Sent on January 13, 2016

News
Microinsurance Is The Answer To The Insurance Industry
13 JAN 2016 | Let’s be real. The insurance industry has barely evolved since Benjamin Franklin introduced the concept in the late 1700s. You’d think after three hundred years and a market size of $1 trillion in the United States alone, insurance companies like MetLife and AIG would have nailed it. But they haven’t. Instead, they’ve left millions of Americans paying toward deductibles they’ll never use.
The Trends To Watch Out For In Insurance Tech Investing In 2016
13 JAN 2016 | The excitement around technology’s potential to transform the insurance industry has grown to a fever pitch, as 2015 saw investors deploy over $2.6B to insurance tech startups globally. Using CB Insights data, we compiled six trends to look out for in 2016 in the insurance tech space. 2015 saw the launch of corporate venture arms by insurers including AXA, MunichRe/Hartford Steam Boiler, Aviva, and Transamerica. Aviva, for example, said it intends to commit nearly £20m per year over the next five years to private tech investments.
013 – Could Siri Sell Insurance?
13 JAN 2016 | Cultivate is where crazy ideas grow to become profitable business. Justin Brady and his newly branded business help companies cultivate innovation and translate that innovation into marketing strategies. On this episode, Justin and I discuss several topics including: Drones and crop insurance Millennials seeking simplicity in their technology The disappearance of technology (it’s not what you think!) […]
How Insurers Are Racing To Adopt Drones In One Chart
12 JAN 2016 | Last year saw venture capital funding to drone startups rise to record highs. Meanwhile, a growing group of the largest US property insurers are looking to drones to help conduct inspections for underwriting and claims adjusting. For example, new Farmer’s CIO Ron Guerrier recently commented that Farmer’s is evaluating how it can use drones to inspect brush clean-up in areas prone to wildfire. Allstate is similarly testing the use of drones to help with property claims after natural disasters such as hurricanes.
The “Uber of Insurance” is here
11 JAN 2016 | Here are two words you don’t often hear in the same sentence: revolutionary and insurance. But that’s exactly what experts are calling a new peer-to-peer (P2P) insurance concept presented by startup Lemonade. Though the company has yet to open its doors, the adjective-laden praise has commenced. Bankrate muses that Lemonade may become the “the Uber of insurance” and Sequoia Capital’s Haim Sadger says his firm’s investment in the company was a no-brainer because “we’re betting that Lemonade will transform the insurance landscape beyond recognition.”
What Gets in the Way of P/C Innovation?
08 JAN 2016 | The path to innovation isn’t always clear, according to executives in the property/casualty insurance industry. Carrier Management reached out to industry leaders recently, asking questions about innovation efforts. Here we publish the responses from 14 of them who described some of the roadblocks: Q5: What is the biggest obstacle to innovation within the insurance industry? Explain. What is your company doing (or what can the industry do) to overcome this obstacle?
Trends and opportunities for commercial P&C insurance in 2016
08 JAN 2016 | The commercial property and casualty insurance industry saw a lot of positive developments in 2015, along with new challenges in the area of technology and cyber liability. Overall, the rising tide of an improving economy has also lifted Property and Casualty boats, but uncertainties remain.
From Drone Inspections To Automated Home Repairs: 11 Ways The IoT Is Driving Innovation In Insurance
08 JAN 2016 | The Internet of Things will encompass between 20 and 30 billion connected devices by 2020, according to estimates. Many corporate investors and smart money VCs have placed significant bets on the Internet of Things industry, which is expected to see nearly $2B in annual funding to private companies in 2015. After digging into company partnerships and news in the CB Insights database — across both Internet of Things startups and corporates — we found different ways the insurance industry is using the IoT to price risk, lower prices, and rollout new products. Here are 11 examples of how connected devices are changing the landscape for insurers and their customers.
Celent case study, Linking Predictive Analytics and Underwriting at Freedom Specialty Insurance Company
07 JAN 2016 | This Celent case study explores how an insurer built, refined and sustained its revolutionary analytic underwriting platform. Topics include the technology, process and people needed to pull it off, as well as lessons you can use to see the benefits of analytics in your underwriting operations.
Insights
Does Insurance as a Service (IaaS) work?
22 DEC 2015 | he black box makes it possible for Insurers to enrich their auto insurance value proposition by adding services built upon data provided by telematics. This is an element to be taken in consideration when evaluating the overall ROI of a telematics program. On the one hand, these services represent a way of de-commoditizing the car insurance policy and are also a source of income. On the medium/long term, this characteristic will become more and more important because of the de-risking trend in the MTPL business –due to the technological progress when it comes to security and connected cars.
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.
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.
InsTech Event - 26 Jan 2016
26 JAN 2016 | A relaxed networking event for professionals and business people operating in the technology and insurance sectors at the spectacular penthouse offices of Browne Jacobson at 6 Bevis Marks, London. Expert guest speakers will address how the insurance sector is being changed by technological advancements, and debate where this innovation will lead us. The event will be of interest to people operating in both conventional insurance and usurper technological businesses, and will provide an exciting opportunity to exchange views and ideas. Also presenting will be several InsurTech start-up businesses that will pitch to potential investors and be available to discuss their innovations. All experience levels are welcome, whether from big corporates, fringe operators and everything in between. The atmosphere will be extremely laidback and communal. Beer and wine will be served throughout and take-away pizzas will be served early on.