Group Insurance: On the Path to Maturity The group insurance market shows real promise, but most carriers are still trying to determine the best path forward. Moving from being in a quiet sector to the front lines of new ways of doing business has shaken the industry and confronted it with challenges – and opportunities – that many could not have foreseen [...]
Why life insurers are saddling up to Silicon Valley The words “venture capital” usually call to mind California-domiciled firms that dominate the VC space. The marquee names in the arena —Accel Partners, Benchmark Capital, Greylock Partners, Sequoia Capital and others — regularly make headlines with investments in Silicon Valley firms that are blazing new paths in the tech world.
Transforming Insurance: Insurance 2.0 and the Evolution of Distribution At American Family Ventures, we believe changes to insurance will happen in three ways – incrementally, discontinuously over the near term, and discontinuously over the long term. We reference each of these changes in the context of a ‘version’ of insurance, respectively, “Insurance 1.1,” “Insurance 2.0,” and “Insurance 3.0.” The incremental changes of “Insurance 1.1” will improve the effectiveness or efficiency of existing workflows, or create new workflows that are substantially similar to existing ones.
10 Reasons Why InsurTech Is Going to Be Important Technology spending in the global insurance industry is estimated to be around $189 billion. By 2019, the spending industry is expected to reach $205 billion. The IT spending ratio of insurance companies as a percentage of premiums has not changed to a great extent. Insurance companies currently spend about 3.8% of their direct written premium on information technology.
The Industries That Are Being Disrupted the Most by Digital We’re at a critical time for the digital economy. Digital is no longer the shiny front end of the organization – it’s integrated into every aspect of today’s companies. As digital technologies continue to transform the economy, many leaders are struggling to set a digital strategy, shift organizational structures, and remove the barriers that are keeping them from maximizing the potential impact of new digital technologies.
Insurers Get Busy In Tech Startup Investing In 2016 As more insurers including Aviva, XL Catlin, and Guardian Life launch investment arms, tech startup dealmaking by insurance firms is on pace for a record high in 2016, according to CB Insights data. In the first three months of 2016, insurers completed nearly 20 deals. The same set of insurers completed just 8 deals over the same period last year. Interestingly, while insurers previously shied away from tech startups working directly in the insurance value chain, 2016 has seen several strategic investments by carriers into insurance tech startups.
How Telematics Saves on Claims, Improves Customer Experience Insurers that are not already using the data from their telematics programs for claims would be wise to do so early in their adoption of telematics, as the task only becomes more difficult as more data is collected, according to a claims expert.
UK-based insurtech firm Instanda grabs spot in Microsoft programme Instanda has become the only insurance-based technology firm to be accepted onto Microsoft Ventures’ London accelerator programme. The company was among 11 selected for the fifth iteration of the programme and beat 365 other applicants in the process. Instanda founder Tim Hardcastle said the selection process was very tough and...
If the Insurance Industry Were Netflix, Amazon or Apple Like Netflix, Amazon and Apple, property/casualty insurers have been using analytics to understand their customers, but the similarity probably ends there for most insurers, one carrier analytics officer suggested recently. “We’re extremely customized in the prices we offer consumers...
First Robot–Run Insurance Agency Opens for Business Goodbye agency principals, producers and customer service reps, hello Roberto Siber, CPCU. Siber is the buff, blue-eyed and bald principal of the Buyonic Insurance Agency in Austin, Texas. This insurance android is more evidence that the future of mechanized businesses has arrived, with robots marching out of computer backrooms and off assembly lines right onto the frontlines of the service economy.