Sent on June 15, 2016

News
5 things insurers need to know before using drones
14 JUN 2016 | New practical and consumer-facing applications for drone technology dominated the Consumer Electronics Show earlier this year with businesses and other large-scale organizations cashing in on the phenomenon. Retail giants Amazon and Walmart have tested drones for home delivery, media outlets have used drones to film aerial news segments, and Spanish engineers have even developed drone technology with thermal vision that could be used to catc
Insurtech futures: insurers fear losing business to insurtech start-ups
14 JUN 2016 | Almost half of insurers are worried that up to 20 percent of business could be lost to FinTech or InsurTech start-ups in the next five years. A survey by PwC revealed that 68% of firms surveyed have taken concrete steps to address the challenges and opportunities posed by FinTech. According to the report, Opportunities await: How InsurTech is reshaping insurance, investment into InsurTech has increased fivefold since 2010 hitting $3.4bn (£2.39bn).
Why the recent hype about insurance tech will be just the beginning
13 JUN 2016 | For those who follow technological innovation, it can often seem like certain areas of investor enthusiasm come out of nowhere — suddenly and with huge momentum. The wave analogy is often used, and not incorrectly — fevered investment propels increasing interest and drives new opportunistic entrepreneurs into a specific industry area, building until it inevitably crashes as certain companies underperform and interest moves elsewhere.
Here's why Singapore is the fintech gateway to Asia
10 JUN 2016 | In 2014, worldwide investment activity in the fintech sector saw an unprecedented jump of 201% from the previous year, reaching more than US$12 billion in investments deals.[1] That marked the start of a booming industry. While the US and Europe dominated the share of deals, Asia is on the rise to being a force to reckon with.
Brexit could affect gender pricing on insurance premiums and annuities
10 JUN 2016 | Under “gender-neutral pricing”, which forms part of the directive, insurers across the EU must charge the same price to men and women for the same products. The insurer said: “This applies even if there is statistical evidence of a difference in life expectancy. In practice this means everyone gets terms somewhere in between what a man and a woman of the same age would have received had there been no gender ruling.”
The insurance market on blockchain – ChainThat 21st century coffee house
09 JUN 2016 | The world of speciality and commercial (re)insurance is a curious and complex one. Most of the world’s business comes through London in some form or another. Steeped in over 300 years of tradition, heritage and unique expertise, the London insurance market still has at least one foot in the technology dark ages. So, imagine the irony, that this cornerstone of the global insurance market might one day place its business on a blockchain. This week, Rick Huckstep speaks exclusively with Dave Edwards, co-founder of blockchain development house, ChainThat.
Insurtech Startup Bunker Raises $2M in Seed Funding
09 JUN 2016 | Bunker, a San Francisco, CA-based insurance technology startup, raised $2m in seed funding. The round was co-led by Comcast Ventures and Route 66 Ventures with participation from Hiscox and American Family Ventures. The company intends to use the funds to launch its first product this summer. Co-Founded by Dan Feidt, Steve Giddens, and Chad Nitschke, Bunker operates contract-related insurance marketplace initially aiming to improve the insurance experience of small business working in the ‘gig’ economy, which sees a fast growing number of businesses leveraging contingent staffing models.
Competing in an Age of Data Symmetry (Pt. 3)
08 JUN 2016 | The Internet is a mirror of sorts — a data mirror. Right now, it is a sort of fuzzy data mirror, but the pictures grow clearer as the available data grows. Soon, the image of an insurers’ customer service, pricing and claims experiences will grow crisp. How will it happen? How will insurers respond and remain competitive? In Part 1 and Part 2 of our series, we discussed data symmetry — the leveling of the playing field that is currently happening because insurers are gaining access to many of the same streams of data.
China: Mobile health apps woo insurers but rewards are wanting
07 JUN 2016 | Unprofitable mobile health apps are turning to insurance companies for partnerships that will benefit them both, but major obstacles remain. The latest investment in the sector that made headlines on 20 May was a record-breaking US$500-million capital injection into Ping An Good Doctor, a smartphone app operated by a subsidiary of conglomerate Ping An Insurance (Group) Co. The previous record had been held by We Doctor Group, or Guahao, when it raised $300 million in 2015, reported the business publication, Caixin.
Social media is a tool to fight insurance fraud
07 JUN 2016 | Insurance scams are popular chatter on Facebook, Twitter, YouTube, Instagram and other well-trafficked social sites. Dwell there long enough, and you see a lot of honest people who think insurance fraud is repugnant. Tweeter: “Getting away with insurance fraud easy??”
Digital health tools used more for 'lifestyle' than disease management, says report
07 JUN 2016 | Health apps and wellness devices have “exploded in growth,” in recent years but they’re not being used by the people who need them most. That's according to a HealthMine survey published this week that polled 500 insured consumers and found that 59 percent of them have a chronic health condition. It also found that just 7 percent of those people are using disease management tools – even as 50 percent use a fitness or activity tracker app.
Insights
The number one reason why startups thrive
10 JUN 2016 | Research suggests it’s not funding, the business plan or even the cleverness of the idea that counts most. There’s another factor that’s more important than all of these, and it could mean the difference between your success or failure. “No one’s going to rent out a space in their home to a stranger.” That was the reaction of many seasoned investors who passed up the chance to put money into Airbnb in the company’s early days. The core concept and the business model were the same at the time as they are now, yet many experienced venture capitalists couldn’t see the potential. Of course, the company went on to become the huge success we know today, valued at $25.5m. On the other hand, look at Z.com, an online entertainment company founded in 1999. It did raise enough money from VCs. It had a great business model. It had even got significant Hollywood talent to join the company. Yet within four years it went out of business, and you’ve probably never heard of it.
InsurtechNews present at the IoT Insurance Europe Summit. Find out who the winners are!
09 JUN 2016 | InsurtechNews was present at the first day of the IoT Insurance Europe Summit on June 7th where we had the chance to listen to some great speakers talking about the current context of Insurance IoT and how the big players see the future of insurtech or how they are trying to shape it. Among the most debated subjects of the day: privacy issues, data encryption, data protection rules and sanctions.
Agenda
The Digital Broker
28 JUN 2016 | The Digital Broker 2016 is coming to Manchester! The must attend event for all future facing brokers, the Digital Broker will inspire you to embrace innovation and drive digital growth. Put the date in your diary as booking will open soon!
Insurance Telematics '16 - Olympia Grand London
28 JUN 2016 | 28-30 June, London Olympia: Insurtech News is pleased to partner with Informa’s Insurance Telematics ‘16 event that is focus on how to unlock embedded telematics data to define connected insurance strategies. The event will provide insurance leaders with key access to a wide range of vehicle and original equipment manufacturers, with a focus on forming and developing the relationships needed to drive success providing the next generation of UBI products. Insurtech news subscribers can save 10% from the conference and exhibition fee by quoting code I95TJITN upon registration. For more information, please visit the event website.