Alternative Data: Using Traffic and Criminal Records to Predict Homeowners Insurance Claims | Insurance Journal Research A new TransUnion study found that using traffic and criminal violations to predict homeowners insurance claims is highly effective. In fact, of the households that fell into the most severe category, the non-weather loss ratio was roughly double that of the “clean” household category.
Asia: GoBear to expand to other markets in the region in 2016-17 Singapore-headquartered GoBear, Asia's only unbiased metasearch engine for insurance and financial products, plans to expand this year to markets including the Philippines, Hong Kong, Vietnam and in 2017, Indonesia. The company currently operates in Singapore, Thailand and Malaysia.
Data breaches continue to increase, according to figures from Beazley Over the past year, the number of data breaches from either malware or hacking have risen substantially according to London-based Beazley, a provider of data breach response insurance. “We saw a significant rise in incidents caused by hacking or malware in the past year”...
Alternative Data: Using Traffic and Criminal Records to Predict Homeowners Insurance Claims A new TransUnion study found that using traffic and criminal violations to predict homeowners insurance claims is highly effective. In fact, of the households that fell into the most severe category, the non-weather loss ratio was roughly double that of the “clean” household category.
Self-interest, not regulation, needs to drive cybersecurity A new report from the Association of Chartered Certified Accountants (ACCA) claims self-interest rather than regulation is the future of cyber security, because technology is evolving at such a rate that any legislation would be out of date before it is signed in to law.
Friendsurance remains unprofitable as CEO outlines growth plans After six years of operation German start-up broker Friendsurance has failed to make a profit but this is part of the company's growth plan, according to its CEO. Speaking to Post, Friendsurance co-founder and CEO Sebastian Herfurth, pictured, said being profitable would slow down growth at the company. The peer-to-peer insurance business is growing in Germany...
Driverless Cars May Go Nowhere Unless Congress Passes Nationwide Rules A patchwork of state laws governing the operation of self-driving cars threatens to stall their development, supporters told lawmakers as U.S. senators began consideration of a national standard for robotic vehicles. “It’s absolutely critical that we have uniform rules across the country,” Senator Gary Peters, a Michigan Democrat, said in an interview. “These are vehicles that will be on interstate highways and going across state lines.
Next Insurance secures $13 million to sell insurance to small businesses Next Insurance today announced a $13 million seed round led by Zeev Ventures. The startup said that it plans to use the funds to launch its insurance sales platform for small businesses this spring — in a market in which “99 percent of small commercial insurance is sold offline through agents.” “Next Insurance has secured an unprecedented amount of initial funding, but that reflects the scope of this opportunity,” said Zeev’s founding partner Oren Zeev. “Small business insurance is one of the largest and most profitable industries in our economy, and it has hardly been touched by disruptive technology.”
Designing a sustainable digital insurer: Learning from the digital pioneers In an era of unprecedented change, technology offers insurance clients greater access to information than ever before. Out of this revolutionary advance, a new class of smarter and more demanding customers has emerged. In tandem, new insurance carriers are moving quickly to offer new compelling digital services. Insurers globally are striving to engage empowered customers and digital transformation is becoming pervasive. Insurance customers are fuelling the demand for mobile solutions with expectations of direct access to content in a way that was inconceivable just a few years ago.
4 areas for insurance to modernize in 2016 Fair or not, many look at insurance as an outdated industry, lagging behind others of similar stature and scale when it comes to innovation. While sectors such as financial services and healthcare have embraced digitization and automation with open arms — whether by choice or mandate — insurance has largely played catch-up.