Has insurance become too On-Demand? How insurtech is shaping insurance in APAC, Insurance ecosystems: "co-opetition" is the key to success 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.
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Has Insurance Become Too On-Demand?
The "customer-centric" concept isn't wrong, but anything “centric” requires a balance. Has the pendulum swung past the point of effectiveness?
Many new entrepreneurs or those in the gig economy consider on-demand insurance the greatest invention since sliced bread. And insurtech companies couldn’t be happier. Here’s why: In the wake of society relying more on smartphones, apps or other popular technologies, consumers now expect buying insurance to involve a similar user experience as when shopping on Amazon.?Read more.
MUST READ STORIES
Insurance must rethink its role as 'traditional premise' no longer enough
The insurance industry has for decades lived up to its value proposition of providing capital to cover risk and reimburse losses. But a new survey shows this traditional premise of insurance is not enough for consumers anymore.
How Insurtech is shaping the insurance sector in APAC
Insurtech is enabling cloud powered geolocational services, IoT, leveraging data insights and elastic computing in underwriting, claims and appeals management, enhancing field service, risk and fraud management, and augmenting regulatory and compliance functions. While the Americas is still the largest, APAC will be the fastest growing region for insurtech.?Read more.
Insurance ecosystems: "Co-opetition" is the key to success
Historically, the insurance sector has not been known for its innovation power, being relatively slow to adapt and embrace new technologies. And to the eye, this has left it far less disrupted than many other sectors. Ecosystems are constantly evolving and subject to periodic disruptions by internal and external factors. As the general concept of insurance itself is also forced to evolve or even disrupt given the increasing availability of real-time data, incumbents are starting to adapt – moving from being data-enabled to data-led. Taking a bold approach towards digital transformation is necessary to shape the future of the industry. While data used to be static, in a world of artificial intelligence, the competitive advantage will belong to those with the best innovative capacities.?
INSURTECH REPORTS
领英推荐
Global Insurance Report 2023: Closing the personal P&C protection gap
The protection gap has a number of direct and indirect causes. In developed economies, customers’ personal P&C insurance needs are changing significantly and rapidly - particularly when it comes to motor insurance, given that connected cars and the sharing economy are transforming pricing models and risk profiles. Extreme weather events are wreaking havoc, with increased flooding, tropical storms, wildfires, and droughts challenging traditional risk assessment and underwriting models in property insurance. Cybersecurity risk is on the rise, and many insurers are struggling to properly quantify risk exposure, adjust terms and conditions, and consequently win the conviction of reinsurance capacity. And e-commerce is becoming indispensable,1 bringing a heightened risk of online fraud and theft.
INSURTECH ROUNDS
Insurtech startup Opkit launches out of stealth with over $1M in funding
Opkit is a modern, developer-friendly health insurance verification platform used by some of the top healthcare organizations.?Read more.
Insurtech firm Vitraya raises $4.1 Mn from Xceedance
Vitraya enables automated, real-time payouts and claims settlements between hospitals/healthcare providers and insurers, who offer health insurance products to consumers and businesses.?Read more.
Fairmatic raises $46 million for AI-powered commercial auto insurance platform
Fairmatic, which employs 75 people, has developed an AI-driven underwriting approach that unlocks continuous savings opportunities for fleets. By providing an easy way to monitor driving events and offering actionable improvement tips, Fairmatic is giving fleets more proactive control over their risk management approach.?Read more.
INSURTECH DIGEST BACK ISSUES
How sell policies in the metaverse??Insurtech Digest Issue #141 is out! How to balance speed, accuracy in commercial lines underwriting, Insurtech can bring insurance protection to the poor and vulnerable and?more
Unlock the potential of the Silver Economy.?Insurtech Digest Issue #140 is out! Finance for sustainable change, performance through people and?more
Look at these Digital Marketing Ideas for Insurers.?Insurtech Digest Issue #139 is out! Modernising Insurance: The Challenge of Legacy Systems, ChatGPT in insurance sector and?more
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Alberto
Data Driven Commercial Property Manager | Leveraging Ai to Accelerate Productivity and Improve Resident Retention ??
1 年Brandon Hebert - thought ?? you might find this interesting!
Thanks for the Tag Alberto ,ON-demand can take for short term risk during usage of service , but for a typical longer term finacial risk of life / health risk , is there a model of on demand catering?
Solution Architect & Senior Expert Insurance at SAP - In early Retirement
1 年?? When applying for an insurance policy is made as easy as shopping at Amazon, coverage is often limited to restricted coverage of specific risks or a single item. Both may already be covered in existing policies with a much broader scope of insurance - or can be included, eventually even cheaper. However, many customers are unaware of this option, or taking out supplementary coverage is cumbersome ... in any case much more inconvenient than shopping at Amazon. To enable sufficient risk assessment for homeowners or contents insurance, structured information is needed - still gathered via detailed application forms, even when provided digitally. Once collecting this data (and updating it as changes occur) becomes as convenient as online shopping, new business and change of current policies can be simplified and accelerated without compromising the underwriting.? It would be helpful if the entire application, policy and claims data could be easily transferred from one insurer to another, when changing the risk carrier. Therefore, the policyholder must 'own' this data in structured form (e.g. XML) - embedded in a PDF/A-3 document for instance - to submit it easily (e.g. click & upload). It's all about structured data ??
Recruiter-Sales Trainer | Insurance Expert | Build Trusted Agents | Captive Distribution
1 年Great to mention the gig economy Alberto Garuccio that shapes the future of insurance ! Just a point of attention : customer acquisition costs are higher in direct models, fierce competition underprices products while attract unethical behaviors'. An Amazon based customer experience does not mean better loss ratios. ??
| Expert- Consultant| MC Consultants| ??Insurance Elephant??|Insurance Advocate
1 年Disclaimer- I am a proponent of dynamic underwriting, on-demand insurance, app-based insurance by the minute, gig insurance, etc. Options for the purchaser. Caveats- >>Insureds remain under-educated about insurance in general, and perceive their on-demand needs differently than how policies are designed. The industry needs to step up its transparency and education games. >>On demand purchase also suggests on-demand cancellation/churn. >>On-demand churn complicates claim adjudication. >>Important insurance expertise relationships are not fostered through click and go. >>On-demand and gig-based insurance preclude carrier leveraging of float, so profits must tend to underwriting sources only. >>On-demand policies presume shorter policy terms so a relative diseconomy of scale must be present for pricing. 365 one day policies in aggregate will cost the customer more than one 365 day policy. Just some thoughts, but issues that can be overcome to support more flexibility for customers' purchase options. Thanks for the share and tag, Alberto Garuccio #innovationfromthecustomerbackwards