Sent on November 18, 2015

News
Insurance CEOs Fearing 'Uberization' Eye Cognitive Computing: IBM Survey
16 NOV 2015 | The trend of “uberization”—industry disruption caused by an unlikely outside competitor—has become a key concern of executives in and outside the insurance industry, according to a new IBM study published early this month. In addition, while executives across all industries view technology as one of the driving forces allowing new competition to muscle in, insurance executives interviewed by IBM were much more likely to pick “cognitive computing” tools as new weapons to add to their competitive arsenals to keep pace with Uber-like challengers than other executives were, survey results available online revealed.
When should businesses use telematics?
13 NOV 2015 | More and more businesses are fitting telematics devices in their vehicles as they look to reduce their fleet risk. These devices can record useful data about driver behaviour, but many businesses do not fully understand how to make best use of this data. In this article, Zurich Risk Engineering’s Andy Price takes a look at how to make the most of telematics. Topics covered: • Three things to consider before implementing telematics. • What to do with the data. • The importance of acting on telematics data. • The importance of an on-road safety culture. • Need for engagement.
The Uber of premium finance
13 NOV 2015 | nsurance Age meets PremFina’s chairman, Bundeep Rangar, and learns more about how it works. PremFina chairman, Bundeep Rangar, talks to Insurance Age commissioning editor, Siân Barton, about how the model works and what makes the firm stand out from other providers.
Industry needs to do more to respond to new and emerging risks like cyber-MAS
13 NOV 2015 | Asia is facing a rapidly-changing risk landscape, but insufficient capacity is being deployed to meet the region's needs as it continues to remain severely underinsured, according to the Monetary Authority of Singapore (MAS). Speaking at the 13th Singapore International Reinsurance Conference, Ms Jacqueline Loh, Deputy Managing Director of the MAS, said, “I would like to challenge the industry to raise insurance penetration of traditional risks and find innovative ways to cast the net wider to cover more insureds, and develop innovative and meaningful risk transfer products for new and emerging risks.”
Highly Valued Startup Zenefits Runs Into Turbulence
13 NOV 2015 | Human-resources startup Zenefits Inc. is falling short of its aggressive revenue targets and has started to curb expenses, making it the latest highly valued venture-backed company struggling to meet investor expectations. Since late summer, Zenefits has frozen hiring in certain departments as sales teams have repeatedly missed targets, according to people familiar with the matter. It has cut the pay of some employees and dozens of...
Insurers' Top 8 Digital Transformation Projects
12 NOV 2015 | Insurers want to improve customer satisfaction, profitability, ease of doing business and speed to market with new digital tools, according to a survey of 108 insurance executives by Forrester. The Transformation In The Age Of The Customer: A Spotlight On Insurance study, commissioned by Acccenture, asked: “What actions [are] your organization taking to address the impact of digital disruption on your business in the coming year?” Following are the top 8 responses...
The rise of the insurance accelerator
11 NOV 2015 | While insurance executives overwhelmingly agree that innovation will drive future competitive advantage and growth, most seem to be struggling to kindle the spark within their organization. Most insurers see innovation as a significant opportunity, with over 80%, according to a KPMG Report, saying that their organisation’s future success is closely tied to their ability to innovate, yet in a recent Ingenin innovation survey over 70% stated that they lack the internal core skills needed to drive innovation.
Insurance Goes Digital: What Modern Technology Means for Distribution and Competition | Insurance Journal Research
10 NOV 2015 | FC Business Intelligence has compiled a free white paper that focuses on new ways of distributing insurance from the perspectives of three experts from Hiscox, AXA MATRIX and Allstate. They are also slated to speak at the Insurance Marketing & Distribution Summit USA 2015 on November 18-19 2015 in Chicago.
Insights
Insurance and the Internet of Things
03 NOV 2015 | Whenever you say the word “telematics,” people today almost always assume you are talking about motor insurance. Well, it’s the only use-case where telematic data is being used for insurance purposes, right? Wrong. There are plenty of other types of insurance where telematic data is available to help manage and reduce risk and even some where enlightened insurers will give you a discount based on sharing that data. And wherever you find that fire hydrant of telematic data cracked open, you’ll find a Big Data platform soaking it up and converting it into actionable insights for the insurer and hopefully the customer too.
How to transform an old fashioned Insurer into a Carrier like Oscar, fast and at low cost
10 NOV 2015 | The Internet of Things (IoT) is creating enormous opportunities that insurers can leverage to provide a better customer experience while simultaneously improving their profitability. In particular, insurers have a tremendous chance to upgrade their role in the health segment from a simple "payer" to an active "player" in the overall user experience cycle. The motor insurance telematics experience in Italy shows that this is possible. There, products linked to a connected insurance value proposition have already reached a market penetration of 15% and are now adopted by most insurers.
Agenda
Insurance IoT USA
01 DEC 2015 | Drive customer satisfaction: Strengthen the customer-insurer relationship through new products, better customer engagement and value added services Unlock new sources of revenue: Get to grips with the innovative business models that harness IoT technology to generate new revenue streams Deliver more accurate risk assessment: Mobilize the granularity of IoT data to inform the underwriting process Reduce the severity and frequency of claims: Discover how continuous monitoring of insured risk and real-time prediction of loss propensity can reduce claims Improve the speed and efficiency of claims: Refine existing business models by harnessing advanced analytics to identify and understand risk Enhance claims services: Understand how automated loss notification can reduce processing cycle time and loss adjustment
Webinar: A Crucial Reexamination of Smartphones for UBI
26 NOV 2015 | Smartphone tech. continues to accelerate at an unprecedented rate and has re-captured the interest of insurers looking to offer usage-based insurance (UBI). Smartphone sensors can now rival that of telematics devices to capture driving data but there are still questions to the feasibility of the smartphone approach to UBI. So TU-Automotive has brought together RSA’s Global Telematics Director, Bain & Company’s foremost UBI expert and MAPFRE’s CIO to assess the smartphone as an avenue for UBI’s mass adoption - considering technical capability, business models and customer engagement strategies. Don’t be left behind as the competition innovates. Sign-up for free and join the interactive webinar (November 26th, 11am GMT). All registrants will be sent the recording after the webinar.