Insurtech World Newsletter 14 Aug
Business Interruption insurance claims a lot of attention this week. Tackling under-reserving and improving Fraud detection. The unstructured data chasm and how to bridge it; do you suffer from recalcitrant IT? Lots to ponder and act upon over the weekend
Mike Daly - Remember, Remember…Digital in September (still possible for BI claims)
The FCA Business Interruption case ruling has moved back to September… For some insurers, that creates more time to be ready and some have built digital systems in weeks. How? 360Globalnet is an award-winning claims tech company that offers an... Read more
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Mike Daly - Claims management specialists should be carefully considering capacity given the latest surge in temperatures and soil drying.
Red Alert and commentary below by Michael Lawson CEO Property Risk Inspection Limited even as UK has experienced thunder and lightning these last few days. Whether subsidence, floods and drainage issues or this red alert comes to pass insurers can... Read more
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Mike Daly - Why reinsurance is booming after pandemic disaster
Covid-19 outbreak means big-ticket buyers have no alternative to purchasing expensive coverage from reinsurers In the June-July renewal contract period reinsurance premium increases are double-digit for property and casualty risks. Premiums for... Read more
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Mike Daly - Optimising counter fraud effectiveness
If these thirty statistics don't concern you we are not sure what will. To calm you down we have a solution already deployed by household name insurers that significantly increases early fraud detection plus lots more. 360Retrieve empowers... Read more
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Mike Daly - Ripple still trying to find compelling uses for the blockchain technology
A cautionary tale that there is a long tail between launching a technology and making it a commercial success. And blockchain is old in the tooth now. Solutions trying to find a compelling problem to solve are underwhelming. Not to say that... Read more
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Mike Daly - 360Retrieve bridges the chasm between narrow AI apps and broad Deep Learning for insurers
Narrow AI powered products like SHIFT and FRISS deliver value but generally work their magic on just 20% of an insurer's data- the structured and a proportion of semi-structured data. But would you make a major investment decision on just... Read more
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Mike Daly - Are you suffering from recalcitrant software?
As software eats the world, more firms are being nibbled at by their computer systems. Recalcitrant| "having an obstinately uncooperative attitude towards authority or discipline". Oxford Dictionary of English As you struggle with a major... Read more
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Mike Daly - The astonishingly good but predictably bad AI program
OpenAI’s GPT-3 technology could significantly enhance human productivity and creativity but raises serious questions GPT-3 (generative pre-trained transformer version three) is remarkable in its scale and flexibility and the... Read more
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Nigel Walsh - WhatsApppppp! Dear Insurer, email is so last year ?????♂?
With over 1.5bn customers using Whatsapp (there are only 7.5bn people on the planet) , it was always inevitable that it would soon become more than a group chat for family and friends. Messaging apps are increasingly being used by corporates,... Read more
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David Martin - Did someone say 'unprecedented'? Times are tense for BI insurers and policyholders
Did you catch our last dazzling article about the Financial Conduct Authority's Business Interruption Insurance test case? (Okay, it may sound a bit dull, but a lot is riding on the outcome). The case was brought against eight insurance... Read more
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Mike Daly - Aviva pays Covid-19 BI claims under broker wordings despite ‘not covering pandemics’
"Amanda Blanc confirms that the insurance industry has ‘some work to do’ in order to bounce back from the reputational onslaught resulting from the FCA’s test case on business interruption wordings" Katie Scott Insurance Times 6th August Scott... Read more
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