REIMAGINING INSURANCE IN THE WORLD OF IOT The Internet of Things (IoT) is everywhere. You cannot flip through a magazine, attend a conference or read a news feed without finding a reference to IoT. With good reason – the IoT has become an important part of the technology landscape, altering the way we live, work, manage problems and conduct business. Fundamentally, what is happening is that a growing number of devices are being connected over the Internet.
Insurtech Startup Buys MGA in California with Product for Agents in Mind Insurtech startup Bridger has purchased Pleasanton, Calif.-based SCJ Insurance Services in a step toward launching what the firm contends will be “simpler, cheaper, and easier-to-manage automotive insurance.” Bridger CEO Kimo Winterbottom talked about the acquisition with Insurance Journal on Thursday and said the plan is for the managing general agency to continue to work with independent agents.
How Insurtechs Maximize Profits and Competitive Advantage The potential to disrupt the historic insurance industry model has made insurtech one of the hottest new areas of innovation and investment, with entrepreneurs developing technologies at a breakneck pace and venture capital firms seeking to put investment dollars behind an exciting range of new products and services aimed at efficiencies and cost savings.
Technology will shrink the insurance market, says RSA's Leitch RSA global connected insurance director Kenny Leitch states InsurTech will stop claims from happening. InsurTech is set to shrink the insurance market, according to Kenny Leitch, global connected insurance director at RSA. “There is an opportunity to use data and technology to create fewer collisions, fewer injuries and fewer claims,” Leitch explained.
RGA backs German insurtech startup Getsurance Reinsurance Group of America (RGA) has backed Berlin-based insurtech start-up Getsurance to launch 'the first European digital life insurance solution'. Getsurance has developed a long-term disability product that protects customers from the loss of their income due to illness or accident. According to the company, the product features an algorithmic underwriting process - based on just a few easy health questions, customers are instantly granted coverage.
LEMONADE: WHAT THE NUMBERS SAY Lemonade recently published their latest ‘Transparency Chronicle’ blog post. The data is a little patchy so we thought we’d do some digging into performance to date and see where things could be heading. In the spirit of transparency, you can download our spreadsheet with the source data and our calculations here. Please note that this analysis is based on public data and has not been reviewed by Lemonade.
Meet the techies: Paul Williams Paul Williams, executive chairman of the JRW Group, warns brokers that fresh thinking is needed to survive in a changing world. What is your company doing in the InsurTech space? We currently have a total of nine niche insurance products in the market, with more in the development stage due to launch this year.
Insurer start-up Oscar Health preps to sell 2018 Obamacare plans in Nashville Health insurance start-up Oscar Health is gearing up to sell individual plans in the greater Nashville area in 2018, an expansion into the Southeast that will give area residents a second option on the Obamacare exchange. The company will formally apply on June 21 with the Tennessee Department of Commerce and Insurance for approval to be an insurer in nine counties.
American Express Puts Money Into Insurance Startup American Express is venturing into the insurance space with its latest funding endeavor. This week, the credit card company went public with its investment in Palo Alto-based insurance tech startup, Next Insurance. It joins Next Insurance’s $29-million May round of funding led by Munich Re’s HSB Ventures. With American Express’ investment, Next Insurance’s funding will be brought up to $35 million.