How is the State of Insurance APIs? 3 Paths for Insurtechs in 2023, 2022 Global Airlines Travel Insurance Benchmark 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.

The State of Insurance APIs

Chubb recently announced 3 new additions to its API marketplace Chubb Studio. Specifically, the ability to embed products within a company’s native app via access to Chubb-developed software development kits (SDKs), the option to add products and services from other insurance carriers including third-party or non-Chubb companies, and a broader, global access to Blink by Chubb, which was previously available only in the U.S.

Like Chubb, Zurich recently launched its Zurich eXchange, a global API marketplace. It offers 50 open APIs, enabling its commercial claims customers to access their latest claims data and policy documents digitally at any time, for example. Other APIs allow customers and partners to integrate new Zurich insurance products into their own digital channels.

The march towards convenience and connectivity is essentially what these insurers’ initiatives to offer insurance-as-a-service (IaaS) entail. This report will present integrated insurance initiatives with a focus on embedded insurance.

Read more .

Must-read stories

3 Paths for Insurtechs in 2023

Future leaders will master the skill of harnessing data-driven insights to focus on prevention first, instead of indemnification. The insurance sector was no exception to the past several years of overwhelming digital transformation that pushed so many industries quickly forward.

However, with consolidation happening in our industry, many are wondering about the future of insurance technology. How can companies continue their growth trajectory and remain profitable? Read more .

?From Prediction to Transformation across Claims

The introduction of AI into a company’s decision-making doesn’t affect just you. It also affects your partners in the value chain and the ecosystem you operate in. Read more .

Top 3 Reasons Apple’s Crash Detection Obviously Wasn’t Intended for Enterprise Programs

Among the requirements for an enterprise program are a relatively ubiquitous technology—smartphones, low service cost and the ability to detect accidents at low speeds with minimal false positives. Read more

Reports and Studies

2022 Global Airlines Travel Insurance Benchmark

Significant growth among airlines with in-path travel insurance, the highest number of partnerships in Asia and Europe, and the continuing dominance of global insurance giants surfaced in the comprehensive study comprising 156 airlines globally. The report provides the following findings:

• In-path travel insurance: Also known as embedded insurance or integrated path, in-path travel insurance grew in 2022, as powered by partnerships along with a range of other factors. In 2022, a majority (73.1%) of 156 airlines surveyed offered travel insurance in-path, compared to 55.8% of 138 airlines surveyed in 2021.
• Top regions with in-path: Europe and Asia logged the highest percentage of airlines with in-path integration at 92.0% and 75.0% respectively.
• Opt-in integration: Due to regulations, the majority of travel insurance integration for airlines was also opt-in, where the insurance needs to be selected by the customer in order to be purchased with the flight ticket. This is in contrast to opt-out, where travel insurance is automatically selected during purchase. While the latter naturally creates higher conversion, opt-out markets are only a select few and regulations in markets such as Russia shifted the market towards opt-in in 2021.
• Highest conversion in-path: Most in-path travel insurance was placed on the Add-Ons and Payments page, where the latter is driving the highest conversion. Personalising key messages, with visuals and images, play a key role in conversion.
• Insurers’ reach via airline partnerships: In their global reach based on airline website traffic, Allianz dominated this year with its 29 airline partnership deals, followed by Chubb with 22 airline deals, AIG with 15 airline deals, and AXA with 11 airline deals.

Read More about the report?here .

Post of the week

Dr. Robin Kiera @stratorob

Great read. The insurance market’s quest for a digital value proposition. https://twitter.com/stratorob/status/1597208950838919168

Investment and Startup Use Cases

?Southeast Asia insurtech Igloo increases its Series B to $46M

Igloo develops its insurance products and then partners with insurers who underwrite their policies. Igloo currently works with 20 global, regional and local insurers across Southeast Asia. It distributes its insurance products through partnerships, and is partnered with over 55 companies in seven countries. It now offers 15 products, including policies for gig workers, gamers, cars and farmers in Vietnam, and says it has facilitated more than 300 million policies and increased gross written premiums by 30 times since 2019. Read more .

?Send Technology Solutions raises ￡9 million in Series A funding

Send’s core product is an SaaS underwriting workbench designed to streamline operations, automate tasks and free up underwriters to focus on core work. It is a one-stop desktop for underwriters providing a single place for managing new business, renewals, and endorsements.?Read more .

?Surround Insurance Raises $2.5M in Seed Funding

The round was led by MassMutual through the?MM Catalyst Fund, with participation from Aperture VC, Newark Venture Partners, and Cameron Ventures. The company intends to use the funds to to expand its product and distribution footprints. Read more .

Insurtech Digest Back Issues

How to address the insurance workforce gap with technology? Insurtech Digest Issue #132 is out! Is insurance an emotional relationship? Top 50 Influencers 2022 and more

Unleashing the Potential of Data in Insurance. Insurtech Digest Issue #131 is out ! Life Insurance Partnership, decentralized insurance and more

A huge embedded insurance opportunity? Insurtech Digest Issue #130 is out ! Amazon launch an insurance comparison site, Insurtech 100 2022 and more

Look at Letterhead archive. Read more.

LET'S SAVE THE PLANET FROM WASTE

Dear readers, today, in addition to the usual digest on the latest news from the insurtech and insurance sector, I would like to tell you something more about a personal project for the reduction of packaging waste that I am developing with 2 co-founder as a concrete give back action for the community and our planet.

Look at our video

The huge amount of waste deriving from disposable containers, especially in the food sector, and the materials with which these containers are made, often make their recycling impossible, progressively causing significant damage to our planet. In addition to the environmental impact deriving from the management and disposal of waste generated by disposable containers, it must be considered that this type of packaging produces a strong impact along its life cycle. The consumer model of "disposable" leads in fact to the waste of raw materials and energy necessary for its production; just think that a disposable container is used for an average of 60 minutes and is disposed of in 100 years. It also increases the impact deriving from the logistics and transport emissions necessary for the handling of disposable containers.

For this reason the Around project was born! I need your help to complete the donation crowfunding campaign that will give us the opportunity to reduct waste produced by first 100 canteens and restaurants.

Thanks in advance for your support.

Best regards,

Alberto

DONATE HERE

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Have a nice day!

Alberto