Sent on February 03, 2016

News
5 Key Questions for Insurers About the Connected Home
02 FEB 2016 | The Internet of Things (IoT) is driving a new wave of innovative connected devices, buildings, and other physical objects. The surge in IoT devices offers exponentially expanding opportunities and capabilities for all key stakeholders, disrupting value chains and forcing companies to recalibrate their business strategies. Within the IoT, the connected home segment is causing big data firms and insurers to re-evaluate how data is collected and analyzed.
Gauging the Impact of Google Compare: It’s Not Just for Price Shoppers
02 FEB 2016 | Insurance agents aren’t dead yet, but even underwriters participating in the personal automobile insurance market may be looking for another line of work within the next two decades, industry observers said at a recent conference. “The most radical view of … Continued
India: Insurers urged to draw up long-term digitisation plan
01 FEB 2016 | Insurers should have a long-term digitisation roadmap, the international consulting firm Boston Consulting Group (BCG) and the Federation of Indian Chambers of Commerce and Industry (FICCI) have recommended in a joint report entitled "The Changing Face of Indian Insurance: In Pursuit of Profitable".
Seeking a single view of the customer: Why insurance needs to embrace omni-channel
29 JAN 2016 | Traditionally the insurance market has started by analysing a particular risk and understanding the potential liabilities that it creates. It then develops an insurance policy to provide cover against that risk and takes the policy to market. For hundreds of years the policy has been the axle around which everything in the insurance world has turned. The more modern thinking is that by segmenting customers, understanding their needs and developing products specifically tailored to meet them, insurers will be able to attract more of the customers they want, retain them for longer and increase their profitability over the medium to long term.
Marsh Starts Marketing New Global Excess Cyber Risk Facility
29 JAN 2016 | Marsh has launched “Cyber ECHO”, a global excess cyber risk facility it pitches as offering more reliable insurance coverage for organizations around the world. The product is designed to bring greater stability to the excess market by providing up to $50 million in “follow form” coverage for clients in “any industry sector and risk profile around the world,” Marsh said.
The Zebra, Another Insurance 'Disruptor,' Attracts $17M in Funding
29 JAN 2016 | The Zebra, an online auto insurance comparison company, said it has closed $17 million in Series A funding with investment from Mark Cuban, Mike Maples Jr. (of Twitter and Lyft), Simon Nixon (of Moneysupermarket), Silverton Partners, and new investors Daher Capital and Ballast Point Ventures.
Common data requirements for cyber exposure launched
29 JAN 2016 | A set of common core data requirements for cyber risks has been launched through a collaboration among Lloyd's, modelling firms AIR Worldwide (AIR) and RMS with the Cambridge Centre of Risk Studies. Both AIR and the RMS/Cambridge team have agreed to highlight common elements when they publish their data schemas later this month. More importantly, each has agreed to use similar terminology and precise definitions.
Automation May Slash 25 Percent of Insurance Industry Jobs: McKinsey & Co.
28 JAN 2016 | Automation could leave up to 25 percent of the insurance industry’s current full-time positions consolidated or replaced over the next decade, McKinsey & Company said in a new report. The consultancy urged insurers to “rethink their priorities right now” and focus on revamping their operations to accommodate the digital transformations contributing to the trend.
Australia Debuts Use of Drones for Insurance Claims
27 JAN 2016 | Insurance Australia Group opted to use drone technology to inspect the damage caused by a spate of bush fires that took place along the Great Ocean Road area in Victoria during the summer as part of the assessment of claims for CGU Insurance, Coles Insurance and WFI. The use of drone technology has the potential to significantly reduce the time and cost of the claims process by removing the need for assessors to obtain legal permission to access physical sites in person. In IAG's case, it enabled them to commence the inspection of properties and the processing of claims immediately, prior to the authorities granting them direct access to the physical sites.
Automated Vehicle Crash Rate Comparison Using Naturalistic Data
27 JAN 2016 | The Virginia Tech Transportation Institute study commissioned by Google shows that the crash rates for self-driving cars are lower than the national crash rate of conventional cars. Results show that when data is adjusted for unreported crashes and take into account accident severity, the national crash rate for conventional vehicles is higher than the crash rate of self-driving cars.
Insights
Insuring the Uninsured: Insurance Summit 2016
13 JAN 2016 | The re/insurance industry is undergoing perhaps its greatest-ever transformation. As traditional practices and norms are washed away by a tidal wave of disruptors amid fast-paced economic and social change, The Insurance Summit 2016, hosted by The Economist, aims to unravel the complex issues that are shaping tomorrow’s industry. Speakers include an accomplished group of experts from across the re/insurance spectrum, from the innovators to regulators and industry leaders, who will share their insights on the key issues that everyone in the re/insurance sector ought to be talking about. They will explore topics ranging from the ways in which the digital revolution is shaping the firms of the future, to how new capital and global M&A creates disruption and opportunities, through to ways in which the industry can use data and expertise to be a true force for good by supporting the sustainable growth in underdeveloped economies.
INSURANCE INTERNET OF THINGS INDUSTRY SURVEY
15 JAN 2016 | At the beginning of the year, everyone is looking at how to identify the crucial elements of change that will affect their business in the next twelve months. Discussions from CES 2016 showed that the attention for a lot of companies has turned to connected devices and the internet of things.
Agenda
The Insurance Summit 2016: Guardians of the Future
25 FEB 2016 | With the overall theme being “Insuring the Uninsured” the Insurance Summit 2016 will focus on the disruptive forces shaping the future of the industry and delve into the commercial and new growth opportunities arising from market consolidation and a closer alignment with the sustainable development agenda. Key topics and confirmed speakers include: The role of insurance as a risk manager in society Lise Kingo, Executive Director Global Compact, United Nations examines the findings of the “Insurance 2030” UN report. In order to provide universal access to insurance and prevent the uninsured from the impact of climate change and natural disasters, is there a need to establish Insurance Development Goals, in line with the UN’s SDGs? New opportunities through consolidation Bart de Smet, Chief Executive Officer, Ageas examines how western insurance companies can continue to grow through joint ventures and contextualises this with Ageas’ experience entering new markets particularly in Asia. Michel Khalaf, President EMEA, Metlife will present the company’s strategy for thriving in the Middle East and Africa. The evolution of risk through technology From the rapid spread of the Internet of Everything through to the Internet of Things and the rise of smart cities, driverless cars, and artificial intelligence, Maurice Tulloch, Chairman, Aviva Global General Insurance and Chief Executive Officer, Aviva UK and Florian Herzog, Chief Engineer and Founder, swissQuant will elaborate on what priorities should the insurance sector have in order to remain relevant and connected to its clients in a technological world? Who should attend: • Directors and senior business decision-makers responsible for business strategy, development, risk management, regulation, legal and marketing (COO, CTO, CRO) • Economists • Investment advisors • Insurance specialists/intermediaries • Fund Managers • Actuaries/Accountants/Auditors From industries including: General Insurance and Re-Insurance, Insurance Brokers, Life, Medical Insurance and Healthcare cover, Loss Adjusters & Claims Service providers, Specialists/intermediaries(accountants, actuaries, consultants, lawyers and software providers, Government and Regulators, policy makers, professional associations, academia, media Why attend the Insurance Summit 2016? • Learn about new growth prospects, where to find them and how to close the global protection gap • Challenge the adequacy of current business models and discover what the insurance company of the future looks like • Explore the opportunities consolidation offers and whether it will drive expansion into new markets • Gain insights on disruptive technologies that will transform the insurance industry • Discuss how to tackle climate change, foster sustainable development and the industry's relevance for these global endeavours Insurtech News subcribers are entitled to a 20% discount on the delegate registration fee of £995 + VAT. Contact me today for your booking code. Contact: Laurence Allen, Marketing Manager Email: laurenceallen@economist.com Tel: 0044 (0) 207 576 8118 About Economist Events: Economist Events gather the world’s top thinkers to build insight and exchange views on the issues that define our world. With a uniquely global perspective, we create over 100 unusually high level and engaging live and virtual events each year. Our aim is to bring clarity to complex problems, inspire ideas and to help our audiences make better decisions.
Connected Car Insurance Europe 2016
12 APR 2016 | This is the largest and most comprehensive forum in Europe dedicated to connected car insurance. With over 400 attendees from across 25+ countries globally and 50+ executives speakers, this event will address the technological challenges and new business models to impact the motor insurance industry as it converges with the connected car.