China: Mobile health apps woo insurers but rewards are wanting Unprofitable mobile health apps are turning to insurance companies for partnerships that will benefit them both, but major obstacles remain. The latest investment in the sector that made headlines on 20 May was a record-breaking US$500-million capital injection into Ping An Good Doctor, a smartphone app operated by a subsidiary of conglomerate Ping An Insurance (Group) Co. The previous record had been held by We Doctor Group, or Guahao, when it raised $300 million in 2015, reported the business publication, Caixin.
Social media is a tool to fight insurance fraud Insurance scams are popular chatter on Facebook, Twitter, YouTube, Instagram and other well-trafficked social sites. Dwell there long enough, and you see a lot of honest people who think insurance fraud is repugnant. Tweeter: “Getting away with insurance fraud easy??”
Digital health tools used more for 'lifestyle' than disease management, says report Health apps and wellness devices have “exploded in growth,” in recent years but they’re not being used by the people who need them most. That's according to a HealthMine survey published this week that polled 500 insured consumers and found that 59 percent of them have a chronic health condition. It also found that just 7 percent of those people are using disease management tools – even as 50 percent use a fitness or activity tracker app.
How one company is studying the brain to better market to consumers (Orlando) — What can the human brain tell insurance companies about what to say — and what not to say — in their marketing messages? More than you would imagine. At the LIMRA Marketing & Research Conference being held now in Orlando, representatives from Prudential Financial delved deep into the world of understanding the brain of the buying public, also known as consumer neuroscience.
Auto Technology Already Driving Down Premiums: Celent Celent analyst Donald Light has been tracking the impact of car technology on the insurance business – and downward pressure on premium is already beginning. Four years ago, Celent analyst Donald Light issued a provocative report: “A Scenario: The End of Auto Insurance” It posited a future where incentives to reduce the human impact on driving reduce the risk of driving – and necessarily, the premium associated with auto insurance.
Cyber attacks: The next health care epidemic We live in an exciting time. Technological advances have showered almost every industry with innovation, leading us to breakthroughs that have made our lives simpler, our worlds bigger, our understanding greater. These advances have also made information more accessible, which in many ways, is revolutionary. Can you imagine driving to a new location without the help of Google Maps, or no longer having the latest news at your fingertips? But, when information falls into the wrong hands, things stop being revolutionary and start getting dangerous.
How more regulation can help the insurance industry “The one thing I would change is adding more regulation to the insurance industry, specifically pertaining to the sale of index life or index annuity products,” says Brenden Barkate, senior vice president of Exclusive Insurance Brokerage. Why would anyone want more regulation? For starters, it could improve the industry’s reputation and public image.
Insurtech futures: insly targets uk insurance market nsly, which provides software for brokers, has raised almost €1M (£750,000) from angel investors as it seeks to map out potential markets for growth. CEO Risto Rossar commented: "The most important achievement of us is the breakthrough to the London insurance market. Our sales team has managed to sell cloud based software to the most conservative customers - London insurance brokers."
Insurtech futures: simply business calls on brokers to develop own tech Simply Business, a digital broker, has advised the market that using "off the shelf" software solutions is not always the best way to take advantage of technology. Lukas Oberhuber, chief technology officer, at Simply Business said that pre-packaged software solution such as those offered by software houses and other workflow products could be difficult and expensive to integrate.
XL Grows Insurtech Portfolio with Notion Investment Notion, a company that makes home-monitoring sensors, has announced $3.2 million in funding, including investments from the venture capital arms of XL Group and Liberty Mutual. Notion’s multi-function sensor recognizes doors or windows opening, water leaks, temperature changes, or smoke alarms. The company says it is looking to lower the barrier to entry for home monitoring systems that help policyholders and insurers reduce risk and loss.