Health-tech company Philips keen to ‘partner with insurers’ Health technology company, Philips, would "love to team up with insurers", according to Egbert van Acht, CEO for health and wellness at Philips. Speaking to an audience of 850 senior insurance executives at the recent DIA Amsterdam global InsurTech conference – attended by Life Insurance International – van Acht said by by Philips and insurers working together: “Together, we can achieve better outcomes." He explained that Philips is witnessing four major trends in health technology.
Insurtechs Are Pushing for Transparency Over the past few weeks, I had the pleasure of meeting with a number of insurtech startups. Their mission? To create a customer-first company. One team is finding that customers believe insurance has more of a transparency challenge than a trust deficit – there is an increasing desire to know how their premium dollars are spent and how an insurance company views their risk. Many of these meetings were held shortly after Evan Greenberg, CEO of Chubb, commented on broker commissions and fees in the commercial insurance market.
Insurers adopt AI to keep up with customer demands The biggest driver behind insurers’ adoption of AI and robotics for customer service is demand from policyholders. That’s according to a new study released by Celent, “Applying Conversational Commerce to Insurance: Aligning IT to the Machine World,” which surveyed 1,820 customers and 134 insurers. About one-third of customers polled, or 37%, have already used smart technologies to communicate with insurers and prefer it to human interaction. An additional 21% are interested in testing these technologies for the first time.
Plug and Play Insurtech signs its 45th Corporate Partner Plug and Play Insurtech has grown to 45 corporate partners and has split into three verticals: General Insurtech, Property & Casualty (P&C), and Life/Health/Group Benefits. New partners to the program include Beazley, Canada Life Re, EMC Insurance Companies, and Guy Carpenter & Company, LLC. Peter Hearn, President and CEO of Guy Carpenter & Company, said, "As Guy Carpenter's clients face an ever-growing array of challenges and opportunities, our alliance with Plug and Play allows us to connect our clients with the top innovators in Insurtech, helping increase productivity and drive growth opportunities.
InsurTech Caught On The Radar: Hype Or The Next Frontier? InsurTech is currently one of the hottest topics in the insurance industry. Without a doubt they have been attracting a great deal of interest from founders, investors and incumbents. But are they a hype or who will be the winners in the growing InsurTech space? Our joint report with InsurTech investor Policen Direkt is based on a global database that tracks over 1,000 InsurTechs and other relevant players. It identifies the different existing business models and provides guidance by assessing the InsurTech activities and projects which present the next frontier in the insurance universe.
The Future of Insurance is Insurtech Every insurance sector player ought to ask: How should the value chain be reshaped by using the new technologies at hand? The insurance sector has entered a phase of profound transformation. Numerous insurtech startups—around 1,000, according to Venture Scanner map—have popped up to challenge the traditional model. I believe that we will see a completely changed insurance sector in the medium term. But I’m convinced that insurance companies will still be relevant in the future, or will become even more relevant than they are now, but these companies will have to be insurtechs, or players who use technology as the main enablers for reaching their own strategic objectives.
QBE to invest A$50m in insurtech companies Australia’s QBE Insurance Group plans to invest up to A$50 million ($37 million) in insurtech companies in 2017, according to AM Best’s May 16 Asia-Pacific Weekly. The move is part of the insurer’s plan to cope with a changing market environment. In a speech at QBE’s annual general meeting, QBE CEO John Neal reportedly said that the company has screened more than 200 insurtech companies with solutions that looked beneficial to its business.
Insurtech accelerators funding tech growth in the industry Insurtech, disruption, call it what you will, it’s changing the way insurance professionals do business - and start-up companies are lining up to get their foot in the door and some insurance dollars in their pockets. So what differentiates the good from the bad among the myriad of would-be insurtech companies? How do they get their starts? And who is funding them? Insurance Business spoke with a couple of people involved in funding and shopping insurtech start-ups.
Blog: Seven Indian insurtech start-ups to watch in 2017 and beyond Incisive Insight Insurance Division content director and chair of the Post Digital Insurance Collective Jonathan Swift looks at the burgeoning insurtech scene in India and highlights a few start-ups to keep an eye on. Earlier this year I wrote a blog spotlighting seven Asian insurtech start-ups worth keeping tabs on based in Hong Kong, Singapore and Thailand. There are already some notable insurtech successes such as Mumbai-based Coverfox, which has secured over $14m (£10.8m) from investors including Accel Partners, SAIF Partners and Catamaran Ventures, the private investment arm of Infosys’ co-founder NR Narayana Murthy; and PolicyBazaar, which is planning a $100m Nasdaq IPO and last year raised around $40m in its Series D round of funding from PremjiInvest, the personal investment vehicle of Wipro chairman Azim Premji, and other investors including Tiger Global.
IT Trend Radar 2017 Digitalisation is omnipresent, is changing people and markets in the long term at an ever-increasing speed. Absolute requirements are continual adaptation and realignment of products and services. For all intents and purposes, the new technological framework, made up of Cloud computing, mobile networks, CPU power and massive storage capacities, means innovations are no longer coming up against limitations.