Insurtech Insights from Zala
Zala for Insurtech Innovation
Zala goes beyond traditional technology consulting, we develop insurance and technology products for insurtechs
We are delighted to share with you the most recent updates, free resources, and event announcements for the next week. In this edition, discover our Weekly Briefing packed with insurtech trends and news, along with a handpicked collection of Zala Resources designed to foster your growth and success. Thank you for being part of this journey with us, and we look forward to keeping you well-informed and engaged with everything Zala!
WEEKLY UPDATE
QBE North America announced it is partnering with DUAL North America division Catalytic Risk Managers & Insurance Agency to develop the Builders Risk Programme. Read more here.
Federal Bank, one of the largest private banks in India has announced a Bancassurance partnership with Tata AIA Life Insurance Co Ltd, one of India’s pre-eminent life insurance companies. The alliance will allow the Bank’s customers to access Tata’s comprehensive insurance product suite. Read more here.
FintechOS, a leading end-to-end financial product management platform, has announced it has completed a successful $60 million Series B+.?The round was led by Molten Venture, Cipio Partners, and BlackRock alongside existing investors EarlyBird VC, OTB VC, and Gapminder VC. Read more here.
The Swiss Re Institute forecasts a significant boost in profitability for the life insurance industry due to rising interest rates. Read more here.
Source: Insurtech Insights
ZALA RESOURCES
The Role of Software Architecture in Crafting Scalable and Secure Big Data Strategies in the Insurance Sector
As the insurance sector leverages big data to enhance customer experiences and streamline operations, it faces unprecedented challenges in maintaining data security and privacy. We outline the unique security considerations triggered by the 5Vs (Volume, Variety, Velocity, Value, and Veracity) of big data for both legacy insurers and insurance startups. At the core of big data architecture is the ability to connect seamlessly to a plethora of data sources, facilitating vital data collection that fuels advancements like life science modeling or machine learning.
Looking ahead, we foresee a continued synergy between big data and AI, paving the way for enhanced transparency and efficiency in the insurance sector. This influx of data not only creates opportunities for more personalized services but also increases the potential risks related to data security and privacy. By proposing robust solutions for both legacy insurers and startups, we provide a roadmap for safeguarding data while leveraging its value for business growth. For a deeper dive into the intricacies of big data architecture and its transformative potential in the insurance sector, read the full article by following this link.
Insurance, business interruption & distributed force
Despite businesses having substantial cash reserves, the reluctance of executives to engage in mergers and acquisitions signaled underlying economic fragility. A World Economic Forum report highlighted environmental threats and the potential spread of infectious diseases as significant risks—foreshadowing the COVID-19 pandemic's arrival just months later, which caught both healthcare systems and businesses unprepared.
The insurance industry, already grappling with CAT losses, faced additional strain from the pandemic. Business interruption insurance typically covers physical asset damage, leaving many claims related to the pandemic unfulfilled, and prompting legal battles. This scenario underscores the impending hardening of the insurance market, with P&C premiums likely to rise as companies attempt to recover from these losses. Historical parallels, like the rise of captive insurance in response to high premiums in the 1980s, suggest a potential shift in the market to mitigate prohibitive costs and better align insurance offerings with policyholder needs.
The pandemic has also accelerated the need for businesses to enhance their resilience strategies. Diversifying partnerships and outsourcing non-core tasks have become vital for maintaining operations amid disruptions. Outsourcing, which is often misconceived as detrimental to local employment, enables companies to leverage global expertise, increase operational flexibility, and reallocate resources to innovation. As the U.S. economy seeks rapid recovery, addressing cybersecurity threats, especially for remote workers, and finding reliable outsourcing partners are paramount. For a detailed exploration of these challenges and strategies, read the full blog post here.
领英推荐
EVENTS
Meet Us at ITC Asia 2024 – Let’s Innovate Together!
We’re delighted to announce that we’ll be participating in ITC Asia 2024, the largest insurance ecosystem conference in the region! This must-attend event gathers industry leaders, tech innovators, and investors for an in-depth look at the latest market trends, productivity enhancements, and digital transformation strategies. With a packed agenda over three days, participants can expect unique networking opportunities and valuable insights to drive their businesses forward.
Event Highlights:
Why Attend?
We are looking forward to ITC Asia 2024 and are particularly excited about these sessions that promise valuable insights and networking opportunities:
Empowering Resilient Analytics and AI/ML and Driving Transformation for Future Success
This session, featuring leaders from Swiss Re , OONA Insurance , DLI Asia Pacific Pte. Ltd. , Sumitomo Life Insurance Company , NobleOak and Celent , will explore how AI and machine learning can drive transformation in the insurance sector. We’re excited to engage with these industry innovators and explore collaboration opportunities.
Bridging the 4 Gaps of Innovation with AI
Led by Shalini Pavithran , Harold Schultz Neto , and Yannick Even this session will delve into how AI can bridge innovation gaps in insurance. This discussion is particularly relevant to Zala as we focus on leveraging AI to enhance digital strategies for our clients.
Unveiling the Role of Venture Capital Investment in Insurtech
This session will provide critical insights into the venture capital landscape in insurtech. With top VCs like Jiang Zhang, Sam Ghiotti, and Anil Joshi speaking, it’s a must-attend for understanding investment trends and exploring potential partnerships.
Are you attending ITC Asia next week? We’d love to catch up and discuss how we can collaborate. Contact Layla Atya or email us at [email protected] to schedule a meeting. Let’s make the most of this exciting event together!
Stay Connected & Informed
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