Teens A Prime Target for Insurance Telematics On my way home this week from an Insurance Accounting & Systems Association meeting, I traveled with a colleague from a major P&C insurance company, and during our catch-up conversation, I asked him about his oldest 16-year old son, and the status of his driver’s license.
Next Insurance Matches Lemonade for Largest US Tech Seed Round Since Start of 2015 Almost 40% of sole proprietorships in the US don’t carry small commercial insurance coverage, according to a recent McKinsey poll. Today, a spate of insurance tech startups are hoping to capture opportunity in the small business insurance space, offering services ranging from quote engines (Insureon) to digital wallets for managing policies and rates (Coverwallet) to free claims management and peer-comparison software (Embroker).
Fitch Recommends Slower P/C Insurance Embrace of Cyber Risks Cyber risk may be the fastest growing segment in property/casualty insurance, but carriers should be measured about boosting their presence in the space, Fitch Ratings warned in a new report. Why go slow? Fitch argues that rapid expansion in cyber risks is creating problems with insurers’ bottom lines and credit ratings. Meanwhile, the segment already had $3 billion in 2015 premiums and will triple in 4 years
HOT Markets of 2016: Drones, Cyber and More Looking for new sales and opportunities in 2016? Here are a few of the top market sectors that just might deliver hot opportunities for agents and brokers in the property/casualty insurance industry this year. The drones sector is expanding rapidly with global expenditure on the emerging technology set to double to $91 billion over the next decade. Drones are now used for a range of activities including military, agriculture, public services, wildlife protection and research.
Digital Insurance Agency MassDrive Expands Online Platform to All States MassDrive Insurance Group, a digital insurance agency and affinity marketing firm, has made its auto insurance comparison shopping service MyLifeProtected available nationally. MyLifeProtected uses an affinity distribution model. The company enables retailers, digital media companies, financial institutions and other affinity groups to offer a multi-product insurance platform to their customers or other constituents. Partners use MyLifeProtected’s technology to make insurance available to their customers via desktop, mobile device or phone.
Drones are proving to be a valuable tool for adjusters When adjusters go out to a property to investigate a claim, it can be difficult and even potentially hazardous for them to gather evidence. Gaining access to a damaged roof, photographing the aftermath of a tornado, or inspecting the site of a fire can all prove problematic.
Verizon sees value in one-on-one coaching In an era of where technology and smartphones are rampant and where so many things can be done at the touch of a button, it can be easy to forget the value of one-on-one interaction, particularly when it comes to employee health. Telecommunications giant Verizon, which has more than 177,000 employees across the U.S., recently piloted a coaching program with WebMD Health Services that helped nearly two-thirds of participants shed unwanted pounds.
Cyber: Rapid cyber business growth seen as credit negative -Fitch Insurers' aggressive expansion into standalone cyber insurance could be credit negative, because cyber attacks pose dangerous risks and uncertainty across industries, according to a report from Fitch Ratings. In its report, "Global Cyber Insurance Update: Expanding Threats Amplify Underwriting Opportunity, Loss Potential", Fitch says that cyber risk insurance is the fastest growing segment in property/casualty insurance with an estimated US$3 billion in premiums in 2015 and anticipated to triple in four years. Approximately 50 insurance carriers now offer some form of standalone cyber insurance coverage.
Insurance Tech Rising: 135+ Insurance Startups Across P2P, Life, Commercial & More in One Chart In November 2015, we released the first Periodic Table of Insurance Tech highlighting key players in the insurance tech space you need to know, including startups, VCs, corporate investors, and accelerators. But the market has grown immensely since, as startups across pet insurance, small business insurance, new sharing economy frameworks, and more attract venture capital investment.
Automated car technology to drive down accident rates by 6% – Swiss Re New car technologies could cut motor accident frequency by more as much as 6% by 2020 and reduce motor premiums by $20bn, according to new research. The study by Swiss Re and location cloud company Here said technologies such as automated driver assistance systems (ADAS) and car connectivity could play a significant role in reducing the yearly 1.2 million fatal road traffic accidents worldwide. Fewer accidents will likely lead to lower expected losses for insurers, which in turn should bring down overall third-party motor liability premium, the study said.