Sent on July 05, 2017

News
Up to 40% of some insurers’ revenues at risk from insurtech
05 JUL 2017 | Between 30 percent and 40 percent of some insurers’ revenues are at risk from the threat being created by Insurtech embracing technological innovations including data, robotics and artificial intelligence (AI), according to Paul Williams, executive chairman of insurtech company JRW Group.
Chubb enhances package policy for technology companies
04 JUL 2017 | Chubb has rolled out an updated MasterPackage technology product for companies in the UK and Ireland. The insurer stated that the package was a comprehensive first and third party policy designed specifically to cater for the unique insurance needs of technology developers, producers and distributors operating in the middle market either domestically or on a multinational basis.
How teens’ car insurance premiums can go UP even if they’re driving BELOW the speed limit
04 JUL 2017 | INSURERS are using black box data to penalise teens even if they’re driving BELOW the speed limit. Some telematics firms are using sneaky calculations to measure young drivers against experienced motorists rather than legal limits. Average road speeds are being recorded and if new drivers are found to be over it, they’ll be given a bad score on their black box history.
InsurTech & AI use of data to disrupt re/insurance: Willis Towers Watson
04 JUL 2017 | While InsurTech expands data volume through providing a personalised link to clients, Artificial Intelligence will amplify the value of data sets by extracting more information, generating insights, and analysing and recognising patterns far beyond the capabilities of human intelligence.
Insurtech – front office fad or back office bombshell?
03 JUL 2017 | The recent CSFI Insurance ‘Banana Skins’ survey of risks facing the insurance industry found that executives are more anxious about the future than at any time in the past 10 years. The big story of this year’s survey is the significant rise in concerns about what the CFSI has dubbed “operating risks” – a cluster of risks that includes, in particular, advances in technology that are challenging the industry’s usual way of doing things.
How new technology and risk management are shaping the future of the insurance industry
03 JUL 2017 | The Bank of England has predicted the UK insurance market could shrink 41% by 2040. New technology and greater foreseeability in risk management are driving this significant change. Insurers must now decide whether to embrace this data-driven risk management environment.
Eastwest, Ageas launch digital insurance JV
30 JUN 2017 | GLOBAL financial service provider Ageas International Insurance and EastWest Bank formally launched on Tuesday their digital insurance joint venture in the Philippines, which will allow Filipinos to gain access to Ageas’ insurance innovations in the Asian and European markets. The joint venture company is called Troo and is headed by Hans Loozekoot as president and chief executive officer.
Insurtech merger creates new European digital insurance broker
30 JUN 2017 | A new digital insurance company has emerged by the merger of Europe's first digital insurance broker Knip, and Netherlands-based software provider Komparu. This pan-European partnership brings together two insurtech innovators. The new company would be called Digital Insurance Group.
Insurtechs' advantage: Less dependence on legacy systems
29 JUN 2017 | While partnering with insurance companies has its perks, insurtechs should be cautious about aligning with incumbents and forgoing the advantages of starting from scratch as full-stack carriers, according to a panel of startup CEOs at the CBInsights Future of Fintech conference.
InsurTech Futures: Pay-per-mile broker gets £350,000 investment
29 JUN 2017 | The on-demand motor start-up is gearing up for UK launch as it awaits FCA authorisation. InsurTech broker By Miles (formerly known as Just Miles) has received investment of £350,000 from Hambro Perks and InMotion Ventures and a number of angel investors. The London based insurtech startup stated that it is set to launch what it described as a new kind of pay-per-mile insurance policy later this year.
9 Insurance Startups Improving Underwriting
29 JUN 2017 | One reason Warren Buffet likes the insurance industry is because of the “float”, a term that refers to the amount of money an insurance company has taken in but not yet paid out in premiums. “Float” acts as a free loan that can be used for safe investments that only need to be cashed out when a claim is made. This is why insurance companies are so focused on the risks associated with their policies.
Robots and AI—It’s Just the Beginning
28 JUN 2017 | You’ve probably had regular help from a virtual assistant by phone or online, assisting you with basic tasks such as directing your call or giving you your bank balance. Helpful, right? The companies that employ the virtual assistants think so, too, and are applying these AI/robotic processes to more and more of their everyday business operations. Often called out for being slow to change, the insurance industry is beginning to catch up quickly.
InsurTech innovation vital to executing plan for growth, says CDL
28 JUN 2017 | According to the firm continual investment in research and development is an important part of its strategy. Software house CDL is planning a number of InsurTech launches as it seeks to grow the business. Nigel Phillips, CDL’s commercial director, stated that ongoing investment in “innovative programmes” meant they had a series of InsurTech solutions to bring to market.
Insights
How Insurtechs Maximize Profits And Competitive Advantage
29 JUN 2017 | 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. And while enthusiasm abounds, proliferation has been slowed by a rusty set of insurance regulations administered on a state-bystate basis that have created a thicket of constraints, tripwires and challenges.
Microinsurance in developing countries is an Eldorado for Insurtech
28 JUN 2017 | Currently microinsurance already covers around 135 million people, which represents around 5% of the entire market potential, with an average of 10% annual growth rate. The risks covered by such solutions are the typical ones of the traditional insurance market: life insurance, health insurance, accidental death and disability and property insurance. Developing countries have economies which are generally based on farming and agriculture so as a consequence they can’t manage to cover all the needs of a growing population exclusively with the goods they produce. While most of the underdeveloped countries are located in many parts of Africa and Asia, some economies in South and Central America are also referred to as “developing countries”.
Agenda
RPA & Intelligent Automation BFSI: The Future has Arrived
10 JUL 2017 | London, UK | Whist Robotic Process Automation and Artificial Intelligence is still just a buzzword in some industries, it is now a key competitive advantage in banking, insurance and financial institutions. Transformation in back office operations and effortless customer interactions at the front end is now what’s considered the new normal. Building on the groundbreaking success of RPA & AI Summit 2016, SSON & PEX Network is proud to bring you RPA & Intelligent Automation BFSI, to provide a true peer to peer platform with a surgical focus on practical and specific challenges for the BFSI industry.
The Moment of Truth: Deliver Customer-Centric and Seamless Insurance Claims (July 18th, 3pm BST)
18 JUL 2017 | With customer experience a major challenge across the insurance claims lifecycle, we’re bringing together claims leaders from MS Amlin, Berkshire Hathaway Specialty Insurance and Ingenin - to share their expert insight on how to deliver a superior claims customer experience. Join the webinar: The Moment of Truth: Deliver Customer-Centric and Seamless Insurance Claims (July 18th, 3pm BST): http://bit.ly/2tCBhpy Get exclusive access to actionable insight to develop your customer experience strategy, including: Process claims quicker and give the customer control: Use process automation, self-service claims options and straight through processing, rapidly reduce claims resolution times, to a) make customers happy and b) save you time and money. Keep customers in the loop and reduce frustration: Overcome the biggest complaint - not knowing the claim status. Deliver real-time updates using automated communication, customer portals and equipping all touchpoints with up to date information Build transparency and customer focus connecting by your supply chain: Enable greater data sharing amongst different parts of your business to gain speed, reduce costs and the need for different customer touch-points, delivering more transparent and customer-centric claims (FYI – if you can’t join live, you can have the recordings if you register).

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