Inside Travelers’ New Predictive Model: Targeting Chronic Pain, Opioid Use In response to rising chronic pain claims, Travelers announced the development of a new patent-pending predictive model designed to identify claims and workers most at risk. The company, which developed the Early Severity Predictor (ESP) program, manages more than 250,000 workplace injury claims and 3.5 billion medical treatments each year.
Insurance brokerage is broken I’ve worked on a number of projects over the past year as an MBA Associate with the General Catalyst team. One of my principal areas of focus has been a deep dive into the emerging field of insurance technology startups, piggybacking GC’s early work in the space with investments like Oscar Health, TrueMotion, Gusto, Super, Livongo and Freebird.
Swiss Re announces InsurTech startup accelerator program in India Swiss Re has announced the launch of its corporate InsurTech accelerator to help startups develop business solutions that could revolutionise the way (re)insurance conducts business. The accelerator is a program managed by Kyron.
InsureTech Startups Must Realize They Can't Disrupt Regulation The year 2015 marked a substantial shift in insurance: in one year alone, investment in insurance tech reached $2.65 billion. This number encapsulates the immense growth happening in the start-up arena for insurance technology. Companies such as Next, CoverWallet, Lemonade and Zenefits are just a few that have sprung up to disrupt the insurance industry in new and unproven ways.
The potential societal advantages of a telematics data exchange A telematics data exchange can significantly accelerate innovation in usage-based insurance (UBI) by making the exchange of driving data more convenient for drivers, insurers, and automakers. With its capacity to make driving history more portable, a data exchange also has societal implications that may change the nature of vehicle ownership as we know it.
Insurtech futures: customers demanding “digital first” A European-wide study by Fujitsu has highlighted the shift in consumer interaction with their banks and insurers as 'digital-first' demand continues. According to the 7,000 consumers surveyed, digital plays an increasingly prominent part in their banking and insurance interactions, with more than a third (37 percent) threatening to leave their provider if they don't offer up-to-date technology.
HUMALOGY and Customer Experience Humans have amazing capabilities and, even more, they can be amplified by the power of technology. When both are working in harmony, what was once impossible becomes possible. Technology is now the “X” factor that can help you become more efficient while more effectively serving your base. When it is intentionally aligned with human effort, [...]
Insurance 2.0: P2P and Structural Innovation At American Family Ventures, we believe that “Insurance 2.0.” will be, in part, shaped by structural innovation. The traditional insurance structure of centralized risk-pooling has been around for a long time. Unsurprisingly, it is also subject to heavy regulation. As a result, many entrepreneurs are using new approaches to lower regulatory burdens or unlock value through decentralization.
Insurance IoT Report IoT is not a single application technology however and its benefits can clearly be seen in other areas. Respondents demonstrated that they value its use in risk-based pricing (22.1%) and the creation of value-added services (19.8%). The latter is particularly important when one of the sectors greatest current concerns is the ability to keep customers engaged throughout their lifecycles and not just at the points of renewal and claim. Few (4.9%) believed that IoT, despite its reputation in telematics for example as a big brother, with black box technology, would be of great value in fraud detection.