How actuaries shape insurance strategy? Beyond premiums: What really drives customer loyalty, Roof claims hitting a new high 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.
How actuaries shape insurance strategy
As the insurance industry rapidly modernises, actuaries are becoming integral in shaping and executing strategic growth plans. With a focus on enhancing risk management, leveraging advanced technologies like AI, and optimising decision-making processes, actuaries are driving innovation across the landscape. Their expertise is crucial in adapting to industry changes and achieving long-term business objectives, underscoring their pivotal role in the future of insurance strategy.
MUST READ STORIES
Beyond premiums: What really drives customer loyalty?
The article explores strategies for enhancing customer loyalty and discusses how personal lines insurance buying behaviors might shift over the next decade.
China's insurance reforms aim to support smaller insurers
Whilst the sector remains generally stable, certain pockets of the market could experience significant challenges. Chinese regulators have introduced reforms under the China Risk-Oriented Solvency System (C-ROSS) Phase II to help smaller insurers by lowering capital requirements and reducing commission rates.
However, larger insurers continue to dominate the market, creating barriers for smaller players, particularly in the property and casualty sector, where the top three insurers hold over 65% of the market.
The report notes that smaller insurers face challenges related to business homogeneity, solvency pressure, and higher reliance on third-party channels.
Roof claims hitting a new high – and crisis – for insurance industry, experts say
The latest crisis in home insurance may be roof damage claims. With more frequent extreme weather across the country, some insurance companies are no longer paying full replacement costs for roofs that were installed 10 or 15 years ago. Instead, they're paying the depreciated, actual cost of the roof instead of the cost for a new one— or they're requiring a higher deductible to shift costs to homeowners, among other changes. Some are offering a discount for hail-resistant roofs or imposing a surcharge for roofs that are not hail resistant to encourage people to replace old roofs with new, more damage-resistant ones.
INSURTECH REPORTS
State of Insurtech Q2’24 Report
Europe’s share of insurtech deals reaches 35% — a record high.
Deals to Europe-based insurtechs stayed roughly steady, ticking up from 28 in Q1’24 to 29 in Q2’24. Comparatively, the US saw insurtech deal count fall from 61 to 40. Funding to Europe-based insurtechs reached a 7-quarter high ($0.5B), driven by two $93M deals for Finland-based ICEYE — a provider of data from satellite imagery — and UK-based Vitesse, a claims payments processor.
领英推荐
INSURTECH ROUNDS
Parisian Akur8 secures $120M Series C round for actuarial platform
The funding will be used to develop the product and accelerate global expansion.
Ledgebrook Announces $17M Series B Funding
It comes quickly on the heels of its?$24M?Series A announced in?March 2024, underscoring investor confidence in the mission to redefine the insurance experience through cutting-edge technology and exceptional customer service.. Read more.
Insurtech Sigo Seguros raises $10.5m in Series A funding
Sigo Seguros aims to offer affordable auto insurance to immigrant and working-class communities. Read more .
INSURTECH DIGEST BACK ISSUES
August 07, 2024
AI Boosts Insurtech Market, But Deepfakes a Risk
Insurtech Digest Issue #184 is out! Global InsurTech Report Q2 2024, 7 Key Insurance Industry Trends for 2024 and more
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
Get the best of insurtech in your inbox
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
Recruiter-Sales Trainer | Insurance Expert | Build Trusted Agents | Captive Distribution
2 个月Actuary is probably one the most underrated financial career in the world and few young people have ever even heard of it. An #actuary is a business professional who examines the financial consequences of risk, using mathematics, statistics and financial theories. It ranks #9 amongst 100 best jobs according to US. News for 2024. Thanks again for sharing Alberto Garuccio !!
Important topic Alberto Garuccio The changing landscape of risks means actuaries must combine their current methodologies with access to new data sources, add more analytical power to their elbows and embrace the deluge of AI tools. EVs, robotaxis, extreme weather events and secondary perils. All need new data to add to the human expertise of actuaries. I wrote about the similar challenge for underwriters wo substitute actuaries and the same conclusions are valid https://www.insurtechworld.org/post/102j72h/underwriting-trailblazers-outgun-mainstream-insurers
Supplier Management Manager da empresa Mercedes-Benz do Brasil, ExO Foundations by OpenExO, Engaged Doer by Purpose Alliance & Startup / Singularity University Community / American Society for Quality Member
2 个月Tks for the contribution and mention dear Alberto Garuccio !??????
Insurance & Data Protection Advisor
2 个月As a former actuary, I can say that actuaries, by developing new skills and ways of working and integrating advanced technologies into actuarial practice, can facilitate opportunities for innovation, efficiency and value creation in the insurance industry and beyond. As always very interesting Alberto Garuccio, thanks for sharing
Responsable éditorial du média Digital & Assurance | ?? Un ?il sur toutes les dernières tendances Assurance, Innovation & Insurtech
2 个月Major topic here Alberto ! Efficiency on the pricing brick is a must have for insurers in 2024. Insurtechs can help, like our french nugget AKUR8 for example, which just raised 120M$ ??