Insurtech Innovations: APIs, Automated Underwriting, Chat GPT, Top Trends and Challenges, Insurtech Insights London Day 1 and more.

API driven Insurance powered by Munich Re - Apinity & REALYTIX ZERO

We are super excited about their announcement on the Insurtech Insights London event on March 2! We will keep you posted.

The Apinity Marketplace is a one-stop shop for API solutions, offering insurers a centralized location to access a variety of API services, improving operations and customer experiences, and ensuring regulatory compliance. With the collaboration of Munich Re, businesses of all sizes can now access a variety of services, including nat cat and cyber insurance, via simple APIs.

REALYTIX ZERO is an automated underwriting system designed to streamline the insurance product launch, distribution, and scaling process. It offers a fully digital, cloud-based no-code/low-code platform that enables product design, pricing, distribution, and administration to be done using a single, automated process. Its self-configuration capabilities and strong API integration enable easy implementation and adaptation of insurance products, reducing time to market to just a few weeks.

The use of AI like Chat GPT in insurance: When will the hype become help?

Insurers can benefit greatly from using Generative AI in several ways:

It can help insurers identify potential claims before they happen, saving them money and improving risk management by analyzing large amounts of data and simulating potential scenarios.

1. It can help underwriters create personalized insurance policies based on a customer's specific risk profile, resulting in more accurate pricing and coverage decisions and higher customer satisfaction.
2. It can also improve the customer experience by automating certain tasks and reducing the time it takes to process claims.
3. It can aid in the detection of fraudulent activity, lowering the number of fraudulent claims paid out by insurers and increasing their overall profitability
4. It can assist insurers in developing personalized marketing campaigns based on customer data, which can improve potential customer targeting and overall marketing ROI.

According to RGA, Language models like ChatGPT may have some problems:

1. It can lead to biased language because they learn from lots of text on the internet.?
2. Unrealistic responses because they don't have common sense knowledge.
3. Might have trouble with tasks that need specific knowledge about a subject or industry.?
4. Can't do tasks that require logical thinking, like figuring out if something is true or false.
5. Can't understand emotions or feelings.

It's important to remember these limitations so people don't get the wrong idea about what technology can do in the insurance world.

Although ChatGPT is often referred to as an AI tool, there are bold claims that it is actually a language model that generates human-like responses using deep learning techniques but its content is often factually unreliable, and it simply responds to questions based on available data. Despite this, ChatGPT represents the latest technological advancements in data analytics and prompts discussion about the potential for AI to help insurers and insureds. The question remains when AI technology will live up to its hype and truly benefit the insurance industry.

We need to remember that AI has its limits, and some AI models like ChatGPT may not always give accurate or trustworthy information. So we should be careful and realistic about what AI can do. We need to keep working on making smarter AI systems that can really help insurance companies and customers. I'm hopeful for the future of AI in insurance, but we need to stay aware of the challenges ahead.

Credits and read more at Clay To Nuts

Top 10 trend predictions for insurers in 2023?

According to research, several changes that will transform the insurance industry will affect both established and new technology-driven insurance companies. These changes include new and innovative technologies that will rock the insurance industry in 2023.

1. Insurtechs won't be a casualty of economic stability. Even in difficult times, people will continue to purchase insurance. People will need insurance for their homes, car, and health even if they cut back on other expenses.
2. Automation of insurance processes will continue. Automation technologies, analytics technologies, and connected insurance will lead to more personalized insurance products, better services, and stronger customer loyalty in 2023 and 2024.
3. ESG will be front and center for insurance company leaders. The insurance industry will focus on reducing carbon emissions and achieving net zero goals by investing in sustainability and risk exposure data. The rise of ESG (environmental, social, and governance) will result in new regulations to prevent greenwashing and pave the way for a more sustainable industry.
4. Embedded insurance will drive new growth. Insurance is changing with new types like embedded insurance. Companies are finding new ways to get people interested in insurance and help them avoid risks. These changes could make insurance even more important to people and change how we think about insurance.
5. New insurtechs will continue to disrupt the marketplace. Insurance companies are facing pressure from new insurtechs, so they will need to partner with them to keep up. This will help newcomers grow while also providing established companies an opportunity to improve their technology and innovation.
6. Consumers will require more flexibility from their insurance provider. Insurance regulators want insurance companies to treat their customers fairly, especially as more people manage their insurance through digital tools. Customers must understand what their insurance covers and have a simple way to make changes.
7. The ecosystem of insurers will increase competition. Companies that use technology effectively will outperform those that do not. This means that the most successful businesses will be those that can adapt quickly and create new business models.
8. The proliferation of distribution for insurtech. Companies that aren't prepared will struggle or have to spend a lot of money to keep up as the insurtech industry grows. This will increase competition and force businesses to either improve or exit the market.
9. Insurtech data sources will continue to increase. As more devices become connected to the internet, we'll have more data to use for insurance. This will allow us to better understand risk and improve insurance products.?
10. Underwriting will be transformed. Insurance underwriting is changing rapidly and will continue to do so in 2023. New technology is accelerating and automating the process. Slow underwriting can make it hard for insurance companies to give good service to customers and agents.

Learn how insurtechs will continue to disrupt the market, why consumers will demand more flexibility from their insurance provider, and how underwriting will change. Don't pass up on the insights and opportunities that could shape the insurance industry's future.

Credits and read more at Insurtech Digital

What’s next for cyber insurance as competition swells??

Navigating cyber risks can be challenging for brokers due to the unpredictability of threats, but an expert finds the field's constant evolution exciting. He stated that the cybercrime market is constantly evolving, resulting in a dynamic and engaging industry. He believes that insurers will improve their security measures and seek advice on new technologies as a result of this innovation.

Entering the cyber hard market. The constantly evolving cyber threat landscape creates an exciting industry that drives insurers to improve their security measures and seek advice on new technologies. The challenges of the hard market and the importance of training provide value to agents in the market.

Building a successful team. Because of the industry's dynamic nature, insurers are constantly improving security measures and seeking advice on new technologies. Training teams to provide value to market agents, building relationships with underwriters and convincing retail agents of the importance of cyber coverage should all be addressed. Building relationships will be important in becoming one of the country's top specialist cyber teams.

Credits and read more at Insurtech Insights.

Israel: Don’t give up on us, not yet?

Israel is facing a crisis under its current right-wing government, which wants to limit the independence of the Supreme Court and make the country less democratic and more Jewish. The government has made a number of rash decisions that are causing chaos.?

The money in Israel, called the shekel, has gone down in value. This is making things hard for the country's economy, and people are worried about what will happen next. Many international investors have stopped investing in Israeli high-tech, and some Israeli entrepreneurs are thinking about moving their businesses to other countries.

But the Israeli people are fighting back! They strongly believe in democracy and have demonstrated this in large numbers. The majority of people want to live in a democracy in the future.

The Democrats control the majority of the Israeli economy, accounting for nearly half of the country's export revenue. Without the Democrats, the Israeli economy would not exist. The government is attempting to make it difficult for senior public servants to appoint unworthy cronies in their place, as well as attacking the Supreme Court, senior Ministry of Justice officials, the police commissioner, and even the IDF and Shin Bet heads.

While investors are unsure, entrepreneurs are worried about their startups, and Jewish leaders and friends of Israel around the world are alarmed about the potential economic damage, the Israeli majority is fighting back. The police and the IDF are not following orders to restrict free speech, and senior officials are showing that they have strong morals. It's important for the international community to support Israel during this difficult time. Despite all of this, the majority of Israelis are not giving up.

Credits and read more at CTech.

Insurtech Insights London Day 1

We are still here until Day 2 - If you want to meet ping me a message here on LinkedIn!

Thrilled about my first Insurtech Insights event in London! Day 1 was all about connecting and reconnecting with some of the brightest minds in the insurance and insurtech industry.

It's been fantastic to meet so many professionals and experts, and I'm looking forward to continuing the conversations over the next few days.

I also had the opportunity to interview some amazing individuals and gather their insights on the latest trends and innovations in the field.

Stay tuned for my upcoming video series, where I'll be sharing all the hottest insights and takeaways from this exciting event!