Sent on January 27, 2016

News
Welcome to the Future
26 JAN 2016 | Some observers have called 2015 “the year the future arrived” for the insurance industry. After close to a decade discussing the potential disruptive effects of big data, wearables, the Internet of Things, direct distribution for commercial insurance and the entrance into the marketplace of consumer Internet brands like Google, all of these things became real last year. While they are still in their early stages, they are no longer potential. They are now actually happening....
California OKs rideshare coverage from State Farm, USAA
26 JAN 2016 | Major insurers are jumping into the pool to provide new auto insurance coverage options to California drivers working for ride-hailing companies such as Uber and Lyft, The Sacramento Bee reported. This week, California Insurance Commissioner Dave Jones approved Bloomington, Ill.-based State Farm and San Antonio, Texas-based USAA to begin offering coverage for policyholders using their personal cars to provide rides through transportation network companies (TNCs).
10 Insurtechs for superb customer engagement
26 JAN 2016 | In our previous blog we introduced the key challenges that insurance carriers are facing. Winning insurtechs are those that tap into these challenges to accelerate digital transformation. In this post the first of seven different flavours of winners in fintech insurance: Insurtechs that drive superb customer engagement.
Baidu looks to artificial intelligence to reduce insurance risks
25 JAN 2016 | (Bloomberg) -- It was hard to tell whether hope or fear was the predominant sentiment about the future of artificial intelligence, according to a panel discussing the state of the field at the World Economic Forum in Davos, Switzerland, Wednesday. A.I. systems are rapidly becoming more capable, the panel — which included Ya-Qin Zhang, president of Chinese search engine company Baidu Inc., and Matthew Grob, the chief technology officer at Qualcomm Inc. — agreed: they’re able to learn from analyzing large data sets and they can increasingly discern human emotions by monitoring facial expressions and natural language.
Legal update: Autonomous vehicle liability
22 JAN 2016 | It is generally accepted that driverless vehicles will arrive on our roads in the not too distant future and, when they do, the road network will gradually become a safer place than at present. However, the term “driverless” is currently being applied both to the specific, short-duration assisted driving modes delivered by Advanced Driver Assistance Systems, such as lane-assist and self-parking, and to vehicles which in future will be fully autonomous all of the time. In this article, Nick Rogers examines where liability attaches when an autonomous vehicle cannot avoid an accident.
Why insurers should improve digital communications
22 JAN 2016 | With benefits such as providing real-time information to clients, insurers must no longer overlook electronic communications, writes Kirsty Tanner How many insurers are failing advisers and their clients with inadequate communications? From bank accounts to utility bills, consumers now have a legal right to receive all of the information that companies know about them in a format that can be easily consumed digitally. This is increasingly being used to enable comparison services to find better financial products. This became law under the Enterprise & Regulatory Reform Act 2013.
Oscar, a billion-dollar New York startup that wants to shake up healthcare, is reportedly raising even more money at a $3 billion valuation
22 JAN 2016 | Oscar, a health-insurance startup, is reportedly raising new funding that could value the company at $3 billion, Fortune's Dan Primack, Erin Griffith, and Leena Rao report. The new funding is said to be led by Fidelity, and $150 million has been committed so far. In September, Oscar raised $32.5 million from Google Capital at a $1.75 billion valuation.
16 of the coolest P&C insurer mobile apps
21 JAN 2016 | As smartphones and tablets have grown in popularity, it has become pretty common for insurance companies to have a basic mobile app for policyholders to pay bills, file claims and handle other basic tasks. But you might be surprised at the apps available for free (often for customers and non-customers alike) to improve driving skills, prepare a home inventory, shop for a new vehicle, track cyber attacks or hurricanes, and more.
KPMG: Automobile Insurance in the Era of Autonomous Vehicles
21 JAN 2016 | This KPMG research report, titled “Marketplace of Change: Automobile Insurance in the Era of Autonomous Vehicles,” predicts a decline in accident frequency due to safer vehicles and the adoption of autonomous vehicles could shrink the U.S. personal auto insurance sector by 60 percent within 25 years. KPMG’s Insurance practice estimates an 80 percent potential reduction in accident frequency by 2040. This will result in a potentially drastic reduction in loss costs and premiums, though KPMG estimates that accident expense could increase from almost $14,000 currently to roughly $35,000.
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.
Asia Conference on Big Data and Analytics for Insurance
27 JAN 2016 | The siren call of Big Data resounds throughout the globe. Data – big and small – now is at the heart of strategy development throughout industry as organisations seek new strategies in the pursuit of profit. The insurance industry sits on a rich vein of data, however unfortunately static, and historically under-exploited. In an increasingly data-driven business environment, it is time now for insurers to embark on the broader picture and leverage the insight it offers to gain and sustain a competitive advantage. Is your organisation ready for that data journey? How can your organisation leverage data as a strategic tool? How will your organisation embed data analytics in every process? Do you have relevant data? And the right talent to make sense of it – and apply the insight? Data analytics will play a key role in reshaping the way insurance organisations function, driving key business decisions, underwriting new policies, and creating new business opportunities and boundless ways to innovate and connect with the market. So don’t fear Big Data. Make it your friend – and be a winner in the data age.