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Insurtech Insights Interviews: Dr. Christian Macht, CEO – ELEMENT
Q: What problems does the business look to solve & what makes ELEMENT best place to solve these industry issues? A: The insurance industry is
How automation is key to scaling insurance agencies
As PWC notes in its report, Top Insurance Industry Issues 2021: “More change has occurred in the industry in the past year than in the previous several years combined and its pace is only accelerating.” These changes are necessary for insurance agencies to scale, add new risk products, and provide a modern, digital-first customer experience.
International women’s day series: An interview with Sirma Boshnakva CEO, Allianz Partners & Member of the Board, Allianz
In an effort to help drive change in the insruance industry and to provide inspiration to all future leaders, we have interviewed some of the most senior figures who are speaking at Insurtech Insights Europe 2022.
International women’s day series: An interview with Pravina Ladva, Group Chief Digital and Technology Officer at Swiss Re
In an effort to help drive change in the insruance industry and to provide inspiration to all future leaders, we have interviewed some of the most senior figures who are speaking at Insurtech Insights Europe 2022.
Life Insurtech Company Pendella Technologies Secures $5.2 Million
Pendella Technologies – a fast-growing technology company on a mission to take the bias out of life insurance – recently announced the completion of $5.2 million in Series Seed-2 funding.
International women’s day series: An interview with Tara Foley, CEO at AXA UK Retail
In an effort to help drive change in the insruance industry and to provide inspiration to all future leaders, we have interviewed some of the most senior figures who are speaking at Insurtech Insights Europe 2022.
CyberCube Urges Insurers and Reinsurers to Stress Test Threat of Russian Cyber Attacks
Insurers and reinsurers holding large books of East European business are being urged to stress test their portfolios against the threat of Russian and Ukrainian cyber attacks.
Why Digitisation Of Data Is A Priority For Commercial Insurance
It’s 3 am, you are thinking about your client meeting – is your data in order? If it is in your inbox, various word templates or on paper documents, it’s not a surprise that you are awake at this hour.
Data Driven Insurance Transformation
Insurers are re-shaping their roles and value propositions with customers in mind, transforming into data driven, value-based entities.
4 ways technology can help carriers acquire new customers
As property and casualty insurance carriers look to reduce growing loss ratios in 2022, many have shifted their focus away from growing their customer bases and toward increasing their profits. But for carrier marketers, the path to efficient customer acquisition isn’t as simple as merely cutting budgets.
For Gen Z and Millennial Women, Finances Are a Balancing Act
Over the past few years, the economy has reeled from inflation, labor shortages, global conflict, and, yes, the Covid-19 pandemic. Even before the uncertainty of today’s climate, women were grappling with unique setbacks: earning lower wages, shouldering the bulk of unpaid labor, and facing more student loan debt than men.
‘Open Insurance’ in Financial Ecosystems Is Growing. What Else Is on the Horizon in 2022?
Now is an excellent time for people in the insurance industry to start studying what trends may become prominent during 2022.
Where the Insurtech Heat Is Rising
Two years into the global pandemic, it seems nearly impossible to remember what life was like before COVID. In that short time, life as we know it has changed dramatically and we are redefining what is considered “normal.”
What’s Driving Insurers to Prioritize ESG Investments? Hint: Climate Change Isn’t the Only Factor
A recent survey of 280 decision makers at U.S.-based life/annuity and P&C insurers shows increased attention and commitment to aligning investments with Environmental, Social and Governance (ESG) goals.
CEO shares update on Ageas UK’s strategic transformation
February has been a landmark month for Ageas UK. In the last fortnight alone, the insurer has announced the sale of the renewal rights of its commercial business to AXA UK&I, a brand new partnership with EIS and its full-year 2021 financial results.
Digitization Makes Insurance Coverage More Accessible to Small Businesses
Small businesses that find it difficult to find affordable insurance with traditional carriers may find new options with digital-first carriers that operate with different assumptions and new processes.
Inside $1bn insurtech unicorn Zego: “We have no plans to slow down”
The insurer has redeployed finance employees to work on acquisitions or product development, CFO says
Nationwide, Labrador Systems partner on assistive robot pilot
Nationwide and Labrador Systems, an early-stage robotics company, are partnering on an assistive robot pilot program to support people aging in place, individuals with short and long-term health challenges, and their caregivers.
5 trends influencing how customers relate to their insurers
In the two years since the World Health Organization declared COVID-19 a global pandemic, we have seen major shifts in how people expect to work, play, shop, and take on risks. It’s becoming clear that many of these new expectations are here to stay.
Why Tesla and GM want to be big in a new kind of car insurance business
For consumers who have found that costlier insurance is just one of the expenses that make electric cars trickier to love, this is the year when relief may be coming.
CoreLogic Climate Change Catastrophe Report Estimates 1 in 10 U.S. Residential Properties Impacted by Natural Disasters in 2021
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its 2021 CoreLogic Climate Change. Catastrophe Report, revealing over 14.5 million single- and multifamily homes were impacted by the largest natural catastrophe events of 2021, with an estimated $56.92 billion in property damage.
Prepared Mind: The insurtech landscape and five predictions for the future
When Arthur Patterson and Jim Swartz co-founded Accel, a core principle of their approach to investing was a thesis-based method called a “Prepared Mind”. Referencing the Louis Pasteur quote “chance only favours the prepared mind”, this method remains integral to how we approach, learn about and invest in new opportunities today.
What trends will evolve from consumer expectations in 2022
As consumers, we want a personalized experience whenever we shop online, stream videos, or even get a cup of coffee. And we want the companies we do business with to anticipate our needs, and, increasingly, to reflect the values we hold dear.
How insurtech digitization, adaptability could drive change
2021 was a historic year for investment in insurtechs. Funding reached a record-breaking $15 billion in Q3, according to Forrester – more funding than in 2019 and 2020 combined. As this booming market evolves, the value of innovation by insurtech startups is becoming clear.
How is the insurance sector evolving? – Fitch
Last month Fitch Ratings held its 2022 Insurance Insight Series, and the first event on deck was a webinar about how the insurance sector will evolve over the next year.
Five trends shaping the insurance industry in 2022
The insurance industry struggles to create economic profit. But amid COVID-19’s enduring changes, opportunities await.
McKinsey: Creating value, finding focus – Global Insurance Report 2022
The insurance industry struggles to create economic profit. But amid COVID-19’s enduring changes, opportunities await.
How insurers can innovate with technology, talent
The groundwork has been in place for years, guiding discussions of how, when, where, and why to use innovative technology solutions in the insurance industry. The goal: improving traditional insurance processes.
Why 2022 insurtech investment could surprise you
A diverging insurtech market could injure many companies while others remain unscathed.
3 Asian InsurTech companies to watch out for in 2022
The InsurTech ecosystem in Asia is relatively smaller as compared to that in Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in 2020. According to Venture Scanner, Asia’s largest InsurTech hub is Singapore, followed by Indian cities Mumbai and Gurgaon.
Charles Taylor joins the AI battle against fraud
Charles Taylor, has entered into a partnership with Fraud Keeper (FK), acquiring a majority share of the company. FK’s automated fraud detection software triages, validates and fast-tracks genuine claims. We present a cutting-edge SaaS platform based on automation and artificial
How one firm takes insurer’s AI to the next level
For some corporations, using an outside partner to weave new technology into their operations can take months of planning and execution.
Insurers Hope to Head Off Claims With IoT Devices
Wouldn’t it be nice, if, instead of relying on adjusters and restoration companies to surmise how much damage was actually caused by a water leak, an insurer could stop the leak almost before it starts.
Why underwriters don’t underwrite much
What makes an insurance carrier an insurance carrier and not a generic financial services organization? This is more than a philosophical thought experiment.
Only 18% of insurance organizations considered data masters, Capgemini
Insurers that are able to make the best use of data are already winning market share, improving key ratios and generating superior risk intelligence, according to a report from the Capgemini Research Institute. These organizations are considered data masters.
CEO on the microeconomics of insurance
These days customers are looking for a customized insurance experience, agents are looking for better strategies to engage with customers, and carriers are looking for the most current data to make choices about their products.
AI opens the door to faster claims for home insurance
Insurance technology brings in more innovative solutions for homeowners and insurers with artificial intelligence (AI).
Three lessons learned from mentoring insurtech founders
In 2020, American Family Insurance launched an innovative partnership with the Creative Destruction Lab (CDL) and the University of Wisconsin-Madison that provides support and mentorship to start-up founders in their companies’ early stages.
How to perfect the science behind driving rates
Insurance companies are on a constant quest to price risk better using data scientists, actuaries and decades of loss history. Over the years, they have sought (and found) better proxies for driving risk, having started with age before moving on to zip codes, occupation and credit scores.
4 insurance industry challenges, and four digital solutions
Bolttech, an insurance technology unicorn backed by Hong Kong billionaire Richard Li, is considering raising $200 million to $300 million in fresh funds this year, according to people familiar with the matter.
World’s First Crypto Mortgage? Homeowners’ Insurers Don’t Hate It
If homeowners’ insurance carriers weren’t facing enough issues this year, here’s one more to think about: A Miami company is now offering cryptocurrency-based mortgages.
Helvengo raises $4.5 million
TX Group invests as lead investor in a seed financing round in the Zurich-based insurtech company Helvengo, an insurance solution for SME. TX Ventures, the VC of TX Group, is thus further expanding its fintech portfolio. Postfinance Ventures, Seed X, Hypoport, Anamcara Capital, Plug and Play, Conny&Co and various business angels are also participating in the over CHF 4.2 million financing round.
How Insurers Can Build Operational Resilience with Low-Code Application Programs
The global pandemic has shown how vital it is for businesses to understand the services they provide and invest in their operational resilience. As COVID has accelerated the digitalization of the insurance industry, businesses must strive to be resilient by looking to the future and making decisions now to protect against risk.
What emerging technologies are shaping the future of personal lines?
Change, it’s said, is the only constant. For many insurers, change can be a harbinger of new opportunities and new risks.
Charles Taylor: Data quality is essential to sustainable underwriting
Joanne Butler, Head of Product Marketing and Pre Sales, Charles Taylor InsureTech featured in Insurance Day, discussing how important data quality is when producing sustainable underwriting.
3 Key Areas for Insurers to Drive Digital Success in 2022
Insurers must be smarter about how they use data, make bold digital moves to meet consumer expectations, and take a strategic approach to process automation.
How insurtechs, legacy companies could work together for industry growth
A topical theme in the insurance industry is the rising competition between young, online-driven insurtechs and traditional insurance businesses.
Lloyd’s appoints Dawn Miller as commercial director
Dawn Miller is to join Lloyd’s as its new commercial director in a role set to begin in Q2 2022.
What challenges, opportunities may be ahead for insurers?
The disruptions created by the pandemic, natural disasters and a shifting workforce in the past year have challenged insurers to respond to market uncertainties with speed – at scale.
Why UBI will survive the pandemic
It’s been a hit and miss for Usage-Based Insurance (UBI) in Canada since it was first introduced about a decade ago, but brokers believe it will survive well past the pandemic-induced uptake of the past two years.
Insurtech Partnerships Could Strengthen Insurers’ Future
Fitch Ratings expects a rise in the number of partnerships between traditional insurance companies and InsurTechs.
MiX Telematics : Telematics trends for 2022 and beyond
The telematics industry has grown significantly in the past years. And this is due to the increased demand for advanced telemetry solutions that provide improved safety, increased efficiency and reduced expenses.
Novidea Predicts 2022 Key Trends Driving Digital Transformation in the Insurance Market
Key trends that will drive digital transformation in the insurance market in 2022 include, trackable hybrid working, increased customer demand for digital services and more M&A activity.
Blockchain-based insurance expected to transform claims administration
Blockchain-based insurance is expected to transform claims administration, according to a new report by Juniper Research. Specifically, researchers expect blockchain-based insurance claims to exceed $10 billion in cost savings globally by 2024, up from $1.1 billion in 2021.
Insurtech 2022: Hype vs. Impact
Insurtech is no stranger to hype but with 2020 and 2021 bringing far more change than anyone bargained for, the industry has seen a fresh round of predictions and speculation.
8 technology trends for the insurance industry to watch in 2022: David Lynch – Group CTO, bolttech
2021 has been another groundbreaking year in the advancement of technology across many industries. According to the Willis Re Q3 Quarterly Insurtech report, more than US$10.5 billion was poured into insurtechs globally in the first 9 months of 2021 alone, with expectations that this investment trend will continue to increase in the coming years.
Deloitte: 2022 insurance industry outlook
Digital and talent transformation accelerating as insurers adapt for postpandemic growth.
Game-Changing Trends in 2022 for the Future of Insurance
Change and disruption are constants in today’s world, but they continue to gain intensity and breadth across the industry.
Acceptable risk: Technology innovation in underwriting
Back in the good old days of incumbent monopoly, insurance underwriters were a revered breed. Their knowledge of specific industries like marine, agriculture, and health, meant their calculations regarding potential risk, were the difference between claims being paid or not.
What happened to the insurtech revolution?
High-tech companies like Israel-based Lemonade stormed Wall Street promising to reinvent the staid insurance industry, but their plummeting share prices tell a tale of disappointment.
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