Australian insurers need to innovate to survive, says TAS Insurers need to deal with their legacy systems and adapt to insurtech threats according to Sydney-headquartered financial technology firm TAS. In its insurance industry report Innovate, or be left behind insurers have several key improvements to make to keep up with the competition from insurtech and the threats from digital disruption.
American Family sees potential in IoT, data science insurtechs At American Family Ventures, we have invested in more than 40 early- and later-stage companies since November 2010. We seek standard or “market” venture capital terms in our deals. Additionally, we believe that the relationships between our company and startup firms should be mutually beneficial.
InsurTech Futures: Worry+Peace to offer on demand drone cover The broker has teamed up with Flock following the start-up's tie-up with Allianz on drone insurance. Worry+Peace has teamed up with fellow InsurTech company Flock to facilitate the latter’s recent partnership with Allianz on drone insurance.
How AIG moved commercial claims to the cloud With costly, out-of-date legacy mainframes in need of upgrade, AIG's commercial arm turned to Amazon's Web Services to bring the carrier’s commercial claims operations to the cloud. The agreement, announced Jan. 17, also reduces AIG’s IT capital spending and turnaround time on new products, Jim Gouin, CIO of Americas and global claims for the carrier, said at Amazon Web Services' Summit in New York Monday
UBI Has Failed, but Telematics…Wow! Insurance telematics has been out there for more than 20 years. Many insurers have tried to play with the technology, but few have succeeded in using the data available from connected telematics devices. The potential of this technology was misunderstood, and best practices have remained almost unknown, as it was not common in the insurance sector to look for innovation in other geographies, such as Italy, where progress has been made.
Investments in FinTech and InsurTech remain high FinTech firms continue to attract investment from start-ups, as new entities look for ways to disrupt current financial markets, while venture capitalists remain interested in investing in companies, although they have taken a more cautious approach. Latest figures show investment in Q2 2017 running at around $8.4 billion, around double of Q1, though still lower than Q2 2016.
Drones Could Help Make Insurance ‘Cool’ and Save the Industry From Disaster The insurance industry is seen by many as being uncool, even boring. This is more than just an image problem, because failure to attract a millennial workforce means that by the end of this decade, there are expected to be around 400,000 unfilled positions within the industry. One of the world’s oldest industries is slow to modernize, but drones could change all that.
BillTrim Says It Can Save You $450 on Your Car Insurance The one-year-old Mountain View-startup is on a mission to make sure one never overpays for services such as: cable, phone, electricity, internet, gym, and auto-slash-home-slash-health insurance. It earns 25% of what it saves the customer. Here’s how it works: user signs in with facebook and uploads her bills...
How AI Will Transform Insurance Claims If you’re like most people, calling an insurance company isn’t among your favorite activities. That’s because the insurance industry is one of the least innovative areas for customer experience. Customers typically come away from their interactions dissatisfied. However, things are definitely changing, and artificial intelligence is playing a large role.