AI Boosts Insurtech Market, But Deepfakes a Risk, Global InsurTech Report Q2 2024, 7 Key Insurance Industry Trends for 2024 and more
A new perspective on an old-established industry. Find latest report, news and information about startups and innovations in the insurance industry, with a focus on best #insurtech initiatives and venture capital investments.
Report: AI Boosts Insurtech Market, But Deepfakes a Risk
AI technology has bolstered the insurtech market, but the risks of deepfakes in fraudulent insurance claims presents challenges. Read more.
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Why insurance tech company Meanwhile is betting on bitcoin life insurance
Meanwhile CEO Zachary Townsend explains the demand for bitcoin-based life insurance, offering intergenerational wealth transfer. Read more.
Lemonade shares fall on Q2 results, 2024 forecast
The insurtech company showed some positive progress in its latest earnings report, but its shares dropped after missing expectations. Read more.
7 Key Insurance Industry Trends for 2024
Worldwide, insurance companies generate over $6.75 trillion in premiums each year.
Yet much like their commercial banking cousins, they have long been considered stodgy and behind the times. But things are quickly starting to change.
In fact, this data-intensive industry is transforming faster than ever before. If you want to learn about changes set to shake up the insurance space, take a look at these trends.
INSURTECH REPORTS
Global InsurTech Report Q2 2024 - Gallagher RE
In keeping with prior reports, we spotlight InsurTech companies that are pertinent to this sector, interview thought leaders in this space and detail the latest InsurTech investment data.Key findings for Q2:
. Read more.
领英推荐
INSURTECH ROUNDS
AI for insurtech, Gradient AI scoops $56M funding
The investment will be used for product development, adding new features and functionality, and launching new products to expand its range of solutions for P&C (property and casualty) and health insurers.
Cowbell Cyber Secures $60M in Latest Funding Round
Companies often purchase multiple insurance policies to protect against potential losses, including cyber insurance plans designed to mitigate the financial impact of a cyberattack. Read more.
Travel insurtech Faye closes $31m Series B funding round
Since launching its app to American travellers in 2022, Faye has continued to expand its offering to where it is today: travel insurance that is designed to provide comprehensive coverage and enable smarter, faster claims resolutions; 24/7 assistance and companionship for anything that can go wrong in-trip; real-time trip monitoring; and alerts as well as fast fintech solutions to enable payments, reimbursements and savings for trips.
INSURTECH DIGEST BACK ISSUES
May 31, 2024 Tech-tonic shifts
Insurtech Digest Issue #183 is out! Driving claims insights for insurance carriers, AI Leads a New Wave of Insurtech Disruption and more
April 21, 2024 The Future of Small Business Insurance
Insurtech Digest Issue #182 is out! Could my car be hacked? The Rise of Personalized Insurance in a Data-Driven Era and more
March 23, 2024 How agents and brokers are using insurtech
Insurtech Digest Issue #181 is out! 3 life insurance underwriting predictions, a complete guide to insurtech and more
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Hey there,?hope you find this digest inspiring!?So please,?share on your social?and tell your fellow insurtech enthusiast friends to?subscribe here.?? Feel free?to connect?with me and keep in touch for any support concerning your startup or impact projects.
Have a nice day!
Alberto
Founder @ InsurTech360.com | FLMI | CSM | CSPO | Lean Six Sigma Green Belt | InsurTech Advisor & Mentor @ Lloyd's Lab | Global Insurance Accelerator | Gener8tor
7 个月Like any piece of technology, it is a way to do things differently, more efficiently in many cases. BUT it can't be used at the sacrifice of the things that we need as human beings. Transparency, understanding, connectedness. The opportunity is there to bring people closer together through technology, but the risks are as great as the rewards if executed incorrectly.
Chief Strategy Officer (CSO) at La Caja | Generali Group
7 个月In my opinion, benefits will definitely far outweigh the cost. Specially, fraud will be reduced to a minimum. And technology will allow to reach new populations that are nowadays unreached. Great post.
Business & Product | Web3, Defi, Insurtech -- Make changes before changes make you!
7 个月Thank you for sharing these insights Alberto Garuccio AI is undoubtedly a transformative force in the insurance industry. However, the concerns you raised are significant. The threat of deepfakes to claims integrity highlights the need for advanced detection mechanisms and stringent verification processes. Moreover, AI-driven underwriting must be carefully managed to prevent the exclusion of vulnerable populations. Bias, transparency, and data quality in AI models are critical issues that can’t be overlooked, as they fundamentally affect fairness and trust in the system. The shift towards individualized pricing poses a risk to the solidarity-based principles that have traditionally underpinned insurance. This evolution necessitates the development of robust ethical frameworks and regulatory guidelines to ensure that AI serves all stakeholders equitably. Collaborating between regulators, insurers, technologists, and ethicists will be key as we navigate this complex landscape. By fostering an environment of transparency and inclusivity, we can harness AI’s potential while safeguarding the core values of the insurance industry.
Gr8 GOAL require Gr8 PASSION n ATTITUDE really matter's to it
7 个月Alberto Garuccio ! Thank you for sharing and making me take notes always on Research, Range, Reason, Result .
| Expert- Consultant| MC Consultants| ??Insurance Elephant??|Insurance Advocate
7 个月It can be said that AI-driven underwriting and servicing are simply the latest iterations of carriers' efforts to best identify risks and in leveraging efforts in pricing products to remain competitive and attractive to customers. What becomes different is that some aspects of emerging technology can now be easily applied in improperly presenting claims and claim evidence (see deep fakes). What is faked with technology can be defended against with technology, if the industry applies an affirmative, forward-looking tech investing approach. There is a key difference in strategy between the industry and bad players- bad players work 24/7 to apply tech TODAY for ill-gotten gain, while much of the industry responds to gambits. The industry can through strategic design and application of resources PLAN FOR gambits and adverse application of technology rather than wait and respond. It's often a hard sell for organizations to invest in efforts that are not profit centers or efforts that produce results beyond the next P&L cycle, but in an environment where tech use competitors have a 24/7 competitive advantage the industry must have a cogent long-term strategy. A timely discussion, Alberto Garuccio. Thanks for the share and tag.