Sent on June 22, 2016

News
The Syndicate: Customers cancelling policies due to perceived ‘poor value'
21 JUN 2016 | A lack of perceived value in protection policies is leading to cover being cancelled, according to a report from The Syndicate, the research arm of Protection Review. When researching people who had held protection and health insurance products, many had subsequently cancelled their cover because they didn't see the benefit in them. Others felt they had better things to spend their money on, or had changed their mind during the cooling off period - all pointing towards them not seeing enough value in the cover they had purchased.
Insurers: Ignore the FinTech Revolution at Your Long-Term Peril
21 JUN 2016 | As customers demand personalized insurance products and companies increasingly look to cut costs, the rise of FinTech in the insurance industry (InsurTech) is a disruptive force that should not be ignored, a new PwC report asserts.
Machine learning for UBI: An optimal path to insurance ratemaking?
20 JUN 2016 | Anyone who relies on automated vehicle navigation systems while driving in congested traffic knows to disregard the principle that the shortest distance between two points is a straight line. One-way streets, missed turns, and dubious directions often make reaching a destination by car seem to take far longer than by foot.
Analyzing Allianz's Blockchain Pilot
20 JUN 2016 | Bitcoin has generated a lot of press due to its volatile value and the often dramatic nature of news stories regarding heists or illicit usage. But many people, Novarica included, have long considered the underlying technology, called blockchain, to be the real area of interest and potential future platform for the insurance industry. Allianz’s recent implementation of a blockchain-based CAT bond shows exactly how the technology can be used not to disrupt the industry, but to build trust and accountability in an existing marketplace.
Can Insurance Innovate?
20 JUN 2016 | It’s a simple question — can insurance innovate? Think about your answer; I will give you mine at the end of this post. Here’s a quick story from an insurance book that helps set the stage for how the industry got to where it is today: There once was a membership association called the American Insurance Underwriters (AIU). The AIU acted as an agent for member insurance companies in international markets. Each member insurance company held a percentage of the AIU pool by which payments and liabilities were assigned.
Millennial consumers, mobile use and insurance sales
17 JUN 2016 | You’ve seen them on their smartphones at the dinner table, during work, at parties, even in the movie theaters while "watching" a movie. Millennials, or those born between 1981 and 2000, have not only taken over the workplace. They are now your biggest market and opportunity.
Time for a 'Nudge' on Long-Term Care - Insurance Thought Leadership
16 JUN 2016 | For years, the go-to approach with clients for discussing long-term care insurance (LTCi) solutions has been from an educational perspective. The idea was that if we could just get a prospective customer to lower his guard long enough to understand the strong statistical rationale or risk in favor of LTCi, the decision would become clear to him, and coverage would be purchased.
Wearable InsurTech Infographic | Fintech Schweiz Digital Finance News
16 JUN 2016 | How Wearable Technology is Influencing The Insurance Industry. A nice infographic about Wearabble Insuretech from LifeInsurancePost.com. In 1964, Edward Thorp invented a tiny gadget to cheat roulette in a Las Vegas Casino. A couple of years later, Captain Kirk demonstrated his wrist communicator on a TV show. These were the first wearable devices the world witnessed. Since then, wearable technology has evolved and today it has grown into a billion dollar industry.
PwC: top threats InsurTech poses to insurers revealed
16 JUN 2016 | Almost half (48%) of insurers fear that up to 20% of their business could be lost to standalone FinTech companies within the next five years, says a new PwC report. The report, Opportunities await: How InsurTech is reshaping insurance, said annual investments in InsurTech start-ups have increased fivefold over the past three years, with cumulative funding reaching $3.4bn since 2010. Over two-thirds (68%) of insurance companies say they have taken concrete steps to address the challenges and opportunities presented by FinTech.
Introducing Versicherix – Switzerland’s 1st P2P Insurer
15 JUN 2016 | P2P Insurance is all about giving the customer a better deal. The model relies heavily on trust, transparency and affinity. This new breed of InsurTech firms believe that they can change the dynamic of the relationship between insured and insurer. This week, Rick Huckstep goes in search of Switzerland’s first P2P Insurer, Versicherix. On a sunny afternoon in the Swiss Alps, he talks exclusively with the co-founders, Patrick Wittwer and Reto Brechbuehl.
Insights
AIG & Zurich on Machine Learning in Insurance
22 JUN 2016 | The insurance industry has always used analytics and insights as a key competitive advantage, and there have been significant advances in growing analytics capabilities in recent years. However - analytics is set to take a huge leap forward. Machine learning and artificial intelligence has the potential to completely transform an entire insurance organization, but where and how can machine learning be practically applied by insurers? And is it worth it?
Timetric IIC survey: D2C channel set to be top performer in UK insurance market
17 JUN 2016 | The direct to consumer channel is set to outpace IFAs and brokers, agents and bancassurance in terms of growth over the next year in the UK insurance market, according to a survey by Timetric's Insurance Intelligence Center (IIC). The global industry survey was conducted in March 2016 by Timetric's IIC team. They surveyed around 120 industry experts across the world. Participants' expertise covered all market segments: non-life, life, personal accident and health, and reinsurance.
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.