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.
Disrupting damage inspections – Interview with Eliron Ekstein, co-founder and CEO at Ravin AI
For our recent Future50 Europe, we interviewed Eliron Ekstein, co-founder and CEO of Ravin AI to discuss how he is disrupting the damage inspections process. Ravin AI was founded in 2018 and has since raised over $25 million.
Parametric insurance – how it works and why interest is increasing
Traction is building for parametric insurance products and the innovative solution they represent to the substantial economic losses and adverse social impacts that natural catastrophes have on affected communities.
Making insurance customer-centric – Interview with Cameron Shearer, CEO and Co-Founder at Superscript
As part of our Future50 Europe, we interviewed Cameron Shearer, the CEO and Co-Founder at Superscript to talk about his experience building an insurtech. Superscript offers fast and flexible small business insurance and recently announced a partnership with Amazon.
Global Reinsurers Grapple With Climate Change Risks
Over the past two decades, the global re/insurance sector has experienced an increasing number of major natural catastrophes.
Cyber insurance at the crossroads: Finding a path to profitable growth
Few lines have been talked up in recent years quite like cyber. Indeed, Accenture has predicted $25bn of growth in annual cyber premiums globally by 2025 – or a 500% increase on today’s ~$5bn GWP.
How insurance actuaries can make the digital leap
Is there a digital insurance gap? Recent work from Accenture Research suggests that there is.
Why micro-insurance is an untapped market for insurers
It’s not every day the insurance sector is presented with an opportunity that is both an untapped source of income and the chance to offer ethically-centred solutions to communities in need.
Gen Z more willing to share data with insurers for personalisation
A growing number of Gen Z professionals are open to sharing the data from their smart home devices with insurers, in return for a better customer experience or discounts, according to a new survey by Capco.
Why don’t customers trust digital claims?
Insurance companies have invested heavily in digital transformation of the claims process, adding a number of self-service features for first notice of loss, the adjustment process, and payment.
Knowing when to scale your insurtech startup – Interview with Andrew Toy, CTO at Clover Health
In August of 2021, we interviewed Andrew Toy (President, CTO and Board Member at Clover Health) and here’s what he had to say to our Future50.
How tech twins behind Marshmallow built insurance ‘unicorn’
“Our first 10 months we worked from a Virgin Active, so we were in a gym working from the lobby,” says 29-year-old Oliver Kent-Braham, speaking from his sleek new London office just a few miles but a world away from where he started.
How insurers can approach cybersecurity risk
The FBI reported a 400% increase in cybercrimes in 2020, in part because of the increase in remote work. Among the cybercrimes were two major data breaches: SolarWinds and FireEye, both third-party technology partners hired to protect their clients from data breaches and then becoming victims themselves.
Insurance M&A Activity Rebounds
In the immediate aftermath of the COVID-19 lockdowns in early 2020, M&A activity in the insurance industry dropped off as deals were put on “pause” while potential buyers waited to see how the pandemic would affect the availability of capital, target company values, and the ability of the parties and service providers to carry on with the acquisition process.
Will there be a role for brokers in the future?
Those insurance industry disruptors known as insurtechs are more than happy to coexist with brokers.
Automation is changing the rules for insurance underwriting
The insurance industry is the very definition of risk-averse, and that includes the sector’s critical operation of underwriting. Spend a working lifetime identifying, analyzing, quantifying and ascribing monetary value to risk, and one is likely to have a fairly strong aversion to undertaking new endeavors with inadequately understood consequences.
Deepfakes: An insurance industry threat
From bogus claims to reputational damage, the ability of synthetic media to seemingly bend reality is an emerging menace with a far reach.
Cyber insurance startups set to scale up as investors cash in on digital protection
Insurtechs that specialize in cyber risk can take numerous paths — with their future dependent at least in part on their investors’ patience — but not all will survive, experts say.
New era and future opportunities – Insurers partner with the digital world
Identifying future trends and engaging in risk partnerships on new technologies are at the heart of Munich Re’s strategy
Risk managers tap into new technology
Technology tools, including web portals and exposure mitigation techniques, have become critical parts of modern risk managers’ arsenals, helping to inform and automate a range of functions.
May AI underwrite you?
According to McKinsey, 22 percent of cross-industry enterprises already attribute 5 percent+ of their EBIT to AI. And HBR estimates that AI will add $13 trillion to the global economy over the next decade.
Willis Towers Watson has around $5 billion for possible M&A -incoming CEO
Willis Towers Watson has around $5 billion of capital which could used for acquisitions, its president and incoming chief executive said on Thursday, as the insurance broker prepares for a future as a standalone company.
P/C Reinsurers Keep Underwriting Discipline Even as Capacity Rises: Guy Carpenter
Property and casualty reinsurers have displayed underwriting discipline during this year’s renewals, continuing with rate corrections that began several years ago, despite the pressures of abundant capacity. Prices continued to harden during the first half of 2021 – albeit with slightly less momentum than last year – in a trend that will likely continue into the January 2022 renewal season.
The rise of the digital insurance marketplace
Last May marked the 229th anniversary of the Buttonwood Agreement, which organized securities trading in New York, laying the groundwork for what would become the New York Stock Exchange.
Future insurance technology will be in the cloud
Cloud computing will become a common technology in the insurance industry over the next decade, surveys by Sollers Consulting show. Robotic Process Automation (RPA) is seen as more important in the market than Artificial Intelligence and Machine Learning, while Telematics and the Internet of Things are weighted comparatively low.
How insurance carriers are setting new cyber standards
The malicious nature of cyber criminals has prompted cyber insurance carriers to implement new guidelines for clients.
4 areas of innovation with billions in revenue opportunities
The COVID-19 pandemic continues to cause upheaval in our business and personal lives in North America and around the world.
Insurers seek equitable digital alternatives to credit scores
The credit-based insurance score has not gone without challenges over the years, but 2020’s protests over police brutality have pushed more industry figures to look for alternatives. At issue is the legacy of structural racism that has hindered economic opportunities for communities of color and led to disproportionately lower credit scores among them.
Big insurers embrace digital exchanges, selling their own policies and others
Major U.S. insurers are joining new digital exchanges to sell not only their own policies but those of their competitors as well, a new twist in an industry known for its fierce competition.
Insurers vs insurtechs – how do they measure up?
There can be little doubt that COVID-19 has accelerated the move to a digital-first society, forcing many more traditional organisations to fast-track their data and digitisation journeys.
Cyber insurance provider partners with start-up
Cybersecurity start-up ActZero has announced a strategic partnership with cyber insurance provider Zeguro to create a cyber risk management program for small and mid-sized businesses.
Climate change fuelling surge in property insurance: Swiss Re
Climate change will help propel a threefold surge in property insurance premiums over the coming two decades, according to a study published on Monday by Swiss Re.
Things for insurers to consider as they invest in insurtech
Technology, machine learning, robotic process automation, data aggregation and analytics – in recent years, the insurance industry (like many other sectors) has been motivated to make use of those tools to improve their operations and enhance their underwriting, pricing, and loss control capabilities.
Can Insurtech solve the price walking problem for insurers and homeowners alike?
This Spring, UK regulator, the FCA announced a ban on the unfair practice of ‘price walking’ in the insurance industry.
Points for insurers to consider as they invest in insurtech
Technology, machine learning, robotic process automation, data aggregation and analytics – in recent years, the insurance industry (like many other sectors) has been motivated to make use of those tools to improve their operations and enhance their underwriting, pricing, and loss control capabilities.
Hybrid work is the future of the London Markets: 5 key takeaways
The COVID-19 pandemic and ensuing lockdowns have changed how we work for good. Offices, once the bustling centre of company life, have for much of the year been home only to empty desks, unground coffee beans and unanswered questions.
How an innovative firm is leading the insurtech revolution
To compete for a larger share of a valuable market, insurance companies improve the customer experience by offering tailored products and efficient services while also amplifying their social engagement.
Next Gen Group and Voluntary Benefits: Insurance’s Latest Wild West
Insurtech could rightly be considered the greatest of the Wild West insurance opportunities, but in terms of opening up new markets, Group and Voluntary Benefits are making their own case for a land of new opportunities.
5 Ways in which AI/ML is transforming Insurance
With technology taking centre stage, industries and sectors are getting disrupted. Insurance is no exception, and its key functions are being reimagined with the power of digital technologies such as artificial intelligence (AI) and machine learning (ML).
Modernising insurance for a new generation of consumers
Over the last few years, insurers have been heavily focused on finding ways to tap into the younger generation that will be their primary consumers in the future. Here is an interview with insurtech Gigacover’s Mr Amerson Lin to get his take on how to reach that demographic.
Improving Cyberinsurance with APIs
Having cyberinsurance should be a requirement for any organization’s security plan, especially for SMBs.
7 trends insurance risk managers say require urgent action
Emerging risks and changing customer behavior are shifting the revenue landscape for insurers. These trends call for change in the products and services insurance companies bring to market.
The rise of M&A insurance
The pandemic has not stopped the growth in the M&A insurance market. Brokers in North America have seen an uptick in M&A transactions, M&A insurance, and claims over the last year.
How Fast Can an Auto Insurer Grow its UBI Program with Telematics Exchange Data?
Insurers may be surprised at how fast and inexpensively telematics exchange data can help scale a UBI program.
What will Allianz’s restructure mean for brokers?
Last month Allianz Holdings unveiled a significant strategic restructuring of its operations, resulting in the creation of two distinct ‘Personal’ and ‘Commercial’ businesses.
How tech is evolving insurance risk analysis, tools
In this series of articles, we have been examining digital trends that will shape the future of the insurance industry. The models emerging from these pivotal trends will continue to transform the industry over the next decade, transforming insurance into a fully digital universe.
3 ways to streamline your document processing with AI
While Artificial Intelligence (AI) has gained traction with enterprises in other industries, insurance providers have been slower to adopt. In 2016, research by Deloitte noted that less than 2 percent of insurance companies were currently investing in artificial intelligence technologies.
How Insurtech Is Becoming The Next Digital Ecosystem
So, what exactly is driving this insurtech surge, and how can companies and entrepreneurs in the space be successful?
Tomorrow’s Insurance is Connected
Technologies are emerging that enable omnipresent, real-time connectivity between the people and businesses being insured and their insurers, and that is fundamentally changing the business of insurance.
Four Ways Accurate Values Improve the Dialogue Between Policyholders and Insurers
Every risk manager strives to protect their company, property, business and reputation from events that are foreseeable, whether from fire, extreme weather or any of the other risks facing the company.
Nearly half of insurers will turn to tech vendors for risk management, FIS report
The last eighteen months have tested traditional business practices and shifted them forward in a way that many industries haven’t seen in generations, insurance included.
Tech Giants Are ‘Too Big to Fail’ Because They Host Insurers, Banks on Cloud Platforms
More than a decade on from the financial crisis, regulators are spooked once again that some companies at the heart of the financial system are too big to fail. But they’re not banks.
4 ideas to inspire your next pay-as-you-go insurance product
Insurance customers are increasingly seeking flexible, pay-as-you-go insurance options. Also known as usage-based insurance (UBI), this type of coverage is commonly used for personal auto insurance, which is powered by telematics data and charges premiums based on the distance a vehicle is driven, the quality of driving (heavy braking or quick acceleration), and surrounding factors (e.g., location, weather, construction).
4 promising Insurtech companies in the Asian market
The Asian Insurtech environment is still relatively smaller as compared to the western world of Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in the last two years.
Zurich Insurance Orchestrates the Workforce of the Future with Blue Prism
Zurich Insurance, one of the world’s leading insurance providers, with the help of Blue Prism has implemented a fresh robotic operating model (ROM) to great effect, scaling intelligent automation (robotic process automation fueled with AI) and providing its people the right skills for an ever-changing workplace.
The digital transformation of Manulife, a 134-year-old insurance company
Alongside significant investments in its own digital capabilities, Manulife wants to work with ‘hundreds’ of outside innovators, says CEO Roy Gori.
How the Insurance Industry can Partner with IT to Create Digital Transformation
A recent report produced by McKinsey & Company, explored the plethora of ways in which the insurance industry is partnering up with IT- particularly in relation to Artificial Intelligence (AI), and to what extent this is likely to affect the industry in the next decade or so.
Insurers leverage AI, tech for wildfire risk analysis
According to the California Air Resources Board, wildfires have been increasing in severity and frequency since the 1950s due to climate change, which has led to greater hesitance by insurers to insure some properties in California.
Rising to the challenge of core insurance transformation
There is no doubt that we are living in an era in which insurers have been called to transform their business offerings, infrastructure and operations. Successful transformation translates into new revenue opportunities, stronger customer relationships and sustained brand relevance.
Andrew Johnston: Lots more investment looking for a home labelled ‘insurtech’
Willis Re’s global head of insurtech tells Insurance Times why he expects funding in this sector to increase and why the term ‘insurtech’ could lose its value in the long term
Aon chief defends logic of failed $30bn Willis tie-up
Aon chief executive Greg Case has launched a robust defence of the insurance broker’s failed $30 billion (€25.5 billion) takeover of rival Willis Towers Watson, describing the logic of a deal shot down by US regulators “as strong today as it has ever been”.
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