Thought Leadership

The words “insurance” and “innovation” are not typically used together. Today’s leaders are working to change that.

According to Zurich’s Chief Claims Officer Ian Thompson, the company is seeing evidence that consumers are choosing to file in-person claims rather than use the digital options available to them.

Despite seeming reluctant to make sweeping changes, the insurance industry continues to be at the forefront of adopting digital solutions.

When we say “core systems” in our industry, we are typically referring to the critical software applications that are core to an insurer’s business operations, mainly the policy, claims and billing management functions.

2021 saw widespread vaccine deployment and easing of pandemic-related restrictions—important catalysts that helped rebuild confidence among people and businesses alike, while fueling economic recovery.

As insurers hold onto some of the digital solutions that were adopted because of the pandemic, it’s critical to understand the balance between digital strategies and boots on the ground tactics for underwriting.

The auto insurance industry is at a turning point. After navigating the unwelcome effects of a global pandemic, carriers and collision repairers are eagerly awaiting a return to “normal.”

Insurers have been slower to adopt digital twins than their counterparts in other industries.

Carriers don’t have to be the only beneficiaries of InsurTech advancements. A similar relationship can also be applied to the smaller independent agents and brokers.

People don’t trust insurers. We’ve probably all had to contact an insurer about a problem only to find it’s not covered in the small print. Rates are usually fixed, and sometimes unfair. There may also be hurdles in approving payment once a claim is made.

As the impacts of climate change rise and interest in renewable energies peaks, sustainability is becoming a central priority for businesses across all sectors – but insurers have the edge in terms of providing long term solutions.

The huge sums being invested in insurtech have yet to disrupt the insurance sector in the same way that fintechs have changed banking, says Germany’s BaFin markets watchdog.

The insurance industry is said to lag in the era of digitalisation. Insurers were told to ramp up digital efforts in order to meet rising demand during the pandemic – and it turns out this was the push they needed to break free from traditional broker-based insurance.

Looking toward 2022, health insurers are going to be wrestling with all the ways COVID has transformed the health insurance industry and what it means for coverage, pricing and patient care for the years to come.

Small business customers are demanding more service from their agents, but with the right technologies and carrier partnerships, agencies can elevate their customer service game without adding to their workloads.

Rumours of Amazon’s intention to disrupt the insurance industry have, it turns out, not been greatly exaggerated at all, and the technology giant’s plan to enter the small and medium-sized UK business customer segment have put players on edge across the insurance industry.

Insurance—an industry known for veteran brands and a cautious approach to risk—might seem a strange fit for the move-fast-and-break-things ethos of the startup world, but that hasn’t dissuaded venture capitalists from scaling up.

InsurTech is an enormous industry whose global market size is projected to reach US$ 11940 million by 2027. Ever since the first insurtech startups tested the waters in 2010, it has been hotting up and on a constant path of massive development.

The two publicly traded full-stack personal auto insurance companies recently disclosed plans to further expand their distribution networks into the independent agent channel.

Most plan members want to see more personalized product recommendations and more personalized assistance to understand their coverage and maximize their benefits plan.

The news of the death of the agent has been greatly exaggerated. Agents control about 80% of the homeowner market and 65% of the personal auto market today because most customers still prefer to do business with agents.

Pikl, founded in 2016, has developed a suite of flexible insurance products designed for the sharing economy. For our Future50 Europe, we caught up CEO Louise Birritteri (pictured centre).

Insurance in Kenya and Africa at large remains a marginal product, with levels of penetration across the continent half the world average as a percentage of GDP, and premiums per capita 11-fold lower than the world average, according to a recent report by McKinsey and Co.

Technology will help usher insurance into the future, but it will not fundamentally change the industry, according to Evan Greenberg, chairman and CEO of Chubb Ltd.

YuLife was recently featured as part of our Future50 Europe. We caught up with co-founder & CEO Sammy Rubin to talk about how he is modernising the life insurance industry and helping customers live healthier lives.

Climate change has returned to the top of the list of biggest concerns for insurers as the rollout of the vaccine and the gradual lifting of health restrictions reduce fears of a pandemic in many countries.