Will insurers continue to prosper when the word "insurance" is no longer relevant? Global Report for Q3 2023, New strategies for P&C claim and more
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Will insurers continue to prosper when the word "insurance" is no longer relevant?
It is already clear that the world of tomorrow will be different. The digital transformation is advancing rapidly in all areas of life: from offline to online shopping, from PCs to mobile devices, from trusted stores to price and comparison portals, from ‘one-size-fits-all’ to individual tailored offerings, from posters and TV advertising to social media and influencer marketing. The changes of recent years have been shaped by platforms that have made various services available and consumable online under a unified brand.
Some of these platforms have grown into large corporations like Apple or Amazon, which have understood that today it’s more about solutions than products – all under their own brand. These corporations represent traditional ecosystems that also have room for external partners. Read more .
MUST READ STORIES
New strategies for P&C claims litigation management
According to?AM Best Financial reports , between 2018 and 2023, litigation management costs for the combined Property & Casualty industry increased by 19%, amounting to an increase of $4-5 billion, or for context, bringing total litigation expenses to ~$24B of LAE. Read more .
You'll soon be able to buy a car on Amazon
Amazon announced that it will allow auto dealers to sell cars through its platform next year.Hyundai will be the first to offer its cars on the platform. Read more .
Lemonade Surpasses 2 Million Active Customers
The pace to achieve the second million customers was 35% faster than the first million, which was achieved in late 2020, while premium per customer increased approximately 70% over the same period. Read more .
INSURTECH REPORTS
Gallagher Re Global InsurTech Report for Q3 2023
Moving through this crucial inflection point of global InsurTech, from phase one the ‘great experiment’, into phase two sustainable, profitable business outcomes, we now see in the third quarter of 2023 some thought-provoking examples of what this change looks like, for both InsurTechs and investors. Read more .
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INSURTECH ROUNDS
CoverSelf Secures Additional US$3.4 Million
CoverSelf, the unified platform revolutionising healthcare claims and payment integrity, has announced the extension of its seed round Read more .
Bimaplan secures $3.5 million
Bimaplan is an embedded insurance startup that works with financial services companies and ecommerce platforms, helping them with the capability to distribute insurance products to their customers. Read more .
Pineapple raises $21.3M Series B
Pineapple's unique offering has played a crucial role in broadening the reach of insurance services to a previously untapped customer base, with approximately half of the clientele consisting of individuals purchasing insurance for the first time. Additionally, it provides buyers the chance to obtain an online insurance quote within a few minutes. Read more .
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Alberto
Thanks Alberto Garuccio for sharing and quoting my views & article about inclusive ecosystems. Love the discussion here on it!
Alberto, é molto interessante, fate un ottimo lavoro a Reale Mutua Assicurazioni! ????
Solution Architect & Senior Expert Insurance at SAP - In early Retirement
1 年It will certainly be more advantageous for all parties involved if insurance cover is embedded in products and services "on the side" - as long as the premiums are in a fair proportion to the risk covered. Nevertheless, there will continue to be financial risks that are possibly more fragmented than before - but will be more complex in their interaction across the entire value chain - because the "individual lines or pieces" have to be put together to form a whole for those who insure one or more risks. If only individual items, services, risks or events are covered solely, the approach calls itself into question. Usually customers are interested in holistic or comprehensive cover (maybe with serious deductibles or meaningful limits), instead of getting snippets and/or exclusions. If an incident occurs, nobody wants to deal with multiple partners in parallel. There must be one contact point / person, organizing and orchestrating the actors. This need will remain even if more and more is done to avoid or prevent risks and minimize the consequences of an incident.
Recruiter-Sales Trainer | Insurance Expert | Build Trusted Agents | Captive Distribution
1 年Very useful thoughts again Alberto Garuccio ! I admire your contribution to insurance space. To strengthen your thoughts If Insurers want to be significant players in the integrative ecosystem must also invest in knowledge and skills gaps. The insurance business faces a greater talent deficit as well as technological adoption issues. Do not underestimate the aging workforce. Failure to solve these challenges may result in a loss of competitive advantage, operational inefficiencies, increased regulatory concerns, and difficulty with customer retention, compromising a company's long-term viability.
System integration, Event-driven Architecture, Automation, AI Solutions
1 年"Insurance" continues to be an interesting and successful business.... I believe it will continue thriving and evolving... And thanks for the mention ??