report finds reasons for optimism in 2022, but the broker cautions dealmakers that headwinds persist in the wake of the COVID-19 pandemic.
Don’t Count Insurtech Disruptors, Carrier CEOs Say
Insurtechs determined to disrupt the insurance industry have not succeeded so far, but a future wave of insurtechs could emerge to achieve a similar goal, carrier executives said recently.
How Technology is becoming a viable tool in processing the insurance claims
The paradigm shift from traditional to digital means of carrying out operations is leading the industries through a pathway of growth and development. In the new era of technological advancements, the insurance sector is in the midst of a radical, digitally infused shake-up.
How data is shaping tomorrow’s insurance at the heart of the customer experience
One of the key drivers of digital transformation at the origin of the success of the new economy is the customer experience. It is now becoming one of the spearheads of the digitization of the insurance industry. The journey? The product? The touch points? Which factors really improve the loyalty of these 2.0 consumers?
How personal lines insurers are addressing digital gaps
The personal lines segment is known for leading the charge with innovations and technologies – a reputation that only strengthened during the pandemic.
CMT says automatic telematics communication ‘critical’ to driving safety
Cambridge Mobile Telematics (CMT) now offers a new way for auto insurers, automakers, rideshare, fleet, wireless, and safety companies to automatically engage with their customers through its DriveWell platform and, in the event of a crash, would automatically gather sensor information for collision repairers and insurers to reference.
How AIG builds a workplace culture of belonging
Ellen Robles shares how Employee Resources Groups foster an inclusive environment and help build careers at AIG.
Effectively optimizing data in insurance
Insurance has always been a data-driven business, from ancient waybills recorded on papyrus under the Code of Hammurabi, to the charters of the first property insurers after the Great Fire of London.
What do insurance leaders need to be?
The insurance industry has reached a point where many executives are also technologists, even if their title has a different designation. What’s driving this, in part, is multiple disciplines working together to further technological progress.
Hyper-personalisation is the future of Insurtech – Capco
New Capco global insurance survey identifies clear opportunities to enhance consumer education, digital experiences and transparency.
CEO on how Allstate is building a global protection business
Allstate protection plans accounted for more than 140 million (or nearly three in four) of Allstate’s global in-force policies last year, and growth is set to continue, Allstate Protection Plan president and CEO Karl Wiley told Insurance Business.
Future is “here and now” – Chubb CEO Evan Greenberg
Speaking at the recent S&P insurance conference, Chubb Ltd. CEO Evan Greenberg says insurance companies that have declared net zero targets are overpromising and leave themselves vulnerable to litigation.
Can Tesla Insurance Help Increase Driver Safety?
Tesla has begun rolling out its insurance plans in a handful of U.S. states over the past few years, as one more piece of the company’s growing ecosystem. While it’s still in its infancy, Tesla Insurance could be crucial to keeping rates low and driver safety high, as detailed by a few of the automaker’s executives in recent months.
Insurance digitalization is a requirement, study
The macroeconomic challenges of recent years have shined a spotlight on the need for insurance companies to adapt to an increasingly digitized marketplace.
Crypto & quantum computing among top risks flagged by Swiss Re
Crypto assets and quantum computing have been flagged by analysts at Swiss Re as two of the most significant emerging risks for insurers and reinsurers, with the potential to create new risks within the global financial system.
Insurers want agents to benefit from digital, too
As more insurance back-end processes become digitized, and thus more streamlined, agents can focus more heavily on providing excellent customer service and support agent-customer relationships.
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