Sent on June 07, 2017

News
The rise of InsurTech
06 JUN 2017 | In recent years, InsurTech has acted as an increasingly disruptive influence in the insurance sector, using technology and innovation to improve the efficiency of existing transactions and processes and to enhance customer experience, writes Georgina Perrott of Birketts LLP. InsurTech currently sits under the wider umbrella of FinTech, although the recent increase in the focus on InsurTech is leading to it becoming an industry sector in its own right.
Insurtech start-up Tractable raises $8m in Series A
06 JUN 2017 | Tractable, an insurtech start-up that specialises in computer vision, has completed an $8m Series A funding round, led by Ignition Partners, Zetta Venture Partners, and a host of insurance industry leaders. Founded by Alex Dalyac, Razvan Ranca and Adrien Cohen in 2015, Tractable creates a proprietary AI algorithm that attempts to learn and preform visual tasks in the same way a human would – helping businesses streamline certain manual tasks.
Babies born today may never need to learn to drive, says Axa UK chief
05 JUN 2017 | The boss of an insurance giant has warned that the sector will soon be completely disrupted by self-driving cars, with those born this year likely to never need a driving lesson. Research is so fast-moving that self-driving vehicles could hit the roads within 15 years, Axa UK's chief executive Amanda Blanc has predicted, meaning "babies born today may never have to take a driving test."
Insurance startup turns to mobile technology and social media to extend services
05 JUN 2017 | BIMA, a Swedish microinsurance startup, is trying to make it easier for people to acquire insurance coverage using mobile technology and social media. The company has developed a platform that digitalises their processes to apply for insurance coverage and claim benefits. "We have paperless registration that can be completed in less than one minute, we provide SMS confirmation to the customer's mobile phone, and we have over 20 million micro-payments each day [deducted] from the person's mobile money account or prepaid or postpaid account.
2017: the year InsurTech comes into its own
05 JUN 2017 | There will be a cross-pollination of leadership talent between InsurTech and traditional insurance, according to Murray Raisbeck, Partner at KPMG. A number of seasoned senior managers and executives from the insurance sector will be taking stock of their careers over the holidays. They all know that they need to transform their businesses, but legacy challenges mean that progress is slow and their great ideas will be put on hold for another year.
Willis Towers Watson, Tech Firm Roost to Form Home Telematics Testing Consortium
01 JUN 2017 | Global insurance consultant Willis Towers Watson is partnering with technology firm Roost to establish a claims data sharing consortium to help insurers test the effectiveness of water and fire smart home technologies. The two companies said the consortium will be comprised of five to 10 U.S. insurance carriers. The aim is to help the property insurance industry take advantage of the Internet of Things.
Innovation-based disruption in personal lines insurance will drive new business models: Conning
01 JUN 2017 | Technology-focused investments are pushing business model changes across industries, and insurance is not immune to these pressures, a new study by global investment management firm Conning suggested. Released on Wednesday, the study examines the changes that are underway in personal lines and the potential impacts on the insurance business model, focusing on product development, client acquisition, risk analysis and claims. The study, titled Emerging Business Models in Personal Lines Insurance: Innovation-Based Disruption, also identifies a number of “near-term possible outcomes and business model changes for the industry,” Conning said in a statement.
Technological change and cyber risk overtake regulation as top risks for insurers
31 MAY 2017 | The global insurance industry’s ability to confront structural and technological changes is now the greatest risk it faces, according to a new survey of insurers and close observers of the sector. The CSFI’s latest Insurance Banana Skins 2017 survey, conducted with support from PwC, surveyed 836 insurance practitioners and industry observers in 52 countries, to find out where they saw the greatest risks over the next 2-3 years. Change management is at the head of a cluster of operating risks which have jumped to the top of the rankings.
Kenya: Insurance Technology Start-Ups Promising More Customer Value
31 MAY 2017 | Demands for the digital savvy customer are changing the face of insurance with more firms turning to online platforms to deliver products. This is calling for industry players to be relevant in a dynamic marketplace and adopt to a new breed of clients with expectations set on the most advanced digital retail providers. Numerous studies undertaken by various organisations have highlighted technology adoption, awareness levels, cost of insurance, product sustainability, competition and undercutting, distribution mechanisms as some of the challenges the industry is grappling with.
Insurtech investments attack the personal lines’ insurance value chain
31 MAY 2017 | Insurtech investments are targeting the personal lines’ insurance value chain in product development, client acquisition, underwriting, and claims management in the insurance value chain, a new Conning study shows. Technology is creating the need for, and enabling the development of, entirely new personal lines products, and disruption-minded innovators are pushing change in traditional personal lines product offerings, according to the Conning study named Emerging Business Models in Personal Lines Insurance - Innovation-Based Disruption.
Commercial insurers tapping insurtechs for analytics, core
30 MAY 2017 | The top three drivers of commercial insurers' partnerships with insurtech are enterprise data and analytics, core modernization and customer experience, according to a new report from insurance tech analyst firm SMA. For the "Insurtech and Commercial Lines: A Surge of Activity and New Implications" report, SMA founder Deb Smallwood and partner Mark Breading surveyed 87 commercial insurers, of all sizes, to find out their tech priorities around insurtech and the digital world.
Insights
InsurTech sector quarterly update Q2 2017
25 MAY 2017 | Insurtech startups are creating new businesses in 14 categories with a total funding up to date of $18 Billion. They come in various shapes and sizes with different business models and distribution strategies. Health and Travel and Life, Home and P&C are leading by far with a record number of funding to date. Since 2013 there has been a clear tendency towards Seed and Series A funding rounds which means that the insurtech sector is passing through a period in which more early stage startups are emerging and investors are ready to bet on them.
Unveiling the full potential of telematics
22 MAY 2017 | The Italian market has developed the furthest in terms of telematics penetration, and the evidence and experiences collected should be seen by all as bearing significant relevance. Best practices are and will be collected in early adopter markets, like Italy, to be tested and (partly) replicated elsewhere. To conclude, the popularity of telematics has increased rapidly in Europe, driven mainly by Italy, and UBI subscriptions are expected to take off in the UK, Germany and France within the next five years. Other areas, such as property, life and health are showing signs of change, as connected cars, connected homes and connected lives could merge into a connected ecosystem protected by connected insurance
Agenda
FT Future of Insurance 2017
08 JUN 2017 | London | All futures are uncertain but some are more uncertain than others. Whilst the insurance industry, beleaguered by prolonged low interest rate aridity and stifling capital rules, seeks new avenues for growth, it also faces a world which seems to be increasingly unpredictable in several respects. Is the industry prepared for a changing world order with a shifting set of geopolitical risks? And as cyber risks wreak increasing havoc, are insurers keeping pace? The growing role of new technology flows like a life-blood through every conversation but are incumbents actually ‘walking the walk’ that will keep them relevant and competitive? The FT Future of Insurance 2017 views a complex world through the prism of wide-ranging expertise so as to distill intelligent and prescient business strategies. Ranging from better understanding behaviours and data through to devising robust investment decisions, tailoring new products and closing protection gaps, this programme will gather business leaders, economists and cultural commentators to explore the opportunities available, the obstacles to be overcome and the changes required to chart a course for sustainable and assured growth and evolution.
5th Annual Operational Excellence in Insurance
08 JUN 2017 | Amsterdam | Why attend? Get an overview of the current situation in Europe and predictions for future OPEX. Plus a case studies on insurance partnerships with start-ups presented by Aegon CEE. Learn how to improve Digital Capabilities to Enhance Customer Experience and Improve Competitiveness from a talk with Generali Global Health. What it means to driving enterprise-wide transformation & innovation through operational excellence by Achmea and NN-group. How to outperform competitors by leveraging the potential of new technologies (The Internet of Things and Big Data Analytics/ social media/ mobile and real life technologies) and much more.

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