Insurtech Insights from Zala

We're excited to bring you the latest updates, valuable resources, and highlights from recent events. In this week's newsletter, you'll find our Weekly Update, featuring key insurtech insights and news, along with a curated selection of Zala Resources to support your growth and success. Plus, don't miss our Event Highlights, where we cover industry gatherings we participate in. Thank you for joining us on this journey, and we look forward to keeping you informed and engaged with all things Zala!

WEEKLY UPDATE

Benekiva, a leading provider of cloud-based claims automation solutions, has announced a strategic partnership with GovCIO, a rapidly growing provider of advanced technology solutions and digital services to the federal government. Read more here.

The MicDrop Agency, an award-winning communications firm, has been named the official PR Agency of Record (AOR) for?Insurtech Insights USA, the leading insurtech conference. Read more here.

Aflac has announced a strategic partnership with Nayya, a provider of personalised digital benefits guidance, aimed at improving employee access to supplemental health benefits. Read more here.

BOXX Insurance Inc., an award-winning global insurtech specialising in cyber insurance and security, has announced the launch of a groundbreaking cyber risk solution in collaboration with Zurich Insurance Group. Read more here.

Vitesse, a leading treasury and payment solutions provider for the insurance industry, today announced the completion of a $93 million Series C funding round led by leading global investment firm, KKR, with participation from existing investors, including Hannover Digital Investments. Read more here.

Source: Insurtech Insights

ZALA RESOURCES

Reinsurers In Trouble: CAT Losses and The Flow of Risk

Catastrophic events like hurricanes not only devastate communities but also shake the foundations of the insurance and reinsurance industries. Such disasters can significantly deplete capital reserves, compelling insurers and reinsurers to reevaluate their risk exposures and adjust pricing strategies across numerous lines of business. Moreover, the impact extends beyond the usual suspects to include financial institutions like banks and alternative capital providers. Dive deeper into the consequences and strategies post-disaster in our blog post here.

A Comprehensive Guide to Creating New Insurance Products for Startup Founders

Venturing into insurance product development is no small feat for startup founders. The journey involves complex actuarial studies and navigating concepts such as 'loss ratio.' Our latest article demystifies this process, offering a clear roadmap from market research to capacity submissions. Using a 'Car Warranty Product' as an example, we clarify the critical data points necessary for estimating loss ratios and setting premiums. Read full article here.

Discover how partnering with Zala can simplify and accelerate your product development path - book a call with our team by emailing us at [email protected]

Generative AI in the Insurance Sector: A Double-Edged Sword

As we navigate the digital transformation of insurance, generative AI emerges as a crucial technology. With a rich background in risk management and predictive modeling, we observed the vast potential and notable limitations of AI in this sector. From enhancing predictive accuracies using advanced algorithms to balancing the computational demands, AI's role is transformative yet complex. Dive deeper into how both legacy insurers and startups can leverage AI, considering economic, social, and geopolitical factors that influence dynamic threats. Explore the full insights on generative AI in insurance here.

EVENTS

Recap of TMPAA Mid-Year Meeting 2024 - May 13-15, Tampa FL

The TMPAA Mid-Year Event 2024, held from May 13-15 in Tampa, FL, has successfully concluded, leaving us with valuable insights and strengthened partnerships. As proud members of the Target Markets Program Administrators Association (TMPAA) , we are grateful to have had the opportunity to connect with our industry peers, both familiar and new. The event provided an excellent platform for discussion, collaboration, and the sharing of innovative ideas crucial to advancing our field.

Layla Atya shared her observations from the event that have significant implications for the industry. She highlighted the active search for capacity by MGAs specializing in cyber insurance, emphasizing their enhanced endpoint monitoring capabilities crucial for real-time underwriting. This points to a shift towards more dynamic and responsive underwriting processes to adeptly manage cyber risks. Despite the growth in this sector, a cautious approach persists with coverage limits, with many providers focusing on excess insurance, which remains profitable.

Wrapping up the event, Layla noted the availability of ample capacity for established insurance lines like property and workers' compensation, yet pointed out ongoing challenges in areas such as professional liability and cyber risks. Her observations included unexpected concerns over the profitability of pet insurance and highlighted the importance of TMPAA events for networking and professional growth.

As we reflect on the successes and insights from the TMPAA Mid-Year Event 2024, we are already looking forward to the next TMPAA gathering. These events are pivotal in fostering innovation, addressing industry challenges, and building lasting relationships.

Countdown to ITC ASIA - June 4-6 2024, Singapore

We are thrilled to announce our participation in Asia's Largest Insurance Ecosystem Conference! ITC Asia, the region's premier insurance event, gathers industry leaders, tech innovators, and investors for a comprehensive exploration of market trends, productivity enhancements, and digital transformation. This three-day event offers exceptional networking opportunities and insights designed to boost knowledge, efficiency, and enhance policyholder satisfaction.

?? Kick-Off Summit: June 4, 2024

?? Main Conference & Exhibition: June 5-6, 2024

?? Venue: Sands Expo & Convention Centre, Singapore

Planning to attend and would like to meet with us? Please contact Layla Atya or email us at [email protected] to schedule a meeting. We look forward to connecting with you in Singapore!

At Zala for Insurtech Innovation , we specialize in unlocking profitable insurance revenue streams. Our expertise spans property and casualty, D&O, cyber, transactional, and other specialty lines. Led by CEO Layla Atya , our team provides regulatory and actuarial guidance, aiding startups and connecting emerging MGAs with both traditional and non-traditional capacity providers.

Our services include Insurance Program Auditing, Insurance Product Development, and Technology Audits for new insurance products. Working directly with carriers and reinsurers, we identify alternative risk portfolios to diversify and monetize insurance risk.

Zala's deep industry knowledge and quality control processes make us an invaluable partner for fronting carriers and reinsurers looking to expand into new markets and capitalize on the latest innovations in insurance products.

Stay Connected & Informed

Don't miss out on the latest insights and opportunities in the insurance industry. Follow Zala for Insurtech Innovation on LinkedIn for continuous updates and subscribe to our newsletter for in-depth analysis and news. Together, let's navigate the future of insurance with confidence and innovation.

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