Insurtech World, Digital maturity and transformation
Massive interest this week on Carriers, Digital Maturity and Transformation of Auto and Homes insurance. De-FI, Smart Contracts and Blockchain impact on the future of insurance with practical advice.?Thoughtful content for weekend reading
Insurance Startup Flock Raises $17m to Insure Your Cars and Drones
Just hours after my blog Auto insurance, digital maturity and how to transform it?and one of the disruptive insurtech competitors to incumbent carriers raises $17m. From drones with big customers like the BBC and NHS to cars and commercial... Read more
Auto insurance, digital maturity and how to transform it
Have you seen a surge in announcements describing the digital transformation of a key stage in motor claims- damaged vehicle inspections and repair??Harnessing imaging, metadata, AI, and vast databases to automate vehicle damage claims and... Read more
Allianz launches blockchain claims solution in 23 countries
Allianz, Europe’s largest insurer, went into production mid-May with a solution to streamline international motor insurance claims. The enterprise blockchain platform has been deployed across 23 European subsidiaries. In the first six weeks... Read more
DEFI, Smart Contracts and the Future of Insurance
Baloise Group are generally well ahead of the innovation curve so when you see Sibylle Fischer from Baloise writing on DEFI and smarty contracts it strengthens the view that all carriers, reinsures and brokers should be planning how to anticipate... Read more
How to disrupt competitors with Cloud, AI and Blockchain- tips from a practitioner
Cloud Computing and global platforms Many companies think they need to go from running software in their own data centre(s) to move the software to the cloud. The outcome unfortunately is a very expensive migration project with very few advantages... Read more
Global insurance recovery will be faster, stronger than in 2008 -Swiss Re
"Unlike the prior crisis, the pandemic did not weaken insurers' overall capitalization or financial strength, which allows companies to write new coverage and increase revenue, Swiaa Re economist Thomas Holzheu told Reuters. Writing new policies... Read more
Home Claims Digital Maturity, Strategic & Tactical Digital Transformation and choosing the right technology partners though three use cases
Three recent digital claims announcements raised answers and questions about home insurance digital claims goals, strategy, innovation, transformation, and technology. One a complete transformation of the whole claims process from eFNOL to... Read more
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AXA UK rolls out machine learning tool to streamline complex property claims
BETSIE (Buildings Enhanced Triage Steering Intelligence Engine) uses machine learning to streamline processes around complex property claims. During a six-month pilot of the BETSIE tool there has been a 25% reduction in escape of water claims... Read more
Revolut becomes ￡24bn tech giant as digital bank strikes SoftBank and Tiger deal
Yesterday I wrote about Revolut constantly re-inventing itself and its partnership with Qover to embed insurance into payments services when consumers buy products and services.?The the partnership between Qover and Five Sigma to combine embedded... Read more
Regulation – the next innovation super-charger for climate change risk assessment?
Timely insights from Matthew Grant Instech London. Why are they important? "The market for climate analytics and data is about to explode. Insurers and banks now need to access and use high-quality hazard and location information, and be able to... Read more
GEICO, Progressive Gain Car Insurance Policy Holders as Americans Dump Allstate, State Farm
Anew study by J.D. Power, in collaboration with TransUnion, reveals that Progressive and GEICO were the biggest winners in the American auto insurance industry Q2 of 2021. The Quarterly Shopping List Report examines car insurance quote and switch... Read more
Qover and Five Sigma collaboration and the tide of partnerships for insurers
Embedded Insurance-as-a-Service and Digital Claims Platforms?combined and designed to increase the speed and quality of claims management.?The impact can be seen in the customers of both these innovative companies.?Qover names Revolut, Deliveroo... Read more
Cyber hacking/insurers: REvil ransomware fuels protection rocket
Online attacks are becoming bigger, more damaging and pricier?Howden Group has just published a report?“Cyber Insurance: A Hard Reset”.?The report looks at how three key factors are driving the cyber insurance market today, namely rampant... Read more
As Jeff Bezos steps down, a single line from his first Amazon job ad posted 27 years ago tells you everything about his obsession with speed
Andy Jassy, Amazon's new CEO, specifically mentioned Amazon's speed in a?a memo sent to staff?right after Bezos named him as his successor. Jassy said the importance of "consistently speedy, outstanding delivery" was one of the key lessons he's... Read more
Why are insurers' property & contents claims management processes stuck in the analogue mud rather than digital uplands?
I click on an insurer's MOTOR "Make a Claim" process that is digitally transformed and then at its HOME & CONTENTS equivalent. The outcome? "Please fill in the online form and we'll get back to you within two working days!".?It was not the only... Read more