Do Insurers recruit Gen Z? ??Lemonade aquires Metromile, What’s Top of Mind for Life Insurers 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
Metromile’s auto insurance offerings are informed by a decade’s worth of data, which should improve the quality of the newly-introduced product, Lemonade Car. Metromile’s data and AI models can give Lemonade’s new product more precise pricing.?
Must-read insurtech stories
Gen Z arrived after millennials, with the oldest among them born in the mid- to late-1990s. Many of them are?scouring the job market for opportunities in the digital and technology fields. The insurance industry is well-positioned to embrace change and attract young talent.
As 2021, already a year of turbulence and change, draws to a close, forward-thinking insurers must avoid treading water?if they want?to succeed in today’s sink-or-swim market.
ACN experts discuss the step-by-step strategic resilience planning in insurance to respond to potential future trends and scenarios in sustainability and ESG. Read more about it here.
Insurtech Reports and Studies
Life insurers are setting bold agendas to modernize technology, embrace the future of work, and pursue new growth opportunities. The 2021 edition of the biennial global executive study by BCG and LIMRA discusses the challenges and opportunities facing insurers and how to best navigate the path forward. Technology emerged as the top challenge, giving it notably higher priority than in our 2019 survey. Other significant challenges, including persistently low interest rates and increasing regulation, reflect the numerous headwinds facing the industry and amplify the need to manage risks in the current environment. Additional priorities, such as pursuing growth and adopting new ways of working, demonstrate that insurers are preparing to move faster and be more responsive to customer, advisor, and employee needs in the postpandemic world.
Post of the week
100+ Israeli InsurTech companies across different verticals, seeking to discover the next generation of insurance technology companies. Some verticals are more crowded, such as automotive and life & health, and some are fairly new like crop, commercial and even drone insurance. Traditional insurance companies around the world are being disrupted by Israeli InsurTech startups. They believe that Gen Z will consume insurance in a different way, forcing the new insurance companies to provide seamless, data driven experiences. These graphics divide these companies by verticals between those serving insurers and brokers, those serving policy holders, and fullstack insurers.?All born digitally on the cloud, they seek to disrupt the insurance industry in all its aspects.
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Investment and Startup Use Cases
There were 34 funding rounds in the insurtech sector between Oct. 1 and Oct. 29, 2021, according to a review by?Digital Insurance, with nine rounds of more than $20 million this month.
The company intends to use the funds to scale its insurance claims monitoring platform and expand its team, increasing its full-time staff in the U.S. and Canada by 20% before the end of 2021, with additional hiring planned for 2022.
Founded in 2016 and headquartered in London, the Nimbla platform offers invoice insurance with real-time quotes, with a proprietary digital automated credit risk platform that can instantly forward requests.
Insurtech Digest Back Issues
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What a nice insights! It is interesting to see how insurance is evolving all around the world. Great article Alberto Garuccio
| Expert- Consultant| MC Consultants| ??Insurance Elephant??|Insurance Advocate
3 年Top of mind for life insurers can easily be extended across most lines of insurance (established markets), but is there ground being lost for customer experience, both for internal and external customers? CX, customer behavior and retention factors have fallen even further into lower priority between 2019 and 2021 based on survey data. Technology improvements must have a purpose in facilitating analog employee skills and service to customers as tech alone is not the answer. Service resolution and customer confidence rely on a company's aggregate ability to understand and resolve service concerns; with a focus on digitization alone is the industry is not working to develop needed CX skills. And- a failure to recognize how remote and hybrid working environments further inhibit the development of soft skills will become an industry-wide CX training challenge. The future is always in the customers' hands, the effort needs to be made by all, not just field staff: "Executives also emphasized the importance of using the right approaches to lead and organize their staff. As one North American executive explained, “Leaders will need to adapt and learn new skills to manage this new workflow.” THx, Alberto Garuccio