Sent on March 30, 2016

News
Data 'to revolutionise marine underwriting' over next decade
30 MAR 2016 | A new generation of marine underwriters will help drive a sharp increase in the use of analytics to inform underwriting decisions and product development, according to the head of XL Catlin's global marine operations. Lee Meyrick said the increasing availability of data was already having a significant impact on tracking cargo, where hijacks used to be frequent across the world. He told Insurance Day one of his goals within XL Catlin’s marine business is to increase focus on the use of analytics
Benefits of Surveillance, Social Media in Workers' Comp Claims Investigations
30 MAR 2016 | As workers’ compensation fraud costs top out at an estimated $7.2 billion a year, according to the National Insurance Crime Bureau, insurers are looking at ways to combat the crime. There are several warning signs that a workers’ compensation claim may be fraudulent. These include Monday morning reports of an injury that happened the previous week, conflicting descriptions of how the injury occurred, no witnesses and a history of claims, according to a 2011 white paper on the subject released by Employers, an insurer specializing in small businesses
UK insurers plan technology spend to stave off start-up threat
29 MAR 2016 | Rising expenses and falling investment returns will outpace growth in premiums and business volumes at UK general insurers during the next three months, according to the latest Confederation of British Industry/PwC financial services survey. The survey found insurers are investing heavily in technology to tackle rising costs and efficiencies, as well as to drive growth through new products and reach new customers. While regulatory spending has been tracking down in recent quarters, the survey found it continues to be a key driver of capital expenditure.
Next Insurance Matches Lemonade for Largest US Tech Seed Round Since Start of 2015
24 MAR 2016 | Almost 40% of sole proprietorships in the US don’t carry small commercial insurance coverage, according to a recent McKinsey poll. Today, a spate of insurance tech startups are hoping to capture opportunity in the small business insurance space, offering services ranging from quote engines (Insureon) to digital wallets for managing policies and rates (Coverwallet) to free claims management and peer-comparison software (Embroker).
Fitch Recommends Slower P/C Insurance Embrace of Cyber Risks
24 MAR 2016 | Cyber risk may be the fastest growing segment in property/casualty insurance, but carriers should be measured about boosting their presence in the space, Fitch Ratings warned in a new report. Why go slow? Fitch argues that rapid expansion in cyber risks is creating problems with insurers’ bottom lines and credit ratings. Meanwhile, the segment already had $3 billion in 2015 premiums and will triple in 4 years
HOT Markets of 2016: Drones, Cyber and More
24 MAR 2016 | Looking for new sales and opportunities in 2016? Here are a few of the top market sectors that just might deliver hot opportunities for agents and brokers in the property/casualty insurance industry this year. The drones sector is expanding rapidly with global expenditure on the emerging technology set to double to $91 billion over the next decade. Drones are now used for a range of activities including military, agriculture, public services, wildlife protection and research.
Digital Insurance Agency MassDrive Expands Online Platform to All States
24 MAR 2016 | MassDrive Insurance Group, a digital insurance agency and affinity marketing firm, has made its auto insurance comparison shopping service MyLifeProtected available nationally. MyLifeProtected uses an affinity distribution model. The company enables retailers, digital media companies, financial institutions and other affinity groups to offer a multi-product insurance platform to their customers or other constituents. Partners use MyLifeProtected’s technology to make insurance available to their customers via desktop, mobile device or phone.
Drones are proving to be a valuable tool for adjusters
24 MAR 2016 | When adjusters go out to a property to investigate a claim, it can be difficult and even potentially hazardous for them to gather evidence. Gaining access to a damaged roof, photographing the aftermath of a tornado, or inspecting the site of a fire can all prove problematic.
Verizon sees value in one-on-one coaching
24 MAR 2016 | In an era of where technology and smartphones are rampant and where so many things can be done at the touch of a button, it can be easy to forget the value of one-on-one interaction, particularly when it comes to employee health. Telecommunications giant Verizon, which has more than 177,000 employees across the U.S., recently piloted a coaching program with WebMD Health Services that helped nearly two-thirds of participants shed unwanted pounds.
Cyber: Rapid cyber business growth seen as credit negative -Fitch
23 MAR 2016 | Insurers' aggressive expansion into standalone cyber insurance could be credit negative, because cyber attacks pose dangerous risks and uncertainty across industries, according to a report from Fitch Ratings. In its report, "Global Cyber Insurance Update: Expanding Threats Amplify Underwriting Opportunity, Loss Potential", Fitch says that cyber risk insurance is the fastest growing segment in property/casualty insurance with an estimated US$3 billion in premiums in 2015 and anticipated to triple in four years. Approximately 50 insurance carriers now offer some form of standalone cyber insurance coverage.
Insights
We have the framework
16 MAR 2016 | In Italy, this transformation is exemplified by the adoption of vehicle telematics. According to the latest IVASS data, black box became an integral part of 15.5% of new policies and renewals during the third quarter of 2015. Auto #insurance #telematics mainstream in Italy: penetration >15% [Click to Tweet] The insurance sector is now seeing the same dynamics already experienced inmany other sectors, including financial services: with startups and other tech firms innovating one or more steps of the value chain traditionally belonging to financial institutions. InsurTech has seen investments of almost $2.65 billion coming in during 2015 compared with $0.74 billion in 2014. Similar to FinTech in 2015, it’s now InsurTech’s turn to define the elements to be included in the observance perimeter, this being a main point of debate among analysts.
Caught on camera: your customers on connected insurance
24 MAR 2016 | In the run up to the Insurance IoT Europe Summit, Insurance Nexus – a division on FC Business Intelligence - took to the streets of London to canvas public opinion about insurance. They caught six unsuspecting individuals who were willing to share their views on insurance and gauge their response on how connected things can help insurers give them better service.
Agenda
Connected Car Insurance Europe 2016
12 APR 2016 | This is the largest and most comprehensive forum in Europe dedicated to connected car insurance. With over 400 attendees from across 25+ countries globally and 50+ executives speakers, this event will address the technological challenges and new business models to impact the motor insurance industry as it converges with the connected car.
International insurance fintech and innovation conference: DIA Barcelona
20 APR 2016 | DIA is dedicated to accelerating the crucial digital transformation of the industry. DIA is the first global community and two-day conference connecting change agents at insurance companies to fintech leaders. DIA Barcelona will feature two days full of insurtech innovations with an impact. Solutions that drive cost efficiency and boost customer engagement and revenue growth. DIA is the yearly shot of inspiration to speed up effective digital strategies at any insurance firm.